By day trading, is it really impossible to get a 3% return every day without fail?

[i am nobody]

I want to join, will you be the group leader?

I think that will be problematic, I will tell you why.
It has been proven scientifically that two persons cannot have a decent conversation if the difference in IQ between them is too big.
In analogy to that we have the same problem for this support group. The difference between success in trading and the degree of failure from the support group members will be too big. So I will not be able to help them as normal conversation and understanding will be impossible.
There are thousands of postings on ET that can confirm this. There are two groups: those who believe in successful trading and those who don’t. Both groups post but nobody from the other group understands the postings from the opposite group. Failed traders cannot understand how you can make money, and successful traders cannot understand how you can lose money. The funny thing is that both groups need each other. The winners needs the losers to take money from, and the losers need the winners to give them their money. In fact both parties make the other party happy and helps them to confirm their opinion. The losers see their losses confirming their opinion and the winners see their profits confirm their opinion. And add up all the losses and the profits and you have a more or less zero sum game.

 

[Q3D]

I think that will be problematic, I will tell you why.
It has been proven scientifically that two persons cannot have a decent conversation if the difference in IQ between them is too big.
In analogy to that we have the same problem for this support group. The difference between success in trading and the degree of failure from the support group members will be too big. So I will not be able to help them as normal conversation and understanding will be impossible.
There are thousands of postings on ET that can confirm this. There are two groups: those who believe in successful trading and those who don’t. Both groups post but nobody from the other group understands the postings from the opposite group. Failed traders cannot understand how you can make money, and successful traders cannot understand how you can lose money. The funny thing is that both groups need each other. The winners need the losers to take money from, and the losers need the winners to give them their money. In fact both parties make the other party happy and helps them to confirm their opinion. The losers see their losses confirm their opinion and the winners see their profits confirm their opinion. And add up all the losses and the profits and you have a more or less zero sum game.

You're implying you never belonged to the group of failed traders. How many years, (or more likely just months or weeks, for a natural winner like you) did it take you to achieve consistent success as a day trader? Did you use discretionary or automated methods or both?

 

[smallStops]

You're implying you never belonged to the group of failed traders. How many years, (or more likely just months or weeks, for a natural winner like you) did it take you to achieve consistent success as a day trader? Did you use discretionary or automated methods or both?

Why not try to really understand his answer, instead of feeling upset?

 

[i am nobody]

You're implying you never belonged to the group of failed traders. How many years, (or more likely just months or weeks, for a natural winner like you) did it take you to achieve consistent success as a day trader? Did you use discretionary or automated methods or both?

I was a losing trader for about 5 years and wiped out 1 time a 50K account (in less than 24 hours) . Needed another 5 years (more or less) to become consistant profitable.
But after +20 years of daytrading I have an idea about what I can achieve and what not.
I never said trading is easy, but if you are really good you can make a lot of money. I do realize that for over 90% of candidate traders it wil never work. But not everybody becomes a rich sportsmen, singer, lawyer or doctor too. The same problem occurs in anything you want to achieve.

First step it trying to find out if you have the qualifications to become a good trader. But be realistic and evaluate constanly if it still make sense to try, or if it is better to give up. Better admit failure than continue forever and realize just before you die that you lost your entire life chasing an impossible dream. It is no shame to admit you failed. Put aside your ego.

 

[smallStops]

Hopefully Q3D is gaining some new perspectives.

More it goes, and more I am believing "people get what they seek in trading", otherwise, they'd do everything they can to reach their so claimed objectives.

 

[Xela]

Take Al Brooks for example, he claims to be a master day trader

He doesn't: he'd never use a word like "master" to describe himself. Far from it.

but I am not sure that the "income of your dreams from trading" he writes of is made through trading rather than trading education or small trading profits combined with multiple sustainable sources of income such as trading education.

This is an easy aspersion to cast against anyone who's written a few books.

The reality is that he gave up a very successful career as an eye surgeon and ophthalmology professor because he was earning far more from his trading than his medical salary. A decade or so later, he missed writing and teaching and wrote some trading books, as well. Understandably (when you read them) they're far from "bestsellers".

I share your general skepticism about "trading vendors", but to suggest that Al Brooks has made a living for all these years as a service provider rather than as a trader is simply mistaken.

 

[marketsurfer]

He doesn't: he'd never use a word like "master" to describe himself. Far from it.





This is an easy aspersion to cast against anyone who's written a few books.

The reality is that he gave up a very successful career as an eye surgeon and ophthalmology professor because he was earning far more from his trading than his medical salary. A decade or so later, he missed writing and teaching and wrote some trading books, as well. Understandably (when you read them) they're far from "bestsellers".

I share your general skepticism about "trading vendors", but to suggest that Al Brooks has made a living for all these years as a service provider rather than as a trader is simply mistaken.

Hi Xela ,

With all due respect, upon what evidence do you base that he was earning far more as a trader than his eye surgeon and professor income?

Thanks,

Surf

 

[Redneck]

Hi Xela ,

With all due respect, upon what evidence do you base that he was earning far more as a trader than his eye surgeon and professor income?

Thanks,

Surf

Since you're so well connected.., by your own admission - call him up and ask - shouldn't be hard for a insider like yourself


Couple of months ago you claimed to not even know who brooks was - even though you posted about him several months ago


Nothing but an instigator

RN

 

[Chris Mac]

There are two groups: those who believe in successful trading and those who don’t. Both groups post but nobody from the other group understands the postings from the opposite group. Failed traders cannot understand how you can make money, and successful traders cannot understand how you can lose money. The funny thing is that both groups need each other. The winners needs the losers to take money from, and the losers need the winners to give them their money. In fact both parties make the other party happy and helps them to confirm their opinion. The losers see their losses confirming their opinion and the winners see their profits confirm their opinion. And add up all the losses and the profits and you have a more or less zero sum game.

So true.
This is human nature. In some domains, we are losers, in others we are winners, in all aspects of life : job, career, trading, love, family, friends, sport, game...
These are conscious and unconscious choices.
But natural tendancy when you lose is to repeat again and again same mistakes.

CM

 

[speedo]

Actually Al gave up his practice to raise his two girls when he and his wife split up. He wanted to have a gig where he could stay home. Like most of us, it took a long time to be profitable.