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

[jnbadger]

Quote from stevenpaul:

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.

Let a daytrade turn into an investment, and wait for it to come back? How'd that work out for folks in Bear Stearns? They may be waiting a while for that one to come back, and that was truly "Investment Grade" material.

This is not trading advice. OP, please don't listen to this shit. He is telling you how to make the occasional dollar, while putting you at the risk of bankruptcy because of one bad trade which you didn't have the discipline to get out of when you knew you were wrong.

 

[Lights]

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.

you have as much chance to be a millionaire daytrader as a starting point guard for the NY Knicks!

 

[Handle123]

I have learned much about myself and those who I have mentored through the years. One can't teach the way I trade, stopped trying to do that long ago, asking them the right questions, spending huge amounts of time with them, always listening to what they are saying, rereading their emails tells me what is going on in their lives helps me understand their personalities. I have found there are two types of students, those who work extremely hard at it and they succeed and those who is constantly slack off as time goes by. It is one thing to just teach a system, it is different to teach how to trade, couple of signals but a ton of nuances. Just cause there might be a signal, cause of Price action dictates no signal or to go to breakeven faster or use less than normal risk. Many many little things to remember and to do it quickly. Most get so nervous before and during a trade, it is like deer in headlites, they can't even think what is the next step.

Not all methods can be traded by all people. You have to look within to discover who one is, some are good at accumulating knowledge and others can only retain a few rules. You have to figure this out when one is learning.

A good mentor will certainly help you in learning curve, but none can promise success, and find one willing to take their fee out your future profits if you succeed, but never upfront. (and I am not taking any more).

 

[jnbadger]

Quote from Handle123:


find one willing to take their fee out your future profits if you succeed, but never upfront. (and I am not taking any more).

Kinda sounds like it would be based on the honor system, but I like the idea.

And I like the rest of your post. As I make the transition back to manual trading, I know it would be impossible to teach how comfortable I am when I take some of my trades. And it would also be impossible to teach how I have to sift through a few hundred scanner signals before I take one.

I am fascinated by the book "Market Mind Games". I am only about 15% of the way through it, but the premise is that there is a huge gap between where the mathematical analysis ends, and where elite performance begins. That gap consists of experience and judgement and intuition. I am far from closing that gap, but if I ever do, I don't think I could ever teach how I did it.

 

[Paddler]

Quote from SteveNYC:

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.

A big YES. Just telling you from my conscience. No offense.

Quote from SteveNYC:

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.

I confess that Jack is an asshole making his writing very difficult to comprehend. But, please, don't be a spoon-fed kid passively waiting for others to do the homework so that you can copy the correct answers. And we have here a long series of homework from the asshole. If you feel uncomfortable, look for something else you can handle with ease.

There are many ways to trade profitably. For example, Jack said edges and probability are non-sense in trading. I disagree.

HTH.

 

[logic_man]

Quote from Paddler:

A big YES. Just telling you from my conscience. No offense.




I confess that Jack is an asshole making his writing very difficult to comprehend. But, please, don't be a spoon-fed kid passively waiting for others to do the homework so that you can copy the correct answers. And we have here a long series of homework from the asshole. If you feel uncomfortable, look for something else you can handle with ease.

HTH.

So do you make 3X or 6X the ES daily range?

You know, it is possible to both understand and mock Hershey's trading ideas. It's not just the language he uses, it's what he says with that language that is so ludicrous.

 

[Paddler]

Quote from logic_man:

So do you make 3X or 6X the ES daily range?

You know, it is possible to both understand and mock Hershey's trading ideas. It's not just the language he uses, it's what he says with that language that is so ludicrous.

You feel offended by his writing? What for? Think of him as an asshole will help a bit.

 

[SteveNYC]

Quote from Paddler:

But, please, don't be a spoon-fed kid passively waiting for others to do the homework so that you can copy the correct answers. And we have here a long series of homework from the asshole. If you feel uncomfortable, look for something else you can handle with ease.

There are many ways to trade profitably. For example, Jack said edges and probability are non-sense in trading. I disagree.

HTH.

no offense taken. don't really care about what he says really. never thought he was an asshole. just a crazed loony.

don't like being spoon fed, literally and figuratively. old school. I work for my A's. no copying. can do homework until I get a mini-stroke. happened to me twice. freaking scary. don't work that hard anymore.

instead of copping out, show the power of Jack's trading wisdom. back up the ludicrous claims of Jack.

 

[Paddler]

Quote from SteveNYC:

instead of copping out, show the power of Jack's trading wisdom. back up the ludicrous claims of Jack.

You be your own judge. I have no interest to prove anything or help anyone.

If you are as good as you said, I suggest you read "The Taylor Trading Techniques" by George Douglass Taylor or "Mind Over Markets" by James Dalton. They are some smart ass out there can understand and profit from them.

 

[ammo]

learn to chart by hand using market profile, these are the hi'lows starting with the bar on left of chart,..on the bottom right there is a hand drawn chart that stops at letter h...a 18-19..b 18-20...c18-21...d20-23...e 22-29...f 26-29...g 25-29..h 25-27....i24-26..j25-27..k..31-26...