Day Trading is a pipedream.

Quote from icarus618:

When I get asked about trading, I don't hesitate to say Google "Jack Hershey" and to read his posts on ET going back to the beginning under his name and bubba7 and Grob109. I also pass along a couple of pdfs he wrote that puts things in a neat package as a good starter.
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Umm, NO

Google "Jack Hershey" and the first thing that pops up:

http://www.tradersnarrative.com/jack-hersheys-incomprehensible-method-971.html

That made me think of one person: Jack Hershey.

If you’ve been on any sort of trading messageboard long enough, either he or his incomprehensible system will pop up eventually. Some think it is the key to the market. He certainly claims mastery - although he has provided nary a shred of evidence.

From what I understand (I’ve lost way too many brain cells trying to decipher his gobble-digook) his futures trading method calls for you to always be in the market, either long or short. And he claims he can consistently capture 3 times the intraday ATR. Oh and then there’s the little matter of never losing. Seriously. I’m not making this up.

Hershey has been asked, and even begged, to go into any chat room and do a live trading session. He has consistently refused. Instead he continued to make grandiose claims and litter boards with his writing. And it is the most muddled jumble I’ve ever seen. Words (he loves to use Gaussian in every other sentence), made up words, acronyms, etc. all smashed together into a mash of goop.

Some actually fall into the trap of believing that since it looks incomprehensible and complex it must have value. They think, ‘It must be an amazing system, because I have no idea what he just said!’

I’ll never forget the time a few years ago that I found him on a thread of mine on elitetrader. I decided to respond in his “language”. I wrote a bunch of nonsensical words, phrases and threw in a few Gaussians, and voila! He replied positively. I couldn’t stop laughing for the next hour or so due to a very bad case of the giggles.

It would help win me over if Jack made some sense. Instead he says things like “volume fine sweeping” and claims that the YM is a bigger market than ES. It would definitely help if he actually demonstrated his method via live trading for one day. I’m sure the whole trading world would like to see him extract 3 times intraday ATR, always being long or short. Without a loss.

But I’m not holding my breath.

I’ll stick to simple.
 
And your point is...what? That Jack Hershey has detractors? That's not exactly breaking news.

Most people on ET know your orientation towards trading, daytrading, etc. Outside of cyberspace, I do not know anyone who spends as much time as you do in a trading community who shares your orientation. In any case, that is none of my business.

With regard to a Google search, I'm aware of the first link that pops up under a search for JH. I also recall the first time that link was posted here on ET and the ET user name of the person who wrote the blog.

When I recommend something to a person who asks me for guidance, you can be sure that I have looked into the thing thoroughly and also know enough about the person doing the asking. However, it is not up to me to convince anyone about anything. I merely encourage people who show interest and enquire to look deeper into something with which I have a lot of experience. It does turn out that almost no one does so. Most just want to know the secret.
 
Quote from austinp:

speaking of "there must be a reason"...

what motivates you or any failed (aka quitter) trader to invest precious time (on a Saturday, no less) telling complete strangers on an anonymous message board that the topic of interest to them is impossible.

In other words, what do you personally get for stating that trading is impossible on a trading forum? What's the emotional payoff for you? You cannot trade, no big deal. Lots of others can't cut it, either. But what do you personally get out of being here any more at all?
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The payoff is that he gets to defend his ego - if no one else can do it, he's not a "failure" for being unable to do it either.
 
it's not for everyone

but it's for me:D



sure I taken my lumps and lost it all

but I kept going and now

I'm winning and very happy:cool:
 
Quote from icarus618:

And your point is...what? That Jack Hershey has detractors? That's not exactly breaking news.
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No, that anyone like yourself attracted to JH is really beyond hopeless. The detractors are the ones who actually understand JH has no clue about what he is talking about. His supporters still prostrate
 
