Daytrading quickly becomes a bullsh*t job, and as such people justify it?
- Thread starter crgarcia
- Start date
+1
I can't thank you on the P&L thread as its against the rules, and I didn't trade today so I can't post a blotter.
The naysayers don't deserve to be shown anything of value. Next he'll be asking you for an audited track record. However their behaviour can corrupt those who are beginners, who could aspire to something, and maybe would were it not for everyone telling them it cannot be done.
Many thanks for being generous enough to share your success and show those who do not yet believe it can be done.
Maybe Millennium Man has a permanent edge. They do exist you know. 10 years in the business and still at it - I don't think there is any risk of him going "outta biz". Even if the markets closed tomorrow, he'd just retire!
Resume? The real world? Don't know what the first is, and I don't live in the second. Sorry. Not everyone chooses to be like you.
Fun? Come looking for action in the markets and get exactly what you deserve. It is a "fun hobby" which costs money to dabblers. For professionals, it is a truly free way to make an excellent living.
As for getting respect in the real world...do you think that people who have done the hardest work possible to earn true intellectual and financial freedom give two shits about getting "respect" from people who lack the brains and balls to do the same? Dream on.
Envy, and resentment against achievement. We can all see it. It appears you have been found to be unsuitable for this profession, therefore you cannot stand anyone who has achieved.
I have know MilleniumMan personally for 7 years. Four of those years we traded together side by side.
As far as a wealthy spouse, that's a good one (sorry Liiiiiis). Inheritance, another good one hahaha. Other source of income? Next to none apart from trading.
It would appear that it is your reality that sucks.
You want to know what his edge is? I'll tell you even though you don't deserve a damn thing.
He's disciplined. Doesn't hold garbage and will put the hammer down when he feels he's right. If you think that 'edge' will ever go out of style you're crazy. As long as prices continue to change he'll never have to worry about a resume.
MilleniumMan
Registered: May 2005
Posts: 193
I'm gonna make a guess here, this guy MilleniumMan knows what he's talking about.
Anyone registered this long with a low post count ( 193) beats those with a high count (OP = +3000 posts) in my opinion.
I couldn't day trade, too hard for me, but my hat's off (respect) to those who can.
Not a very elegant climb down. If you wish to admit you are wrong, then say that. I'd respect you for it. Don't try and make out you were arguing something completely different when proved wrong.
No difference between retail and prop. You can either trade or you can't. Prop makes sense for certain products and certain volumes. Futures traders get decent leverage, even retail. Providing they can negotiate good rates with an FCM (and lease a seat at the exchange if desired), prop backing isn't necessary. If stock day traders want better than 4:1 they need to pass a series 7 and go through a firm for additional BP.
Again, what does leverage or account size or clearing costs have to do with whether or not one can trade?
What if I were to tell you that there are consistently successful private traders (with retail accounts)?
Again you miss the point that someone who has been successful at this for a decade can retire at will.
Am I the only one who doesn't understand if so many people apparently fail at trading and price speculation then why is it this profession has been practiced for centuries? The only thing that has changed between now and then is that the trickery and tactics that people use have become far more sophisticated. As well as, of course, the technology.
As far as I'm concerned this is nothing more than the whining of people who have failed in the markets or have been ripped off by scam artists and are looking to try and push their opinion onto others.
fyi: I'm a noob trader and I've actually begun gradually making my losses back now that I've studied the markets I'm in and understood them I personally think the idea that you need to lose hundreds of thousands in order to get anywhere in trading is an urban myth perpetuated by scam artists and dishonest traders who want an easy ride fleecing the newcomers. You do however need to have any money to even begin understanding sometimes, simply because that is what is required in order to take part in this profession.
Oh and yes, sim trading is a pile of bullshit, I've never touched it, they do not reflect the current markets because they use only past data and can easily be fixed up by any half-decent programmer to make it so you win more often than you lose giving you a false sense of security.
As far as I'm concerned this is nothing more than the whining of people who have failed in the markets or have been ripped off by scam artists and are looking to try and push their opinion onto others.
fyi: I'm a noob trader and I've actually begun gradually making my losses back now that I've studied the markets I'm in and understood them I personally think the idea that you need to lose hundreds of thousands in order to get anywhere in trading is an urban myth perpetuated by scam artists and dishonest traders who want an easy ride fleecing the newcomers. You do however need to have any money to even begin understanding sometimes, simply because that is what is required in order to take part in this profession.
Oh and yes, sim trading is a pile of bullshit, I've never touched it, they do not reflect the current markets because they use only past data and can easily be fixed up by any half-decent programmer to make it so you win more often than you lose giving you a false sense of security.
Your last paragraph is quite laughable.