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Primary source of income: how many have made it?
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Primary source of income: how many have made it?

  #391 (permalink)
Trading Apprentice
Mumbai
 
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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

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  #392 (permalink)
Elite Member
windsor, Ontario
 
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Trading is a magnet for those seeking reward without effort

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.

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  #393 (permalink)
Logician
Chicago, IL/USA
 
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zer0's Avatar
 
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Precisely....


drago1 View Post
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.


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  #394 (permalink)
Elite Member
desert CA
 
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drago1 View Post
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".

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  #395 (permalink)
Elite Member
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The most realistic and straightforward reasoning yet. . . could have kept this never ending thread shorter. You hit the reason squarely on the spot.


drago1 View Post
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.


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  #396 (permalink)
Big game hunter
NY
 
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drago1 View Post
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 .

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

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  #398 (permalink)
Urban Samurai
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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.

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  #399 (permalink)
Elite Member
Chicago Illinois USA
 
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that is 23 years...


traderx4 View Post
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.

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  #400 (permalink)
Elite Member
Chicago, Illinois
 
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wldman View Post
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.

"You don't need a weatherman to know which way the wind blows..."
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