I was 55 years old when the corporation pulled their bullshit things they do and froze my pay for years to come, cancelled the retirement plan, killed off my bonuses, etc. They put me in a pay category wherein I was already way over the top and had to wait for the cost of living adjustments, 2%/year, to catch up. That was my thanks for 15 years of hard work, working way above my job description, etc. I went away and thought about what I could pull out of the deal. I stopped working above the job description, stopped solving problems, stopped being a morale booster, started doing just enough work to keep the job, made friends with all the thieves in the place, etc. I also had to find a way to have a good retirement, I had computer, programming, engineering, problem solving, etc. skills so I started using their computers and internet for stock trading research and have been on the edge of being fired ever since, not a problem for me at this point, the research is paying off, I am not worried about retirement, in fact why retire when you can trade? And why not treat the job like a welfare check when I have automation doing the trading? I think the real question for this thread should be why do people pour their lives into a job when they could take a few years, master trading, and make a lot more money.
I think the real question for this thread should be why do people pour their lives into a job when they could take a few years, master trading, and make a lot more money "HEAR HEAR" I feel the same way, but get "bashed" when I speak out (it appears to be self serving, but my brother quit the Corporate World in 1974 after 15 years with Fortune 500 company)....and I stopped Public Accounting a couple of years later. As they say "trading has been very good to us" Don
Why does anybody start a restaurant .... How many restaurants out of 10 are still around in 1 year..2 years...etc... The success rate is not 90%.... 5 to 10% successs rates are normal.... How many As Bs Cs Ds Fs in any classroom..... ...................................................................................... The success rate of 5 to 10% is a rather high level of success... .......................................................................................... How many people out of 10 have the same job in 5 years ... The list goes on and on.....
That raises a question I've been meaning to ask--where the hell did that figure come from? I mean it's repeated over and over, but what is the basis and how was it measured? I'd be willing to bet the basis was some off-the-cuff remark that eventually became cited as a fact. Also, define failure. Does that mean blowing out your entire account (which might have been completely too small to trade anyway) or does it mean saying "this is boring, hard work and I'd rather go back to getting a regular paycheck while counting the minutes until 5 o'clock?" The latter isn't failure--it's just a choice. Chuck
You also have to take into account what type of instruments are traded by those that fail, their educational background, their trading style, money management, etc. Assuming that the 90% figure is accurate, I'd say it is safe to eliminate 75% of those based on lack of knowledge alone.
ORAL TESTIMONY OF PETER C. HILDRETH Director of Securities Regulation, New Hampshire Bureau of Securities and NASAA President Before the Senate Governmental Affairs Committee, Permanent Subcommittee on Investigations September 16, 1999 We commissioned an outside expert, Ronald L. Johnson, who analyzed customer account records from a day trading firm in Massachusetts that was the subject of an enforcement action. His analysis suggests the majority of day traders â more than 70 percent â lose money. This was said during the "witch hunt" days. And, before any licensing requirements for prop traders, of course. The 90% applied to customers of retail brokerages if I recall. Similar attrition rates on most exchange trading floors as well. It is a difficult business, but IMO, with a high reward and limited risk, can be beaten (obviously). My reference above is probably not a "plus" (for trading firms) but I've always done my best to provide honest answers and references. Don BTW, not our Firm.
My mother told me I was a good businessman and I would grow up to be successful. My male ego placed me in the competition, when I was younger. You will notice that over 99% of traders are male. My lack of understanding how the market worked and my ego is why I traded when I was 18 years old. There was not that feeling of building a future, it was to outsmart the market..this was my mentality. Well I was humbled, time and time again. I grew a little older and became a stock tip gambler. Always looking for that tip....I remember buying aztar and giving it all back to stratosphere...ohh those days were both glorious and miserable. Today at 47, I am thrilled to be able to sit in my living room in my boxer shorts and trade. I lost 8k last month, but I know my system works and I continue to trade. But for different reasons now. I understand the markets I trade and I know what can happen. I know there is no "get-rich-quick", and I have resolved that I am not able to outsmart it. I have the feeling of building my future now and each set back just slows my growth and does not challenge me. I both scalp Forex and trade it long term, but the horizon is to build my retirement. If I did not have an edge, I would not trade. Why don't I buy a business and invest in that?...Why do I trade retail in an environment that I am doomed to lose in? I will tell you that it is because I believe trading can be "Not Gambling" and if you can survive and find your edge, the wealth that can be created can surpass all other endeavors and net you far more financial freedom. Perhaps for the greater rewards in life, you must do a little bit more time than other endeavors require. One thing, I have learned that I hope you have gleened from this long post. YOU NEED AN EDGE. Most of them are temporary and real trading is you ability to find them and exit them when they stop working. Michael B.
90% of all that already responded and trade for anything less than 100K when they are 47 are losers that have nothing better to do in life and probably wouldn't qualify for anything else. That's why they trade.. its so easy.. even a frickin loser can do it. Place one trade, and he is a Trader swinging along on the canopies of the Wall Street Jungle.
Well Ripley I am sad to say that I am a loser then. Is there any hope for me? Can I make my retirement? It's funny your truth burns and you are correct, as I have no other training that I can fall back on. Didn't even finish college. Am I doomed to chasing dreams and trying to do the impossible in an endeavor that is 90% against me? I am scared and my goals are not lofty, I need to get my condo paid off, but battle with removing capital from the compounding. I am hoping that social security will be available and I recently have become sick and am hoping for early disability, but am holding out as long as I can. Wifey works with me in our 24 hour trading. Michael B. depressed Michael B.