Of course. The majority of people who try to daytrade lose money. The reason why they lose is very simple, and very common. If the majority of traders lose, why then do new traders think that they will win by following and doing what the majority do?
Brings to mind a question - how do you know that do or do not know? Ten years ago I thought I knew what I needed to know. 5yrs ago I had learned more but still thought I knew what I needed to know. For me it is simply doing what needs to be done - taking the action necessary - the mechanics of the trade - following MY rules, cause as we know there are two sides to a trade and both can make money.
bla bla bla .... This thread is a useless read.... Why do 95% of traders fail? What does a trader need to know in order to be successful? Who gives a flying fuck? No ... really .... Stick around long enough and you'll know what you have to do to make money... And that's that... what the hell .... ?
all this talk about the obvious and the not so obvious is completely stupid... you can make money from the obvious if you plan on using the obvious and you can make money from the not-so-obvious if you plan to do that...
We will ignore those that are unable to think for themselves! You have raised a very important question. How are you supposed to know what it is you need to know? It is in fact very very simple. What you must know is what the majority does not, nor will ever, know! If the majority know then it will be of no value. Why do you think some traders never post - because they think they have found a secret formula that works for them, and if they share it, it will become diluted, thus reducing the effectiveness of what they know. What you must know is how to leap frog in front of all other traders. This requires some simple logical deduction, the quick dismissal of idiots who post rubbish, they ability to read and decipher what others who seem to know what they talk about actually write - many people, unknown to themselves, give away many clues about the knowledge they have in what they write. And finally, the ability to question and hold the attention of those that seem to know, for, contrary to what the majority believe, few have indeed cracked it, but they are very slow to part with the hard earned information, for reasons that I have already mentioned.
we need to call the secret ninja trader who possesses the magical zen touch who will show us the not-so-obvious truthful way into the light ....
You remind me of "Phantom of the Pits". -In style at least. I remember his "Rule #1." "Let the Market tell you when you're right but never when you're wrong." -Something to that effect.
POP is just another story generated for the suckers by bArt Simpson. I have read the story and it is of little value to any trader that wants to learn how to take money from others!
my answer is still the best answer. Edge and capital. For those who said capital obvious - think of it as sufficient capital to make sure you stay in the game if your edge goes away and you need to find a new one.
Yes we think we know what we know And Weâre under the impression that we know what we donât now But the problem is We donât know what we donât know. As far as the obvious goes Just look over your own shoulder and see if you canât see what it is you are doing that is preventing you from achieving whatever goals you have set for your self. Then stop doing it!!