There is Hope

95% to 99% of traders fail

Here is one better than that; 100% of babies fail
to walk the first 50 times (or more) they try. The one thing
they have going for them is; they didn't let anyone
tell them they couldn't.

Good analogy - the time it takes a child to become steady on their legs is probably about the same time period that it takes a trader to become profitable...

I would also guess that most traders quit too soon because they run out of cash and never give themselves a chance to "walk". Too many want the quick fix to financial challenges.

Originally posted by redsixspeed

95% to 99% of traders fail

Here is one better than that; 100% of babies fail
to walk the first 50 times (or more) they try. The one thing
they have going for them is; they didn't let anyone
tell them they couldn't.

I wish all traders will be able to read your post. It's a good motivation for those traders who wants to quit. This will remind them to stand up again no matter how many times they fall. You see, nothing can be made perfect at a single try. In order to succeed in trading, you must know how to deal with the ups and downs of this industry.

There is so much misinformation, half-truths and out'n out lies that are offered as help in this business; it is remarkable anyone survives.

Take for example the shared wisdom of "learning to accept your losses". If Maltz's theories are correct in "Psycho-cybernetics" then learning to accept your losses can only lead to losses. There is a difference in being aware losses can occur and focusing on learning to accept them. If Michael Jordan focused on missing a shot rather than visualizing a successful outcome- I think there would be one less inductee in the Hall of Fame.

This is only one of many such obstacles passed along. Conventional wisdom has brought more men to their knees than any other enemy.