Day Trading Is A Dead End Job

Quote from nakachalet:

With such exceptional perception and admission....

it is best that you leave trading to someone else whose outlook and attitudes are somewhat different from yours.

I for one am glad that you quit while you are still able to afford a somewhat normal life style.

As for many of us who believe otherwise, we'll also go happily our different ways and directions to whatever pits that entice us the most and challenge our skills to the extreme.

Wish you the best in life as well.
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You can believe whatever you want, it doesn't make it true.
Everyone who gets into the game "believes" but where are the uber successful? (retail)

They simply are myth.
 
Quote from Dalmation:

You can believe whatever you want, it doesn't make it true.
Everyone who gets into the game "believes" but where are the uber successful? (retail)

They simply are myth.
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A homo sapient, any homo sapient convinced against his will is the same homo sapient still.

Your wish is respected and your opinion is duly noted. Will leave you in peace. Cheers.
 
Quote from jd7419:

How old are you, how long you been trading, have you ever been succesful?
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He's blown up a few times over the years. Search the site for his posts.
 
Quote from WS_MJH:

As someone who used to own a business, I can tell you that being an entrepreneur is much harder than trading. Trading you are competing against the market. It's very hard, no argument.

With a business, you competing against any number of businesses, taxes, regulations, all the problems with employees, customers, maintaining cash flow, and on and on. If you think starting a business is a panacea, well good luck to you!
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Great point.. very true. Nevertheless day trading isn't a conventional business. It's nothing more than the biz of making tons of bets on the immediate future.
 
Quote from NY_HOOD:

daytrading is GAMBLING and it is an addiction but it does'nt appear that way. it fools you into thinking: "this is wall street", i'm a trader who is disciplined and takes calculated risks in the market"..its gambling pure and simple.
are you telling yourself:
1) if i only stuck to my discipline,i would not have taken the loss.
2) i am actually glad i lost alot of money,thats exactly the shot in the arm i needed in order to learn a lesson. how many shots in the arm and how many lessons do you need !!!
3)every business owner loses money at the start,thats normal..really!!! business owners don't invest on margin.
4) i need to just focus more,i am so close to perfecting my edge..pretty soon everything is going to click..it NEVER DOES !
5) it takes years of experience to be a good trader, just like anything else..REALLY ! tell me an engineer,a a hair stylist, a salesman,a librarian, a doctor,or a teacher that loses money the first few years of their careers.
6) this is the worst:: i am going to get a home equity and start from scratch with enough money in my account that i will have more of a cushion.
GET A REGULAR JOB, START A BUSINESS. anything but day trading and please do not tweek your style and start claiming to be a long term trader. the road ends the same way.
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Was NY HOOD Betting on the form of horses or red or black in a casino or t/a to read the form of the trend?You could day trade on horses and roullete wheel, its easier the money is gone faster

:D :D
 
Really NY HOOD? I'm surprised as when reading ET, with all these successful Day traders on this site....I thought it was instant cash to the road of millions!!!:D

But to be serious. You are more than correct. I had this argument with Victor Nedier....and all his fund guys. Now we all know that even the "Professional" money managers and hedge fund managers can blow up. However, Day Trading is a pipe dream unless:

You are well capitalized...and I mean well capitalized. Day trading firms are no longer the model to trade by as they do not capitalize you, they pool your money with everyone one else. Which is fucking crazy.

You have a great mentor. I was with Schonfeld during the hay day and I witness good people like Mr. Rearden, Larry Fisher, the Russian all teach their traders how to make money. The mentor program was one of the best in the industry. However, we all know where the "Day Trading" model went in the last 7 years.


If you want to be a "Trader", working on the floor, in the pits, working on a desk is the only true way to go IMHO and it is longevity.

There are the 1% who can trade and make a true living from home, but 99 fail in the long run.

I had to leave the business as i failed. No regrets and it open doors for me to be a player in the Global World of "Private Equity".

unfortunately , many who fail will not wake up until it is to late and they are on the streets, in their underwear, holding their shoes and asking for spare change.
 
Quote from EMRGLOBAL:

Really NY HOOD? I'm surprised as when reading ET, with all these successful Day traders on this site....I thought it was instant cash to the road of millions!!!:D

But to be serious. You are more than correct. I had this argument with Victor Nedier....and all his fund guys. Now we all know that even the "Professional" money managers and hedge fund managers can blow up. However, Day Trading is a pipe dream unless:

You are well capitalized...and I mean well capitalized. Day trading firms are no longer the model to trade by as they do not capitalize you, they pool your money with everyone one else. Which is fucking crazy.

You have a great mentor. I was with Schonfeld during the hay day and I witness good people like Mr. Rearden, Larry Fisher, the Russian all teach their traders how to make money. The mentor program was one of the best in the industry. However, we all know where the "Day Trading" model went in the last 7 years.


If you want to be a "Trader", working on the floor, in the pits, working on a desk is the only true way to go IMHO and it is longevity.

There are the 1% who can trade and make a true living from home, but 99 fail in the long run.

I had to leave the business as i failed. No regrets and it open doors for me to be a player in the Global World of "Private Equity".

unfortunately , many who fail will not wake up until it is to late and they are on the streets, in their underwear, holding their shoes and asking for spare change.
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Well said, EMR. However, I believe if you get with the right prop firm with the right edge you can do quite well in this business. We both worked with Last Atlantis-- I don't think the edge gets any bigger than that at the start. It was like free money, I got in right as the edge was ending, but it was great for the little it lasted. It's the deluded folks who stare at charts all day long, guessing direction, but thinking they have some kind of an edge that will always eventually fail. Those that say the market goes up and down and that is their edge are truly on the edge of reason.

These alias masters on elite must truly believe they are dealing with ignorant noobs if they really think we believe there is any truth to the claims. One joker humored me by wanting to fly me out to watch him trade 100 markets simultaneously ( and perfectly I might add) so that I would believe his hype--- unreal!

The worse part of it is they have no transferable skill set learned from trading. The aliases on elite, the masters not withstanding.

surf
 
Same old story, losing traders all jump on each others bandwagons and winning traders on theirs.....this argument will never end.

If you ever see me posting on a site called tradingisnotpossible.com, then let me have it....not sure why all the losing traders hang out on a site called "elitetrader.com" to talk trading? :confused:

I can understand posting here in Econ, or P&R or chit chat, but losing traders who do nothing but complain about their own washout and how they are convinced if they couldnt do it, no one can, have no place on the actually trading forums. Take your negativity elsewhere :)
 
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