That 95% buzz

[karl6666]

That 95% losing buzz.....


Standing on the sidelines for a while reading lots of books, looking a lots of forums, reading lots of posts, and traded with cash myself. The same phrase keeps popping up...

95% losers 5% winners

Shock. Horror. You don’t say.

It’s obvious that most people are looking for the Holy Grail, the system, the secret strategy. Notice the most read posts are ' i made a zillion in a month'

The strategy is the money management, and your mind, the entry and exit are the easy bit.....

I see folks with all these indicators, graphics, and systems. Looking for the ‘answer’, they only win a small percentage of their trades anyway. Why not look at charts and try and educate yourself of the way of the world and price action.

ITS PEOPLE BUYING STUFF AND SELLING STUFF AT A PROFIT

I digress.

Of all the companies that are set up all over the world, how many fail...., because sadly most people are losers... Financial trading is a business, it’s no different.
Its commitment, hard work study and practice, just like running a business you won’t make much money to begin with, if at all in the first year or two.
You go to college or university for 4 – 6 years to get some decent qualifications; you leave then start a job at the bottom because you have no experience, maybe another 5 years before becoming experienced and making decent wedge... 10 years in total folks.

Case studies

1. Burt and Daisy are both bus drivers, they have this dream about opening a ballet school, what’s there chances of success

2. Karl is an engineer, he wants to open a florist selling orchids, what’s his chances of success

3. George dreams of becoming a rich trader, he buys a lap top, joins all the forums, opens a demo account, and a live account with £200, what’s his chances of success

To be honest, Burt Daisy and Karl have more chance than the dreamer George.

People looking for the easy life, well aren’t we all. Look at the people waiting to prey on these losers. Never have I seen so much b0llocks written about so little.

The systems
The magic strategies
The books
The seminars

Money back on your trading account if you lose.........

These people know that you will stick another £500 on your credit card, while you are still buzzing at your loss, and try to chase that £500 you have just lost.

The people with the 'best trading styles', great posts on these forums, they get a good following, great to read. What happens next they disappear, and yes you’ve guessed it they open there own web site selling their ‘products’ for £30 a month, if I dissapear it will be because I have drowned in bath of champagne in Monaco

I read

‘Oh my god, ABC forex requires a $5000 minimum entry balance’
‘Oh my god, XYZ forex requires a $10000 minimum entry balance’

Come on folks there has to be some commitment.

Of the 100% of the all new traders. How many will put in the effort, the time, the hours in front of the screen. Running DEMOs, over and over again, finding their own style. Using real money when they are ready.

Are the 95% of the new traders spotty geeks, chancers, dreamers with too much time on their hands, and a new credit card, looking for a million in a month.

Listen up

....100 people are serious about trading from home, they want a nice lifestyle.
There expenses running there life now is £1000 pounds a month, rent, bills, dog food.
They all save £20,000 before hand in their normal jobs. Yes 20k because they are committed and prepared to work at it. They decide (with some trading knowledge) to take a year off work and give it a go. There bills are covered by their savings, they would need even less if they lived with their parents

What do you think the percentage winners to looser would be then, 95 / 5?
Do you think the success rate would be a lot higher....? I do.. a lot higher

These forums are great for learning and chatting to people, but how many are really dedicated to this, to put the hours in to achieve their goal......

ITS ALL ABOUT HARD GRAFT...the super models and shallow friends will follow

‘Does anybody have any books on growing orchids?’



Karl

😆

 

[Splitlink]

That 95% losing buzz.....


Standing on the sidelines for a while reading lots of books, looking a lots of forums, reading lots of posts, and traded with cash myself. The same phrase keeps popping up...

95% losers 5% winners

Shock. Horror. You don’t say.

It’s obvious that most people are looking for the Holy Grail, the system, the secret strategy. Notice the most read posts are ' i made a zillion in a month'

The strategy is the money management, and your mind, the entry and exit are the easy bit.....

I see folks with all these indicators, graphics, and systems. Looking for the ‘answer’, they only win a small percentage of their trades anyway. Why not look at charts and try and educate yourself of the way of the world and price action.

