"According to one academic study, 4 out of 5 people who do it...

"According to one academic study, 4 out of 5 people who do it lose money and only 1 in 100 do it well enough to be described as "predictably profitable."

Most of the folks who do it, in other words, would be far better off working at Burger King."



Has the above included traders that don't have a set trading and business plan.

I would think not. From what i have read (books)approx 90% don't, hence the % of traders that make it is about 10%. I would agree with this..

That 10% have a set rules to entry and exits, the amount of risk per trade etc. They are more focused on the risk.

I for one was part of the 90%, no rules, risked to much, wouldn't take a loss unless it was huge, took profit way to early. The old saying of cut your losses and let your profits run is soooo true, lame but true. A very simple rule that doesn't get thru to poeple until its to late.

Since i have devoloped a SIMPLE set of rules to manage entry, exit and most important risk management i have made consistant profits (not huge but cosistant). I still break the rules at times but are working towards resolving this.

If it wasn't for my previous trading pattern i would be making a living from trading now. However i have learnt big time from this which has driven me to devolop the above.

I have read many books on trading etc but have found Van Tharp has pointed me in the direction of being a profitable trader.