If you are a day trader with a persistent edge, are you a millionaire yet?

Tradex said:
What??

Who told you that?
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Just going on the figures quoted by brokers that something like 80% of retail traders lose money. The figures seem to vary a bit, but it would not be that surprising as trading is not even as good as a zero sum game due to trading costs. Do you have reason to believe something else?
 
wmwmw said:
That was what you assumed.
It was your assumption written in your first post.
Winning daytraders have edges, but not as big as your assumption. That is why they have not become millionaire.
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Ok, I think we agree then. What size edge do you have?
 
longandshort said:
What is your edge and what explains why it persists?
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Some observations:
  • History repeats itself all the time. I get signals several times a day that just repeat what happened in the past. Leads to high win rates and positive expectancy.
  • I purely use math and the constant feed of quotes coming in. Nothing else.
  • I have visualized the math results as they are much easier to read that way.
The basic system was created in the 90's and still works. I only fine tuned it ( this is NOT "optimized" based on past results!) during the years to improve the overall return.I fine tune the logic I use.
Logical thinking and a self adapting system are key.
 
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longandshort said:
The reality is that he does not have an edge. Unless he’s an HFT sniffing orders or just trading momentum, I can almost guarantee that his cumulative pnl is negative and that his win loss ratio is low. And even if he was profitable, the likelihood of him beating a beta version of the strategy is slim (underperform vs benchmark). This is the sad truth about day trading using charts and limited data. You are not sufficiently informed to make a decision.
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You ask my edge which clearly shows that you have no idea what I am doing. Yet you draw already your conclusions. The ultimate proof that you don't know what you are talking about.You are biased and by definition everybody is like you think he is.
I will repeat what you posted earlier:"You are not sufficiently informed to make a decision."
There are a lot of people on ET that are far smarter than me. But they fail in consistent profitability. To be successful in trading being smart is not the most important factor.
 
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longandshort said:
So what’s your edge and why aren’t you a millionaire from your day trades then?
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Some possible answers:
  • There are small edges and there are big edges.
  • There are people who live to work, and there are people who work to live.
  • There are edges that are limited in size and there are unlimited edges.
  • Priorities in life van change. When you have no money, money has a high priority. When you have some millions, enjoying life instead of trading every day can have a higher priority.
You sound like someone who just started trading and is dreaming of making millions. When I started money was the highest priority. When I was in a financially more comfortable situation I preffered to travel and take time off instead of trading all day 260 days a year. I also limited the size and did diversify my investments (in lower returning things).
The day you will make a lot of money you will not ask anymore why you are not a billionaire. You will understand why.

https://bestlifeonline.com/priorities-after-40/
 
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