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>If so, then how does that happen? What are they doing that's different? Are
all the successful daytraders just incredibly lucky?
>
>Clint
Clint, I believe there are a few reasons why some make it.
1. They start in a position to not need to make a living from it. The
need for steady money like a weekly paycheck will corrupt your thinking and
force you to deviate from your plan of action that was so well thought out
prior to the heat of the battle.
2. They do not need the money that they loose. The enormous amounts of
money that it requires to learn to daytrade would exceed most people's
lifetime income. What makes the number of successful daytraders so low is
that even the few who could make it, dont have enough capital to endure the
learning curve.
3. They do not give a flying _uck about anything or anyones opinions of
what the market will or might do. The very news and opinions that surround
them becomes the mortar for their brick wall of defense that protects their
completely independent thinking.
4. They do not follow the crowd, and there is no pressure on them to
conform or perform. One absolutely must not be in a position to be held
responsible for anything that you do. Total freedom from both personal and
monetary obligations are a MUST, this alone eliminates 99.9%.
5. They have incredible discipline to not buckle under pressure. They have
a perfectly clear head and understand fully what they do and how they do it.
Battle wounds and memories of defeat are more valuable to them than the
money.
6. They do not daytrade with the goal of making money. Quite the
opposite, they would be just as happy in any type of intellectual challenge
that requires the extraordinary inverted thinking and brilliance required to
win at an individualized sport.
Mark Brown
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