A career in stock trading - page 8
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What I love most about the Market is that it does not tolerate mediocrity. You can become a mediocre doctor, engineer, manager with some effort, but you will never become a mediocre trader. I love the stock market because no words in it can replace your deeds. You can breed rabbits as much as you like, like Niroba does, but a discerning investor will always know the catch. Only the market determines what your trade is worth. But there is one serious disadvantage arising from this property: you are either a king and God or a beggar. No one is destined to be in the middle in this business.
I agree, and most importantly, it's up to you to decide your fate and it's up to you (you can't change the hands).
As they say, don't blame the mirror when you're wrong :o)
I don't like forex because there are too many people among the forex traders who think that they are the pigeons of the earth.
The star disease in this type of people is off the charts in per capita terms.
In one brokerage company I saw so called "trader" - girl 20-25 years old confidently said that she trades on Forex, while she was looking at me with her exorbitant experience. Of course, as it should be in her position. To my question "what do you need to become a trader" she said that I should not lose 3 months.
Many people think that if they made more profit than in a bank, they understood this life.
They are the same 2% of geniuses. But how else, if from the very beginning they tell you that only two percent make money. Who else would seriously go into this business? Of course, self-confidence goes over the top, even at the first stage.
I don't like forex because there are too many people among the forex traders who think that they are the pigeons of the earth.
The star disease in this type of people is off the scale in terms of indicators per capita.
In one brokerage company I saw so called "trader" - girl 20-25 years old confidently said that she trades on Forex, while she was looking at me with her exorbitant experience. Of course, as it should be in her position. To my question "what do you need to become a trader" she said that I should not lose 3 months.
Many people think that if they made more profit than in a bank, they understood this life.
They are the same 2% of geniuses. But how else, if from the very beginning they tell you that only two percent make money. Who else would seriously go into this business? Of course, self-confidence goes through the roof, even at the first stage.
Without a picture of the trader's girlfriend, the story doesn't protect
What I love most about the Market is that it does not tolerate mediocrity. You can be a mediocre doctor, an engineer, a manager with some effort but you will never be a mediocre trader. I love the stock market because no words in it can replace your deeds. You can breed rabbits as much as you like, like Niroba does, but an astute investor will always know the catch. Only the market determines what your trade is worth. But there is one serious disadvantage arising from this property: you are either a king and God or a beggar. No one is destined to be in the middle in this business.
Come on. I have seen a lot of mediocre traders in my time. Ordinary employees at the bank - plankton on the payroll + bonuses for their trades. But what's interesting, those of them who decided to sort of earn their own money and went into free floating, but most of them couldn't do it without their boss, who would smack them in the head for not complying with the regulations (MM).
So...)) Trading is also a craft, but with a caveat - when you are in a structure. And solitary, self-sufficient individuals are always rare. In any field.
Ha! Dennis Rachard's (turtle) argument with his companion comes to mind. His companion (Eckhart, I think) also argued that trading is available to a select few and you can't teach a counter-trader. Dennis, on the other hand, claimed that any asshole could be taught. In short, they were all in for a quid. Dennis won. His students were making hundreds of %% in the stock market on their own. Many set up their own funds.
(True, later Richard himself merged with his tortilla, but that's another topic.))
===
I can find a link to this story if anyone is interested.
IMHO, anyone can become a trader, just like an engineer, doctor, etc. With the proviso that anyone who is capable of learning can become a trader. You do not have to be a genius to do it. Not everybody can even graduate from the institute.
Luck? - Today you have it, tomorrow you don't. And luck is not the point in trading. Before expert does something they will check whether they can do it.
All the failures in trading are caused by excessive self-confidence, which is not based on anything.
Here is an example of my own trading.
In six months not a single unsuccessful trade. I traded both shorts and longs, everything was in line. I think this would not be called luck purely statistically.
So? Thumbs up. We can all do it. We're cool.
I get in and go to the cottage for three days. A third of half a year's profit is gone.
Oh, it's no big deal, we'll get it back. And that's another bummer.
You get a little shaky, but your fingers are still in a fan. You do some more completely ill-considered things.
You know you're screwed. No confidence in what you're doing, you don't know if you're doing it right or not.
The only right thing to do, IMHO, is to stop. I haven't even been near the machine for a month. Of course, I was watching, watching from the sidelines.
Very, believe me, sobering.
I just have to work as professionals do - calmly, without emotion, within the limits of what is possible. If you start playing games or try anything adventurous, that's the end for you. As in any profession - doctor, engineer, etc.
You just have to work as professionals do - calmly, without emotion, within the limits of what is possible. If you start playing games or taking adventures, that is the end of you. As in any profession - doctor, engineer, etc.
+1
It takes a lot of time to achieve amazing results and not many people really try to achieve these results.
For example, I read an article in which a Japanese researcher calculated that to achieve these most amazing results you need to spend 10 thousand hours on the subject. That's over 5 years of 8 hours a day with two days off. In essence it is studying at university, not just attending classes, but working hard with maximum dedication. The Japanese know how to work, of that I have no doubt :) The article was called "The secret of genius revealed" or something like that.
So there's no talk of "six months" and "I've read five books" and there can't be!