Why trading is the hardest profession you’ll ever fail at.

Who trades?

Doctors are the single most losing profession in trading. Aren’t doctors smart? Well yes they are smart, at medicine. Aren’t they more patient? Not necessarily. They deal with peoples lives but their own money has just as much meaning to them as it does to the rest of us, they just have a lot more of it to lose.

Discipline

Trading is discipline. Period. Its not about charts, its not about news, its not about markets, its about discipline.

Why you will lose

  1. You don’t know enough to try
  2. You try but don’t know what you are doing
  3. You know what you are doing but investing at the wrong time
  4. You invest at the right time but don’t know the exit rules
  5. You know the exit rules but can’t keep your profits
  6. You can keep your profits but lose them when the market turns
  7. You can see the market turn but can’t stop
  8. You can stop but don’t know when to start again
  9. You can start again but are too cocky.

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Randy Pratt

Randy Pratt

Investing, Trading, Personal Finance, Education and Analysis