Does any one make money intrady trading

[kjkent1]

Quote from Dustin:

That's fine if you did it from home. He gave you good advice. Use a broker like Tuco, Bright, Echo etc...you shouldn't pay more than .005 comm plus fees as a beginner.

Frankly, I think any commission where you can't get out with a profit on a penny roundtrip is too much, because it causes you to have to think about whether or not to pull the trigger and save yourself.

 

[nitro]

Quote from Dr. Zhivodka:

Then your "offer" is a moving target. And no amount would be sufficient because there's no way that anyone can make you profitable. The student is the weak link in this relationship. No one in their right mind is going to make a deal where their compensation is based on the success of the variable which they cannot control.

Unless of course one runs a commission shop.

I have nothing more to add.

nitro

 

[prof. charles]

Quote from kjkent1:

I don't recall stating that you would be responsible for making me profitable. On the other hand, no one in their right mind (to use your phrase) would pay good money merely for the possibility that something they may receive in return might have some unascertainable future value.

I know this is my first post here, but I just decided to join the site since I have been reading it more often these days. I am a trader that has been in this business more than 5 years and have been consistently very profitable. I know several others that are as well, but realize we are a small minority, and can certainly confirm that among the few of us there are still fewer that would be able and/or willing to teach someone else to trade.

I am not clear on what your goal is here - to learn how to trade or to just verify consistently profitable daytraders as exist as evidenced by tax returns. If you want the latter, I would be happy to share my tax returns, along with the name and phone number of my accountant with whom you can verify. In addition, I can give you all detailed information of the firm I trade with and the name of a managing partner who will also verify any earnings info. I will provide all this for $2000. If you want the former, $10k is simply not enticing to me if it means giving you actual lessons and taking some responsibility for your results. But for $10k I would let you watch me for a couple months and glean whatever you can from seeing everything on my screens. I will not hide anything from your view and can give simple explanations for what you are viewing, but the interpretation will be up to you. If you want actual lessons in technical analysis, trend recognition, general market awareness, news digestion etc...it will cost a good deal more than $10k, and I would be surprised if a couple months is really worth it.

Here's a scenario you might find interesting that is simple and potentially very rewarding - I am very active on instant messenger, and constantly trade ideas through it with other traders throughout the day. We could set up a situation in which I send you all my trades as I implement them (I am not so active that this would be impossible) for a one time fee to be negotiated plus 50% of all your net profits. This would require you to send me a copy of your trade blotter along with p&l at the end of every day to confirm your earnings. In addition you will need to sign a contract drafted by my attorney prohibiting you from sharing any trade information I pass on to you, with a hefty penalty built in if contract is breached. This arrangement will only be worthwhile if you have substantial trading capital. If you have $250k, I can help you set up an account that will leverage you 4:1, giving you $1MM, which I think would be the minimum to make this worthwhile. This way, my average return of 20% will net each of us 100k/yr. with minimal work for each of us. If/when you find this arrangement is working nicely, and you have others with substantial capital that would like the same arrangement, we can work out a finders fee for you as a % of the upfront lump fee, as well as a small profit share from those accounts as well.

I am very serious about this and can give you all my credentials if you are interested.

 

[NYOBScalper]

Quote from kjkent1:

Frankly, I think any commission where you can't get out with a profit on a penny roundtrip is too much, because it causes you to have to think about whether or not to pull the trigger and save yourself.

Dude I started trading paying .01, yes, .01, not .001, so i had to make over two pennies to break even. You should be able to get .005 or less pretty easily, and .005 is a great rate to learn at. You don't think about comms, just price action. If you have to get out and you hesitate and you think you're saving yourself 50 cents (since you should be trading 100 shares) but you watch the price drop... well... you're making a newbie mistake and need to overcome it. comms with trading 100 shares aren't relevant. Try to do as many round trips/day as is possible. You want to overtrade and even churn at first, that way trading becomes natural and you don't get into a habit of looking for too much confirmation or second guessing yourself.

you should be able to do the plan I suggested paying .005. If you can't, you don't have the heart for this.

 

[illinimatt81]

Quote from gifropan:

Quite often, I hear invited guests on CNBC amd similar Television Channels saying that it is not possible to make money daytrading or intraday trading. I presume these people are fairly successful fund managers and/or analysts.

They want your money in their funds so they can draw fees

 

[richrf]

Quote from piezoe:

Kjkent, there is one more aspect to this i should have mentioned, and that is even if someone was to very explicitly explain to you exactly how to trade and demonstrate it for you, you would not necessarily be able to make good money. And there is a simple explanation for that fact: Some people, even if shown exactly what to do, once on their own, are not emotionally capable of doing what they have been taught. And that's because they simply can't resist the deep seated human urge to second guess the market, instead of simply going where the price-volume, S/R, and market internals say the market is going.

This is true, however the experiences of the Turtles (assuming that the story is true) would tend to confirm the opposite. But I do agree with the general sentiment, that learning how to trade is a personal endeavor - and not one that can just be taught by rote.

Rich

 

[richrf]

Quote from kjkent1:

Ah, and now begins the ad hominems.

I am one of the least lazy people you will ever encounter. And, tax returns as proof that someone can actually generate the income from a profession where there is no physical plant, employees, goodwill, etc., is a completely reasonable request.

Franchisors routinely require such information from investors, so nothing I'm asking for is even remotely unusual.

You are absolutely correct. I would never enter into any kind of arrangement without some sort of verification. There are sharks all over the place trying to lure in fish. I am quite sure that daytrading is no different.

Rich

 

[ggoyal]

dont worry if other people don't make money. Just find your own way and be happy. fuck other people.

 

[richrf]

Quote from Boib:

So after verifying that I can make money trading for 5 years in a row. If my method does not suit your personality what good does it do either of us?

It's not so much methodology as emotional control that make the difference. No one but you can control fear and greed.

I completely agree. It is a very much depended upon the individual and individuals involved. A good trader does not make a good teacher. A good student doesn't make a good trader. Becoming a trader may not suit all personalities.

Rich

 

[richrf]

Quote from Spydertrader:



The process takes about a year. Some require more time, while others, need less. Most people won't bother putting forth the effort.

- Spydertrader

Thanks for the link. It looks interesting. I will be reading through it.

Rich