People often hear about Rakesh Jhunjhunwala, Warren Buffet, WD Gann and think they can also multiply their money from stock market.
Exercise: Just look for the Biographies of the icon traders/ investors like Warren Buffet, WD Gann, how much hard work they have put in? See if you can get to know what strategy and methods they followed? See if you could find some trading rules given by them
In this anticipation People open accounts and come to the ring of trading without any training or any trading plan or any risk management strategy. They don’t know which time frame suits their temperament.
Many a times because of this lack of knowledge they end up losing a big money in the markets.
A boxer, a runner and all other athletes first increase their stamina, they get hits, absorb pain, increase their focus and concentration and then they enter the ring or the ground, while most the new traders want to be champion from the first day they enter trading.
They don’t want to do work hard and they keep searching for the 100% accurate systems. They don’t know the markets and become prey to bogus tipwalas, fake software sellers and some times loose their money in these stupid things, while they are afraid of learning and don’t want to operate their brains, they want someone else to do hard work for themselves.
Just understand this, who will win in the business of trading, a person who has received a training and dedicated many months and years of his life studying and practicing trading or a casual person who is left with little time after regular job, movies, parties and then sees charts for 10 minutes in the evening.
Even to gain a Business Degree from an MBA college it requires 2 years, while for being a Doctor or Engineer minimum 4 years of studying and a long period of practice and internship is required. How can someone expect to become a Trader in just one day? Trading is similar, it also requires efforts and training and long hours of practice.