Day trading a suckers game?

[zdreg]

proof

View attachment 215780



Not yet anyway. I'll let you know.

How would you define consistent? For that matter, how would you define day trading?

no overnight positions.

 

[speedo]

Do you aim for specific percentage returns?

I have set targets based on MFE within formations in my time frames, typically either 12 or 10 ticks depending on current volatility and range with an initial stop loss no more than 7 ticks. I am a singles hitter and that works for me, we are all different. My win percentage is in the mid 50s, losses in the mid 30s and the remainder are break even trades. Returns on leveraged risk capital will appear unrealistic to someone thinking in terms of investments so I don't even go there.

 

[Sprout]

Here is the real reason intraday is the GOAT.

More leverage than any other form of trading, period.

It's the fastest money there is.

Anybody who tells you that intraday is impossible doesn't know what real edge is.

The truth is that intraday is the BEST money.
But, it's not for losers and people who want trading to be easy.

Bingo !!

 

[expiated]

Seeing a video from an ex Goldman Sachs trader saying that day trading is nonsense really spiked my interest to ask this question.

Everything I've read and heard from these "ex Goldman Sachs" types who claim day trading is nonsense leads me to believe they simply don't know how to day trade, so they think it is impossible to do so successfully, which doesn't surprise me—first because they weren't trained that way, and second, because they gained their experience using all the inside informational perks offered to them by the institutions that employed them, so they never had to come up with their own means for approximating the location of the key levels established by those same institutions—and they are therefore operating "blind" once they leave.

 

[guru]

I have day traded in the past but i ended up transitioning into swing trading because it fit my personality much better and I got much better results. Today i saw an interesting video from Anton Kreil, and an ex Goldman Sachs trader in that video stated that "anyone who tells you to trade intraday is either and idiot or a conman" It starts at 1:40 in the video. Any consistently profitable day traders here?

Anton Kreil has nothing to do with day trading (anymore). And no one can be taught day trading through a few courses.
There are a few people that can be consistently profitable day, trading, but I think the most successful ones may be those that manage prop firms where other day trader make money for them. That way each day trader can focus on their specific strategy. strength, and couple stocks to trade each day, while the prop firm provides coaching and capital, while distributing risk between traders.
And those day traders require constant watching, coaching, setting risk limits, motivation, performance reviews, etc.
Unless you’re born to coach you’ll need years of coaching and trading next to day traders who make money every day, while making visible progress yourself to not get fired.
You may also need Level 2 data, and be able to react in seconds, vs minutes or hours like with some swing trading.
Even then, I’m not sure whether prop firms do not make more money from swing trading.
I’m also not sure whether any consistent day trading strategies prevail over the years (this is most difficult for me to believe), so you may also need to be able to adapt to changing market conditions. That’s yet another level of difficulty.

 

[nooby_mcnoob]

Nice to see the real pros come out on Christmas

 

[MarkBrown]

the rub is you could teach someone to day trade in five minutes but it would destroy the edge that took years of refinement.

 

[comagnum]

Since some others had mentioned SMB, here is a cool clip from a 7 digit trader. A lot more insights than from a bank trader that works for a paycheck.

Start at 2 minutes.

 

[speedo]

the rub is you could teach someone to day trade in five minutes but it would destroy the edge that took years of refinement.

Yeah, sure you could

 

[nooby_mcnoob]

Since some others had mentioned SMB, here is a cool clip from one of their top traders. Start at 2 minutes.

Yep, for whatever it's worth I think these guys are legit.