How is retail day trading anything but a gamble?

trickshot said:
imagine trading CL without the knowledge that inventory numbers are released every wed at 1030...
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Right...

Now imagine the 1000's of dollars you could make trading other financial instruments while you wait for months for an hypothetical breakout on the CL. That's the opportunity cost I was talking about earlier.

CL inventory numbers you said?

Big deal, they are all here (see below), only a fool would trade a financial instrument without at least knowing the financial reports that could move that market. It usually takes 5 seconds to find that type of info on Google, for ANY financial product you care to trade:
https://www.cmegroup.com/education/events/economic-releases-calendar.html
And also here (you can select the country too, default is USA):
https://tradingeconomics.com/united-states/calendar

Money wise, the whole idea that a trader must "specialize" in one or two markets to make money is, at best, a losing proposition.

For me it's total idiocy, period.
 
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This is for you @ironchef

I have dined at the best restaurants in the world!!! And even flown private...

Try Taillevent...

3F6FA899-82B4-44F5-828C-BC05E5D984CA.jpeg
 
Tradex said:
A Chateau Latour 1953, Monsieur est un connaisseur a ce que je vois ! :thumbsup:
(Yes I do speak french too ;))
Thanks for the tip, I will try that restaurant next time I am in Paris.
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My pleasure, Sir...

Too bad, @themickey @ironchef have never had ANY clue about this, much, much less about a Romanée Conti!!!
 
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ChipShotTrader said:
I think @themickey has given plenty of people a hard time. I mean, he is doing it in this thread!!!

I have been trading successfully since September 1998, and it's the ONLY job I have ever had. I KNOW my business.

Ed Thorp is brilliant, and way ahead of his time. Markets have changed radically in the last 20 years, and I have witnessed it firsthand. Personally, I would have studied computer programming, or math.

No, you don't need math to be successful, but I realize the reason I am successful is due to the thousands of hours of screen time, aka, EXPERIENCE.

Frankly, starting as a brand new trader must be so much more difficult than ever before.

Using logic, I can make the assumption that @themickey does not hold a Mathematics degree. I don't know about the other 2 items. I would not mind taking an IQ test. I was part of the Gifted Program, since middle school.

And using the same logic, you can infer from the mention of my degree (which is now useless), that I am not a Mathematician. Oh, and I DEFINITELY have the other 2 items; one, since I was born, the other one, since the year 2000. It's been a truly amazing life!!!

But, I recognize timing is everything. I was simply at the right place, and at the right time.

Have a good day, Sir...
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Glad to know there is someone I can look up to and I am not being sarcastic but saying that with genuine respect and admiration. :thumbsup:

I have only been full time since 2010 so have a lot of catching up to do. You are so right, timing, or luck is so much a part of our successes. The moment I read that I know you are the real deal.

Best regards,

PS: Thorp and Gross are two of my favorites, both had offices in Fashion Island, Newport Beach and both lived there.
 
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trickshot said:
I too doubled my (7 figure) account in the last 2 years, any decent trader should have been printing money during this time of great volatility.

I've always said that volatility is a trader's best friend, your profit potential is limited by trading range, and range is always much greater when vol is high, its just common sense. I recall arguing with a couple of newbs over this years ago on ET, I don't see those pikers posting here anymore, probably got killed trying to make 2 pts daily on the ES when it was averaging 5 pt range back in 2017.

Daytrading, retail or not, is fantastic when conditions are right (and you have the skills for it), its horrible and not worth the time when realized vol is extremely low.
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I am so happy to see all the great day traders are finally showing up and be counted. :thumbsup:

Unfortunately I don't have the skills for day trading so have to make a living trading longer timeframe. :(
 
ironchef said:
I am so happy to see all the great day traders are finally showing up and be counted. :thumbsup:

Unfortunately I don't have the skills for day trading so have to make a living trading longer timeframe. :(
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It's great to know what doesn't work,
We all have our own circle of competence.
There are plenty of way to make / lose money.

Just find yours.
 
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