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Time to Give Up
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Created: by Big Mike Attachments:4

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Time to Give Up

  #441 (permalink)
Keab
London UK
 
Futures Experience: Intermediate
Platform: TT/Invesotr Rt/DTN.IQ
Broker/Data: LCT/Iq Feed
Favorite Futures: Dax/Bund/Dow/US 10 yr futures
 
Posts: 289 since Jul 2013
Thanks: 40 given, 100 received


Big Mike View Post
What about the guys who are doing things right?

- Only trading with money they can afford to lose
- Open and honest with their spouse, kids
- Steady income outside of trading that is more than sufficient to cover all life expenses while learning to trade
- Realistic expectations, knows that is likely to lose for a long time before starting to win, part of education
- Spends all of his time on research, homework, statistics, and review -- and not on indicators or trading rooms
- Creates accountability with a journal and his support network of trading friends, and his spouse

List continues.

For these guys, this thread does not apply. In fact, for these guys, they should be applauded for their conservative approach instead of thrill seeking holy grail fixation.

Mike

I don't know if it's possible but I think the advice in this post should be the front screen to futures.io
If you haven't got all that is mentioned in those bullet points then statistically speaking you're pretty much certain to fail.

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  #442 (permalink)
Elite Member
Norwich, UK
 
Futures Experience: Beginner
Platform: Multiple:research&executi
Broker/Data: Started with Stage5/OEC ... multiple
Favorite Futures: Anything found profitable goes ...
 
andby's Avatar
 
Posts: 141 since Jul 2012
Thanks: 82 given, 55 received


Big Mike View Post
So is trading unique in this area, or does this apply to everything in life?

For example, if someone simply has the willpower to be better than Tiger Woods or Michael Jordon, or if someone had the willpower to land on the moon instead of Neil Armstrong, does this mean that they have a chance in hell?

No, it does not.

Willpower alone is not nearly enough. Willpower is a prerequisite. It is not an advantage or edge.

Not everyone is cut out to be a trader.

Mike

But many don't see this. It's a mirrors game. Here is the trick: many pursue this avenue as they see it as the "easy" way/answer to all their problems. I believe many of us felt this in day 1 of this journey. There are some persisting in this state for years and years (is this what you see @BigMike here on the forum?)
So, for those experiencing a set-back in they pre-trading life, the journey is twice as hard, as they have the wrong motivation & mind-set all-together: trading is seen as a short-cut to all their problems and a way to avoid facing life's reality. There is however a small procentage that wake up to reality and can steer direction through the rough lessons market teaches them.

Nonetheless, to be successfull in this avenue, the very skills that would make anyone successful in their day to day non-trading life, are a must - I believe.
1) Do you have a happy life now outside of trading? Yes : then more likely than not, you're more fit to succeed in this.
2) Do you have a miserable life (such as jobless, etc) - then likely you're not best fit for this.

3) But if you're in situation 1, why would you pursue this - unless you have a real passion for it ... no reason whatsoever.

People giving up their job to pursue this are a different kind of animal: they're aware of their abilities, they could have been full time employees to their pension, but they want to change something. They want more. This % is small. 2 & 3 probably account for the 95% of the turnover in this business.


Last edited by andby; October 23rd, 2017 at 09:09 PM. Reason: typo
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