Sunday, March 5, 2017

Read Artaxia's reply on "Only 5 questions! Screen a trader! What could they be?"

This answer deserves a separate post...It would be helpful for all of you!! Thanks Artaxia..for your time and for sharing your knowledge with us!I hope, Artaxia agrees with my initiative.. 😀
(tell me when and where you want to have your hot/cold chocolate)

"My five questions to a self-proclaimed trader would be the following:

1) How many hours do you spend daily trading or studying about trades.
Any answer below 5 is seriously questionable, 5 to 10 would be fair, above 10, highly suspicious.

2) How many years have you been trading?
Again, any answer stating fewer than 5 years, is just discarded. Most wannabe traders are out of the market in a few months; you can survive up to 5 years if your starting capital is high enough, or if you are lucky enough. But a trader with -let's say- 6 active years is considered a serious one.

3) Show me the money: What is your trading capital, what was your initial capital, and what is your monthly variance. 
If your P/L looks more than the Russian Mountains Rollercoaster, than a steady upward line, you look already suspicious. If you trade a couple of thousand Euros, you're an amateur. 

4) What is your background? How did you get involved in trading? Were you a gambler? An alcoholic? Molested child? Your parents died when you were young? Do you do drugs? Do you have sex addictions? 
Most traders are in fact just upscaled gamblers. As a result they do not possess that personality, or sentimental stability to prosper. Be highly suspicious of someone using trading as an acceptable way to deal with deeper,self problems.

5) What are your goals in life? Do you just enjoy good life? Are you an achiever? What will be the purpose of your profits? Will you buy a summer house and rest? Travel around the globe? Open a restaurant? 
Traders without clear perception about their life course will be eliminated by the forces of nature. Trading sould be a means, not an end goal.

If you ask me, of every 1000 active traders now, only a handfull, will they pass this test, and most probably those who will pass, they will still be around a decade after."


1 comment:

ArTaXiA said...

Thank you Hawk. I am honored!