ITS PEOPLE BUYING STUFF AND SELLING STUFF AT A PROFIT

I digress.

Of all the companies that are set up all over the world, how many fail...., because sadly most people are losers... Financial trading is a business, it’s no different.
Its commitment, hard work study and practice, just like running a business you won’t make much money to begin with, if at all in the first year or two.
You go to college or university for 4 – 6 years to get some decent qualifications; you leave then start a job at the bottom because you have no experience, maybe another 5 years before becoming experienced and making decent wedge... 10 years in total folks.

Case studies

1. Burt and Daisy are both bus drivers, they have this dream about opening a ballet school, what’s there chances of success

2. Karl is an engineer, he wants to open a florist selling orchids, what’s his chances of success

3. George dreams of becoming a rich trader, he buys a lap top, joins all the forums, opens a demo account, and a live account with £200, what’s his chances of success

To be honest, Burt Daisy and Karl have more chance than the dreamer George.

People looking for the easy life, well aren’t we all. Look at the people waiting to prey on these losers. Never have I seen so much b0llocks written about so little.

The systems
The magic strategies
The books
The seminars

Money back on your trading account if you lose.........

These people know that you will stick another £500 on your credit card, while you are still buzzing at your loss, and try to chase that £500 you have just lost.

The people with the 'best trading styles', great posts on these forums, they get a good following, great to read. What happens next they disappear, and yes you’ve guessed it they open there own web site selling their ‘products’ for £30 a month, if I dissapear it will be because I have drowned in bath of champagne in Monaco

I read

‘Oh my god, ABC forex requires a $5000 minimum entry balance’
‘Oh my god, XYZ forex requires a $10000 minimum entry balance’

Come on folks there has to be some commitment.

Of the 100% of the all new traders. How many will put in the effort, the time, the hours in front of the screen. Running DEMOs, over and over again, finding their own style. Using real money when they are ready.

Are the 95% of the new traders spotty geeks, chancers, dreamers with too much time on their hands, and a new credit card, looking for a million in a month.

Listen up

....100 people are serious about trading from home, they want a nice lifestyle.
There expenses running there life now is £1000 pounds a month, rent, bills, dog food.
They all save £20,000 before hand in their normal jobs. Yes 20k because they are committed and prepared to work at it. They decide (with some trading knowledge) to take a year off work and give it a go. There bills are covered by their savings, they would need even less if they lived with their parents

What do you think the percentage winners to looser would be then, 95 / 5?
Do you think the success rate would be a lot higher....? I do.. a lot higher

These forums are great for learning and chatting to people, but how many are really dedicated to this, to put the hours in to achieve their goal......

ITS ALL ABOUT HARD GRAFT...the super models and shallow friends will follow

‘Does anybody have any books on growing orchids?’



Karl

😆

I doubt whether that would make much difference. Trading needs a different mind set to other forms of earning a living. Two days ago I took my mind off the ball for a short while and my trade went to pieces. It's very stressful and I do not think that it is for most people.

Most of the 95% that you talk about have a gambling mentality, in any case. That is why they are wiped out sooner, rather than later. So that is where the dedicated student of trading can, at least, be reassured, if he is not of that nature. Others, and there are some who post on this site, think that the whole thing is one big joke. "I've just won/lost 140 points ha-ha-ha" Well, it's just a matter of time for them, too.

Split

 

[yacarob1]

Two days ago I took my mind off the ball for a short while and my trade went to pieces. It's very stressful and I do not think that it is for most people.

I have to say Spit that I never have my mind on my balls whilst trading.

As for being stressful, I do believe that it is rather more stressful to actually work for a living.

I retired from full time employment at the age of 50 to do trading and I must say that the last few years have been rather peaceful, lucrative and very happy.

And not terribly stressful either.

 

[karl6666]

I have to say Spit that I never have my mind on my balls whilst trading.

As for being stressful, I do believe that it is rather more stressful to actually work for a living.

I retired from full time employment at the age of 50 to do trading and I must say that the last few years have been rather peaceful, lucrative and very happy.

And not terribly stressful either.

