What the world's greatest trader says about daytrading

Quote from traderNik:

. You don't have to have a lot of money to live like a man.
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Anybody can live like a man, theres 5 billion men out there.
You think its special living like a man?


Lets run this in a MAN's logic format
---------------


Worth = How rare you are

Being a man is not rare , also not of much worth.
having a lot of money = rare = is of much worth.


Pretty simple :)

You can also be "worth" something if you are the only person with 10 arms, or 7'9 playing nba, or anything that is rare. Easy way to measure worth, most of us don't have 10 arms, so we go for things we can be rare from. Professional Sports/ Trading/Moneyetc.
 
Paul Tudor Jones might be right about the 5% winner daytraders, but I doubt he can actually come with a real proof about his statement and I also doubt the statement was objective enough...

Of course, being a longer term trader has it's advantages, but being a good daytrader beats that anytime....
 
This is great news actually!

Cause I would never look at any profession where say 50% of ppl in the world can succeed as something that is worth spending time on... Cause financial results in any profession strongly correlate with the fact that if your professional qualities are RARE you can expect making good money.

If someone wants a profession so easy that 90% CAN do it, there are such professions: cleaning streets for example. But returns will be appropriate too. :)

So even 5% of those who really success is pretty much for serious profession IMO.
 
Quote from coolweb:

Sorry, but that is usually only toutable by a rich person.


For a man
money = worth.


If you can't make money/food/sustenance/hunt, then you aren't worth much to anybody (espically a women) . PTJ can say that its not worth much cause he has it "covered" only when you have it covered, can you just pass on it onto other more higher "worthy" goals in life, such as charity etc..
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I agree. It's the same thing you hear top tennis players say: "I don't play for the money!"

Well, of course you don't play for the money when you got a shitload of it...
 
Quote from coolweb:

Anybody can live like a man, theres 5 billion men out there.
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100% wrong. The examples of guys who live like cowards are too many to mention here. Ever smashed your wife in the face, coolio? Ever molested a little kid? Ever stole money from an old couple on a mail fraud scam? Ever lie to save face? Ever gain 300 pounds and then bail out into a stomach stapling?
Quote from coolweb:
Worth = How rare you are

Being a man is not rare , also not of much worth.
having a lot of money = rare = is of much worth.
More...
Wow... it's been a couple of years since I read anything of yours, coolio, and I see you are still capable of being completely and utterly wrong and apparently not realizing it

: )

I won't bother telling you what the real measures of a man's worth are... it would be lost on you.

Anyhow, I don't engage your type very much anymore - in fact I lost of track of you before I discovered the immense value of the Ignore button here. So...good luck, and I hope money turns out to be everything you believe it is. By the way... do you smoke?

On Ignore.
 
Folks

It doesn't matter if you are a ticker hound jumping in and out of trades every 2 seconds or you are a macro trader taking up positions once every 2 years.

Ask yourself - do I know what Im doing? Am I making enough money to pay for my living expenses at the very least?

If yes then who makes the decision to to scalp or position trade?

You certainly dont need PTJ or LJB or LL Cool J to tell you what to do and how to do it?
 
Quote from Fangdog:
95% losers in trading is no different than any other business people enter they know nothing about. The problem with traders, they don't treat trading as a business. The try and convince themselves they do , but in reality they don't
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I agree. If you read statistics on entrepreneurs starting their own business you will see 90% fail after five years. Not much different from trading I guess. Most are

a) undercapitalized
b) not focusing enough on capital preservation as the prime objective
c) not following a strict business (trading) plan

Just like most people starting and failing a brick and mortar business really.
 
Why is it that "investors" (especially value investors) remain on offense as to the negative aspects of daytrading?

I asked a die hard Buffet fan this very question and the response was typical: "you can't grow wealth with daytrading", or better yet; "show me a Forbes 400 who is a daytrader".

Well, Buffett has made billions, but he DOES NOT SPEND. We could all be billionaires if you do nothing but invest in value and let it sit for 40 years.

Sorry, but I enjoy life and will leave plenty behind, but what point is living a semi-meager exhistence while hoarding money? And don't throw out the "charity" point, that is up to the individual.

I enjoy the business aspect of trading and the 2nd edge is money management. Without it, the 1st edge is a waste of time.

Statements like "95% fail" just add fuel to my fire.

:)
 
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