Is day trading worth it?

[Daring]

If you don't see any trolls, just pull up in front of a mirror.

Who the hell cares whether they're "killing it" (whatever that means) or not? This is not an arena. At the moment, they're pulling themselves out of years of "non-success" and learning how not to lose. Nearly all the people who post here would consider it quite an achievement if they could just stop losing. Some have turned the corner. Some are only beginning to do so. But that's the whole point of the journaling process, not to provide "calls" for those who are too lazy or too cognitively-challenged to formulate a consistently-profitable trading plan.

Perhaps when one of them begins to "kill it", he will tell you what to do so that you might begin "killing it" yourself, though I can't imagine why he'd want to.

Funny how you had to take a jab at my performance, something you know nothing about.

However many of your methods are public, opening a door for criticism and public opinion.

With that said, I'm only calling for one stellar student to come forward, apparently an impossible task.

 

[niko]

Here is the context. I am a beginner. Until last April, I had never even drawn a trendline before. Since then I have been sim trading so that I can establish a method before going live. A large part of my effort is based on interpreting what DB has freely shared on this site.

So this bet will in some way measure whether a beginner can become profitable by employing the fundamentals of Price Action.

I told you I am currently BE. Regarding stats- You are the counter-party to this bet, so I am not going to break down my MAE/MFE for you. This is not an academic dissertation. It's a bet.

Hehe, nice touch about the bet, and thanks for your faith my friend. But given that I have LF in my ignore list I couldn't care less if he is interested or not in taking the opposite side of the trade you just offered and even if he did I wouldn't know .

Now, my post was intended for the bystanders who are still waiting to do something about their goal to become profitable traders, but still don't take the plunge into the hard work part. Not to those who for some bizarre reason choose to criticize a man who has been freely, I think I have to be emphatic " F R E E L Y" shared his knowledge for years with anyone who is willing to do the homework.

 

[green.green]

You're really green, nothing personal.

See? That's what the gurus forget to tell you.

They only tell you about their profits. They don't tell you about their losses.

Clearly I'm aware I'm green I wasn't trying to be cheeky - I just wonder if making a ton of money and giving it all back hasn't clouded your judgement?

I am reluctant to throw around the word "guru" around like everyone else in the western world does. (Your yoga teacher isn't a guru). The word guru means "one who dispells darkness" and should be reserved for enlightened individuals IMO.

I don't know if you've read "Speculation as a Fine Art and Thoughts on Life" by Dickson Watts but its mostly a book of quotes by the master trader. One of my favorites is "vehemence is a sign of weakness; quietness is a sign of strength."

 

[dbphoenix]

Funny how you had to take a jab at my performance, something you know nothing about.

Well, you've been taking jabs at others for quite a while now. Fair's fair.

However many of your methods are public, opening a door for criticism and public opinion.

So criticize the method.

 

[stock777]

u no yer a wizard when u know stuff no 1 else ever talks about.

 

[game]

Okay. What do you propose the bet should be?

Let's hear it.

You probably think you're smarter than me and you may very well be, but I have over 5 years of exposure to the markets, periodically 24/7, so I'm not new to this game.

You're BE simulator trading, I was at a point + 1000% swing trading stocks with real money. And I made a good size of profits day trading ES as well. Real money.

I'm not naive any longer, but there's a good chance you are. No offense.

No you are not new to this game. I am. Since there is a good chance I am naive as well, you will not mind giving me 5 to 1 odds. In fact, considering how 'difficult' day trading is and that 90% + fail, this is a fantastic bet for you.

Once again, this is not about who is smarter than who. It's just an experiment on many levels.

Possible Bet:

I have until July 1st to begin live trading.
From July 1 to Dec 31st, I will return 50% + annualized.

If I return 50% + annualized, I win.
If I return between 30% and 50% annualized, it's a draw.
If I return below 30% annualized, you win.

 

[stock777]

You're really green, nothing personal.

See? That's what the gurus forget to tell you.

They only tell you about their profits. They don't tell you about their losses.

whats losses?

 

[green.green]

Not to those who for some bizarre reason choose to criticize a man who has been freely, I think I have to be emphatic " F R E E L Y" shared his knowledge for years with anyone who is willing to do the homework.

I should really stop posting in this thread because I have my own trading homework to do but Niko makes a sound point. Can someone explain to me what would drive a person to give away trading knowledge for years without ever trying to make a buck from the legion of traders who would have gladly paid him? If the only answer one can come up with is "ego" then why is DBP constantly giving credit to Wyckoff? Why does he remain anonymous? Why isn't he making outlandish claims about how much money he has made?

The only other explanation I can come up with is either that DBP is completely insane or he is a sociopath who has for years toiled with one goal in mind - of ruining the low hanging fruit he claims to be looking out for. This is where Occam's razor comes in handy.

 

[Daring]

Well, you've been taking jabs at others for quite a while now. Fair's fair.



So criticize the method.

You can't criticize something you know nothing about.

However yours is public and based on the results of your students, marginally profitable, which is not good enough.

The edge in your technique is minuscule.

 

[Laissez Faire]

Clearly I'm aware I'm green I wasn't trying to be cheeky - I just wonder if making a ton of money and giving it all back hasn't clouded your judgement?

I am reluctant to throw around the word "guru" around like everyone else in the western world does. (Your yoga teacher isn't a guru). The word guru means "one who dispells darkness" and should be reserved for enlightened individuals IMO.

I don't know if you've read "Speculation as a Fine Art and Thoughts on Life" by Dickson Watts but its mostly a book of quotes by the master trader. One of my favorites is "vehemence is a sign of weakness; quietness is a sign of strength."

As a swing trader, I took roughy $5000 to $35 000 in a year before I had read a single book on trading. I withdrew most of it.You can read it here:

http://www.elitetrader.com/vb/showthread.php?t=278064&highlight=fortune&page=5

As a day trader, I started out losing on my first shot at trading. At this point, I had read over 100 books, done a lot of testing, but not enough simulator trading. I was also using too much leverage.

Stopped what I was doing, did a massive amount of backtesting and simulator trading. Re-wrote my trading plan.

Came back and made a killing as a one lot trader for a good period. Sized up and took huge losses in a short period of time.

My story is longer than that, but the point is, there's a difference between being profitable in a short time period, having some winning trades and being consistently profitable year after year. It's much harder than what the gurus are telling you.

While some people may perceive me as being negative in this thread, I would rather call it being realistic and I'm actually sincere in my postings, since I don't want people to get their hopes and dreams too high and I hate people who's bullshitting others.

All I'm asking is a little transparency and honesty.