Is day trading worth it?

drownpruf said:
My opinions and cynicism are rooted in long-experience. I left public-service to trade for two large sell-side firms before going out on my own 17 years ago. I've traded for three large HFs since 2000 ($150MM to billions in AUM). He's been calling people out with nothing to justify his opinion but a few months of trading.

I once had a CC with the risk-manager and my direct boss about risk-limits. The risk guy was hired from Soros/Quantum. They asked me when I started about my limits (self-imposed) considering the initial allocation. I told them "50,000 index gamma" on a $12MM account. The boss and risk guy thought it was reasonable, but that size would've taken down the firm. It was a joke; like asking someone if they believe in making blood acidic. I lost the gig after threatening the boss with a beating. Literally, "the only thing saving you is 800 miles of interstate" (Kenilworth IL to NYC).

Would I be a better trader if not a hot-head? Dunno, but I am doing pretty well by all accounts over the last couple of years.
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It is a shame that the things at ET got to a point where you had to justify your credentials to many people who have not.
As far as I am concerned you made sense : critical thinking is something your learn
when studying pure mathematics for many years.

yes there is something like a cult-mentality among some "followers".
The nice thing with trading is IF they continue trading, sooner or later they will realise they were taken for a ride : their time is the most precious thing. This one only realises after sorting out the profitable trading aspects. Without counting the flattery cult leaders use when necessary: down the line this will be the biggest source of anger against their "gurus" aka "cult-like" leader. Till they realise or understand : they are following happily, attacking any critical voice against their "cult-leader". However, sooner or later reality will come. Hopefully ET will still be there, so that we can enjoy the show! lol
For the records : yes I blew up one serious account - and the time this occured is documented under "spirituality" videos. There is no shame in recognising blow up, as long as one learns from it, recognise one's strengths and weaknesses, and put in place things to go forward.
Funnily enough, the friend who quadrupled his 6 figures account in few days never felt the ego need of shouting to others what he achieved. He also actually never hide his losses : lack of ego as far as trading was concerned.
So let's keep the critical thinkers voicing aspects they find "interesting".
 
volente_00 said:
At the end of the day all that really matters is what I can achieve and I could care less about what anyone else is making or losing
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We agree on that point; although I do care enough to want others trying thus adding the liquidity I need , lol
 
sellindexvol66 said:
We agree on that point; although I do care enough to want others trying thus adding the liquidity I need , lol
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Hate to break the news to you, but most of the ET wannabee's trade sim, if they trade at all. Not going to help your liquidity needs much. lol
 
<b>P.S. Just came across this post dtd Aug 30, 2013. He was explaining to someone why he was being banned. A word to the wise (which is a few of you here)...

ost

What I'm finding bothersome about you is that you are excessively argumentative, have zero concern for how you are derailing threads, repeat your opinion over and over.... and over.... and over, and you are extremely narcissistic. It's almost as if your only agenda is to bring attention to yourself. If a thread was dedicated to you solely, ok, I could see you cutting loose on everybody. But virtually all of the threads that you get in personal pissing matches in have absolutely nothing to do about you. This is the second day in a row that I'm faced with having to remove pages and pages of just pointless arguing and thread-derailing posts from you, just in this one thread. </B>







I am happy to have been provided the chance to address this post. Many thanks in advance---

The reason some of us appear harsh and repeat the same thing over and over has nothing to do with narcissism or attention getting. Those of us with more experience are simply responding to the blatant mistruths that are being rampantly stated again and again by the same people. Because they do it in a "nice" and "friendly" way-- the management ignores that the content of their message is misleading to noobs and others looking at this business. These folks are relentless with preaching their false message so the counter point truth of the market must be presented in an equally aggressive manner.

I have been there, I have been mislead by"nice and kind ?" charlatans making wild claims--- These claims must be challenged unless no one really cares about guiding the new folks on the right path and wants to see them suffer.

The basket ball analogy is so apt for this situation. Its so obvious to us, its difficult not to challenge it.

I challenge because I care and I think the same can be said for the rest of the experienced market participants on this thread.

Peace
HH
 
helmholtz said:
The reason some of us appear harsh and repeat the same thing over and over has nothing to do with narcissism or attention getting. Those of us with more experience are simply responding to the blatant mistruths that are being rampantly stated again and again by the same people. Because they do it in a "nice" and "friendly" way-- the management ignores that the content of their message is misleading to noobs and others looking at this business. These folks are relentless with preaching their false message so the counter point truth of the market must be presented in an equally aggressive manner.
HH
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I don't have a dog in this fight but I have read through this thread. I am a self-admitted noob to trading and from my perspective the way posters act causes me to minimize or maximize what they have to say. We all have spent time on the internet and there is a knee-jerk reaction when I see insult flinging. It isn't the reaction you are looking for.

I was also interested in Drownpruf's contributions to ET so I used the search feature and couldn't find any thread with a methodology. I'm assuming these were all made with a different username but not everyone knows how to link these names together.

Db also had a old student pop in here who claimed he was doing very well with the technique but no one seemed to address how that was possible? I did look up his old posts and nothing stuck out to make me think he has no credibility.

Carry on...
 
yertleturtle said:
I don't have a dog in this fight but I have read through this thread. I am a self-admitted noob to trading and from my perspective the way posters act causes me to minimize or maximize what they have to say. We all have spent time on the internet and there is a knee-jerk reaction when I see insult flinging. It isn't the reaction you are looking for.

I was also interested in Drownpruf's contributions to ET so I used the search feature and couldn't find any thread with a methodology. I'm assuming these were all made with a different username but not everyone knows how to link these names together.

Db also had a old student pop in here who claimed he was doing very well with the technique but no one seemed to address how that was possible? I did look up his old posts and nothing stuck out to make me think he has no credibility.

Carry on...
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I only know one guy who I view as a mentor in trading and he is 100% honest. I have met sevral people and everytime they were even 1% dishonest they turned out to be 100% dishonest.

Best filter to people is to find out if people are 100% consistent in their actions, even 1% of something that doesnt make sense is alarm bells.
 
NoDoji said:
I know you're a successful trader; if you weren't you'd likely have investigated at least once the price action trading tactics I've posted many times.

Occasionally, someone does investigate what I share and at least I get a kind word or two instead of a blind attack:
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The best guys on the business don´t look at charts.
 
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