Anyone can learn?

This is a discussion on Anyone can learn? within the General Trading Chat forums, part of the Reception category; Originally Posted by grantx FW, Damian, If one has a wife, children, mortgage, etc and an insignificant amount of capital ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Apr 10, 2008, 8:56am   #49
 
firewalker99's Avatar
Joined Jul 2006
Quote:
Originally Posted by grantx View Post
FW, Damian,

If one has a wife, children, mortgage, etc and an insignificant amount of capital (less than 1 year's total living costs, excluding trading capital), the question arises whether speculative trading is a responsible course, ie what are costs (excluding monetary) to others? In the final analysis perhaps the question is, can you afford to fail?

Grant.
It's probably not. So the question arises, what factors come into play if you want to be a speculator? Starting out young, with little responsibilities seems the more likely path to take. Again, how many people of middle age start up a new business? Most entrepeneurs start at a relatively young age, they have little to lose...
firewalker99 is offline   Reply With Quote
Old Apr 10, 2008, 9:01am   #50
Joined Jun 2006
Andy,

I sometimes wonder when someone asks questions of the type, "I have £5000 to invest and I believe I can make a fortune trading fx full-time." I reckon 30-50% are in the position we're highlighting (too many responsibilities), and this is probably one of the main factors why people fail - not through lack of talent or committment but because exterior/non-related pressures are too great.

Grant.
grantx is offline   Reply With Quote
Old Apr 10, 2008, 9:07am   #51
Joined Jun 2006
FW,

Trading as a business has got be the most unforgiving. Most other businesses know their competitors and whether there is sufficient demand for their products. Not quite so black and white for trading.

Grant.
grantx is offline   Reply With Quote
Old Apr 10, 2008, 9:07am   #52
Joined Feb 2008
i left trading as a local after a good run and seeing a mate carried out. the financial risks were such that any negative effects would be realised by not just me but those around me. don't regret being a local or the decision to quit.
gooseman is offline   Reply With Quote
Old Apr 10, 2008, 9:17am   #53
Joined Nov 2007
in no particular order, a few sweeping statements:

*I dont think it's fair to say the "working classes" lack entreprenurial skills or drive - look up Plumber in the yellow pages

*I think one of the reasons that the "working classes" are under-represented in the trading community is because the existing trading community is mostly middle class, and they feel "they don't belong there". The reverse is true too; you won't find many middle class plumbers. Like it or loathe it, class divides exist and they are here to stay.

*the aspirations of any individual are largely influenced by the aspirations of the people in their environment. Some do "dare to dream", but not many. the "Billy Elliot" factor. I am a trader, my father was a trader, his father did something else in the City, and so on. This is no coincidence.

*The image of trading and the realities of trading are quite different. Most see trading, before they have investigated it properly as "BUY! BUY! BUY!" , "SELL! SELL! SELL!", "This morning I have earned a ferrari" that it is portrayed as in the popular press (This is probably (IMO) why most new traders start on 2-min charts making far too many trades). The reality of trading is that it is a cool, calm and collected string of decision making scenarios, and wholly unlike peoples perception of it.

*without getting into the "trading is gambling" debate, I don't think it is fair to say that the working classes have demonstrated that they wouldn't enjoy trading, nor that they arent prepared to spend the effort to develop the necessary skills of interpreting information to arrive at a judgement. Have you ever tried to make sense of the racing post??
MrGecko is offline   Reply With Quote
Old Apr 10, 2008, 9:26am   #54
 
firewalker99's Avatar
Joined Jul 2006
Quote:
Originally Posted by grantx View Post
FW,

Trading as a business has got be the most unforgiving. Most other businesses know their competitors and whether there is sufficient demand for their products. Not quite so black and white for trading.

Grant.
You really believe that other businesses know their competitors and have a good idea of how big the demand is going to be when they start out? Yes, some (big) firms make a good study of the market first, but how many self-employed people have the time or money to do that, build a medium-term strategy plan, invest in market research etc etc.?

I know a lot of people in the IT business who started out on their own in the end of the nineties, but they've soon come to realize the market has changed and they weren't aware of the competitors. For example, your average local computer hardware dealer wasn't aware in 1995 that he would have serious competition from online shops selling products at a discount price ten years later.

I think it's definitely not that black & white for businesses, on the contrary...
firewalker99 is offline   Reply With Quote
Old Apr 10, 2008, 9:27am   #55
 
firewalker99's Avatar
Joined Jul 2006
Another question for the originator of this thread

Can anyone become a F1 driver?
(environment, environment,...)

Yet I'm sure we can are all pretty much convinced that learning to drive is something almost anyone can learn.
firewalker99 is offline   Reply With Quote
Old Apr 10, 2008, 9:41am   #56
Joined Jan 2007
Thats the one.........a lot of Hoops to jump through for sure

Quote:
Originally Posted by grantx View Post
Andy,

I sometimes wonder when someone asks questions of the type, "I have £5000 to invest and I believe I can make a fortune trading fx full-time." I reckon 30-50% are in the position we're highlighting (too many responsibilities), and this is probably one of the main factors why people fail - not through lack of talent or committment but because exterior/non-related pressures are too great.

Grant.
Hi Grant

In my very very humble opinion

Thats it exactly in a nutshell, anyone who can trade will say = no problem lets get started. Same as anybody who can do anything well to a pro level standard.

Anyone who is starting out just does not no do they, its all new and pressure is right in their face from the gun and I would include myself in this. All anyone can do is draw on all their life resources and just bloody hope its good enough at the end of the day. That pressure may or may not have been anticipated and it effects many to the point where total failure is even more likely.

Exterior pressure and dealing with it ~ thats me below

I trade like I play snooker = one shot at a time and F..ck what just happened its only relevent if you executed your plan wrong or you let it affect you, then you have something to address imho. Keep going till the last balls potted all the way 100% on every shot. When its done shake hands and ..............Next :-)

I do not now if I can make it to proper trader (where I want to be) but what I do now is if you do not try you really have failed and thats just plain unexceptable to me.

Just me, maybe not you and thats cool to, and very ok imho :-)


I now that the pressure and problems Grant as posted = A Pro will and should be able to deal with them or he or she should not consider themselves a Pro
black bear is offline   Reply With Quote
Thanks! The following members like this post: new_trader
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
i want to learn how to trade please help sleezy First Steps 68 Apr 26, 2015 5:01pm
Learn Fx steveb1 First Steps 6 Jul 22, 2009 3:02pm
How can I learn to use Bloomberg? sak07 Data Feeds 15 Dec 11, 2008 1:28am
So What Did You Learn At The Arcade..... spin2win Trading Firms 109 Nov 3, 2008 8:35pm
Talk and learn FX! JPWTrader The Foyer 1 Apr 1, 2008 8:40pm

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)