Why do traders fail?

Getting circular here, and I'm not sure there's much point in continuing in this vein. But it reminds me of something someone named Skimbleshanks wrote in T2W:

...99% of newbies are deaf when they are told by genuine traders the real hard facts that they need to know about trading. First of all they put their hands up in horror, then they give a mouthful to the person who has told them, and then they firmly slap their hands over their ears so that they can't hear any more.

And then someone comes along who tells them all the sorts of things they want to hear. Wonderful cosy things such as how easy it all is, how it only takes a few hours to master the markets, how money just falls over itself to jump into their accounts, how special software will only select winning stocks, how a newsletter will reveal all the secrets, how there are secret formulae and secret pivot levels which are guaranteed to work, there's a guaranteed money-back offer, etc, etc. They are wooed by these softly spoken people and happily hand over thousands of pounds and wait eagerly with their wheelbarrows to cart off all the promised riches from the market. And they end up having to sell the wheelbarrow to get the bus fare for the trip home.

There are things newbies NEED to know, but these are never the things they WANT to know.

 

Depends on the instrument. In something like CL or GC you better perform well as they don't scale too much.

In something like ES even 1 tick NET consistent daily can turn you into a big money manager.

 

dbphoenix : I see your point. Thanks for explaining very clearly.

Now if these people were said : for all of this you will go for 10$ one day next month, how many would queue?

 

daily : isn't daily super hard work?

 

I used incorrect term: meant daily average.

 

It looks to me that people have an amount they hope to make ( worth the effort, above the actual level of dissatisfaction) , and this amount is often in total discordance with what after some experience they can evaluate as easy to make.

 

That is true. As is true that most people never actually make ANY money (net) from trading.

 

Cornix as we have your online journal...

Which yearly profits target would you say is extremely extremely extremely easy to get ?

0.1 ? 1 ? 10 ? 100 ? 1000 ? 10k ? 100k? 1m? 10m? 100m?

 

From point of view at the date of the journal or now?

 

because they are targetting a number that is for their subconscious seen as not easy to get.