Yacarob

Here, here,

Im 43 and thinking of doing the same. I walk to work in the rain, dont see my kids. And sit in an office all day with no sunlight, hating every minute of it. Thats stressful, and im well paid.

Although I did have a stressful day in my early days of trading - £20 a point on the DOW, no stop loss (yes i know), watch it go 150 points in the wrong direction, watching the pot go to a £3000 loss, eventually after 8 hours of real stress closed out at a £1000 loss.

The stress in the trading is left to the trader, you dictate the amount and the risk.

Come on folks if you put your mind to it and have enough cash balance, you can make enough in an hour and spend the rest of the day in the garden or on the golf course, unless your sad enough to stress your self with a mobile device. If traders are getting stressed over £10 point they may as well forget about it

Karl

:smart:

 

[yacarob1]

Yes Karl, I was a very highly paid Chartered Accountant.

The jobs that I did were very boring and very stressful and the only saving grace was that I spent most of my career in rather pleasant overseas locations.

I spent the last 6 years of my career in financial risk management which eventually lurched into market speculation.

I learnt how to trade and how not to trade and have spent the past 6 years doing it for myself.

So, 12 years of learning and accumulating knowledge, techniques and know-how.

I would say now, at the ripe old age of 56, I am less bored, less stressed and more happy than I have been in my whole life.

 

[Splitlink]

Yacarob

Here, here,

Im 43 and thinking of doing the same. I walk to work in the rain, dont see my kids. And sit in an office all day with no sunlight, hating every minute of it. Thats stressful, and im well paid.

Although I did have a stressful day in my early days of trading - £20 a point on the DOW, no stop loss (yes i know), watch it go 150 points in the wrong direction, watching the pot go to a £3000 loss, eventually after 8 hours of real stress closed out at a £1000 loss.

The stress in the trading is left to the trader, you dictate the amount and the risk.

Come on folks if you put your mind to it and have enough cash balance, you can make enough in an hour and spend the rest of the day in the garden or on the golf course, unless your sad enough to stress your self with a molbile device. If traders are getting stressed over £10 point they may as well forget about it

Karl

:smart:

Well, you and Yacarob have put yourself in the middleaged, pensionised, 5%. I'm 77, shortly, and cannot complain, either.

I can understand that there is a majority, although I doubt whether it is as high as 95%, who fail. If you do not admit they do not have a stressfull life, as they see their illusions go down the drain, then you are not in the real world.

The problem is that there are so many of us, who say that we are successful but who cannot, or do not want to, prove it, for obvious reasons, and who are not. They can and do persuade newcomers into the trading "game". A game is, exactly what it is not. The financial sector has just proven itself to be a jungle and the internet has made it worse.

Anyway, congrats on being part of the 5%.

Split

 

[karl6666]

Yes Karl, I was a very highly paid Chartered Accountant.

The jobs that I did were very boring and very stressful and the only saving grace was that I spent most of my career in rather pleasant overseas locations.

I spent the last 6 years of my career in financial risk management which eventually lurched into market speculation.

I learnt how to trade and how not to trade and have spent the past 6 years doing it for myself.

So, 12 years of learning and accumulating knowledge, techniques and know-how.

I would say now, at the ripe old age of 56, I am less bored, less stressed and more happy than I have been in my whole life.

Yacarob

Im working as a chartered engineer, Im hoping to finish this contract Im on. Spend 2 months in the south of france with the wife and son in the summer. Get some sun on my back, recharge my batteries, clear my head, get some positive energy flowing again.
Then hopefully start trading full time over the winter.... the wife can get an extra job :whistling

Trading only Forex - Using ECN brokers. No indicators, just price action

Karl

:clover:

 

[yacarob1]

Im working as a chartered engineer, Im hoping to finish this contract Im on. Spend 2 months in the south of france with the wife and son in the summer. Get some sun on my back, recharge my batteries, clear my head, get some positive energy flowing again.
Then hopefully start trading full time over the winter.... the wife can get an extra job

Trading only Forex - Using ECN brokers. No indicators, just price action

Karl

I wish you all the best.

