From the Desk of S&P Trader, Larry Levin:
Secret Trading Tip #6 Setting and accomplishing realistic goals
We've all heard of the famous commodity "guru" who turned $10,000 into over $1,000,000 in one year. It's absolutely true! He did it, and the account statements are there to prove it, but do you really believe you can do it? You've also probably seen numerous ads and websites which claim phenomenal returns with minimal work.
You know the kinds of ads I'm talking about, " 87 winning trades out the last 90", or how about, "fed up Insider tells how he averages $5,000 per day from his mountain top retreat while spending quality time with his family and pets".
Trading with Unrealistic Goals, or No Goal Other Than "to make a lot of money" is a Sure-Fire Way to Go Broke, and Quickly!
I believe promotional material like this does a lot of damage to the average trader. After reading enough of these things it becomes easy to believe, (maybe not consciously), that these sorts of returns are normal, or even worse, expected, not the exceptions or hype that they really are. Because traders want to believe these kinds of returns are not only possible, but also expected, they usually end up making poor trading decisions chasing the dream. Trading with unrealistic goals, or no goal other then "to make a lot of money" is a sure fire way to go broke, and quickly.
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