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    « WILLIAM O'NEIL'S STOCK TRADING COMMANDMENTS | Main | Free Webinar with Steve Nison-Register now! »

    November 9, 2010

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    Ive been in this biz for 13 yrs..My response to the 9o% failure is that it's actually wrong 100% fail but only 10% have the moxy and determination to find success.

    Great post man, i agree, started to currency trade 3 years ago, studing Economics, just love to trade, doing good slowly (at my breakout point :)),

    its funny that people say trading is the riskiest business around because they just dont do the real accounting math with other possible business options around using same initial capital say for example ($5,000-20,000).
    Trading is a business , doing your homework and cutting loses short is the most important thing, if you treat it like a hobby , it will pay back like one.


    I have many close friends that opened business (several restaurants. t shirt shops, music stores) and had to sadly close and be endebted because of so many external factors rather than because of them (rising prices, unions, corrupt authorities wanting more money, theift in there company, huge taxes everywhere, huge paperwork system, economic crisis etc etc)
    plus they had to burn there cash very quickly 100% and use up all their initial capital very quickly in purchase item for there business operations (tables, room decoration,staff, inventory blahblah blah plus there normal operation costs

    While in trading the only problem is the trader.

    Your initial capital is always with you , no set up costs and purchasing so many things that another business would need to purchase before day 1 of opening and receive the first customer (imagine the items to buy opening a restaurant from small to big price items)

    So people who say that trading is the riskiest business do your f@ckn math , the same 90%- 10% rules apply to small business check US government stats, the difference is the cash burn , the expected time of initial capital returns and external factor that cost more to the business. see the break even point and compare these to business model for fricken sake.

    In Trading you can make money still keeping your initial captial ($5000 ) and using the golden rule of 3% max risk per trade, but people confuse their BAD trading with they think the "world turn round". Its like a fat football player blaming his lazy ass on Pele or maradona for not being the greatest footbal player this indiviual would think he should be...and doesnt do anything himself.

    Trading is a battlefield , either you fight or you dont, but dont go around saying how to fight a battle if you got your but kicked ok...

    It is really very good and helpful information that you have provided here.I hope that many people will really like these information.The most I have ever traded with is 3 monitors. But its brutal on the eyes.Personally,think daytrading doesn't make sense unless you have a massive edge and massively good psychology and stamina.

    Hello friends,

    I just came to your post and reading above thing it is very impressive me and it is very nice blog. Thanks a lot for sharing this.

    whilst I dont agree with day trading, this did make for interesting reading, and I will conceed that some pro traders have the skills and stamina to day trade the price action of the markets sucessfully.

    It seems most people are looking for a day trading course or a day trading system that can get them more than 5000 a year. Most day traders are full time behind the monitor with a lot of study. Psychologically, it is very difficult unless you have a business strategy, clear system and manage your risk at all times. Day trading is quite arduous if you don't have the right mentor, one that actually trades.

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