Big Mike 

So David let me ask a blunt question... hope you don't mind or take offense... why do you believe trading is right for you? OK let me back up to be fair. Do you believe that anyone can be profitable at trading? Or do you believe that some people are not cut out for it? Some believe any skill can be learned, others believe that there are some things they should accept are not their strong suits and move on. Mike

Now that it's been a decade or so since this question (Do you believe that anyone can be profitable at trading?) was posed to me I'll answer it again since I probably did a decade ago. Do I believe anyone can be profitable? A decade or more ago I thought the answer was yes. Now I believe the answer is no. I will put a caveat to that no. I do think if a person is failing at trading and is fortunate enough to have a "mentor", "coach", "partner", "hand holder" or whatever you want to call it that is profitable, and has the necessary disciplines to be profitable then the odds may increase for that individual to improve and succeed. I think that if one is struggling and not finding any success and left to themselves to find the way then no. Sure, there are those that turn it around, but I believe that is a rarity. I still have a difficult time admitting that it's time to give up. It's like I want to keep the door open even though deep down it s probably futile.

David_R 

Now that it's been a decade or so since this question (Do you believe that anyone can be profitable at trading?) was posed to me I'll answer it again since I probably did a decade ago. Do I believe anyone can be profitable? A decade or more ago I thought the answer was yes. Now I believe the answer is no. I will put a caveat to that no. I do think if a person is failing at trading and is fortunate enough to have a "mentor", "coach", "partner", "hand holder" or whatever you want to call it that is profitable, and has the necessary disciplines to be profitable then the odds may increase for that individual to improve and succeed. I think that if one is struggling and not finding any success and left to themselves to find the way then no. Sure, there are those that turn it around, but I believe that is a rarity. I still have a difficult time admitting that it's time to give up. It's like I want to keep the door open even though deep down it s probably futile.

I haven't gone thru the whole thread so you may have answered this before.

There are several reasons why traders fail.

My top reasons are:
No trading plan.
Not having the discipline to follow your plan.
Unrealistic expectations
There are several others.

If you had to come up with the main reason you failed what would it be?

deaddog 

I haven't gone thru the whole thread so you may have answered this before. There are several reasons why traders fail. My top reasons are: No trading plan. Not having the discipline to follow your plan. Unrealistic expectations There are several others. If you had to come up with the main reason you failed what would it be?

Third one, assuming you have a plan, is probably the most common.

deaddog 

If you had to come up with the main reason you failed what would it be?

Letting losses get out of hand, one trade wiped half my account on several occasions.

Arch 

Third one, assuming you have a plan, is probably the most common.

Honestly, this is a difficult question because it seems like it's not just one thing.

Yes, I have had trading plans, and yes, I have failed to follow them.

No trading plan. NO AND YES.
Not having the discipline to follow your plan. YES
Unrealistic expectations. I DON'T THINK SO. I NEVER FELT LIKE THIS WAS A GET RICH QUICK THING. I DO BELIEVE IT CAN BE A VERY GOOD LIVING IF SUCCESSFUL.

There are several others: FOMO, Fear of losing (this fear grows the more you lose), Impatience, revenge trading and bouncing around to different approaches when one seems to not work out. I think I can count at least 4 methods I've posted on this site that I was using at one time or another.

David_R 

Honestly, this is a difficult question because it seems like it's not just one thing. Yes, I have had trading plans, and yes, I have failed to follow them. No trading plan. NO AND YES. Not having the discipline to follow your plan. YES Unrealistic expectations. I DON'T THINK SO. I NEVER FELT LIKE THIS WAS A GET RICH QUICK THING. I DO BELIEVE IT CAN BE A VERY GOOD LIVING IF SUCCESSFUL. There are several others: FOMO, Fear of losing (this fear grows the more you lose), Impatience, revenge trading and bouncing around to different approaches when one seems to not work out. I think I can count at least 4 methods I've posted on this site that I was using at one time or another.

Start with the main reason. Looking back at your trades, does any one reason stand out as the biggest reason for your struggles.

deaddog 

Start with the main reason. Looking back at your trades, does any one reason stand out as the biggest reason for your struggles.

That's a tough question. This has been a long road to get to this point. I don't think I had as many issues when I started out, but that could be completely wrong, otherwise why move from method to method like I did. I've always come back to the same conclusion regarding the struggles and that is the lack of patience and discipline.

David_R 

That's a tough question. This has been a long road to get to this point. I don't think I had as many issues when I started out, but that could be completely wrong, otherwise why move from method to method like I did. I've always come back to the same conclusion regarding the struggles and that is the lack of patience and discipline.

It might be a tough question but if you are going to move forward it has to be answered.

Lack of patience and discipline can be fixed. You'll probably say you don't know how but my guess is you do know. It's just something you don't feel you have to do right now.

I did the same thing when I started out. It didn't matter how many books I read that said keep your losses small, ride your winners and manage your capital, I felt that advise didn't appy to me. I was more interested in finding the secret that all successful traders knew. The perfect indicator, the perfect set-up where every trade was a winner. I finally realized that the secret was keep your losses small etc.

David_R 

Honestly, this is a difficult question because it seems like it's not just one thing. Yes, I have had trading plans, and yes, I have failed to follow them. No trading plan. NO AND YES. Not having the discipline to follow your plan. YES Unrealistic expectations. I DON'T THINK SO. I NEVER FELT LIKE THIS WAS A GET RICH QUICK THING. I DO BELIEVE IT CAN BE A VERY GOOD LIVING IF SUCCESSFUL. There are several others: FOMO, Fear of losing (this fear grows the more you lose), Impatience, revenge trading and bouncing around to different approaches when one seems to not work out. I think I can count at least 4 methods I've posted on this site that I was using at one time or another.

Seems you have number 2 clear in your mind. Think in one thing at your live that you have the discipline to do it and how much effort take you to do it. Then, try to find the reason. Let me know.

Hi @David_R

Did you find any example in your life about discipline and how much effort takes you to do it?

About, FOMO, revenge trading...all is related to your beliefs about money. One of your beliefs expressed above is trading can be a good living mode. Loses and winners are always balanced around this belief. This belief is also an expectation and it's the reason why you are failing. Are you aware of that?