Do Day Traders Rationally Learn About Their Ability?

Traderjohnsblog said:
Realtive prime. LOL. Thanks for the compliment. I am actually 55 years old. I am came to daytrading from being an airline pilot. Our schedules made making the switch easier than most professions I would think.
More...

Yep that would do it. I was a hairs-breath (five hours) from my single engine license at 19 (self-funded, not a rich kid). Life got in the way.

A willingness to take on something daunting and a really excellent survival instinct probably does help.
 
Last edited:
speedo said:
These threads continue to pop up on ET through the years. I suspect many are initiated by those who have not succeeded and look to convince themselves that it can't be done. I have some unsettling news, not only can it be done but it is done by many. It is however a rigorous and demanding path. I always picture people who have dropped out of day trading as having garages full of water filters and other get rich pyramid dream schemes.
More...
LOL :thumbsup:
 
Slartibartfast said:
Yep that would do it. I was a hairs-breath (five hours) from my single engine license at 19 (self-funded, not a rich kid). Life got in the way.

A willingness to take on something daunting and a really excellent survival instinct probably does help.
More...
I get it. I had to join the Marine Corps to get my license.
 
lawrence-lugar said:
Alot of day traders, or traders in general, are nothing more but degenerate gamblers. :confused:
Looking for that next high, or win.

They like to justify and think they have some kind of rational, logical, business-minded endeavor going...but they've got nothing.
Vegas, horse racing, cards, sports betting, trading -- all the same thing, to some people.
More...
Back in the 70’s as a teenager I caught a greyhound bus to Detroit. Went to Hazel Park Race Course and got my license as a groom to take care of 5 thoroughbred races horse.

https://en.m.wikipedia.org/wiki/Hazel_Park_Raceway

I, occasionally would wager. But I don’t remember ever betting over $4.00. Regardless of the horses running that day. Even those that I took care of.

So Larry does that make me a degenerate gambler?

I do like to scale into losing trades and find it to be quite profitable if done in the right manner, and correct context, with risk management.
 
Last edited:
A new potential trader needs to look at trading as a job needing an "extremely high skill set."
Nowhere in the job market do people start skilled jobs and professions without a lot of education and training.
"Why do new potential traders think they can just read a book, open an account and make
a living trading?"
It takes more than a few books, or reading trading tips from a trading forum.
You need to go to a trading school that follows through afterwards and continue with online trading rooms doing live real time trades with an instructor explaining what your doing.

Nobody wants to hear or read what I just said above because it expensive, time consuming and intensive, "but" it allows you to emulate success.
 
We know a lot of unfit traders (gamblers) are attracted to day trading for quick bucks.

If we take out those folks (80%), what is the % success rate and how long does it take to be successful?

Success rate (for serious traders) = 4% over 20% = 20%
Years before successful = ? (1-5 years full time)
 
I find Don Guyon's One-Way Pockets described the similar situation as per thread title about 100 hundred years ago. Why it's hard to make money ? It's rigged and having the right mindset will be the edge. It a short book (64 pages) and easy read.
 
You must log in or register to reply here.
Back
Top