3% of traders are winners!

[constable]

I got sick of looking at the heading that says we are basically all losers. C'mon guys where are the positive vibes!!!!!!!!!!!!

 

[SevenFX]

Couldn't agree more, Positive Thought, Positive Outcome....

p.s Your PM is full, but know my positive message will get to you.

 

[justjohn]

We're all winners but in different ways & forms :bananasmi

 

[constable]

praise the lord im feelin it man , im a winner, i really am. Win win win win win win.
Do you want to know something really funny my natural old man (who has been a psych nurse/ counsellor for the last 25 years) started a laughter club at lake wendouree and used to, on a saturday, stand around with complete strangers and start laughing!
Despite his constant encouragement there wasn't a hope in hell of me going to something like that! But he does do it at home and strangely it works !
now if only i could laugh at sen!

 

[nioka]

I got sick of looking at the heading that says we are basically all losers. C'mon guys where are the positive vibes!!!!!!!!!!!!

Would the 3% like to tell us about their biggest win and how they came to choose it.???

 

[SevenFX]

Would the 3% like to tell us about their biggest win and how they came to choose it.???

Hi Nokia,

This isn't about our big wins, and well chosen shares, Tis more about the power of the mind and how to shape it.. IMO.

So far first few posters are all new here (think), and have plenty of technical skill to aquire, but imo skill won't help the skilled trader that doesn't share positive thought nearly as much as the skilled trader that does.....esp if they choose the path of a trader first.

 

[constable]

Would the 3% like to tell us about their biggest win and how they came to choose it.???

Hi nioka, well of the 236 people on line at the minute there is only 7.08 traders who are winners! If you want to count me as .02 of the .08 then my best in win in the last 3 weeks was aex when it opened at .04, i think it broke thru two ticks and about 7million shares in the open so i jumped on board and got off 2 ticks later (short changed myself a subseqent 3 ticks, still very much learning to let my profits run). Doing well so far today on rrs similar pattern!

 

[Bobby]

praise the lord im feelin it man , im a winner, i really am. Win win win win win win.

Lets ask!

Oh Lord up above
Pick me a stock that you love

Oh son down below stuffed if I know?

Well you can only try. :

 

[larry123]

The Art of Trading by Chris Tate suggests that only 80% of traders fail, still a lot though.

 

[Freeballinginawetsuit]

A bit of reading a few years ago driving the market fundamentals, the king "Ore" its necessities Zinc and Nickel and a bit of hype for our Energy Crisis, Uranium. A quick squizzy at the mid tiers that were delivering on low cost production and exploration, trending up and take a position and stick to it and trade it over and over!

Or

Go on a holiday for a couple of years, come back turn on your computer and Bingo> its 'Lotto Time'.

Now if you still had a belief in the aforementioned fundamentals and couldnt trade the pullbacks and not get sucked into the overhyped/dribble of the experts well.............thats obviously 97 percent of traders according to this thread.

 

[wayneL]

I wonder how many of those 97%... 95%... 90%... 85%... 80%... (pick favourite unsubstantiated number) of losers *thought they are smarter than the market. Most I would think.

 

[theasxgorilla]

I got sick of looking at the heading that says we are basically all losers. C'mon guys where are the positive vibes!!!!!!!!!!!!

Unfortunately it's true. Most of those that think they're winners don't even know that they're net losers because they don't keep records and they don't track trading related expenses, including brokerage. Their pain avoidance mechanism means that they only remember the winning trades.

Contemplate a friend of mine who discovered CFDs about 2 years ago. Last year he made 350 round trip trades. For a bloke who probably has less than 10k in his account his annual brokerage fees ($7k AUD) are going to be an awfully big expense column to trade his way into profit with. He's currently "on the sidelines", shell-shocked.

A large proportion of the 97% (arbitrary figure, I know) do it for something to do, something to look forward to, and something to talk about. Most people pay for their hobbies, for most this one is no different, they just don't realise it.

 

[zed327]

After jumping in and out of LHG for 4 months ( july august sept oct ) i now own an original XY GT. Put me on the winners list for now. Now holding 400k of AGS and URA ( my only stocks ) and these will be longer term holds till the u price does a u turn.

