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Humphrey,
Unfortunately most people having a go at trading do not have
a realistic expectation. The fact of the matter is that most
people who have a go at trading fail, somewhere around 95%.
But they fail in different ways. In futures it's usually a
quick destruction of capital within 6 months and trading
stocks it may be a protracted slow decline.
One of the frustrating things about trading is that the
normal attributes which make one successful in other
professions such as intelligence, education and hard work are
no guarantees of success in trading. It requires what Edward
De Bono has described as lateral thinking ability - the
ability to see the truth without personal biases and to see
opportunities that other people do not.
The trading arena is full of vendors using smoke and mirrors
trying to convey the impression that trading can be a
relaxing and profitable pastime. Nothing could be further
from the truth. Ralph Vince who has authored a number of
important books on money management and has worked with many
of the trading greats has described successful trading as the
equivalent of a street fight. The winner still finishes up
with a bloody nose.
However there are people who have developed the right
skills/methodologies to profitably trade the markets but they
are very much in the minority.
Best of luck in your pursuit of trading success.
--
,-._|\ Richard
/ Oz \
\_,--.x/
v
Humphrey D Geiseb wrote:
> having lived in RT land for over one year. I am
> wondering whether I am trading as a hobby or making
> ends meet with this thang. In fact, I am concerned by
> the recent posts on this forum on Larry Willaims et al
> and numerous other posts where people dismissed
> non-trading analysts.
>
> Now the question: Are there REAL people, with
> spouses, kids, 2nd hand cars, mortgages, etc out there
> who earn a 2nd income from trading. Or do we, as a
> trading specie, keep in the game without any end-game
> scenarious. I am puzzled as I fail to justify my
> screen hours after making 0$ from trading in the past
> 14 months.
>
> For example, I am paper trading a "system" which
> produces marginal gains in 1/5 cases. If I have put
> my real money in the market on these stocks, I am sure
> the losses would have skyrocketed. The Key: I am only
> selecting stocks getting buy signals by being above
> 50-day high of close. How can I optimise this 50-day
> holy grail.
>
> hum
>
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