A "First Steps" forum ? lol! Here is my advice: newbies, just quit !

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Old Mar 18, 2012, 9:09pm   #1
Joined Feb 2004
A "First Steps" forum ? lol! Here is my advice: newbies, just quit !

Just quit before it's too late. I am not going to write a long post explaining in detail why online trading is a loser's game that yet seems to draw very intelligent people . T2W is asking me to post in the forum OK then if I have to post, I just think I have a duty after spending years trading to warn "newbies" (funny I was just on a bike forum and they have a newbie section too, but on a trader's forum the section should be called "new losers") and tell them they are actually being fooled , the industry built a scheme to draw you in while promising all sorts of things( Sell dreams and you will be rich). When you are young , you are naive and ambitious and you are much more vulnerable to the marketing of corporations that sell you the dream. This marketing is so pervasive that you don't realize it's marketing, it's served to investors via TV channels like CNBC, financial and stock picking websites. The dream sold : you can get rich quick in the market (if only you know what to do). ĘSome very smart people have called this "investment porn".

There have been numerous academic studies that contradict that and guess what ? They will be even more right as time goes by, markets become more and more efficient. While there are a few incredibly talented guys ou there who as traders experience success (i.e. make millions or at least decent money for the time they spend on this endeavour), it's almost certain that you won't be one of them. It would be like taking up basketball and deciding you were going to be the next Michael Jordan. Ain't gonna happen in all probability.

If you really want to trade, I suggest either to get a job in the City and hope for the best (that you will actually get where you want to be) or just do it as a hobby with no particular ambition. There are better things to do in life than spending it in front of computer screens or on trading forums .

Last edited by monktrader; Mar 18, 2012 at 9:37pm.
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Old Mar 18, 2012, 9:34pm   #2
 
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Re: A "First Steps" forum ? lol! Here is my advice: newbies, just quit !

It's harsh advice and one can't help feeling it results from bitter experience - but the overall message is a good one. - don't believe the hype.

Be prepared to spend 5 years (+) hard work learning to trade and even then is no absolute guarantee of success. The odds are stacked against you - but it is not impossible -there are some that do succeed (if that definition of success is being able to consistently profit from a market [s,] ) - but as a % of the total who start/try than it is almost certainly very low. Looking at it from a risk:reward point of view - you probably wouldn't touch it with a shi!!y stick !

G/L
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Last edited by bbmac; Mar 18, 2012 at 9:51pm.
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Old Mar 18, 2012, 9:44pm   #3
Joined Oct 2009
Re: A "First Steps" forum ? lol! Here is my advice: newbies, just quit !

Well I guess you must be right then.

Or maybe aspiring traders should just focus on being "efficient".

The efficient traders are not bothered about the marketing, get rich quick blah blah blah.

True, most are not efficient, but some are.

What about "off-line trading"?

The problem is; to be successful at anything usually requires attention to detail. Your post states that it will not be going into detail, so there for it is not much use to anyone.

If trading success is seen simply as making money, most will fail, however if it is based on a self development you may find yourself making more progress than you thought possible
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Old Mar 18, 2012, 9:48pm   #4
 
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Re: A "First Steps" forum ? lol! Here is my advice: newbies, just quit !

You forgot to say what makes you think this way, what experience do you have
Every real trader knows that 'financial' tv is bull**** so is "retail forex" and MT4 , direct market access, financial sqwawk is all trader need, and when he has a lot of money to make mistakes he will gain experience, gain a "feel" and is likely to earn big money. Instead of tellin someone not to get into this you should firstly understand it is possible to get rich when some conditions are provided, but statistically very unlikely indeed, you seem to not see the difference between those 2 things

To me your message is like "I've lost a lot of money and time and figured out that this is hardly possible to get rich and I've finally opened my eyes", well this is your experience. Now you can go to basketball forum and tell them don't aim for being basketball player because you will be very dissapointed, just play for fun but don't do nothing else, and this may be right, ambition is not a good thing but passion is
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Old Mar 18, 2012, 9:57pm   #5
Joined Oct 2011
Re: A "First Steps" forum ? lol! Here is my advice: newbies, just quit !

Quote:
Originally Posted by monktrader View Post
It would be like taking up basketball and deciding you were going to be the next Michael Jordan. Ain't gonna happen in all probability.
With a small amount of talent and big dose of determination anybody can do anything within reason. Most people will except the fact that they don't have Michael Jordon type talent/determination but plenty of "no-names" have become very successful in their chosen field.
The drop out rate is very high in any field, how many start schooling as engineers or accountants and after six years actually enter that work?
My son started his apprenticeship with 30 kids, after four years only 4 work in that field. An amazing failure rate, wouldn't you say.
Quote:
Originally Posted by monktrader View Post
There are better things to do in life than spending it in front of computer screens or on trading forums .
Couldn't agree more. Paradoxically the most successful seem to spend the least amount of time.
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Old Mar 18, 2012, 10:10pm   #6
Joined Jan 2009
Re: A "First Steps" forum ? lol! Here is my advice: newbies, just quit !

Nothing but hard work ahead of you if you ever try to be a trader. Your best bet is to get a job where you are immersed in the field. Doing it on your own is a nightmare... 3 years + from not knowing a bid from an offer and I still have years worth of material to learn. Spent way to long looking for the answers in all the wrong places. If you stick with it and don't blow out in the beginning you'll get to the point where you'll see the bull**** for what it is. And there is an endless supply of it.

It is definitely possible to make small to medium sums of money in the markets. It is possible to make large sums of money as well, but infinitely harder. As someone else said though, most people get caught up in retail forex and MT4 and never move beyond.
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Old Mar 18, 2012, 11:30pm   #7
 
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Re: A "First Steps" forum ? lol! Here is my advice: newbies, just quit !

Quote:
Originally Posted by monktrader View Post
If you really want to trade, I suggest either to get a job in the City and hope for the best (that you will actually get where you want to be) or just do it as a hobby with no particular ambition. There are better things to do in life than spending it in front of computer screens or on trading forums .
What if one opens an account with a SB company that offers zero spreads?

It sounds like a good idea to me - what can possibly go wrong?
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