Day traders pls quit while you can

[syswizard]

Successful options trading requires just impeccable timing. Otherwise (on long positions), your position just melts away into nothingness. That's why it usually best to be on the short side.

 

[rallymode]

Quote from SteveH:



But, the mindset they're really good at is with compounding their wins. When the big win comes along, they'll feed a greater initial sum into the opposing bet from the first. It's "house money" at that point so they can take the emotional hits when they fail.

I can't imagine any successful trader(over 7 or 8 digits) ever considering profits as house money. Sounds more like something Cramer would pitch to the masses.

 

[Swan Noir]

House money is what the house has won. The money you are up has a very descriptive name - your money. If you have a hard time keeping track of that concept you are at a serious disadvantage.

Quote from rallymode:

I can't imagine any successful trader(over 7 or 8 digits) ever considering profits as house money. Sounds more like something Cramer would pitch to the masses.

 

[stock777]

Quote from Swan Noir:

House money is what the house has won. The money you are up has a very descriptive name - your money. If you have a hard time keeping track of that concept you are at a serious disadvantage.

whenever I see someone reference 'house money' or the 'tracks money' I know I'm dealing with the clueless.

 

[Lucrum]

Quote from emg:

More than 90% of small traders lose! They just lose!

This reminds me of a sale I made on Ebay. It was a hybrid "In the waist band/out of the waist band" holster. Because the stupid buffoon couldn't figure out how to unsnap the belt loop holders and reconfigure them he accuses me of selling him something other than what was advertised.

IOW because he can't do it nobody can.

 

[masterm1ne]

Quote from emg:

More than 90% of small traders lose! They just lose!

emg's post count is probably actually 4, if you subtract all the posts where he spams this line, preceded by more glass half empty thoughts.

 

[JunkbondS]

Quote from NoDoji:

The bots (programmed trading) make day trading predictable and profitable if you take the time necessary to learn to recognize the price footprints that trigger them.

You must be very new or one of those folks who never change ( the TA cult from 1990s) to honestly believe bots never chnge thus leave predictable "footprints". bots are built to evolve and constantly change thus the effectiveness.

Please stop leading others down th primrose path with ignorance.

Day trading is not dead but your version of it is long gone.

Traders, be ver cautious of those who speak from authority but don't understand he most basic market premises. There's a psychological or monetary motivation to these types of misleading "fact" statements.

 

[dealmaker]

emg


Registered: Feb 2010
Posts: 2964


12-16-11 11:26 AM

More than 90% of small traders lose! They just lose!




Tell us something we do not know!

 

[Lights]

I agree. This year was my best daytrading year since 2008.

Quote from tortoise:

actually, i think swing traders are dead. this is daytrading heaven

 

[NoDoji]

Quote from JunkbondS:

You must be very new or one of those folks who never change ( the TA cult from 1990s) to honestly believe bots never chnge thus leave predictable "footprints". bots are built to evolve and constantly change thus the effectiveness.

Please stop leading others down th primrose path with ignorance.

Day trading is not dead but your version of it is long gone.

You are correct, I am quite new, having never traded before 2008.

However, in the 2 years since I learned to trade price action, certain price patterns have resulted in minimum price moves with such a high rate of positive expectancy that I believe programmed trading has to be responsible. Institutional traders and investors move price, not small retail traders, and these large players tend to utilize programs that trigger buying and selling.

If you have a better explanation of it, please share.

My mentor's been trading for a couple decades and he's provided me with ample charts showing the same price action setups I use to trade. So these patterns appear to have been working much longer than just the brief time I've been trading this way.

FYI, I do not care one bit if my version of day trading is long gone because it has produced an unbroken run of profitable days as long as I've been aware of it.

Just as I don't care whether my mentor has ever traded, or whether Al Brooks has ever traded, or whether Mark Douglas has ever traded, or whether Jack Hershey lives with a llama and has a tax lien against him. Every one of these folks and the "cults" they promote were key influences in my current profitable understanding of price action.