I would Add #5 on that List....Learning from bogus trading theory educators and salesmen. They are extremely predatory with their adds, clickbait, social media videos, false fantasy hopes, happy personalities,
Here are my top reasons why traders fail: No comprehensive trading plan. If you don't know where you are going, how will you know when you get there? Have a written plan, it's tougher to rationalize changing a written plan. Your trading plan should answer the question "What do I do now". Not having the discipline to follow the plan. This is all about controlling your emotions and trading will toy with your emotions. You are the only one who can control what you do. No definable edge. If you can't define your edge, you probably don't have one. Unrealistic expectations. Keep in mind that people were lining up to give Bernie Madoff their money for a 12% return. Most hedgefunds don't beat the S&P 500 index which returns on average about 10% You are not going to turn 5K into a million any time soon. Not cutting Losses. Humans are programed to avoid pain until the pain gets to great to bear then we capitulate. You don't take a small loss because you hope it will turn around. Then you don't take a larger loss because you don't want to be "That Guy" who sells at the bottom. You eventuall take a very large loss or end up holding a non performing stock that is tieing up your capital. Im not guaranteeing that if you avoid all of the above that you will be successful, but if you do any one of the above you can almost guarantee failure.
People fail cause they run out of money. By the time I was looking for mentors, I was teaching them. I not much of a book reader, skim and if not interest me, into the fireplace it went. I always gotten into groups that tell me what couldn't be done, if they only knew how much that helped me get it done. There's hundreds of reasons why people fail at anything. What's truly funny, from birth we are always trading. Cry a little Mom comes, scream and father yells at Mom to take care of baby. You have to learn actions, if you can't express why getting in and are high volume traders are too, you go for small profits. Never sought huge profits, it was the challenge of me vs me. Me won.
Hello DarkerthanDarc, Nothing else in the world will make you an Millionaire ES Future Trader, someone has to show you. It is simple. It is not rocket science. It is not your fault, you just do not know how to make money. You do not know any Millionaire ES Futures Traders to help you and you can not watch the Millionaire ES Futures trader trade live real money for a few days or months to learn, so this is why you lose money trading. If you can watch a Millionaire ES Futures Trader trade live real money with share screen everyday, then you will start making money as well. It is not rocket science, you just have no help. Once you work with a Millionaire ES Futures trader, then you will be rich as well. It simple. Someone has to give you the secret to get rich in trading and show you man. You can not learn this shit on your own man.
I disagree, somewhat The best traders in the world have been self-taught. They didn't become that way by buying a course subscription, or trading book, or being shadow mentored on a share screen zoom The best traders in the world are driven, they have a natural hunger curiosity for discovery. To experiment, observe wisdom and question processes, lessons. Continually dissect and refine until you have enriched plutonium
You obviously haven't looked much. The best Traders were lucky enough to stumble upon certain Books or Mentors eg Soros, Tudor Jones, Minervini, Zanger, Quallamaggie, @Darc etc. All learnt via others Books or Mentoring.
Hello LionsWarthogsMillions, Yeah right. That is bullshit and stupid and a waste of time. Why work hard trying to figure it out by yourself? That is dumb. If you do not know a person who makes millions trading the ES Futures Market year to year or even +$500K, you will fail. It is easier for someone to just show you how in person or over a screenshare how to trade, and then you just copy their trading style. Simple. Stop making trading more complicated than that.
Soros and Tudor Jones are fund managers, investors. Minervini sells courses, books. Zanger was in a perfect bull storm during the dot com boom. I'm not saying any of these guys aren't phenomenal but I question their ability to truly do it over and over and over again I'm personally self-taught. I can honestly say I have never read a single trading book or bought a course subscription. My independent thinking has allowed me to see things slightly differently. I admire Japanese traders CIS and BNF, though
How did Tudor Jones get Rich - via his Economics Degree learnings and Broad market knowledge and Mentorship. Same as Drunkenmiller. Minervini pieced together his Strategy via Books, as did Zanger and Quallamaggie who also learnt online.
Bruce Lee, Michael Jordan, Michael Jackson, Floyd Mayweather....all could teach 5,000 people, students, in person.....and not a single one of them will experience any true success. Authentic, rare, success is deeply ingrained in someone's DNA. It can't be taught or observed. True success is wisdom, lessons, Raw talent Refined, independent thinking, originality, creativity, style,