Are New Traders Who Are Successful Hated ?

[GlassOnion 12]

I read a lot of stories on here about how people had to go through this long, torturous process to become successful at trading Forex. It's so common that it almost seems like there's a union mentality about the whole thing. You know, the whole "you gotta pay your dues" and "you gotta get crapped on a lot before being successful" type of thinking. You can see written in between the lines of what people post here.

 

If someone was successful right out of the gate, I have to wonder if they should just keep it to themselves. My guess is that those who have already made up their minds that nobody can go from zero to making a living at this game in 6 months would call someone a liar who decided to share their success after actually pulling it off. After all, it's natural human psychology to tear down what something that doesn't jive with one's pre-conceived notions than to challenge their one's own beliefs.

[Tams 20]

  GlassOnion said:

I read a lot of stories on here about how people had to go through this long, torturous process to become successful at trading Forex. It's so common that it almost seems like there's a union mentality about the whole thing. You know, the whole "you gotta pay your dues" and "you gotta get crapped on a lot before being successful" type of thinking. You can see written in between the lines of what people post here.

 

If someone was successful right out of the gate, I have to wonder if they should just keep it to themselves. My guess is that those who have already made up their minds that nobody can go from zero to making a living at this game in 6 months would call someone a liar who decided to share their success after actually pulling it off. After all, it's natural human psychology to tear down what something that doesn't jive with one's pre-conceived notions than to challenge their one's own beliefs.

 

if you have to worry about what other people think,

I doubt anybody would have an opportunity to hate you.

[DbPhoenix 42]

Six months is new? If you don't have it in six months, you should probably look for something else.

 

Db

[bobcollett 10]

  GlassOnion said:

My guess is that those who have already made up their minds that nobody can go from zero to making a living at this game in 6 months would call someone a liar who decided to share their success after actually pulling it off. .

 

Hi Glass Onion

Yip. Thats me, calling anybody who can make a "living " after 6 months ,dishonest.

 

And if you know of anyone who has achieved this...... it's called PBL

Pure blind luck.

regards

bobc

 

PS Present company excluded.

[SIUYA 11]

envied maybe but not hated....(unless your the sort who thinks everyone is stealing your job.)

 

A lot might depend on pure dumb luck it also might depend on stumbling into a bull or a bear market and the luck (or lack of skills or method) sorts itself out when the bull or bear turns.

This might take years, of success before the luck runs out.

[bobcollett 10]

  GlassOnion said:

I read a lot of stories on here about how people had to go through this long, torturous process to become successful at trading Forex. .

 

Hi GlassOnion ,

You did mean Forex?

regards

bobc

[Tams 20]

.

 

 

 

not if you buy an ebook from an esteemed member of this forum LOL

 

 

 

 

.

[DbPhoenix 42]

  Tams said:

not if you buy an ebook from an esteemed member of this forum LOL

 

Or ignore all the vendors and focus on what's available for free.

 

Db

[karoshiman 10]

  GlassOnion said:

 

... that nobody can go from zero to making a living at this game in 6 months ...

 

 

 

How can one "make a living" in this game in 6 months?

 

You can earn a massive amount of money in this game in 6 months, but that does not prove that you are able to "make a living" over a period of 5, 10 or 20 years...

 

Don't say it's impossible to have internalized all aspects of the game - whether technical or psychological - in 6 months, but it seems not very likely. From all the various market wizard profiles I've read, I think there were just 1 or 2 who claimed that they have never experienced any huge losses... most of them blew their account at least once, either at the beginning of their career or later. Some had huge winnings in the beginning, but had their "lessons learned" later...

 

Ah... I did not feel any hatred toward these 1 or 2 market wizards... just a little envy

[johnw 10]

  DbPhoenix said:

Six months is new? If you don't have it in six months, you should probably look for something else.

 

Db

 

You would need favorable winds if six months is your time line ...very favorable indeed.

This is a game where experience and time in the market means everything and so

after six months of training our Trader would be entered into the race of his/her life.

 

Can he/she accumulate experience at a rate sufficient to stay alive ... this would mean that he/she would need to accumulate profits at a faster rate than the next lesson would absorb.

 

My question to you Db is "would you bet on this Trader succeeding"

[DbPhoenix 42]

  johnw said:

You would need favorable winds if six months is your time line ...very favorable indeed.

This is a game where experience and time in the market means everything and so

after six months of training our Trader would be entered into the race of his/her life.

 

Can he/she accumulate experience at a rate sufficient to stay alive ... this would mean that he/she would need to accumulate profits at a faster rate than the next lesson would absorb.

 

My question to you Db is "would you bet on this Trader succeeding"

 

That would depend on the trader. But if those who take years -- if ever -- to learn how to trade were to deduct all the time they've wasted on indicators and systems and courses and books and gurus and trading rooms and dvds and software and programs and manuals and newsletters, I doubt that the actual amount of time they spent on learning how to trade would come to much more than six months.

 

Db

[johnw 10]

  DbPhoenix said:

That would depend on the trader. But if those who take years -- if ever -- to learn how to trade were to deduct all the time they've wasted on indicators and systems and courses and books and gurus and trading rooms and dvds and software and programs and manuals and newsletters, I doubt that the actual amount of time they spent on learning how to trade would come to much more than six months.

 

Db

 

Are you a politician by any chance Db .... that is a very slick answer indeed ... bravo

[DbPhoenix 42]

  johnw said:

Are you a politician by any chance Db .... that is a very slick answer indeed ... bravo

 

Not meant to be slick. Some people are quicker on the uptake than others. And some are more dedicated than others. But what with replay, one can pack years of experience into six months. So, if he has the will, yes, he can learn what he needs to learn in six months.

