What if I tell you day trading is a losers game - James Altucher

Quote from trader198:

on the contrary.

you should always aim for turning 2500 into 1m the first year

otherwise you find yourself you are not taking trades, you are managing to avoid risk, i.e., the reward.you may backtest, you may study too manybooks/materials/tutorials, in a sense,sit before the computer watch tick to tick change, you are wasting time on those all printed histories/experiences.

if you want to become a swimmer, you must jump into the water to learn swimming, any moment, the water current/temperatuer is unique, you must do it from the moment you want to be a swimmer to feel the temperature/currents, and your body will automatically adjust to them!


trading is the same. people often list some pre-requirements, that is not the right way to do things! they think they need good enough capital, they need good trading skills, they need ...

those are just exuses for failure just before trading is started!

REACH SUCCESS does not have pre-requirements! or pre-conditions!

losers lose just before they start, they have too many pre-conditions (under the skin are execuses)!
More...


I just want to get away from the get rich quick mentality. Which makes it more difficult to just sit there and grind. While I dont disagree that one should be thinking like that, especially with 20:1 leverage.
 
Leverage actually is a myth when trading futures. True, the initial margin needed to trade a certain amount of cars is far less that the notional amount of the cars BUT.........A BIG BUT......... once filled the notional value and leverage used is not on the front burner of your mind, actually it is totally forgotten as soon as you decided to trade a margined product.

Your immediate worry is the target/stop placements. Once filled, the fun begins, how you handle yourself counts a bunch. It is the in-between entry/exit where you have skills or not.

The traders that get to that area of expertise are the ones that are self-automated between the ears (discretion) rather than the dreamers that imagine trading on the beach being fully automated and making a lot.

I know, I know, many know a bunch of millionaire traders who have done it...........could that also be another myth? :eek:
 
I think the key thing in my post is not whether or not one should daytrade, or its possible, or what the best technique is, etc.

If someone is smart enough to daytrade well then that same person can definitely do 100x better starting a business. I would argue making millions starting a business (and with less word) is a better route than daytrading.

Could I be wrong? Of course. it's just my experience both from daytrading, running businesses, and funding and looking at 100s of traders.
 
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