Sorry I don't have time to read this whole thread, but I will add my 2 cents. Yes you can make money daytrading. I've been doinig so for quite a few years now in the futures side. It took ignoring what I read taking a beating and wasting money on the b.s. vendor products to finally get my head out of my ass and make a plan. I was fortunate to find a mentor, although I never actaully met him in person. It may have been a combination of realizing I was ignoring the ideas of others and the concept of a business and the mentor at the same moment that helped me make the change, but whatever it put me on the right track. It actually allowed me to walk away from full time trading for a year to take care of my parents without worrying about a steady income for awhile.
Read, make a plan, and practice with your plan. WRITE OUT YOUR PLAN! A plan in your head is no plan. If you start any business you need to have a plan and this is a business! Some days suck, some days are great, but that's business. I worked for an airline for many years while getting my feet wet trading, and I'll take daytrading to the airline business any day. I have to say my regret is trying the quick path with the vendors for too many years. One I lost alot of money, and two it really has hurt me because I should be doing more longer term trading to diversify, but the damn vendors have beat me mentally so that I have a real hard time holding positions beyond a day. Stupid as that sounds, it is reality. Everytime I try to hold positions, other than options, I panic out and it is all mental. I could probably double my income adding longer term holds, but I can't seem to beat the mental side. I should probably see a trading psych doc for it in reality, but am too stubborn. I'll make the leap eventually.
Believe what you want. Any job isn't made for everybody, but if youa re willing to work you can make at least a living. Too many people think that daytrading means you need to be making a couple million a year to be succesful, but reality is that involves work. You can still make a living, and a good income, but either way you have to plan, study and work your ass off! The Docs and lawyers that make a load aren't just handed the money, they work their asses off for quite a few years to make the money, and pay a toll in tuition and free time. I was finally willing to work hard and I paid quite the tuition before I finally figured it out.
there's my 2 cents. I could go on, but I have to go pick a kid up from baseball practice, and then I need to review charts yet theis weekend. been a busy weekend, but chart review is part of the job, and it starts at 11:00 sunday night and goes to 1:00 or 2 in the morning thats life, and the payoff is I played and helped my kids, and I can make an income. I'll get sleep sometime, maybe the day I hit it great off the open and call it a day at 11:00, thats the trade off with any job where the potential is high.
Not everybody is cut out for any job including trading, find out early and move on, or work your ass off and make a living.
Sorry for any grammar mistake, but I do have to go pick up a kid.
 
Quote from TraderZones:

No, that anyone like yourself attracted to JH is really beyond hopeless. The detractors are the ones who actually understand JH has no clue about what he is talking about. His supporters still prostrate
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Would you like to drop in for a few minutes during one of the breaks during one of the periodic meetings these people attend? you could talk to real people who are from all over the world.

Do you see in the Lo P,V illustrations 17 OB's in the course of 77 bars? Can you recognize that this will never happen in any market or any random number generator that is working correctly. Can you perceive that Lo picked off patterns that averaged less that seven appearances in five years on daily bar charts? Did you notice that Lo, et al, left off volume on all their search work and then added a "volume" colume based upon a comparison of the first and second halves of a pattern.

Look carefully and find out from the attached how market movements do NOT come in two's but come in three's.

attachment.php


I like the continuing daily humor of the detractors. I especially like the charts they post. If you believe that their work has anything to do with how making money works, I feel sorry for you.

Do you think doing 1100 trades over five years of examining 1000 stocks has anything to do with applying capital in markets to make money? Read the P&L thread to see how making money works. T666 is posting such as a counter chart to the chart he did for a timeout method he created that was statisticcally insignificant. Can you run a "p test" on anything?

The locals in Tucson have reached the 50% mark on 27 trades since 01JAN10 so far this year. Graph that on T666's sharts starting with 27k initial capital. These people trade on 30 min charts using PVT as advanced beginners. It is their task now to begin to help local n00bies to learn PVT. As they do this tasking, they will improve personally by teaching others.
 

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Quote from guy990opl:

Just wanted to write that, in case anyone has any doubts.

Never met a day trader who can make money consistently...there must be a reason.
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Why do people need to strut their ignorance ... ? It's like a fool's not fool enough if he doesn't show he's proud of it ... :)
 
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