Why do many would be traders, intelligent, well educated people who understand the mechanics of the financial markets fail in their trading?
There are a few aspects of lifestyle that are unique to traders. Firstly, trading does not involve answering emails, working in an office, corporate politics, regular working hours or any of the things associated with corporate life, or employment. There is little in common with ordinary employment.
Secondly, successful traders can be extremely wealthy. Their income is not restricted to the amount they can sell, how hard they work, or their position on the corporate ladder.
No matter how hard you work in most jobs, you won't be driving a Ferrari. Paul Tudor Jones, a top trader made more than $700 million in just one year. In trading, the trappings of substantial wealth are within reach. If you've ever wanted to help out your parents, or fund a cause you believe in, money is the key. Trading is all about making money.
Trading can occur wherever you have a computer and an Internet connection. You can trade from virtually anywhere on the planet. If you want to sail the Caribbean on a yacht and trade, you can do so. You don't need to be at a certain place at a certain time, or commute to the office or factory. Trading gives you the gift of time with your family and flexibility.
Whilst trading offers an enviable lifestyle, unfortunately most new traders will never be successful. Why is this?
Well trading is the ultimate expression of capitalism - traders meeting in a market place. There are no distortions. Nepotism means nothing. Charm and appearance are irrelevant. All the reasons that people can make it in employment whilst being useless are no longer applicable.
More than 95% of would be traders fail. They don't have a trading plan, or a profitable system. They lack discipline or suffer internal conflicts. They chase after scams or won't put in the work to learn about the market, forgetting how hard it is to learn any new job. Sometimes they spend all their time on forums, following the herd, or looking for a broker to hold their hands. They won't manage risks.
Perhaps, they don't want to succeed, and are more comfortable relating to people on their own financial plane. The losing trader has not yet overcome the obstacles between them and success.
The 5% of successful traders want to be profitable, but their primary drive is to succeed by fulfilling their true potential in the market place. The successful trader stands out among those who criticise him on the way by achieving the peak of what most people can only aspire to - true independence and self mastery after overcoming many hurdles.
Misadventures Of A Newlywed
Not too long ago as I was driving around in my Chevy pick-up, I saw an old couch just sitting on the side of the road. I suppose someone just set it outside for the garbage man to pick it up and take it away to the dump. If that was the case, I couldn't blame them; the couch was pretty run down looking. The cushions looked like they lost their fluff, the fabric looked dirty and stained from many spilt cups of coffee, and the upholstery had a gaudy pattern that included a combination of greens, oranges and purples. A much acquired style indeed, but at least the two matching pillows were included.
Since I lacked any furniture in my apartment, I figured I would give this pathetic looking couch another chance at life and decided to load it in the bed of my truck and take it home. After getting it home and unloading it, I tried to figure out what I could do with it to make it look a bit moreā¦appealing. Of course, I washed it out as best as I could and even used two bottles of disinfectant and fabric fresheners just to get the weird thirty day old coffee smells out. Smelling like roses and mountain breeze, my new couch still needed a makeover, stat.
After a couple hours of watching home improvement shows on cable television, I decided that the easy fix-up for this broken down couch would be to reupholster the cushions and tie a fabric slipcover over the entire couch. Lucky for me the foundation and overall structure of the couch was still in good shape and I didn't need to tweak anything other than adding some touch up shellac to the feet.
Reupholstering the cushions wasn't as hard as I thought it would be; like most old couches, the cushions had zippers where you could easily take out any old fluff and re-stuff it. Seeing that the old fluff consisted of old acrylic like material, I went out and bought a natural cotton filling like the ones used in futon mattresses. I opted to use cotton mainly because I know it's durable and will last me for quite awhile.
After I was done stuffing the third cushion, I was ready to move on to slipping a fabric slipcover over the couch. I purchased an affordable one from a local fabric and home store in a solid, navy blue color, complete with tie strings at the bottom to prevent it from coming off easily. Fitting it over the couch and cushions, I was able to reinvent this run-down, decrepit looking couch and give it a new personality just by adding new stuffing and a slipcover. To top it off, I purchased two matching pillow shams for the pillows in a slightly lighter navy color and completed the look of my new couch.
Needless to say, I was quite happy that I decided to take it upon myself to give this couch another chance. Perhaps I should go driving around the neighborhood more often, maybe then I'll find a suitable coffee table and bed.
Both Jubair Ahmed & Vicki Duong are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Jubair Ahmed has sinced written about articles on various topics from Investing and Trading, Automated Trading and Investing and Trading. Jubair Ahmed is a senior writer for , a website about trading stocks, forex, futures and options. My Trading Help includes free helpful articles on. Jubair Ahmed's top article generates over 3600 views. to your Favourites.
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