Why You May Never Make Money as a Trader

Discussion in 'Psychology' started by operator, Sep 18, 2009.

  1. Have not posted in awhile, but thought this might help some people.

    "While there are a lot of traders out there, many of them don't make any money. Well, it’s time for a wake-up call folks. Here are six reasons why you do not — and may not ever — make money as a trader:

    1. You don’t put in the proper amount of effort. You don’t put in the full-time commitment it requires to be profitable in trading because you treat it like a hobby. Trading is not a part-time job. It’s serious business.

    2. Failure to be disciplined and consistent with your process. There’s no excuse for this. It’s all up to you.

    3. Trading like a gambler instead of a trader. You’re taking irresponsible risks rather than thinking in terms of probabilities and trading when you have an edge.

    4. Actually putting on trades without a solid game plan. What are you thinking? You must know your game plan and execute it.

    5. You over think things. Trading is a simple game — up, down, sideways. Keep it simple and make money.

    6. Not trusting yourself to do what you know you need to do. You spend too much time listening to other people. Trust yourself and execute what you know.

    The good news: every one of these things is entirely in your control. All you have to do is choose to make things happen."

  2. nickdes


    You had me until you posted a cnbc link.

  3. the1


    There is one requirement for successful trading (and successful business, for that matter) that few people have -- unyielding confidence and the ability to come back from defeat. Ok, maybe that's two things. Think of Donald Trump. Love him or hate him, the guy will always be sucessful because he has an incredible amount of confidence in himself. How many times has the guy filed for BK? Dunno, but the mo-fo just keeps coming back. You simply have to have unyielding and undeniable confidence. If you have that it fixes everything you just listed and can be used in every aspect of business, not just trading.

    If you sit around feeling sorry for yourself when you're down you're done. Get off your ass and put one foot in front of the other.
  4. wave


  5. I'm not disputing any of this, but you failed to post the disclaimer:

    Disclaimer: Doug Hirschhorn's expertise is in the psychology of achieving peak performance. He is not a financial advisor and does not make trading or investment recommendations or provide trading or investment advice. He is an expert on the mental game. Although Doug Hirschhorn has a Ph.D. in Psychology with a specialization in sport psychology, he<b> is not a licensed psychologist </b>and does not provide therapeutic, clinical or counseling services.

  6. I have to agree with this comment. The 1990 recession had Trump on the ropes and can remember his comment to his creditors that he "was not going to be pushed around" and he emerged.

    But, you must get busy and fix what is holding you back, which takes discipline and a lot of work. Trading can bring out demons that you never knew in a private business.

  7. OK, I will take your advice and quit trading. Save me some dollars for a plasma TV.
  8. lol, I read that cnbc article and before I even saw the link I was like this dude is a total RIP OFF!

    oh WAIT!!! he has a link nevermind... :p

    Anyhow I'm listening to that song Put one food in front of the other on Youtube right now lol....

    I think conviction when your failing is something you need to become successful. Read Donald Trumps book think BIG and Kick Ass. It's what gave me confidence, enough confidence to spend 80 hours a week learning, studying, analyzing trades, and doing day trading.

    I want to be richer than Donald Trump and George Soros!

    Something wrong with that? No not really... everyone has their goals and mine is to earn Billions off of investing.

    Let me give you an easy example of someone who made it BIG, and made a store that has revenues 10 times bigger than Berkshire Hathaway.

    That's right that person failed 7 times and filed bankruptcy 7 times before he made it big. His name is Sam Walton the founder of Wal Mart. The worlds biggest retailer and the most successful retailer to.

    Conviction is what made Ray Kroc at the age of 50 with liver cancer make McDonalds into the worlds biggest fastest growing fast food franchise.

    We can talk about so many success stories but let's stop their. You have to be willing to sacrifice and fail sometimes to become a major success.

    Afraid to fail? Go get a job schmuck
  9. I have been searching the internet trying to find information on Sam Walton's 7 bankruptcys and I can't find anything. other than he lost his lease for his first Ben Franklin store.
    #10     Sep 22, 2009