95% of traders lose... This is nothing more than a myth.

[EnlightenedJoe]

How come this unlucky guy was permitted to enter hedge fund office and touch buttons? At least you may got wrong impression or understood his occupation incorrectly.

Past track record at bank. Why do you say he's unfortunate ? Isn't his performance same as all the internet "traders" ? He's no worst than anyone else.

 

[barjon]

There are plenty of pros who lose and some lose so big they blow the bank that employs them out of the water, Leeson for example. The big losers are for the same reason amateurs blow up - letting losses run and adding to them until there is no coming back.

The losing pros, of course, don't stay pros once they get found out

 

[EnlightenedJoe]

The losing pros, of course, don't stay pros once they get found out

They can use their past win track record as certificate and the lose track record needn't count.

 

[barjon]

They can use their past win track record as certificate and the lose track record needn't count.

Which doesn't say a lot for the employers due diligence .

 

[EnlightenedJoe]

Which doesn't say a lot for the employers due diligence .

Donno mate. Only saying what I know. He's at a bank now and tried to give me a job. But I don't play with losers no more.

 

[EnlightenedJoe]

The big losers are for the same reason amateurs blow up - letting losses run and adding to them until there is no coming back.

You remained in the box that you started in. All you have is what they fed you.

 

[barjon]

You remained in the box that you started in. All you have is what they fed you.

??

 

[EnlightenedJoe]

??

You are repeating what is out there. That stuff is worthless. Hence you are still in the same box.

 

[barjon]

You are repeating what is out there. That stuff is worthless. Hence you are still in the same box.

Ok so what's the real deal then. Presumably the Baring report, the FCA report, the book and the film were all wrong?

 

[EnlightenedJoe]

Ok so what's the real deal then. Presumably the Baring report, the FCA report, the book and the film were all wrong?

Misinformation, my man. What they want you to know is what gives them an advantage. If you want an advantages, you have to know what they don't want you to know.

Public information don't pay. So long as that is all you have, you are still in the same box you started with and unable to progress to the place where you really, really want to go.

 

[barjon]

Misinformation, my man. What they want you to know is what gives them an advantage. If you want an advantages, you have to know what they don't want you to know.

Public information don't pay. So long as that is all you have, you are still in the same box you started with and unable to progress to the place where you really, really want to go.

....and I suppose the evidence presented in court concerning the £1.5billion losses (£7 billion at worst) racked up by Kweku Adoboli that almost brought down UBS was all fiction as well Pull the other one, joe, as conspiracy theories go you'll be saying the US moon landing as cooked up next

And, of course, your mate was probably a red hot trader and you are just giving me the fake news about him always losing.

 

[EnlightenedJoe]

....and I suppose the evidence presented in court concerning the £1.5billion losses (£7 billion at worst) racked up by Kweku Adoboli that almost brought down UBS was all fiction as well Pull the other one, joe, as conspiracy theories go you'll be saying the US moon landing as cooked up next

And, of course, your mate was probably a red hot trader and you are just giving me the fake news about him always losing.

I'd say most of these rogue traders are probably just the fall guy for something else that is going on. I can't imagine banks don't know how to count their money. They certainly never made a mistake and gave me extra money in my account.

No, all real news. It was that which got me started in the first place many many years ago. I thought how hard could it be, buy low sell high even a cat can do it ? Now, of course I know how hard it is, but not impossible. Once understood, it's simple. Throw away the box and you would be an instant winner.

 

[barjon]

I'd say most of these rogue traders are probably just the fall guy for something else that is going on. I can't imagine banks don't know how to count their money. They certainly never made a mistake and gave me extra money in my account.

No, all real news. It was that which got me started in the first place many many years ago. I thought how hard could it be, buy low sell high even a cat can do it ? Now, of course I know how hard it is, but not impossible. Once understood, it's simple. Throw away the box and you would be an instant winner.

Like most things, I guess there's always a bit more to it than the bare facts, but the facts remain. I'm happy enough in my box, thx, I've been in it for getting on for forty years now and see no reason to throw it away

 

[EnlightenedJoe]

Like most things, I guess there's always a bit more to it than the bare facts, but the facts remain. I'm happy enough in my box, thx, I've been in it for getting on for forty years now and see no reason to throw it away

Nothing wrong with that. Once you are used to something for that long, you no longer want to see what is beyond. But a lot of the stuff in the box are not designed for your advantage. If you are able to overcome the handicap, that's great.

Still I don't know much about your trading apart from the 50% retrace and T-shaped bottoming candle. It just seems to me if you are as happy as you are, there should be a bit more than that. People generally talk more about the things they are happy about. So 50% retrace is the entirety after 40 years ?

 

[piphoe]

i think there is a few successful traders here that are looking for new younganhung ballers..you know ..prodigy. youn know too dumb to know better but swinging a big johnson b& cashin in the short.

that be me on the low dawg

 

[barjon]

Nothing wrong with that. Once you are used to something for that long, you no longer want to see what is beyond. But a lot of the stuff in the box are not designed for your advantage. If you are able to overcome the handicap, that's great.

Still I don't know much about your trading apart from the 50% retrace and T-shaped bottoming candle. It just seems to me if you are as happy as you are, there should be a bit more than that. People generally talk more about the things they are happy about. So 50% retrace is the entirety after 40 years ?

Yes, I trade uk equities via potential trend continuation after 3+ bar retracement off the daily. Not much changed from all those years ago when you had to draw your own charts and commissions so big as to make your eyes water. Have a couple of play accounts for larking about but generally need to top those up from time to time.

 

[EnlightenedJoe]

Yes, I trade uk equities via potential trend continuation after 3+ bar retracement off the daily. Not much changed from all those years ago when you had to draw your own charts and commissions so big as to make your eyes water. Have a couple of play accounts for larking about but generally need to top those up from time to time.

Fair enough. I was hoping for something innovative - as in something unusual. Can't say I understand your stuff. But as long as it works.

My stuff might look terrifying but it isn't. I deal with uncertainty by going nano-scopic. A few 100 of my positions would equate to 1 or maybe half of yours. The ceiling is not infinite,

 

[EnlightenedJoe]

Ok, I am done. The damn wheat merchant is not giving me the 7 cents I need. So they are going to drag it for a few more days before I can celebrate doubling my account since my last doubling.

I have bushels and bushels of wheat, but I have no food left in the cupboard. Must go to the grocers before I faint from hunger.

 

[wisefoolx]

Well, I worked with a professional for a few years in hedge funds. Everything he touched resulted in a loss, exactly like the internet "traders".

He did make large sums before the proprietary trading was separated out from banks when that kind of trading was determined to be a conflict of interest.

Basically if you worked for the banks and traded, you would win. If you were kicked out of the banks and trade the other side of the banks, you would lose.

So I don't know where you are getting your info from. I don't think people should make stuff up. They will just fool themselves.

You are a master of the obvious aren't you ? As if nobody knows bank traders are rubbish, that's been done to death even here on T2W.

Are you saying that Hedges and CTAs (you do know what these are , yeah kid ? ) are not professional ?

Have you got a V.D( It's not what you think ) ? i think so.

HAHAHA

 

[mpups]

i think at best its a rough guess, round figure, that in your lifetime if you try trading at all you are "95%" likely to have lost money by the time you have died or given up. the percentage of active traders who are winning over, say, the last quarter will be significantly better than "5%" but there is a high turnover of losers, meaning your statistical chances as a beginner are worse than is shown by a three month snapshot.

so all its saying is your statistical chances as a beginner are low (eg 5% round number) its not based on real life evidence and calculation

this is my impression, from what ive read. sorry havent read the whole thread.