Whether or not you think the market is rigged, as an individual trader you are more likely to lose money than not (with everything else being equal, which it is not, you lose out on the fees). So your “advice”, like most trading advice, is simply an exercise in nacrissism and self-delusion, aimed to promote a fantasy of a “tough” trader who succeeds against the “weenies”. – from a comment on the post “Don’t be like this Trader”
Yes you are right, as an individual trader you are more likely to lose money than not. If you think it is rigged there is a 100% chance you are going to lose. You are not willing to learn you will fail. If you do not learn to lose you will fail. If you do not take responsibility you will fail. If your expectations are too high in the beginning you will fail. If you do not have the capital you will fail.
I do not make any bones about the amount of failures in trading. Probably not the best marketing if you are a partner in a trading education business. Our goal is to get people to the point where they say, I gave it all and I failed. Because at the end of the day you can either do this or you can’t. Not every person can, will, or can maintain what it takes to be a trader. Trading is harder than most things because:
You are constantly being introduced to yourself. The way you see a market is effected by your mood, attitude, etc. In order to remove that you have to look at yourself every day. It will catch up with you if you don’t.
The feedback you get is not like any other you are accustomed to. Because you are making money or losing does not mean you are doing anything wrong. It is evaluating the outcomes the same. In most circumstances you only have to change after or have the energy to change after something bad happens.
- The amount of effort you put in may or may not correlate to result. If you stick it out long enough you start earning from the work you did 3 months ago or 3 years ago.
- Everyday is new. Both in terms of what you know and what you accomplished. You can be wiped out tomorrow if you let it. I have given back what took weeks to build in days.
- You have to learn how to lose. Knowing you can do everything right and still lose is hard to overcome. Getting up the next day is hard. There are days I do not want to get up but I have to.
I could go on forever but chances are you have already thought about all this if your are risking money right? No. I said what I said to make a point. Because what is obvious to some are not obvious to other. I talk with people that should absolutely not be trading. I tell that to their face and it is not to be a dick it because it is the truth. There are situations where I tell myself the same thing.
A trading account does not make you a trader. Trading is different in that respect too. I can buy a plane and not be able to fly it. I can own a NASCAR and not be able to race it. Anyone with, in some cases, $500 can open a trading account and not trade it. It is hard for me to understand “their narcissism and self-delusion” that they can be successful.
Some may argue that I am a narcissist and they could be right depending on when you met me. But that was not about narcissism. It was about being real with people. If you believe you are ultimately going to fail at something you are never going to be able to succeed and especially at something as hard as trading. It takes hard work and if I had to do trading all over knowing what it took I would have never done this. Fortunately I had help along the way that made it easier.
That post wasn’t about telling people to rub dirt on it or stop being weenies. It was about getting people to not waste their lives doing something they do not feel like they be happy with it. If you do not think you can accomplish a goal why even try. So you can ultimately fail? It was not about telling people to not be a wussy it was about telling anyone to stop what they are doing if they think they are going to fail. I don’t want them to quit trading but they absolutely should if they are hoping to be successful doing that way. Yes there is a lesson in failure and I do not look at any of my failures as a waste because it helped form who I was but that does not mean it was not wasteful and unnecessary after a point.
I expected to have some feedback from this post. I was especially surprised by the positive feedback. It is really hard for me to understand how anyone could argue that if you think you can’t win you are eventually going to be successful. Now where I made the mistake is assuming that when I said, “if you think you can or you think you can’t, you are right” also meant you had to work at it. I also should have known that by saying you think you can that you will. That is not the truth.
That the way you are looking at a market is probably not working and you should quit or change. That was the message, it was not stop being a weenie. It was revealing part of what it takes to be a trader with one example that I hear enough that I reached a boiling point that not enough people knew that.
I do not write to make friends. I write because I love the futures industry and I love what I do. I do not want people to love it like I do. I want to give those that love it some basic tools. We are at an interesting confluence in the futures industry where it is easy to publish and the traditional way to learn, coming to the trading floors is gone. People need to step up and be honest. Once again, I am a trader and in the trading education and I know how scummy the education business is so I see where the conflict of interest may be. I absolutely have a profit motive but why would I ever tell a trader that they should not trade, that is free money for traders. I hardly ever talk about our business. Yes I do talk about my mentor and partner Anthony Crudele a lot because I think he is one of the best in the business. There are very few if any independent e-mini traders who have traded longer or more than he has, in the world.
Sorry for the rant again. As always I appreciate any feedback both good and bad. I stand by what I write and if I am wrong or I failed to communicate I will fix it.
Remember just because I cannot be a professional basketball player does not mean it is impossible.
Sorry I didn’t edit this and not spending more time on it.
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