What the world's greatest trader says about daytrading

Towards the bottom of the interview in case you don't want to read the whole thing:

"Q: Day Traders

Paul Tudor Jones: 95% losers. "
 
This is what I've been saying for a long time!

Back in my day a "trader" was someone who bought a stock in Jan and sold on Feb etc. Nowadays, it is someone who buys at 9:31:15 and sells at 9:32:02

No matter how sophisticated your software programs and black boxes are, they can't account for the high portion of human stupidity that is associated with day trading.

Day Trading= Gambling
 
so what part of 95% you people don't understand

YES 5% know what they are doing

You think I am lucky for 13 years

BullShig :p
 
Quote from dave74:

"95% losers."

-Paul Tudor Jones


http://chinese-school.netfirms.com/Paul-Tudor-Jones-interview.html
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You guys who quote the negative stats are likely either failed traders or lack the drive to succeed.

Anyone who is intelligent, driven and works hard can succeed in most any profession --- including trading.

Or maybe I (and others) just wanted it (success) a little more than those of you who think day trading is an ATM machine. 12 years (for me) and counting as a trader.

Go dwell on the negatives ... most of those people never had the desire to put in the hours of hard work day in and day out.
 
Quote from DHOHHI:

You guys who quote the negative stats are likely either failed traders or lack the drive to succeed.

Anyone who is intelligent, driven and works hard can succeed in most any profession --- including trading.

Or maybe I (and others) just wanted it (success) a little more than those of you who think day trading is an ATM machine. 12 years (for me) and counting as a trader.

Go dwell on the negatives ... most of those people never had the desire to put in the hours of hard work day in and day out.
More...

Well said DHOHHI. I have been lucky for 8 years and hope my luck continues:)
 
Who cares what statistic anyone quotes, not like they went around and polled everyone and got a real sample.

Statistics are just lies supported by numbers. In fact 75% of most statistical surveys are wrong.
 
Quote from dave74:

"95% losers."

-Paul Tudor Jones


http://chinese-school.netfirms.com/Paul-Tudor-Jones-interview.html
More...

Let's say he's just trying to say that the vast majority lose. This isn't too hard to believe. From observing the comments/questions/bragging/mistakes I have seen on here over 5 years, it is clear to me that at least 6 out of 10 will blow out within 6 months, because they have no clue whatsover what they're doing - no plan, no method, no discipline, no starting stake.

Of the 4 remaining, 2 or 3 will lack either the capitalization or the will power to stick with it over a number of years until they are profitable. At least 1 or 2 of these 4 will be the type who thought trading was a quick path to riches. They may get to breakeven but will experience a huge drawdown and quit.

There's another thread in here where a guy is asking how long to profitability. Some actual daytraders have responded in there and their average seem to be about 1-2 years just to start breaking even. I've been position trading off of weekly/daily charts for quite a while, but I'm now sticking my foot in the ES intraday, and I'm keeping these figures in mind (and by the way, I think that of 100 guys who start trading the ES with less than 2K, maybe 1 guy will still be standing a year later).

So it is easy for me to believe that 80% are doomed to failure before they their first trade on. Of the 2 guys left, is it so unreasonable to expect that 1 of them will still be in the markets and making consistent profits three years later?

So call it 90%.

Damn lies and statistics....

---------------------------------------------------------------

EDIT - It is 100% true that those who say it can't be done are the guys who tried and failed.
 
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