Is day trading worth it?

[Visaria]

Yesterday's event shows that day trading is just as risky as taking positions overnight, more so, since day traders tend to leverage up more than position traders.

 

[Turveyd]

Wow, just read something interesting on Bigmike's, related to earlier discussion in this thread.
There was discussion of some guy Pro Trader Ed in here................... he had a site selling education where he showed track record of futures daytrading (scalping small 5-10 tick gains) in ES S&P, Euro, Oil and making 10k-20k a month trading only 2-4 lots.............. and all within an hour of trading each day. after that he quit for the day because he had all the money he needed.

here are some comments made here













Well guess what????????

Many current and former member of his club came out and outed him on Bigmike vendor review section. The amazing track record? Faked. The live calls? False advertising, he never actually did any.

Truly fascinating exposition of the cult-like aspect to daytrading guru following. Some guys said things weren't adding up for them but despite that fact..... they could not believe someone would fabricate all this. Guru would blame them if they didnt trade well. So they figure they only need to work more and harder. The crowd psychology was too strong.............. since no one else was complaining they didnt dare to complain either.

Only after one person stepped up to share his story, and then another, did more come out of hiding to back up and add more evidence. Now the guru has taken down his track record and claims of live trading.

it is all amazing and fascinating in a macabre way.....

It happens here aswell, i have my suspicions.

1 on FF was obviously a fake guru, method was just stupid no way it would work, angry at followers when ut didnt work for them, he got done for fraud, idiots had in total given him 3mil to trade with, which he blew ofcourse.

 

[Pigsky]

Yes i heard about the FF guy who raised money from forum users and went bust. Not the first time someone raised money in such a way, i remember seeing CFTC documents of a similar situation happening in a different forum.

It happens here and at Bigmike's too. There is always a population of "stealth vendors" on every trading site. Some go public once they build enough following...... as has happened many times on Bigmike's. Others stay in stealth mode, masquerading as good samaritans and occasionally striking up deals (mentoring, consulting, opm, trade systems) via PM.

pretty crazy stuff....

 

[i960]

An edge is when you truly understand the market. A curve fitting is not an edge. So most people don't have an edge, they are merely gambling on the potential extension of past patterns. But the motive force in the market never looks backwards, it only seeks profits that lay ahead.

There's buyers and there's sellers. They have to do something. Each move they make helps identify their intent.

The markets don't look like this, right? Not saying that one should trade exclusively patterns, but to ignore them and the trail of buy/sell pressure would be throwing out a significant signal.

 

[NoBias]

There's buyers and there's sellers. They have to do something. Each move they make helps identify their intent.

The markets don't look like this, right? Not saying that one should trade exclusively patterns, but to ignore them and the trail of buy/sell pressure would be throwing out a significant signal.

I believe you confused a chart with a Forex Brokers [FXCM] electrocardiogram

 

[ExperiencedJoe]

There's buyers and there's sellers. They have to do something. Each move they make helps identify their intent.

Demonstrate. State where buyer or seller is and what their intent is. I will check the validity of your claim.

 

[Turveyd]

Demonstrate. State where buyer and seller is and what their intent is.

There intent is to make a profit, there reason for thinking they will profit is the real question.


And buyers and sellers dont move the market, its the imbalance of buyers and sellers, more buyers than sellers price goes up, till attracts more sellers, then price stalls then moves 1 way or the other depending on the future imbalance.

Banks buy and sell to make the markets move, then they profit from the movement.


It really is that simple, there is no magic, there not out to get us, retail are just stupid and make a simple system complicated based on beliefs.



Still here then EJ, amazing

 

[ExperiencedJoe]

There intent is to make a profit, there reason for thinking they will profit is the real question.


And buyers and sellers dont move the market, its the imbalance of buyers and sellers, more buyers than sellers price goes up, till attracts more sellers, then price stalls then moves 1 way or the other depending on the future imbalance.

Banks buy and sell to make the markets move, then they profit from the movement.


It really is that simple, there is no magic, there not out to get us, retail are just stupid and make a simple system complicated based on beliefs.



Still here then EJ, amazing

If retail is stupid then how did some of them make 10x their money then ?

 

[Turveyd]

If retail is stupid then how did some of them make 10x their money then ?

You really, should stop this trolling, you can do better.

99% are stupid 1% are smart, money flows from stupid to smart, we need the stupid to profit.

Ofcourse in this context, what defines stupid or smart is your PnL, not you degrees or your IQ, you dont have to have a high IQ to be profitable.

I have a very stupid mate, who makes loads investing, stupid is his super power.

 

[lucysparabola]

Demonstrate. State where buyer or seller is and what their intent is. I will check the validity of your claim.