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It's not necessarily work input. There are plenty of "traders" who put
forth tremendous effort and resources and still fall in the 90%. And
that's ok. If 9 traders
lose $2,000 in a month and you are the one who "takes" their $18,000
than so be it... It really is at a subconscious level. Many can't
handle the idea of "taking" something from someone else. Trading
(blackjack,horses,lotto,etc,etc) are all Zero sum. If I
take it you are giving (losing) it to me. The test is so simple but
people get so erked at this.
If someone is walking down the street and they drop a wallet with money
you (as a trader with the proper "gimmie" subconscious) will take the
wallet grab the cash and maybe put the wallet in a mailbox. That's just
the way it is. That is why so many "brilliant" traders' develop and
sell systems. When they try to trade they invariably screw-up and have
net losers over time. They would rather give up the "wallet" and say
"here you dropped this". when they "drop it" on the trading floor...you
MUST be willing to take it.
How many times have you come off a losing trade that was "set up so
perfect" and said "this can't be", "I don't believe it"!!! Go ahead and
call me a fool...
that's why it's 90/10 and not 60/40...
--- Norman Phair <ericrogers@xxxxxxxxxxxxx> wrote:
> I have heard figures as high as 90% of the people
> that do day trading
> fail. No work, no reward.
>
> Norman E,
>
> > "Peter M. Beckwith" wrote:
> >
> > Great post, Ira.
> >
> > Not only are there more on-line trading commercials
> than beer and auto
> > commercials, but the content and substance of these
> commercials is
> > completely off-line. The firms that sponsor these
> commercials hire
> > teams of lawyers to settle suitability of
> investment lawsuits and
> > arbitration suits all them time from people who
> lost their shirts(not
> > to mention their homes) after daytrading on the
> internet for a couple
> > of months. You would think that after all of the
> horror stories out
> > there about people who didn't understand what
> margin was or that if
> > the stock goes against you x percent you have to
> meet the cash
> > requirement, the firms themselves would take a more
> responsible
> > stance. Instead, most of us who keep CNBC on in
> the background have
> > to watch an Ameritrade commercial about a mom and
> housewive who can
> > take the kids to school and throw some money in a
> biotech company to
> > the tune of $1700/day or the guy who owns his own
> island, etc...
> >
> > I don't know what we are going to see with this
> market, but one day(I
> > hope) we can look back and just laugh at how absurd
> those commercials
> > really were. I am hoping it is sooner rather than
> later and then
> > maybe, just maybe the public will understand that
> trading is a
> > profession, not a hobby that you take up in your
> spare time...
> >
> > Pete Beckwith
> >
> >
>
===
Regards,
Gary
The Best Global Telecom Price$
Guaranteed...
http://LD.net/?garywgray
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