The statistics you may have heard are very true, only around 10% of people who engage in trading tend to be successful. This same percentage of people tend to make a decent amount of money, while the other 90% are casualties of war. You might say this is unfair, however in life you tend to see this more often than you’d think.
Have you ever been in a class full of ‘A’ students? Shit I’ve been to M.I.T. and Harvard (parties) and there are still some losers and D students in the punch bowl. In the markets though when you have the 10% being a circle of traders like Steve Cohen buying $120 million dollar painting on a Wednesday just for kicks, it tends to cast a greedy shadow.
Now you might be thinking that it's a big sham and the 10% set the game up where they can't lose. This is just not true. What is true is that the market is so pure that it has a powerful self cleansing mechanism where it rids itself of the losing party.
The ill prepared gone, the broke gone, the over-trading traders gone, the no game plan gambler gone, the hot tip chaser gone, the contra trend gap trader gone. The ones who survive, survive for one reason. They know their fucking strategy and adapt to new market conditions. They tweak it, enhance it, learn from the markets day in and day out and are forever students of the market. Plain and fucking simple.
We're looking for progress, not perfection.
Do you have balls?
Try to answer the questions that you tried to answer when you started What's Next.
Why do we buy stocks?
What is support/resistance?
How should you fund and grow your account?
What is your A+ set up?
Bonus Question - Let us know a topic that you would like for us to cover in our next program.