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Superstar Traders


Superstar traders make huge money (the top hedge fund guys, Soros, Buffett, etc.). Just like superstars in any field. Oprah makes more than everyone here, I'm pretty sure -- but being a tv celebrity is also a very long shot. Lower down on the risk:reward scale, a guy who runs a good manufacturing company or even owns a MacDonald's makes more money than 90% of traders, with a much higher chance of success and a more stable income. I haven't seen a MacDonalds go under in quite a while, but I see traders wipe out every day. If I was only interested in the money, I'd start a legitimate business instead of being what is basically a professional gambler.

We all look to that top 1% of trading success and hope to be the next Soros or whatever, but statistically, it's not going to happen for pretty much all of us. So do it because you love it, because the money's not guaranteed. If you're the top of your field, in any field, you will make lots of money. But if you're not successful (supposedly a 90% chance of failure in trading), you'll end up with very little or nothing. So I advise people to trade because they love it, and the money will come after -- getting rich is a secondary goal. This advice also helps you to focus on the market, not your account balance, which helps you make better trades psychologically.

But yeah, a solid experienced trader can make a good living, but it's not likely that you'll be a billionaire from trading. If all you want is money, open a business and provide a service or a product that people are willing to pay for (Bill Gates is doing okay for himself).

I think that anyone who gets into trading for the money and the coolness of it is going to be in that 90%.
nova -

are you Cable or just passing along some perspective from ET?

http://www.elitetrader.com/vb/showthread.php?s=&postid=875730#post875730

take care


omni
hi omni72 - no im not cable - i just like the stuff that he wrote so i posted it here - is that okay?
I appreciate your candor. I am very new and the brutal honesty is much appreciated.
What If you're someone who isn't neccessarily looking to be a superstar but is maybe looking to learn to net 20 points/wk and actually enjoys the cerebral challenges of the 'game'?
Is there hope for this person?
Thanks
DBT
There certainly is hope for this person. 20 points/week is a good living. In fact, I think that if my math is correct you can double your account every 2 weeks at that rate.