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My own experience has been that it takes some number of
years, alot of capital, trial and error, guts, and
programming ability to be a successful day trader.
I think why the "wash out" rate is so high is because
most people who get into it think it will be much easier
that it is and don't have the capital or ability to pick
them self up off the floor after getting the crap
kicked out of them by the market. Multiple times.
Even seasoned people don't seem to learn caution.
The big names are probably big names because they
are reckless and lucky.
For me they way to make money came through taking
small consistent profits in high probability
trades. The other key thing to learn is to exit
a loss as soon as possible. Holding it prevents
going to the next winning trade. Sometimes I still
get stuck in this stupid mistake, because I think
I know what the market is doing. Sometimes it
forget to tell me right before it rips in the
wrong direction ( which personally I think is rude :) ).
I just bought a house and noticed Wade Cook tapes in the
real estate agents car. After talking to him abit he said
that is retirement savings were gone after trading the Wade Cook
system. Its sad.
David
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