Primary source of income: how many have made it?

October 26th, 2011, 12:05 PM

I trade for living and trading is my only source of livelihood for many years. It took me about 3 years to become a consistantly profitable trader. Initially the capital was small and I had to draw my profits out for my expences ...but once a critical mass is accumalated in the trading capital, the growth has been exponential.

I daytrade and also swing trade in the futures market.

Smart_trade

November 1st, 2011, 01:30 PM

90% of the general population fail at virtually everything, or give up at least. I have taught karate for 20 years and music for almost the same amount of time. Maybe 1% get their black belt. Almost all music students quit when the going gets tuff. Is it really any surprise then that most traders fail? In fact it makes perfect sense since the illusion going into daytrading is that you can make loads of money without working. That would seem to be a magnet for quitters.

November 1st, 2011, 08:32 PM

Precisely....

drago1

90% of the general population fail at virtually everything, or give up at least. I have taught karate for 20 years and music for almost the same amount of time. Maybe 1% get their black belt. Almost all music students quit when the going gets tuff. Is it really any surprise then that most traders fail? In fact it makes perfect sense since the illusion going into daytrading is that you can make loads of money without working. That would seem to be a magnet for quitters.

November 1st, 2011, 09:59 PM

drago1

90% of the general population fail at virtually everything, or give up at least. I have taught karate for 20 years and music for almost the same amount of time. Maybe 1% get their black belt. Almost all music students quit when the going gets tuff. Is it really any surprise then that most traders fail? In fact it makes perfect sense since the illusion going into daytrading is that you can make loads of money without working. That would seem to be a magnet for quitters.

And it doesn't help the general public perception, however misconstrued, of trading (successfully) for a living, is mostly considered as non-productive , legalized degenerate gambling , possibly criminal at heart, and not a "real job".

November 2nd, 2011, 07:02 AM

The most realistic and straightforward reasoning yet. . . could have kept this never ending thread shorter. You hit the reason squarely on the spot.

drago1

90% of the general population fail at virtually everything, or give up at least. I have taught karate for 20 years and music for almost the same amount of time. Maybe 1% get their black belt. Almost all music students quit when the going gets tuff. Is it really any surprise then that most traders fail? In fact it makes perfect sense since the illusion going into daytrading is that you can make loads of money without working. That would seem to be a magnet for quitters.

November 2nd, 2011, 07:27 AM

drago1

90% of the general population fail at virtually everything, or give up at least. I have taught karate for 20 years and music for almost the same amount of time. Maybe 1% get their black belt. Almost all music students quit when the going gets tuff. Is it really any surprise then that most traders fail? In fact it makes perfect sense since the illusion going into daytrading is that you can make loads of money without working. That would seem to be a magnet for quitters.

True that . I dont know about other places around the globe but around here the path of least resistance is the preffered path for those who manage to become employed . I encounter many people that aspire to get a union job in hopes of going out on disability . Few people are willing to suffer at least a little to succeed beyond the pack . If all the people I hear saying things like "if I only win the lottery I could retire" is any indication of the overall attitude then its no wonder so many suckers get taken for a ride by the markets .

November 3rd, 2011, 09:31 AM

I'm glad there are a few good men left in the world , like u two!!! Think u need to run for Congress(usa)..

November 3rd, 2011, 09:38 AM

I wonder what the attrition rate would be for those that stick with it for some given period of time?

For example, for those that may spend a year trying to figure it out, probably easily less than 5% of those people will make it. Maybe for two years that number would be more like 8%. Maybe for three years, might be a bit more......

Obviously it will be variable, and dependent on one's prior experience, environment etc....

But I'm just wondering what the GENERAL % vs. time spent would look like.

November 3rd, 2011, 09:43 AM

traderx4

Hi all,
Just signed up to the forum, and this is my first posting.
Hope it's in the right place.

As regards being succesful, in this business.. It requires many hours of screen time.
I probably have over 200,000 hours and counting, but after all that, I'm still learning something new.
I cannot afford to give up now, it's cost me so much in time, investment and family life, "However, this is what I want to do
for the rest of my life!"
:-)

of screen time...just a little hyperbole , me thinks.

November 3rd, 2011, 09:45 AM

wldman

of screen time...just a little hyperbole , me thinks.

You need to read farther in the thread. 200,000 was a typo, he corrected it to 20,000.

Primary source of income: how many have made it?

Discussion in Psychology and Money Management

Primary source of income: how many have made it?