There is nothing quite like not having to report to a boss, although I guess my wife now fulfills that role. 🙂

 

[yacarob1]

I can understand that there is a majority, although I doubt whether it is as high as 95%, who fail. If you do not admit they do not have a stressfull life, as they see their illusions go down the drain, then you are not in the real world.

Trading is a very personal thing Split and I would also say a very selfish thing.

You tend not to think about the large percentage of failures because it is they who are funding your success.

I guess if you dwelled too much on it you may feel guilty - so as long as I am personally successful I do not give it a second thought.

A case of having absolutely zero emotion when it comes to trading..... and a lot of other things too.

But I did not arrive at this state of mind for a long time.

 

[Splitlink]

What you do is different, Yacorob.

I have never read, in your posts, an incentive to others to come in and join the party.

Generally, you do your own thing and let the rest make their own minds up. I hope that I can consider myself more in that class, myself, although I am not perfect.

Regards

Split

 

[yacarob1]

I think you have hit the nail bang on the head Split.

Yes, I do very much my own thing without too much regard for others.

That selfishness, lack of any real emotion and detached attitude are not terribly admirable qualities but I believe that they are important attributes for a successful trader.

I reserve my real emotions and feelings for my very immediate family ..... anything outside of that is a very long way behind indeed.

As I have become older I have also lost my capacity to care about things.

I see most things for what they are... and that is totally meaningless most of the time....

We are here for but a short time... enjoy it while it lasts but do not waste time on meaningless matters...........and with that I am going to open a bottle of wine and have a seafood lunch.

Arrivederci

 

[karl6666]

What you do is different, Yacorob.

I have never read, in your posts, an incentive to others to come in and join the party.

Generally, you do your own thing and let the rest make their own minds up. I hope that I can consider myself more in that class, myself, although I am not perfect.

Regards

Split

Slitlink

Going back to what I said originally in my post, people are too busy looking for the answer, the easy street, the 'incentive to come and join the party'. I was reading a post earlier and a chap was getting in quite a state about the 'minute' details of his profit / loss ratios... yawn, is that another casualty about to fall.

Buy it, sell it make a profit, take some money.................. you wont go broke taking profits.

Forums are great for info and chat, but we have to find our own way. Im also selfish I suppose....

I just want to click as many dollars on the meter as possible. Then thats it, sign off for the day. Im not a quick typer and certainly cant be arsed, tapping away on the PC trying to tell other people how to do it, when I could be clicking more dollars up or watching price action with the time.

My hat goes off to all the veterans on here for sharing there tales (fast typers)

K

 

[yacarob1]

Slitlink

😆 😆

 

[karl6666]

them 95 ers back again

Respect to all the technical boffins out there, but I think the attraction to all this trading lark is all the bells and whisles that go with it....

The multi screens, the fancy web pages, the mobile devices all the fancy charts, the indicators, the strategys, watching bloomberg all day, trying to analyse everything. You can spend that much time looking at SMAs crossing on a full moon, and japanese cloud formations, that your actually forgetting its people buying and selling in a market.

Should people spend more time on the basics, support and resistance, bulls and bears.....

Somebody somewhere in the world on the fx chart is having his nuts put through a mincer, whilst somewhere else in the world theres a man getting his dolphin waxed by a supermodel

:clap:

Time for songs of praise.

Karl

 

[Splitlink]

Respect to all the technical boffins out there, but I think the attraction to all this trading lark is all the bells and whisles that go with it....

The multi screens, the fancy web pages, the mobile devices all the fancy charts, the indicators, the strategys, watching bloomberg all day, trying to analyse everything. You can spend that much time looking at SMAs crossing on a full moon, and japanese cloud formations, that your actually forgetting its people buying and selling in a market.

Should people spend more time on the basics, support and resistance, bulls and bears.....

Somebody somewhere in the world on the fx chart is having his nuts put through a mincer, whilst somewhere else in the world theres a man getting his dolphin waxed by a supermodel

:clap:

Time for songs of praise.

Karl

Apart from mis-spelling my name and making Yacarob happy, I think that you have hit the nail on the head with your post. A lot of people do love all those lines and indicators.

KISS for me, every time.

Split