Day Trading to Multimillionairedom

Blaze

Blaze

What comes to your mind when someone tells you that he/she is a day-trader? I immediately know that I am dealing with a clueless amateur, no offence.

Brokers love pushing the day-trading narrative to retail traders. Their goal is to transfer the money from the trader's pockets to their pocket. It is in their best interest for you to trade as often as possible, in the largest size possible. It amazes me how "elite traders" in this forum still fall for that narrative.

Very few people can actually profit long-term from day-trading net of fees. In fact, the number is so small that it is generally advisable never to day-trade. You will never meet a successful day-trader. Most trading legends with verified track records were swing and position traders.

I know that some of you have high hopes of striking it big with day-trading, so you better take my advice very seriously because it will save you time and lots of money.

DAY TRADING IS FOR DUMB MONEY

If you have a contrary view, feel free to post your day-trading PNL for the last 3 years. You're welcome.
 
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Seems like to have tried a few times without succeeding. Too bad for you.
Yes, most of the day-trader 'wannabes' are losing money. Very few can do it.
But some are profitable, even on the long term.
I personally know a couple of them. I mean I've met them. I'm not referring to social media so-called friends.

No, I will not be showing you my last PNL. I have nothing to prove.
You can still deny that profitable day-traders don't exist.
 
rb7 said:
Seems like to have tried a few times without succeeding. Too bad for you.
Yes, most of the day-trader 'wannabes' are losing money. Very few can do it.
But some are profitable, even on the long term.
I personally know a couple of them. I mean I've met them. I'm not referring to social media so-called friends.

No, I will not be showing you my last PNL. I have nothing to prove.
You can still deny that profitable day-traders don't exist.
More...
1. I didn't say that profitable day traders don't exist. I said that they are too few to make the venture worthwhile. People win lotteries, doesn't make gambling a good decision.

2. About you not showing your PNL.....yeah.....that's what I thought. People always know somebody who knows somebody who knows somebody. Mostly, they can't name them and have never verified their records to ascertain.
 
I never could figure out day trading futures in beginning, so went into scalping, trading noise 30 years ago. Took over 20 years to develop skills to day trade then automate them. But now getting lethargic to short term, all the robotics, costs, HUGE risk, by end of summer will add all of it to long term commodities and swing options.

I just can't stand staring at screens any more, ...

 
Blaze said:
What comes to your mind when someone tells you that he/she is a day-trader? I immediately know that I am dealing with a clueless amateur, no offence.

Brokers love pushing the day-trading narrative to retail traders. Their goal is to transfer the money from the trader's pockets to their pocket. It is in their best interest for you to trade as often as possible, in the largest size possible.

Very few people can actually profit long-term from day-trading net of fees. In fact, the number is so small that it is generally advisable never to day-trade. You will never meet a successful day-trader. Most trading legends with verified track records were swing and position traders.

I know that some of you have high hopes of striking it big with day-trading, so you better take my advice very seriously because it will save you time and lots of money.

DAY TRADING IS FOR DUMB MONEY

If you have a contrary view, feel free to post your day-trading PNL for the last 3 years. You're welcome.
More...

What comes to your mind when someone tells you that he/she is a day-trader? I immediately know that I am dealing with a clueless amateur, no offence.

I personally don't make assumptions about people like that. Like you said personally "few people can actually profit long term". How do you know by chance you met one of these people and because of your self absorbness, you missed your chance of learning about profitable trading.

Brokers love pushing the day-trading narrative to retail traders. Their goal is to transfer the money from the trader's pockets to their pocket. It is in their best interest for you to trade as often as possible, in the largest size possible.

From this statement, I can tell you're a former forex trader. People who trade in unregulated markets with brokers based out of the middle of nowhere. Regulated brokers in regulated industries, want clients to keep trading for the long term and bring in the commission revenue, not blow off in short term and jeopardize their own business

Very few people can actually profit long-term from day-trading net of fees. In fact, the number is so small that it is generally advisable never to day-trade. You will never meet a successful day-trader. Most trading legends with verified track records were swing and position traders.

So you're making the first claim based on what? what about the last claim? where are your sources? Are you just basing this on some books you read? "People always know somebody who knows somebody who knows somebody"-Blaze 2021

I know that some of you have high hopes of striking it big with day-trading, so you better take my advice very seriously because it will save you time and lots of money.

DAY TRADING IS FOR DUMB MONEY

No kidding, why else you want to daytrade? For the love of the markets? lol
And do you have proof that swing traders or positions traders don't belong in the dumb money pool? Maybe they are all dumb money? To me a smart money is just someone who made their money and take it out. Whether that be in 1 month or 6 months. If you can turn 10k into couple of million in 1-2 years (you had proof of that from the WSB or tik tok traders doing that last year), that's the whole point of this aint it?

If you have a contrary view, feel free to post your day-trading PNL for the last 3 years. You're welcome.

i don't disagree with you, but I think your post is full of contradictions it's hard to see what your argument is to begin with
 
Blaze said:
Most trading legends with verified track records were swing and position traders
More...

What you conveniently forgot to mention is that for each swing/position "legend", there are probably 99 losing swing/position traders who will never be mentioned anywhere.

Maybe I should contact Jack Schwager and tell him to write a book with this title : "Interviews with 300 losing swing and positions traders you have never heard of".
 
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It's not that day trading for a living is all that difficult, the difficulty lies in the substantial work both technically and personally required to become proficient in a demanding profession. Doing a root canal is not that difficult for a dentist but that dentist got a Bachelor in Science, Graduated from an accredited school of dentistry and passed exams, received certifications and licenses before he or she could do a root canal.

Yet scores of people have read a handful of books, attended a seminar or two and viewed some "guru" videos on YouTube and think they can fund an account and trade? It takes most of years before we can trade with consistent profitability. I've been asked if I knew how long it would take and how expensive it would be would I have even started. I don't know the answer but I don't believe in regrets, it is what is is and am happy to be where I am. The main difference between myself and others like me and the scores of those who have fallen by the wayside is we didn't quit.
 
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