 

[CanOz]

After jumping in and out of LHG for 4 months ( july august sept oct ) i now own an original XY GT. Put me on the winners list for now. Now holding 400k of AGS and URA ( my only stocks ) and these will be longer term holds till the u price does a u turn.

Wow, cool. I must say i don't hold much for material things generally, but one day i would like to own a new HSV GTS. One that gets out of the shed on Sundays or the occasional drive to work.

Well done.

Cheers,

 

[coyotte]

imo u can't just lump everyone that buys and sells stocks as traders, as these stats would seem to be doing.

Trading as opposed to Analysts (TA & FA), Systems, Forecasting, Stock Picking etc. are worlds apart --- anyone who is deep into any of these could not seriously be considered a Trader.

And by the same token a good Trader would probably considered a lousy Analyst.

It used to be quite common knowledge in "thoroughbred racing" that Trainers, Jockeys, Tipsters etc were woeful with their picks compared to a "betting style bookie".

One of the reasons the real betting did not commence until after the 2nd or 3rd race, was from what part of the track are the good runs coming from?

The "bookie/trader" must change with the market -- stick now to your obsolete view/opinion and you're sunk.


Cheers

 

[Mofra]

The Art of Trading by Chris Tate suggests that only 80% of traders fail, still a lot though.

I have never heard of anyone substantiate a figure that supports a failure rate of higher than 80%, so I'd say Tate is correct.
I have been advised 80% failure rate amongst speculators (quoted from finance courses & seminars completed through work), and I believe those figures are futures numbers based on speculators only (net of hedgers).

Is there anyone who can possibly substantiate or provide a link for an actual failure rate for equities or other derivatives markets?

 

[jkool]

An interesting insight on daytrading from Peter Lynch's One Up On Wall Street book:

“…the odds against making a living in the day-trading business are about the same as the odds against making a living at racetracks, blackjack tables, or video poker. In fact, I think of day trading as at-home casino care. The drawback to the home casino is the paperwork. Make twenty trades per day, and you could end up with 5,000 trades a year, all of which must be recorded, tabulated, and reported to the IRS. So day trading is casino that supports a lot of accountants.”

Based on (not only) that I say I wish I could stay at home and daytrade but I am afraid that chances for survival are minimal. IMHO 3% could be about right

 

[wayneL]

An interesting insight on daytrading from Peter Lynch's One Up On Wall Street book:

“…the odds against making a living in the day-trading business are about the same as the odds against making a living at racetracks, blackjack tables, or video poker. In fact, I think of day trading as at-home casino care. The drawback to the home casino is the paperwork. Make twenty trades per day, and you could end up with 5,000 trades a year, all of which must be recorded, tabulated, and reported to the IRS. So day trading is casino that supports a lot of accountants.”

Based on (not only) that I say I wish I could stay at home and daytrade but I am afraid that chances for survival are minimal. IMHO 3% could be about right

I have a lot of time for Mr P Lynch as a fund manager, but quite frankly, that quote is erroneous.

It is only accurate where the daytrader approaches his task with the same mentality as the average track/casino punter.

*Where this task is approached in a business like manner with a positive expectancy method, adequate capitalization and in control of emotions, the odds of success are high.

*A daytrader may only take 1 or 2 trades per day... or 0 trades if the setups are not there. Others may take many more than 20.

Daytrading is a business, as opposed to investing. There is an apprenticeship involved, and one must know how to run the business.

The truth in the failure stats are that most failures used daytrading as a casino and not a business.

See the difference?

 

[stink]

Hi All


I think Wayne and a couple of others have hit the nail on the head!

But why the bloody obsession? If your so worried about failing then go do something else. Be sensible, educate yourself, run a business and most of all learn from your mistakes. Do these things and i dont see why you cant succeed. You still may fail but at least you had a go.

I voice this opinion before i have had any real success myself, but i dont care what the stats say! I am going to give it a bloody good shot and do everything in my power to ensure i dont fail.

The few successful traders i know personally do not even get into these discussions. The reason is everyone has different views of success, its irrelevant, whats relevant is are you on track to reach your own trading goals?

My advice is get a mentor and focus on what can be achieved.

Regards Stink

 

[Kauri]

And I always thought it was that 97% of failures were traders..