No day trader on this planet can make yearly profits

nooby_mcnoob said:
Seriously???? This guy is not a trader.
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I know there are people who believe Ricky is a scam. Personally, I think he's a legit. In his live trading room, he trades in real time and everybody can see the identical chart and price in real time. In this way, manipulation is almost impossible. He's just a genius and wise young man.
 
nooby_mcnoob said:
I don't understand why "outrights" would be killed by fat tail events. OK let's say you trade options and you have a $50K position. The worst case is you lose $50K. And? If that kills you, then you sized incorrectly.

I can understand stops being triggered at really unfavorable levels but even then, I have not yet understood how an "outright" trader gets dinged hard once, and then keeps coming back until they are dinged repeatedly to death.

If you have a long enough track record, you should know what good looks like. When your recent track record stops looking good, then stop trading you dumb fucks
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LOL. Made me smile, because that last part? My inner dialogue has thought that watching some traders ... many times, in many different situations. LOL

Anyways ... remember ... guys that slung paper on the Floor? Generally? Usually you're talking about, not Specialists from New York, but Chicago. I don't know ... maybe it's just the crowd of guys I run with were all from Chicago from the old days. Although in the New York as well, you had pits (obviously, NYBOT, etc.). But I just think of Chicago due to my background. You're going to have to forgive me, I talk about the old days, I could go on and on.

Well ... to make money on the floor? You're leveraging up.

Doesn't matter if it was the old Potato Futures (yeup, there really was a thing ... ended badly too ... that Pit) ... or you were in Corn, or Beans. The point is, to make a lot of money as those guys did on the Floor? You had to leverage up. A lot of people don't know this, but back in the day? If you could trade on the Floor, you actually needed WAY LESS money ... if you were on the Floor. You leveraged up.

And basically, that's how you could get murdered by a Fat Tail. Leverage.

So it's no different than what the Swissy move did in '15 to folks. Even 1/4 of a move like that? With some amount of leverage?

Call it whatever you want ... losing a car ... losing a house ... you were done on the Floor because you were murdered on a single trade.
 
raVar said:
LOL. Made me smile, because that last part? My inner dialogue has thought that watching some traders ... many times, in many different situations. LOL

Anyways ... remember ... guys that slung paper on the Floor? Generally? Usually you're talking about, not Specialists from New York, but Chicago. I don't know ... maybe it's just the crowd of guys I run with were all from Chicago from the old days. Although in the New York as well, you had pits (obviously, NYBOT, etc.). But I just think of Chicago due to my background. You're going to have to forgive me, I talk about the old days, I could go on and on.

Well ... to make money on the floor? You're leveraging up.

Doesn't matter if it was the old Potato Futures (yeup, there really was a thing ... ended badly too ... that Pit) ... or you were in Corn, or Beans. The point is, to make a lot of money as those guys did on the Floor? You had to leverage up. A lot of people don't know this, but back in the day? If you could trade on the Floor, you actually needed WAY LESS money ... if you were on the Floor. You leveraged up.

And basically, that's how you could get murdered by a Fat Tail. Leverage.

So it's no different than what the Swissy move did in '15 to folks. Even 1/4 of a move like that? With some amount of leverage?

Call it whatever you want ... losing a car ... losing a house ... you were done on the Floor because you were murdered on a single trade.
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In fact, now I'm really dating myself ... there used to be a trade back in the day structured around that leverage.

Get murdered.

Or make a million.

They called it The "O'hare Express" Trade.

It still exists in various forms ... when ones leverage up their personal finances for a binary event.

Regardless, when he was alive ... that's why Charlie D mentioned turning to spreading.
 
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A good posting.... You understand why you should avoid stock indices:
https://www.elitetrader.com/et/thre...-7-million-in-record-spoofing-penalty.337633/

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SimpleMeLike said:
dozu888,

I day trade, and yes the noise and false support and resistance can be very challenging. Everyday, I have to decipher between what is noise and what is price doing.

Noise. Noise is everywhere and causes challenges in every industry, electrical, social media, politics. Noise is noise.

Question for you:
That being said, do you believe it's a trader primary responsibility to understand noise as well?
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I'd recommend -

- buy QQQ and hold forever... establish a baseline first... a baseline so good that 99.9% fund managers can not beat;

- on top of that, just observe at EoD, the news stories and the price action.

this is the low-hanging-fruit way to trade... no wasting time on noise.
 
dozu888 said:
I'd recommend -

- buy QQQ and hold forever... establish a baseline first... a baseline so good that 99.9% fund managers can not beat;

- on top of that, just observe at EoD, the news stories and the price action.

this is the low-hanging-fruit way to trade... no wasting time on noise.
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dozu888,

I been buying the S&P500 every two weeks in my 401k for 10 years, maxing out. For a good ole boy as myself, it does not get any easier than this.
 
heispark said:
I know there are people who believe Ricky is a scam. Personally, I think he's a legit. In his live trading room, he trades in real time and everybody can see the identical chart and price in real time. In this way, manipulation is almost impossible. He's just a genius and wise young man.
More...

I watched him trade TSLA, it was a disaster. He just kept DCAing until it moved favorably.
 
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