Would you rather Trade or Be Rich?

Discussion in 'Psychology' started by J.Joseph, Oct 25, 2011.

  1. I'm sure everyone on here, no matter how unskilled at trading, has been able to identify at least 5 day trades per year that were just so outrageously obvious that they couldn't possibly lose. If those trades were placed with options to leverage the win, anyone could double their account size in a year with only those 5 day-trades. Knowing this, why aren't more inexperienced traders sitting out 99.9% of the time and taking the 1 trade out of every 50 or so that screams "Easy Target!"

    I think it's because most traders want to be traders more than they want to be rich. They have a need to feel smart or exert their dominance over the market. If this was really about the money, there's no reason more traders couldn't be well off. I mean doubling every year for 10 years grows $10,000 into ten million. And that with only about 5 hours in the market PER YEAR while leveraging with options.
    Have you ever really thought of your true motive for trading?
     
  2. Your premise is wrong. None of the trades scream at me. There is always an element of chance in every trade.
     
  3. go to las vegas and go "all in" on every bet. see how long you last.
     
  4. Some of us have attained to what you ask in both aspects. Trading may be nearly absolute, however rich is relative. In this country even the average person is wealthier than 85% of others in the world. Dependent uon where you're looking to com;pare yourself the majority, or the minority? Why compare, success can be individual accomplishments without comparison to family, friends, or peers.

    One can be wealthy in numerous ways outside the money spectrum. There's spiritual, familial, health, etc. It's isn't just about what you make, also what you spend, and where you spend it.

    That being said, I'm a rich trader, trading richly! This among my various other endeavors.

    Enjoy your day!
     
  5. Sure there are no guarantees, but I'm sure you can look back over your trade log and say, "This trade here was really clear and everything lined up," and you took it, and it went well.
    All it takes to be wealthy over time is to not trade beyond one's skill level, wherever that level is. But traders attempt trades well beyond their skill level for whatever reason. Maybe just because nothing else is available at the time and they're bored, impatient, or whatever.
    So would you rather trade? Or be rich? There are trades out there that fall well beneath even the beginner's skill level. But to get rich in the market (i.e. to grow consistently over time) means having to regularly pass on attractive movements that are beyond one's skill.

    And congrats to glassinc for being a rich trader. I guess I should have addressed my question to the 95% of small traders who "lose, they just lose" - emg.
     
  6. ammo

    ammo

    that's a discipline argument, a new trader takes a few trades then soon overtrades, a winner in vegas will keep playing til he gives it back,then there 's the mental stimulation thats leads to gamblers anonymous,some switch that 's triggered in your brain(hypothalimus?),then there is the job of sitting on that egg til it hatches,riding it to target,but you are right,if you could spot these setups,and use discipline,patience,overcome your own human nature,manage the trade,this would be an easy way to rack up the acct
     
  7. everything looks perfectly clear in hindsite.
     
  8. All you need then is $10,000 plus enough savings for the next 10 years.
     
  9. Or just an evening job.

    Anyway, I always thought I wanted to be rich. But when I really thought about it I felt kind of bored and a little sad at the idea of taking only trades beneath my skill level. Turns out I want to trade more than I want to be rich. And knowing is half the battle, right? It's time to intentionally set aside my love of trading and pursue a plan for growth. I'm going to go for it. Ten years from now I retire from everything but fun stuff.
     
  10. What are you waiting for ? :)


     
    #10     Oct 25, 2011