Its a fact! Small traders are doomed to fail. There is no way around it. If you're going to trade you have to accept that you will lose some of the time and big traders can take the hits. Small traders can't. If on top of that you add the illusion that trading is a get rich quick scheme, the small novice traders are going to be too optimistic. The disclaimer is ALL OVER THE PLACE! "Trading is not for everybody. Look at your financial position." Yet every day small potatoes around the world decide that this is their new get rich quick scheme.
Most lose because they use orthodox methods and strategies, such as MACDs, moving averages, chart patterns etc. Therefore by default, the winners use UNORTHODOX methods and strategies. That's not to say you can't make money with things like MACDs, moving averages and chart patters. But use them in UNORTHODOX ways. That right there is the secret. And that right there is why most of the books and courses aren't much cop, because they teach orthodox methods and strategies. So if you want to make money, I've just given you the secret.........
Do you think that a successful trader at Goldman would be a successful trader if he left the firm? I think it's a different ballgame trading the firm's money and trading your own. I imagine the edge you'd get by working for GS would be your access to the research, access to programmers, connectivity with every market, every news source, etc. This is not even considering the fact that as the market maker, GS has visibility into order flow which they probably abuse, analysts who can upgrade/downgrade in whatever way helps the firm's books, supposed chinese wall that probably has countless holes. The firm in fact basically has a license to print money, but I think if the trader leaves the firm he doesn't have nearly the same edge. That's just my opinion but I don't work in the industry.
It doesn't matter if trading firm.s money or own money. This is trading. Many begin their trading career in a prop firm where one has to make a deposit. Getting in goldman sach is huge but the hardest part is playing the favorite game that goes down to personality. If goldman sach bosses like this person, this person will get promoted and have access to trade more money, meet important people, and get paid handsome. Those that left goldman sach do have the edge by learning how gs traders trade. Also, ex goldman sach traders will not have hard time finding another trading jobs at major banks and top notch trading firm.
You're rapidly becoming my favourite entertainer on this forum (sorry, bearice!) . Btw, can you pls answer my question in the other thread, namely what your qualifications are and which "house" were or are you a member of?
A majority of people are morons, and think that they know everything because they read a book, or watched some show on television. You need to be humble and work on a model for consistency. Don't swing for the fences, and learn from the market, as a real trader can make money in any environment.
That's just not true if you're talking about futures. Some of you guys talk as if it's possible for anyone with half a brain to make money. You can be very sharp, and very dedicated, and all the rest, but it's mathematically not possible for everyone to make money....or even most to make money. The whole market by it's very nature means that the majority will lose money.