Starsearcher80 wrote: This post warrants a decent response. Thank you Weed.
Background: I earn my living (and a very good one) as a trader. It suits my personality. I wish, desperately actually, that I was an excellent investor in the true sense of the word The reality is, I'm a horrible investor as I just don't have the patience I wish I did.
Trading for a living sounds like some nirvana to some newbies. It does have its allure I get that. But as one who does this for a living, truly, I would wish it on nobody. If you take 100 bright and motivated people, who want to trade, 95% of them will wash out. Sometimes slowly. Sometimes quickly. One way or another, you are food for the pros.
For my first 10 years, I did an excellent job proving I was part of the 95%. I almost washed out. Yes, it was a stressful time.
The next 10 years were spent disciplining myself. Having a quote screen does not make you a trader. It makes you dangerous. For myself, I dedicated to learning technical analysis, what chart trading can and can't do for you. Duiring this period I was up overall, but honestly not up enough to make the hours and hours of learning owrth it. I guess it was a hobby of sorts, and I enjoyed the mental challenge.
Trading, which most people don't know is only 50% charts. There is absolutely another 50% that is "artistic" or "intuitive". This is a connundrum, because this artful side, which you HAVE to develop can only be developed through experience As you do develop this side as well, THEN AND ONLY THEN, can you reach a point where the effort, and profitability, is worth it
The other absolute component is personaility. You have to be hungry to learn always. And you have to learn to check your emotions at the door. Emotions in the market will kill you. Just ask the people who sold in this morning's capitulation sub $40. No matter what kid of day it is, I've learned to stay completely unemotional. You have to be. If you saw me, you would know if I was up a lot or down a lot. I look the same.
40 years in now, I am well at the point where I'm truly part of the 5% who not only survived, but make a very VERY good living. If I had the chance to do it all over again, would I? Was it worth the hours? The effort? The frustration learning? The emotions? NOT AT ALL. Let me say that again.
NOT AT ALL.
I am out the other side, and do very well, but not for a moment would I want that experience again. i feel SO strongly about this that I even refuse to teach my own children the craft. I don't think they have the temperment for it anyway. We've talked about it, and I've been honest with them about the ups and downs and all arounds. To their credit, I think they understand.
So to you point Weed, life is very good now. I can work from anywhere. and make more money than I would ever need. There is little to no stress as I've learned to discipline the emotions while working. But the dues you pay to get to this point, overall in my estimation, just aren't worth it.
If I had to to do it again, I would find a pro. Pay the $10k and spend a couple of weeks learning form them. That would have saved me a fortune early on, and ramped up the learning curve to the point where it may have been more balanced an acceptable.
To the honest investors out there, just know this. In my next life, I want to be you.
WeedTheNorth wrote: The best part about bugging SS is that he really cares about every single day. I got wealthy buying and holding the right companies for the long term, he frets and losses his health every day, stocks up or down. Invest like him if you wish but you should ask for a photo and doctors report from him before proclaiming him anything.