actually its much smaller number than 5%, i would say its about 0.0001% why bother? well apparently only those people bother who believe they belong to that small percentile .... those who do not believe that- they do not bother not in my book, imho traders are only those whose income is mostly from trading and only trading his own money i do not know where your numbers for hours come from, if we talking about stock market traders work from 9:30 to 4 pm monday through friday, speaking about money i would not call successful anyone who makes less than atleast half-a-mil a year trading, as you said "why waste the time"
Sounds about right. No guaranteed monthly income, no pension, no bonuses, no health insurance. Not to mention the emotional sterilization and introversion that occurs, whether you make it, or not.
I made a lot of money in my corporate years. Wore fine Italian suits, drove German cars, Swiss watches, had collections of pre-Colombian pottery, collectible guitars etc etc. But it was just an accumulation of "stuff" which masked a dissatisfaction in my life. Despite the affluence, I looked more forward to Fridays than Mondays, more to going home than going to work. Like many toward the end of the tech bull, I put on some trades which invariably worked. When I made the decision to resign from the firm and corporate life, it was like getting freed from a minimum security prison. This was the end of 1999 and through Feb of 2000, the money flowed. When the bear hit, I was completely unprepared and had no idea that I had no idea. Bottom line was aside from the considerable losses came some naked realizations about myself and deficiencies which could not be disguised by politics, finesse or past achievements. Subsequent years were spent learning what I should have learned prior to have ever having risked a dime and the money got largely pushed back and forth. The experience led me to practices of martial arts, Zen meditation, Chinese health practices and other critical parts of my life more important than money. Now after considerable dues paid, lessons learned and changes made, I wouldn't trade a minute of any of it for any amount of money. I make more money than I need and do it on my own terms. I have no desire to make millions a year nor the need. If you measure "waste of time" by currency, then trading may not be the path for you. The sad cases are those who lose, fail and come to the erroneous conclusion that it can't be done, PA doesn't work, markets are random, only the bigs win, HFT etc bla bla bla, then yes you wasted your time, you learned nothing. To each ones own.
100% of all posters who question why anyone bothers to trade to make money usually fall into one category: 1. Person who tried to trade with some "system" or simple indicator and lost money and feels whole thing is a scam/joke 2. More serious trader who put in a lot of time and effort and is not making sufficient money so feels it is not their own fault, or underestimates how hard it is to do consistently and take it seriously so why even bother 3. Skeptical person who has no knowledge of trading and does not believe anyone can make money trading
Interesting comment which has made me sit and ponder over it for a while. In a way don't all people who strive hard for a goal in life experience this? Just musing. My experience is (a) I have always been a loner anyway but (b) recently since retiring from the employee workforce and trading harder than ever I'm feeling more confident and relaxed and not at all introverted, rather I'm finding it easier (could be as I'm getting older) much easier to have conversations with strangers and small chat. The fact that my trading which can be a slow grind at times is giving good returns, this in itself liberating, knowing that the hard work in years gone by is paying off. Saying that, I am aware trading has its summers and its winters.
After I survived the learning curve, the trading got easier, but it triggered a failed marriage, and series of failed relationships. I view everything as a probability or asset, even my own children. A woman’s vagina loses its commodity value (for me) if it takes up more than two hours of my day. I’m just a provider with a pulse, but at least I won’t leave this world broke.
I can actually understand your views between getting to being profitable in the toughest way to learn to be profitable but other areas of life seem to have gone wrong other way. I don't view relationships the same any more, I think my love for the "game" is always on my mind and either can't turn it off or anything else seems so much less. I luv doing like puzzles and markets that way. Oh, you going to take it with you? I am week away from 40 years putting my first trade. Long long road in commodities, but now my favorite markets. Stocks are a joke, they generally go up, find ways to minimize drawdowns and you be happy. Lot's of bad years of learning how fucked up I am and trading got me there faster, but you either give up and walk away, or you stick it out to find you are your own worst enemy. Got to put a pork chop around my neck to get the dog to play run after the ball you dumb s.o.b.... Those who want to find out how much some of us make? Here is what you do, go work for the f_cking IRS and spend a day looking for us, give us an audit, but if you don't find your car where you parked it..... most likely someone sold it off for parts.....or parked it inside your living room.