Does any one make money intrady trading
- Thread starter gifropan
- Start date
No offense taken. That is precisely my point: daytrading is about making money at the most efficient level possible, by taking it directly and immediately from some less informed person(s).Quote from indahook:
I would say 10k is a joke to anybody that trades well. No offense intended.
10k to sit there and bug the crap out of somebody..ugh...a good trader would pay you 10k to get lost and stop asking questions.
So, in order to incentivize someone to teach the skill, I'd have to pay them as much as they risk losing from passing out the information. This is a markedly different condition than exists in any other profession.
But, hey, I'm flexible. Anyone who wants to name their price, just let me know. But, you're gonna have to show me those tax returns, and I'm going to verify them directly with Uncle Sam, before I let go of any money.
Gifropan,
I am self taught and while that is a hard path it is also a journey free of other people and their views.
A two edged sword in many ways.
My observation of ET is that most people here seem overly concerned with their trade entries and subsequently the accompanying exits rather than dealing with the macro issues first.
If you have some knowledge of trading, be it right wrong or indifferent, I would suggest that you put that aside for the moment and concentrate upon yourself and what particular talents you can bring to the table and what it is that you want in return.
Focus on this.
Become the leader of your own wants and desires, rather than a follower of market strategies.
Do all this first and be secure in the knowledge that there will be a particular strategy that will dovetail into you, rather than the other way around when the time is right.
Among the reasons why people fail is because they try to jam themselves into unsuitable methods.
Square pegs and round holes you might say.
Take heart in the fact that day trading is both doable and highly profitable.
The issue is ... can you do it ... is it right for you.
It will be as hard or easy as you want to make it.
The correct path in my opinion is to attract things towards you rather than chasing after them.
This means sorting yourself out first.
regards
f9
I am self taught and while that is a hard path it is also a journey free of other people and their views.
A two edged sword in many ways.
My observation of ET is that most people here seem overly concerned with their trade entries and subsequently the accompanying exits rather than dealing with the macro issues first.
If you have some knowledge of trading, be it right wrong or indifferent, I would suggest that you put that aside for the moment and concentrate upon yourself and what particular talents you can bring to the table and what it is that you want in return.
Focus on this.
Become the leader of your own wants and desires, rather than a follower of market strategies.
Do all this first and be secure in the knowledge that there will be a particular strategy that will dovetail into you, rather than the other way around when the time is right.
Among the reasons why people fail is because they try to jam themselves into unsuitable methods.
Square pegs and round holes you might say.
Take heart in the fact that day trading is both doable and highly profitable.
The issue is ... can you do it ... is it right for you.
It will be as hard or easy as you want to make it.
The correct path in my opinion is to attract things towards you rather than chasing after them.
This means sorting yourself out first.
regards
f9
They should ask the locals on the CME S&P futures pits that question. Everyone daytrades, not everyone makes.
Yes, it can be done and many people do it consistently as noted by many responders on this thread. The key is not in a "system" or "model." As you noted, your model stopped working. That's the problem. They all work for a while and then when conditions change they stop. If you want to succeed you have to train yourself to think and act like a trader. Here is what I do:
http://www.elitetrader.com/vb/showthread.php?threadid=112126
After you hit this thread read, "Trading in the Zone," by Mark Douglas at least 10x.
It can be done but you have to be willing to make big sacrifices and work your tail off.
http://www.elitetrader.com/vb/showthread.php?threadid=112126
After you hit this thread read, "Trading in the Zone," by Mark Douglas at least 10x.
It can be done but you have to be willing to make big sacrifices and work your tail off.
To me, daytrading is like online poker. It is possible to win on a long-term regular basis providing:
1) You know how to game the system (very prevalent in online poker)
2) There is a steady stream of fish (that is what online poker players call noobs who provide fresh, easy to catch money).
Since I don't know how to do (1), and I don't want to be (2), I have decided to spend my time doing intermediate trading, and have been fairly successful at it.
BTW, is there a forum other than ET, that is oriented toward swing trading - i.e., not buy/hold and not DT, but somewhere in between?
Thanks.
Rich
1) You know how to game the system (very prevalent in online poker)
2) There is a steady stream of fish (that is what online poker players call noobs who provide fresh, easy to catch money).
Since I don't know how to do (1), and I don't want to be (2), I have decided to spend my time doing intermediate trading, and have been fairly successful at it.
BTW, is there a forum other than ET, that is oriented toward swing trading - i.e., not buy/hold and not DT, but somewhere in between?
Thanks.
Rich
"Don't short stocks, maximum loss is infinite".
Quote from osorico:
It's IMPOSSIBLE to produce regular income by daytrading!
The TV gurus are 100% correct; listen to them! And add a subscription to Money Magazine too. And don't think for one minute you can compete with those black-box super-computers and the lemming quants that do the programming. A daytraders sole purpose is to fund the day-to-day operations of brokerage houses and clearing agents through commissions and fees. Exchanges go public because data requires much more infrastructure funding than the data fees generated by daytraders. 3rd party software, newsletters, and systems, exist only to propagate the dream. Even uncle sam uses arbitrary definitions for equity daytraders. Daytrading just isn't feasible.
I wish ET had a question of the year forum.
Osorico
I remember that thread of yours very well...
It was problematic out of the gate and that was the reason why many traders that are profitable were not interested in your offer.
10k to mentor you for several months is not suitable for any profitable trader and the fact that nobody took you up on the offer proves my point.
Simply, you greatly underestimate what mentoring involves and your 10k doesn't come close to compensating a trader that devotes to you for that length of time (several months).
I also remember a few ET members offering to help you for free but not for several months.
I guess you didn't take them up on their offer.
Simply, your offer came across too many (I remember the chat room conversations about your offer) as a challenge and not as a trader with a sincere interest in learning how to trade profitably.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=43072
My point is this, a good mentor that's profitable will view you and your offer as a bad situation simply via how you came across in that thread...
An offer that you started changing via adding more conditions upon as the thread called $10,000 Challenge developed.
Furthering my opinion, I don't think you understand that it takes two to tangle.
Good mentor and good student...you didn't come across as a potential good student in the first few pages of that thread and things got worst/deterioated as the thread progressed until many got tired of seeing it (it was finally closed).
As someone said perfectly in which you responded "no comment"...
Just my 2 cents about old news.
Mark