"Why would a broker want to retain me as a client, when he knows that after I've blown my account - from which he's collected his dues - there are a zillion other punters ready to fill my shoes?"
there are three sides to this. lets look at all of them.
1. there ARE a zillion other punters and the brokers know one thing about about them.
they will try to "be a doctor" after 3 months practice or less (not treat it as a business) and that accounts for well over 90% percent of all new traders.
some of these people will also return with a refunded account and do the same thing many times.
2. a small percentage will try to treat it as a business and hang in there longer with varying success. the larger account holders will always do better.
all of us will be two totally different traders depending on account size and large account holders will trade less and are more disciplined because they know 2 or 3 good trades a month will really matter.
3. a very small percentage of the small account holders from #2 will build accounts to large sums and a larger percentage from the large accounts will find long term success for reasons stated above.
the bottom line?
nothing or no one other than the trader determines success. not brokers or anything else.
for anyone that cares to listen almost 26 years of personal experience tells me this.
1. small account holders with no experience and no desire to treat this as a business are more likely to hit the powerball than build an account long term.
2. how many people ever started and built a successful business after 3 months practice, or a year for that matter. if they did they were damn lucky.
3. if a trader cant trade daily charts on demo for an extended period of time with success they cant trade it with real money and find success.
4. if they cant trade daily with success with real money intraday is sure doom.
5. if they cant trade consolidation areas ( what markets do most of the time) or at least understand the nature of a sideways market they are doomed also. This is "the beast" for new traders.
i could keep counting off for an hour but when i start doing that i start feeling sick. it brings back memories. i got this far before the sick feeling set in and since im about to sit down with a cold one and watch a cowboy game i will stop so i dont ruin it.
i sincerely hope i never come accross as a know it all. i try real hard not to do that especially on this public forum.
im just speaking from the heart and from experience.
Jim
there are three sides to this. lets look at all of them.
1. there ARE a zillion other punters and the brokers know one thing about about them.
they will try to "be a doctor" after 3 months practice or less (not treat it as a business) and that accounts for well over 90% percent of all new traders.
some of these people will also return with a refunded account and do the same thing many times.
2. a small percentage will try to treat it as a business and hang in there longer with varying success. the larger account holders will always do better.
all of us will be two totally different traders depending on account size and large account holders will trade less and are more disciplined because they know 2 or 3 good trades a month will really matter.
3. a very small percentage of the small account holders from #2 will build accounts to large sums and a larger percentage from the large accounts will find long term success for reasons stated above.
the bottom line?
nothing or no one other than the trader determines success. not brokers or anything else.
for anyone that cares to listen almost 26 years of personal experience tells me this.
1. small account holders with no experience and no desire to treat this as a business are more likely to hit the powerball than build an account long term.
2. how many people ever started and built a successful business after 3 months practice, or a year for that matter. if they did they were damn lucky.
3. if a trader cant trade daily charts on demo for an extended period of time with success they cant trade it with real money and find success.
4. if they cant trade daily with success with real money intraday is sure doom.
5. if they cant trade consolidation areas ( what markets do most of the time) or at least understand the nature of a sideways market they are doomed also. This is "the beast" for new traders.
i could keep counting off for an hour but when i start doing that i start feeling sick. it brings back memories. i got this far before the sick feeling set in and since im about to sit down with a cold one and watch a cowboy game i will stop so i dont ruin it.
i sincerely hope i never come accross as a know it all. i try real hard not to do that especially on this public forum.
im just speaking from the heart and from experience.
Jim
I don't think so.
