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Your ODDS of MAKING IT!


This is more jovial then the odds of dying post! heheeh check it out

http://www.puretick.com/blog/?p=9

NS/Matt
This one surprised me about Michael Jordan. I did not know that!

Look kid, sorry. I know talent when I see it. You are a decent basketball player–but that was grammer school. This is High School. You just can’t compete at this high level. I am cutting you before your dreams get shattered. —Michael Jordan’s high school coach before he cut him from the team.
The market will try to tell you that same answer 1000 times in your career...winners never quit !
I don't know anything about Michael Jordan's career but I am wondering if that wasn't the impetus for him to go off and train and practise harder than he had ever done before and that's what made him. In other words, had he been kept on the team then perhaps he would never have tried as hard as he did.

Applying that thought to trading then perhaps new traders should be cut loose after a short while and be told to come back with simulated trading results that demonstrate that they should be given a second chance before letting them trade the live market again. That might save a few accounts...
quote:
Originally posted by pt_emini

The market will try to tell you that same answer 1000 times in your career...winners never quit !



I SECOND THAT
quote:
Originally posted by day trading

I don't know anything about Michael Jordan's career but I am wondering if that wasn't the impetus for him to go off and train and practise harder than he had ever done before and that's what made him. In other words, had he been kept on the team then perhaps he would never have tried as hard as he did.

That is exactly what happened to M Jordan people who wont something out of life will do what ever it takes to get it.
So do you think that if you are a trader and you are making mediocre profits, i.e. enough to live on, then you do not have any impetus to go out and try harder? A bit like having a comfortable job with a good salary. Nothing to kick you into trying harder.

So great traders are those who have failed or were told that they would not be able to make it. Those are the ones who are the real successes?
I this intended for me day trader?
yes
Well OK,
The topic is the odds of making it!

The M J thing and KFC thing applies to new ideas, ventures, life stiles, business, only.
You have an idea than you must see it to the end if and only you believe in it. You have a skill that you and only you know you are good at! And you are influenced by others opinion? Than take what is coming to you and be contend. But and their lies the difference, if you believe in your self and have a goal the believers will make it the influenced give up, and don’t get me wrong the percentage of the influenced is very high the successes stories are the only ones that make the front page and are limited.
Now as far as how this applies to trading? Well that is a totally different animal, “trading” because trading is guessing, guessing what the millions of traders out their are going to do and with some experience of course, you might pick the right side of the trade and make a profit.
So to go back to your question (So great traders are those who have failed or were told that they would not be able to make it. Those are the ones who are the real successes?) No in my opinion the reference to M J and KFC do not apply here, only practice makes better traders. Hint; if a young man in grammar or high school decides stock market is? Than you have Warren Buffet, Jesse Livermore…..and so on.
I agree with what you are saying. You basically have the difference of physical muscle and mental muscle. Mental muscle improves with age (given no disease such as Alzheimer's) while Physical muscle will hit its peak during a person's 20s and 30s and after that it will deteriorate.

So the deciding factor here is not only determination but the staying power to stay the course and continue to learn and mature in each day of trading.
quote:
Originally posted by pt_emini

....we must learn to separate our feelings about the value of money, from the goal of extracting money from the market.

This is so true. If you visualize in material terms what the money that you are making or losing can buy then you are doomed. If you are in a position and it has racked up $50,000 so far and you think of it in terms of that red porsche that you saw in the show room yesterday then you are (in my opinion) in big trouble.

I completely agree with you.