I Know Absolutely Nothing About Day Trading...Where Should I Start?

Quote from the1:

In all seriousness, you should start by never starting, unless it's the only thing you've ever wanted to do in life. If you're getting into the business because you're unemployed, retired, bored, whatever....your chances of success are very remote.

I wanted to trade in the pits from the time I was a young boy. By the time I actually made it to the CBOT pit traders were dinosaurs so aside from a brief stint in the pits all of my experience is on a screen.

I've been trading for more than 20 years and I have the grey hair, bad eyes, messed up back, and hemorrhoids to prove it. It's a grueling, stressful, roller coaster of a grind-type business.

You also have to consider the competition you're up against. I have an MS is Quantitative Finance from a pretty good school and I've met many people who have PhD's in this field. They have access to tools you could only dream of having. Then there's all the illegal crap that goes on.

Then there's the FACT that the market is random (not 100%) and the only strategy that really works is one that analyzes randomness -- that's coming from a guy who trades the market from a statistical standpoint -- I'm sure others would disagree. The market is nothing more than data. If you have the knowlege to trade it from that standpoint you're much better off, imo. If not then you are competing against the cream of the crop with an inferior strategy.

I strongly believe successful trading is a talent that can't be learned. I know a guy who couldn't even tell you what his strategy is because he doesn't know what it is. He uses certain tools, of course, but for the most part he trades from the hip. The primary ingredient to success in this business is to either be able to analyze or read price action better than anyone else. It truly requires a 6th sense. You either have it or you don't.
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Thank you for being serious. It sounds like this isn't the vehicle for me.
 
Quote from clclark007:

Hey guys, I know absolutely nothing about day trading and i'm trying to find a vehicle to reaching millionaire status. I'm tired of my 9-5.

I just have a few questions:

Is Day Trading worth it?

Where should I start my education in day trading? Are there any books you would recommend...etc?

How long will it take me to get good at it?

How much money should I start out with?

Do I have to do it everyday to start off with?

If anyone could help me out with sending me in the right direction...I would really appreciate it.
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1. yes, if you really want it.
2. you start by choosing a forum or a blog to follow - to get some idea or get some free advice.. but I think following several blogs is a good move. Best traders are not in herds like a forum, but they go solo like a blog.
3. minimum 5-7k, but bigger account MAYBE better.
4. Start with SIM, testing your idea...better do naked first - without indicators - then add if you really want some indies
5. choose your vehicle : ES, TF..I personally like CL
6. It will take you about 3 years to know some, another 2 years to understand some, and another 2 years to have a real edge.
7. Only you yourself shall know if you really will make it or not. Nobody else can do it for you except giving some advice.

Peace.:cool:
 
Quote from mokwit:

By the time you can do it you won't want to do it anymore.
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My Goodness, this is so TRUE. Takes so many years to find out you are your own worst enemy. What you think you see on your screen is pure emotions of fear, fear of it going up/down/sideways, and if you try to trade without rules, you will develop fear. Then take more years to get rid of the fear, all along thinking you are trying to find the fastest entries, as you gain experience, you find after awhile, speed doesn't help you, only knowing what is the next rule, at least for me.
 
Trading attracts all sort of people to it but trading is just hard enough, to sort out the not so devoted guy or girl... it's just a pitty it comes sometimes with a lot of loss of money and time before you realize it is not something you want to do.
If I have to started it over, I would search for someone to teach me the ropes of trading. It will save you a lot of time and money.
But that is not only in trading true, that is every business/career true.
So if you feel strongly about it, ignore the + 19 posts about how hard trading is and just go for it. It's worth it.
 
This is a heart-to-heart advice. Listen up closely as I won't repeat again.

Beg Mr. Jack Hershey to mentor you personally for six months. Note that you have to beg many times and show your sincerity to be super-rich. If you succeed, you will for sure become a millionaire by then plus equipped with knowledge and skills to extract almost every drop from the market's offer for the rest of your life for whenever and how long you like to trade. You could set a low target for the first year like a million dollars a month. By the end of first year, you will trade with no fear, anxiety or anger because you always know what will happen in the market as it will be flawless, noiseless and free of anomalies to you.

Do not be naive and think that you can do it by reading his posts in ET. Heart to heart again, I swear that you won't be able to figure out the subtleties inside his writing except for a few people including ...ahem. Ask around here and you will know.

God bless you become a millionaire in about six-month time. Sux all the poor guys. Good luck.
 
Quote from shopster:

please do , i missed it the first time around.
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Too bad. I have removed the contact information and suggestions to get Jack hooked. You have no luck to be a millionaire. Flipping burger is a good vocation.

:p :p :p

p
 
Quote from Roark:

There are are two posters at this site that you should heed closely.

(1) Jack Hershey and

(2) bwolinsky

Look up all their posts and study what they have to say about trading. That will put you way ahead.
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cruel...just plain cruel :D
 
Quote from the1:


Then there's the FACT that the market is random (not 100%) and the only strategy that really works is one that analyzes randomness ....
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Let's see....my last losing day was April 25th of this year (so I know what I'm talking about) and I do not analyze randomness...I agree the market is random 90%+ of the time but there are properties that are non-random and can be exploited...also called an edge...

so you see all you really need is an edge (which is usually a composite of several tendencies) to compete with the big boys..

edit: a deep understanding of statistics and probabilities is a must
 
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