 

Db

[johnw 10]

  DbPhoenix said:

Not meant to be slick. Some people are quicker on the uptake than others. And some are more dedicated than others. But what with replay, one can pack years of experience into six months. So, if he has the will, yes, he can learn what he needs to learn in six months.

 

Db

 

 

Well Db, nobody can argue with that theory, least of all me ...but have you seen anyone achieve this feat ...

[karoshiman 10]

  DbPhoenix said:

That would depend on the trader. But if those who take years -- if ever -- to learn how to trade were to deduct all the time they've wasted on indicators and systems and courses and books and gurus and trading rooms and dvds and software and programs and manuals and newsletters, I doubt that the actual amount of time they spent on learning how to trade would come to much more than six months.

 

Db

 

 

Agree... but learning how the technicals work... and internalizing these and being able to apply these consistently are a different pair of shoes...

 

Through my trading journey I've spent also a lot of time on the useless stuff you mention, but I guess this is part of the journey in order to arrive at the desired destination. At the end, these technicals must fit the psychology of the trader... hence, they are probably more or less different for any two traders... and hence, everyone must travel this journey and take dead ends at times... there are no short cuts from my point of view...

[DbPhoenix 42]

  johnw said:

Well Db, nobody can argue with that theory, least of all me ...but have you seen anyone achieve this feat ...

 

Note that the operative word from the beginning has been "can". So, yes, one can. Have I seen anyone do it? Yes, a very few. But then I know only a very few who are willing to put together a trading plan, much less follow it. But that has less to do with the "difficulty" of learning how to trade than it does with the trader. The trader who's willing to do the work can make extraordinary progress. But few are willing to do the work (believing instead that going to another webinar or whatever is doing the work).

 

Db

Edited August 13, 2012 by DbPhoenix

[MightyMouse 12]

Does making a living mean living a decent lifestyle or just getting by?

It means either depending on who you ask.

 

Does the person live in the North East or does he live in Alabama?

 

I am sure someone can come along and "make a living" in 6 months. I doubt the individual could provide a decent lifestyle for his family as a 6 month trader if he has a family. So, making a living is going to mean one thing to some and another thing to others.

 

 

 

.

[SIUYA 11]

In terms of getting up to speed early, being able to 'get' concepts is crucial. This helps quickly develop a plan, a market philosophy, a rationale for why the market does what it does and then even simple things such as the concept of shorting, leverage and what a derivative is.

IMHO - not 'getting' these things can be a hinderance ---- mind you sometimes not getting these things might also be a help if you are at one with the market and can just say - its going up, down and then going with it. No thought, no argument, one concept to get and accept.

 

Its usually this that slows people down more than anything - combine this with the lack of work or real time commitment.

 

Years ago I was told or read some wise words.

Spend 30 minutes a day reading the financial press (or maybe spend as long as you do on the sports page), make some notes about whats happening and try and learn from it.

You will pick up a lot over the course of a year.

180 mins a week - 52 weeks a year.....156 hours a year....works out to be less than one month of full time applied learning.

[RichardHK 10]

  SIUYA said:

... ...Years ago I was told or read some wise words.

Spend 30 minutes a day reading the financial press (or maybe spend as long as you do on the sports page), make some notes about whats happening and try and learn from it.

You will pick up a lot over the course of a year.

180 mins a week - 52 weeks a year.....156 hours a year....works out to be less than one month of full time applied learning.

 

Would suggest 30 minutes a day minimum studying your previous day's chart and entries. Reading the financial press is just gonna confuse and/or distract you even more.

[ckait 10]

Is this strictly a forex discussion ? Or trading in general? Forex doesnt trade the same way oil does and ES is different from that. DB, I doubt most people even know what questions they are trying to ask at 6 months. With statements like yours you must be very sucsessful. Are you a teacher in how to make money trading?

[Tams 20]

  ckait said:

Is this strictly a forex discussion ? Or trading in general? Forex doesnt trade the same way oil does and ES is different from that. DB, I doubt most people even know what questions they are trying to ask at 6 months. With statements like yours you must be very sucsessful. Are you a teacher in how to make money trading?

I doubt DB read what question the OP asked, he just want to peddle his ebook. He has already been kicked out of a number of forums. This is his last resort.

[johnw 10]

  ckait said:

...................................................... Forex doesnt trade the same way oil does and ES is different from that. DB, I doubt most people even know what questions they are trying to ask at 6 months. ...............................

 

Yes indeed ... this is the part that bothers me as well.

The correct questions determine the correct answers, whether we ask them of others or ask them of ourselves.

[ckait 10]

Hey Tams Who you calling OP?

[DbPhoenix 42]

  ckait said:

Is this strictly a forex discussion ? Or trading in general? Forex doesnt trade the same way oil does and ES is different from that. DB, I doubt most people even know what questions they are trying to ask at 6 months. With statements like yours you must be very sucsessful. Are you a teacher in how to make money trading?

 

Depends on what you mean by "very". Been doing this for 20yrs, and not for my own amusement.

 

As for being a teacher in how to make money trading, judge for yourself. Tour the Wyckoff Forum.

 

Db

[DbPhoenix 42]

  Tams said:

I doubt DB read what question the OP asked, he just want to peddle his ebook.

 

That's twice now you've mentioned the book, Tams. Thanks. With you as my publicity manager, I don't have to bother:)

 

But, again, if one wants to read several thousand posts, it's all available for free.

 

Db