This is a fact: Speculation is the hardest business there is on the planet. Only a fraction of a fraction of a fraction of a percent of the population can do it successfully on a long term basis.. much less for a full career. Saying to someone "JUST DONT DO IT" is actually the correct call, but then people just arrogantly brush it off. The problem is that anyone anywhere can open up a brokerage account and start speculating right off the bat, without the amount of years required to stand on one's own, and without having to go to websites like this to find comfort with the rest of the herd (not to badmouth this site ok?). Brain surgeons don't have this problem. Anyone can also say "I wanna be a surgeon as a career." But not anyone can just go into a hospital and start trying it out. Takes YEARS of training and absolute committment..... why can't the public realize that about the hardest business on the planet?
I read a quote on this site once that I thought made a lot of sense. "you make your own odds in this business"
WHY??------Because the 99% failure rate applies to everyone else. Everybody starts out inexperienced, undercapitalized and worst of all, overconfident. How could it be any other way? Reading the "Market Wizards" and "Big Hitters" books had a strong impact on me. Gosh, if Baldwin, Trout, Tudor and Dennis can do it, why shouldn't I be able to do the same? Gee, I graduated from a better college than them. I can be even better than they are! How wrong I was. It took a lot longer than I imagined to reach consistent profitability. Failing at trading isn't the end of the world as long as you don't damage yourself too much. I know a lot of guys who left the trading floor and became successful at stuff they already had talent for. They had to leave before bankrupting themselves or being served with divorce papers. That's my spin on it.
Agree with you. I don't think it is as hard as some people make it sound. Actually I find it relatively easy. It's hard for the LAZY and easy for the others... Cheers,
I been doing this awhile and I have been profitable every year. I canât say I am impressed with myself this year at all though. I think youâre both right if that makes sense. A lot of the things you say about this business have some truth Rimshaker (unless youâre a girl this is a fruity name). The problem is to be a profitable trader you have to believe you can do it. You have to learn fast from your mistakes and know when to say youâre wrong. I donât think it has to do with being to lazy but capital plays a big roll in success. Itâs easier to make money when you donât need money. Itâs easy to give trades room and trade a bigger horizon if you have a large amount of capital. At the end of the day money is always an edge but cream rises to the top. Thinking like a loser is the secret to being a loser.
Anyone who has the nerve to say it's easy hasn't been around longer than 5-7 years, tops. Of all the great speculators who ever lived since the 1800's, not ONE has ever said this business was easy. The public is too brash, too arrogant, just too many participating in the markets overall, no savings. I'm not a doom and gloomer, but it's been a long while since there was a "cleansing" of the system (2002 was merely chump change). You can almost feel it out there... hell, you can see it thru the VXO/VIX. It's like the public needs a goood bitch slap to humble themselves again.
Hell, bring 'em on! The nature of speculation has always been the few taking from the many. That's the way it MUST be for us...so "Stocks seem to run in a channel. Buy low, sell high. Again and again..." and "It's easy. WizeTrade tells me when to buy and sell. The green and red arrows point the way to profits" and "Booooyuuhhhh Jimbo!!! Thank's to you we are making lots of money! What do you think of DKS?..." It's easy folks! Anybody can do it. Just a few minutes a day... JMHO Good luck to all. C