Of course you'd say so. My advice flies in the face of every the trading books teach, as well as the numerous experts on this forum. Cutting your wins short and letting your losses run? It's exactly the inverse of what we're supposed to do. Yet, plenty of traders play by the book, dutifully cutting their losses--in effect giving their money away--and end up losing their stakes. What is so outlandish about greedily hanging on to your money? That policy irks traders, because we traders only make money when someone else loses. If no one takes a loss, where does the money come from? Not my problem. I'm going to hang on if it means years of waiting. First profitable close and I'm out, and not before. You can't trade with leverage doing that, but leverage is for chumps.
I Know Absolutely Nothing About Day Trading...Where Should I Start?
- Thread starter clclark007
- Start date
Of course you'd say so. My advice flies in the face of every the trading books teach, as well as the numerous experts on this forum. Cutting your wins short and letting your losses run? It's exactly the inverse of what we're supposed to do. Yet, plenty of traders play by the book, dutifully cutting their losses--in effect giving their money away--and end up losing their stakes. What is so outlandish about greedily hanging on to your money? That policy irks traders, because we traders only make money when someone else loses. If no one takes a loss, where does the money come from? Not my problem. I'm going to hang on if it means years of waiting. First profitable close and I'm out, and not before. You can't trade with leverage doing that, but leverage is for chumps.
I have never seen Jack Hershey post a chart, a trade, a live call, a prognostication, etc.
He posts drivel after drivel.
If he is so great and has a huge ego, he should have something to show for it.
Btw, he doesn't talk like a trader. Not even an investor.
He talks like a crazy cult leader.
How did you come across day trading?
Day trading is looked upon with strong disdain.
You get more respect and approval if you tell people that you are a day gambler and you day gamble. They think of you as a poker or blackjack player. If you make a lot of money, they worship you. If you lose a lot of money, they pity you as they see you as a degenerate gambler.
Now with day trading, you are seen as a loser whether you make lot of money or lose a lot of money.
Besides, if you tell people that you are a day gambler, their reaction = what the fuck is that and not oh, another loser.
An aura of mystery hangs over a day gambler as people have no clue what you do.
I understand where you are coming from. I was making fun on OP to open up a naive thread.
Generally, I don't advise people to read writing by Jack Hershey. But your accusation is completely off the mark. You need to do your due diligence with correct information.
I must be fair to him as I have benefitted greatly from his writing.
You are not being fair to the audience of Jack Hershey's posts when you say what you have just said. Basically, you are implying that we don't get it.
So to be fair, you should give an iota or even a hint, right or wrong, that you could practice what Jack preaches. Basically, prove us naysayers wrong.
Day trading is a form of addiction for 99.99% of those who are involved. They justify their addiction as a form of occupation. Only 0.01% knows what they are doing and make money. Your chances of getting addicted to a losing activity are very high. Your chances of making money are very low. If you were rich and wanted to do something with the money I would say to you go for it. But you sound like you are not...
what people? why would they even care about what i do? my neighbors never ask me about what i do for a living. all they can see is that i do nothing all day long. chilling on the back yard.. or doing something on a computer next to open window. car always stays on parking.
once i've been asked about that and my response was-programmer,working from home.(which is partially true,cause all my stuff i created\coded myself).
why would i even care what they might think of me? i don't give a flying f**k about that.
One thing I have realized is that when you tell people that you are a trader, $$$$ pops up in their head and people start asking a bazillion questions on how they could also make some $$$$ (/rude). I just keep my mouth shut and not talk much. Just BS left and right.
That said, just suppose that you are in a different environment. Say at a social event where people schmooze. Your profession might be a conversational topic. You will look wierd and/or rude if you don't talk. In your case, you could say that you are a programmer. Works fine.
Incidentally, when you meet a person for the first time, he/she usually wants to know what you do for work. Not sure why this is the case. Got any answers?