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is inexperienced. Therefore, far more than 90 percent of new traders must lose their trading funds. |
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In a three-month period (September to December 1998), I talked to more than 500 new traders (people whose accounts were less than a year old), and with three exceptions they all had lost, or were in the process of losing, their trading capital! The brokerage house I worked for on average opens 50 accounts a day, with $5000 being the minimum account size allowed. This equals $50 million in annual losses among individuals who as a group were smart and successful in their chosen professions! |
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As a group they either were following an advisory service or "black box" trading system or had attempted to write their own trading system on a technical analysis trading program. They were all losing money. I really hope I have your attention by now. Did you know that when you open an account at a large trading firm, the salesperson who sets up the account gets credit only for the amount of money you opened the account with? Furthermore, did you know that the salesperson can usually get credit only for the next 30 days for any additional funds deposited with the brokerage house? Can you guess why? Let me give you a hint. What do you suppose is the average length of time before an account is closed? |
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In order to maintain a new account, the average novice trader will need to add more money within 60 days. Most traders will stop trading within four to six months after opening the account. That is how long it takes them to lose their money. The real believers in a computer-based holy grail will stop trading, do some more research, buy another program, or switch newsletters, and then re-fund their account. |
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Are you starting to get the message that you cannot buy a holy grail trading system, be it computer or advisory based? Are you starting to wonder why you bought this book? This is good! There is some good news, but you must really understand that you cannot buy a way to make millions. There is no way to become a great trader without a lot of work. |
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My goal is to show you the way. I cannot make you a great trader; only you can do that. There is a holy grail and you already have it! It is inside you, and what is preventing you from getting there are your perceptions, beliefs, and a lot of promotional/advertising garbage that only confuses and perplexes you. |
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The holy grail is this: Great traders are great not because of some computer program they use but because they have the ability to control their reality. The computer provides the information; it does not supply the thinking. |
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