Why 99,9% fail
- Thread starter college_trad3r
- Start date
Do not get married. Financial suicide!
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I think its smart to quit a job you dont like. You dont want to waste anyone's time...especially yours. Now if you have lots of bills and kids then thats another story. Then you will have to make the best of it in the job you dont like.
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I think its smart to quit a job you dont like. You dont want to waste anyone's time...especially yours. Now if you have lots of bills and kids then thats another story. Then you will have to make the best of it in the job you dont like.
I didn't want to start a new thread so I found this one.
My question is this:
WHATS all the HYPE about Day trading?
I tried it, didnt work well, but i'm not bashing it, but rather trying to understand why it has more shine than other forms of trading.
Here's what I think:
1. It's talked about in the media far far more than swing or position trading (investing?), and because of this, its more popular.
2. Most of the "guru's/ mentors" teach a day trading style
3. Most prop firms shun swing trading, obviously because it doesn't generate the commissions that day trading/ scalping does.
4. people are greedy, especially here in the US
5. Daytrading attacts the young, immature crowd. A lot of it seen here on ET
6. We live in a society of instant gratification, so god forbid should a trader hold a stock for a week. Waiting simply isn't an option.
7. The excitement, and thrill isn't there nearly as much as it is when looking at a 5min chart compared to a daily.
8. Shows on tv like "FAST MONEY" dont really help
9. Books (mostly Day Trading btw) are written by failed day traders with lies, and bullshit.
10. Most of these above factors are reasons in my opinion why most daytraders, fail. The very thing that brings them in, is there own demise.
My question is this:
WHATS all the HYPE about Day trading?
I tried it, didnt work well, but i'm not bashing it, but rather trying to understand why it has more shine than other forms of trading.
Here's what I think:
1. It's talked about in the media far far more than swing or position trading (investing?), and because of this, its more popular.
2. Most of the "guru's/ mentors" teach a day trading style
3. Most prop firms shun swing trading, obviously because it doesn't generate the commissions that day trading/ scalping does.
4. people are greedy, especially here in the US
5. Daytrading attacts the young, immature crowd. A lot of it seen here on ET
6. We live in a society of instant gratification, so god forbid should a trader hold a stock for a week. Waiting simply isn't an option.
7. The excitement, and thrill isn't there nearly as much as it is when looking at a 5min chart compared to a daily.
8. Shows on tv like "FAST MONEY" dont really help
9. Books (mostly Day Trading btw) are written by failed day traders with lies, and bullshit.
10. Most of these above factors are reasons in my opinion why most daytraders, fail. The very thing that brings them in, is there own demise.
So what books do you recommend?
I've been struggling and it's hard to know what to do. The thing that works best for me is reversals at support, resistance and trendlines. All of the progress that I've made has come from honing my mental filters about which trades to take.
Oh wait, here I am looking to message boards for advice...
Quote from nolimits:
hey all of you fail I am in the top .01 % yo because I have SYSTEM yo and you all don't you just have money but no clue yeah
/sarcasm
And you got your BA majoring in English in the ghetto...
Quote from Cheese:
Amusingly put.
The triumph of fantasy over actuality comes easily to the foolhardy.
The short answer is in three words: preparation, preparation and preparation.
Don't forget phase 2...
preparation h, preparation h, preparation h.
Sophomoric, but couldn't resist.
That is so absolutely wrong. Some of us are right brain thinkers and have no use for stats and math.
I agree... I used to know a trader who traded using moving averages, a sh*tload of screaming, and 'intuition'. In the good months he was pulling in 5 figure months! (via scalping)
In my opinion to succeed you really just need to manage your money properly with a dash of tipping the odds in your favor. If a trade is making your account shrink, get out. If a trade is making your account grow, stay in.
Am I wrong or am I wrong?