Is day trading worth it?

[dbphoenix]

These threads are hilarious.

I'm not saying DB or Doji are or aren't profitable but what I don't understand is why either one feels the need to defend themselves? If you're profitable, who cares? It's bloody stupid to argue with people on here. You can't win.

For the record, I think both are probably profitable. How profitable? I don't know.

Actually I'm not defending myself, and I don't think ND is doing so either. My point is and always has been that those who blame their failures on what's posted to a message board, or some ill-conceived choice of "mentor", are better off developing a thoroughly-tested and consistently-profitable trading plan than looking outside themselves. But they never do. In the nearly twenty years I've been online, I've never encountered a failure who had one.

If those who are "unsuccessful" don't want to develop such a plan, that's their choice. But they should also be willing to assume the responsibility for their lack of success. That they rarely do is not my problem.

 

[Pigsky]

I did test out day trading ideas, probably one of the few who did that too.... including Nodoji and Anek ideas. What I found was.... marginally profitable. I didn't see how I could make a consistent living for years to come via day trading, so I did not pursue any further.

I think day trading is a grind it out battle that never ceases. I tried it and it was causing a lot of stress and negativity in my life. So I stopped. I still trade but only longer term and am in school now and have no plans to trade for a living.

Now I find it funny reading all this stuff. I do agree that DB showing proof of anything will not impact my own trading. I don't ask him to provide anything and don't really care if he is profitable or not. Doesn't effect my life. I just found it funny with the questions being put to him lately....... that the same things were being asked of him nearly 15 years ago when he taught CANSLIM instead of day trading.

As I said before, I think people ask for proof just as a type of water cooler convo not as a personal attack. If some guy says he can do "XYZ" really well, then some will want to see him in action. For example. If I go around school always telling guys how to deal with women, how they did "XYZ" wrong, and how to get more dates.............. then for sure those guys will say "Ok, man, let's see you show us how it's done". And if I refuse to demonstrate, then they'll call bullshit on me. That's all this is. I bet if I told guys at school I made lots of money day trading, some would want to watch me trade. And if I refuse.... then guess what will happen LOL ....

So that's all these "proof" battles amount to. Same stuff as would happen in real life.

 

[Pigsky]

Is it the same with Baron here? He makes more money from this forum than actual trading?

Maybe so. To be clear, I am not bashing Big mike. Just shows how hard it is to day trade.

Also, I think some respect goes to guys like cornix and Austin. They had the balls to put themselves out in public when the outcome was unknown. I have to wonder... I doubt they would have done such unless they thought they would succeed. Once again shows how hard it is. It's one thing to talk about it, another to do it.

 

[NoDoji]

These threads are hilarious.

I'm not saying DB or Doji are or aren't profitable but what I don't understand is why either one feels the need to defend themselves?

I take breaks throughout the day and enjoy the repartee

 

[dbphoenix]

I take breaks throughout the day and enjoy the repartee

And you never know when somebody might say Okay, how do I go about putting together one of these trading plans?

In the meantime, I'm busy spreading compost in the garden, but I'll let the obvious analogies go by.

 

[NoDoji]

Once again shows how hard it is. It's one thing to talk about it, another to do it.

You're fairly new here, so you're probably not aware that I kept a journal here where I posted my daily trades including reasons for the trades and often annotated charts as well. My journal is accessible from the Hall of Fame list.

I also posted my daily P/L blotters for at least a couple years in the P/L threads, often with detailed reasons for the trades.

As a brand new day trader, I called all my trades live in ET's chat room and continued doing so for a while in the chat room Robert Weinstein started when ET's room went down.

I developed and honed my current trading plan with a small group of traders via Skype for nearly 7 months. So there were six ET members who watched me trade live all day for weeks/months at a time, and Cornix was one of them.

The Skype room while building my plan was the most beneficial thing I ever did because it forced me to clearly define everything in a way that made the setups as objective as possible.

The point is that past performance doesn't guarantee future results; no matter how good a trader or educator someone is, the student must come to understand the knowledge being imparted and to then find a way to work with a trader's mindset.

If I were asked to provide a single simple test to determine whether or not a person could become a consistently profitable trader, it wouldn't be whether they're young or old, single or married, mortgaged or renting, well-capitalized or under-capitalized, or whether they could complete a series of assignments on time.

It would be this:

1. Think of someone you believe has done you wrong and toward whom you have great anger and resentment.

2. Call or visit this person and forgive them.

There's a reason why Ammo has been telling you all this for years now. The guy has been demonstrating a trader's mindset day in and day out as long as I can remember. His (and anyone's) trading plan is worthless without the mindset necessary to trade it.

 

[Grandluxe]

It would be this:

1. Think of someone you believe has done you wrong and toward whom you have great anger and resentment.

2. Call or visit this person and forgive them.

Ok give me your number.

 

[smallStops]

The thing it is not for the victim to go on revenge sprees :
justice actually does always take place sooner or later.
So, yes indeed, victims only "role" is to go and report to legal entities,
and to wait and see, as far as their victimizers are concerned.
For themselves, it is best for the victim to get serious help to deal
with the potential effects of victimization ( anger, revenge, ...).
A trader full of anger and desire of revenge obviously is not getting it.

Now the victimizer usually is short sighted : they always believe
they will get away with it, but actually no victimizer gets away
with anything and it is called Karma in people's lifetimes
( between 7 to 10 years timespan from the time of victimization)

This simple video actually explains the process.

 

[smallStops]

It would be this:

1. Think of someone you believe has done you wrong and toward whom you have great anger and resentment.

2. Call or visit this person and forgive them.
.

This is a ridiculous advice, and actually potentially extremely damaging for the victim,
when sooner or later the effects of bad advice comes back many years later to visit the victim.
One example being Stockholm syndromes. But this is just one tiny example :
there is a reason, professionals exist, and a very good reason they are regulated.

 

[Grandluxe]

You're fairly new here, so you're probably not aware that I kept a journal here where I posted my daily trades including reasons for the trades and often annotated charts as well. My journal is accessible from the Hall of Fame list.

I also posted my daily P/L blotters for at least a couple years in the P/L threads, often with detailed reasons for the trades.

As a brand new day trader, I called all my trades live in ET's chat room and continued doing so for a while in the chat room Robert Weinstein started when ET's room went down.

I developed and honed my current trading plan with a small group of traders via Skype for nearly 7 months. So there were six ET members who watched me trade live all day for weeks/months at a time, and Cornix was one of them.

The Skype room while building my plan was the most beneficial thing I ever did because it forced me to clearly define everything in a way that made the setups as objective as possible.

The point is that past performance doesn't guarantee future results; no matter how good a trader or educator someone is, the student must come to understand the knowledge being imparted and to then find a way to work with a trader's mindset.

If I were asked to provide a single simple test to determine whether or not a person could become a consistently profitable trader, it wouldn't be whether they're young or old, single or married, mortgaged or renting, well-capitalized or under-capitalized, or whether they could complete a series of assignments on time.

It would be this:

1. Think of someone you believe has done you wrong and toward whom you have great anger and resentment.

2. Call or visit this person and forgive them.

Never mind. I just took your advice for real and called.

I rang (202) 456-1111, explained my situation and the one on the other end of the line said, "take a number."