As I mentioned in my last post, I may as well go flush my money down the toilet rather than attempt to trade charts that don't show order. I may as well donate it all to charity, because at least then it would do some good by serving society.
Many traders seem to use trading as a substitute for gambling. They treat trading more like entertainment, a rush of adrenaline, or an Internet-based casino, than a business. The Chicago Trading Pits should not be treated like Las Vegas! If you are guilty of this, do your family a favor, save your money and quit trading! Spend your money on counseling, rather than throw it away gambling in the futures market.
One sign of this "gambling" trader syndrome is that these gambler-traders tend to keep poor records. They don't treat it like a business. They also don't execute their trading plan effectively, jumping in and out of trades in a somewhat whimsical fashion. Instead of a disciplined approach in which they carefully mark their charts each day, study the news events, keep detailed spreadsheets, consistently set and achieve goals, and make precise records, they treat it like a part-time hobby instead. They don't keep spreadsheets, they don't set goals or meticulously work toward the achievement of those goals. They don't respect the power of the futures markets to ruin them financially. They don't plan their day. They don't keep a trading journal. But they do keep losing money! That is not trading! That's gambling, plain and simple! It is an addiction, not a business or a livelihood!
If think all the activities I mentioned above are too much work, then you are probably a gambler, not a trader. Trading is work! If you think its easy, you're deceiving yourself!
If think all the activities I mentioned above are too much work, then you are probably a gambler, not a trader. Trading is work! If you think its easy, you're deceiving yourself!
People who do this are doing their families a tremendous disservice and should get out of the futures market. They are doing no one any service except lining the pockets of their brokers -- temporarily. I use the word "temporarily" because eventually, they will go bust and blow through their trading account. This ultimately does the broker no service either, because the broker eventually ends up losing the client when they lose all the money in their account. Brokers have told me that they have a term for this -- churn. They must replace most of their clients every year because such a relative few make money. Those few feed off the majority who treat futures trading like a trip to Atlantic City via the computer!
This business is one that is appropriate only for highly disciplined, meticulous people. It is not one for wreckless adrenaline junkies! It is a business for people who have trained themselves to stay with a program for many years. It is not one for people who are akin to get-rich-quick schemes, playboys or high rollers. Engineers and air force pilots tend to make good traders because they are methodical and disciplined. Hot heads don't!
Women also tend to make better traders than men, although I have no idea what causes this particular phenomenon. This is merely an observation, not a commentary or opinion. But its also true, generally!
If you are committed to the changing your life and character to become a master of self-discipline, welcome to the futures business. If you think you are the exception to the rule, then you will lose all your money. If you are committed only to an easy way to wealth, you'll be eaten alive!
This business is one that is appropriate only for highly disciplined, meticulous people. It is not one for wreckless adrenaline junkies! It is a business for people who have trained themselves to stay with a program for many years. It is not one for people who are akin to get-rich-quick schemes, playboys or high rollers. Engineers and air force pilots tend to make good traders because they are methodical and disciplined. Hot heads don't!
Women also tend to make better traders than men, although I have no idea what causes this particular phenomenon. This is merely an observation, not a commentary or opinion. But its also true, generally!
If you are committed to the changing your life and character to become a master of self-discipline, welcome to the futures business. If you think you are the exception to the rule, then you will lose all your money. If you are committed only to an easy way to wealth, you'll be eaten alive!
