Why do people believe day trading will get them rich quick?
- Thread starter emg
- Start date
Would you please quit quoting him? I have him on ignore. It took me eight years to get to that, and I don't want to relapse.
Why do I think I know you?
I'm glad you introduced the spectrum of success and that you point out there are many successful and diverse ways to approach the markets.
There are a huge host of vendors who sell methods that satisfy the retail market.
The entire financial industry has huge pools of money, where over time for premiums, capital continues to change hands.
Greenspoon is used in Steinbarger's vendor info as a good example of his client's success.
Greenspoon makes an average of 10,000 net a day trading 400 contracts (ES) doing 60 turns a day. This marginal propensity does involve Steinbarger video taping him and his continuing "care" by Steinbarger.
The people you mention, from my reading of their contributions, are continually dealing with approach modifications that benefit their bottom lines. They express a connection between what they change and the evidence to them that they make needed changes to respond to market operation differences for assorted reasons.
I take, at face value, anything any of these people say in their posts or on their vending sites.
A good drag and drop system can be used to create an ATS of any of their trading approaches, including the discretion they note. This type of thing hase been done for ages. The ATS's make money. Some would call this reverse engineering of a given trading method.
There are many reporting systems that qualify and quantify the full spectrum of this CW oriented trading.
Professional and big money performance falls into this spectrum as well. The collective efforts of the financial multimefia industry fully record the range of practices and the amount of trading success that occurs.
I am cetain that you have noticed how one performance standard can be used to judge another performance result. Lets say this bilateral activity existed and has been done. It has.
Glance at the vocabulary used to state the assessed results.
My collective view of CW performance is characterized as BS. Even the Behavioral Dinance webb site coyly titles a seminal description of believing or not believing BF as" "BF or BS?"
When I see NSF cofinancing "studies" on markets in several ways, I lean forward to examine whether the CW of the Financial Industry is making forward progress. I am not sceptical BUT I am immediately intregued by the possibility of forward progress.
These kinds of papers cannot be discussed in any forum at present.
I have an intense interest in how any trader can overcome the Behavioral Finance determinations of how and why traders behave as they do. A given corollary is why do some knids of trader not fall into this description?
One milestone path worth examining regarding the pitfals, is Mark Douglas. A parallel one regarding unsuccessful TA applied to Trends is Covel. My gifting the pattern to Covel a while back got an assessment using his standard. His judgment was "gibberish". How could it be otherwise.
Darvas's discovery and his follow through to it is a very interesting model for the present CW world. It was never possible for the media nor the government to render a judgment of Darvas.
I skim many publications. One interest is seeing how close those in the news are to an understanding of what is going on.
My operating space is described by Larry Harris (page 199) as a speculator who is parasitic and frontrunning from a technical vantage point. Thus, I see Futures Magazine articles from a humorous viewpoint. The stuff printed, from my viewpoint, is flawed and probably not a good idea for readers to include in their learning or maintenance process.
Here is a good basic crude example.
If a person writes a book and sells it to people through a marketing effort, why can't those persons meet a minimum plublic standard?
My book standard is finding one particular word in the index of any book. Covel and Douglas dropped the ball from my viewpoint.
I also feel any scientific government paper on markets must include the variables of the market in proportion to their relative importance for making money considering the stated scope and bounds of the paper. NSF papers do not pass this test.
Some very important legislative and executive processes are underway with respect to this Depression. Not everyone has immunity to the Depression. I feel very strongly that innocent victims should be well protected from those who are demonstating conflicts of interest in the solutions.
A recent documantary-comedy is now showing. "Inside Job" is an order of magnitude more entertaining than the "Wall Street" dramas of recent years. Naming a shirt after a guy is cool and very 'telling about the guys who wear them.
Thanks for engaging with those participating in this thread.
What strike me as strange with jack hershey's posts is that occasionally he would mention concepts that are familiar to me. Concepts that could only have been learned if jack had went through the same process of training in the market that I did. However, the way he explains thing is much more complicated then it need to be to the point that it seems intentional. But whatever. Whether jack is profitable or not is something that I don't really care about. I think he's entertaining and hope he stays. The 5% winners need people like jack to educate.
Sometime, the market can be so insane that it takes an insane mind to understand it.
Sometime, the market can be so insane that it takes an insane mind to understand it.
Delusion brings understanding. Been there, done that.
The only time Jack has ever gone on record he came DEAD LAST in a trading contest in 2002 without the heat of real money..
His number 1 protege Spydertrader and leading exponent of his method turned up at a traders expo so poorly dressed he had to be marched to the cloak room by the hostess and given a decent pair of shoes to the horrified embarrassment of all the other traders there.
Jack Hershey has a tax lien against him for unpaid taxes to the tune of $82,000 that was filed in 2006. If you go to Maricopa County's recorder web site (http://recorder.maricopa.gov/recdocdata/) and type into the Recording Number fields, the following number: 2006 1575958 and click "search" you will be able to see the recorded document.
A background investigation also found that he has no real assets (in terms of real-estate) and does not sit on the board of any company... in fact he is broke and in debt... evidence also shows that Jack has a few failed marriages behind him where he has left monies owed in the split ups. He currently resides in a very modest house owned by his latest partner and lives off her income.
How much of the above I found through a simple Google search is true Jack?
His number 1 protege Spydertrader and leading exponent of his method turned up at a traders expo so poorly dressed he had to be marched to the cloak room by the hostess and given a decent pair of shoes to the horrified embarrassment of all the other traders there.
Jack Hershey has a tax lien against him for unpaid taxes to the tune of $82,000 that was filed in 2006. If you go to Maricopa County's recorder web site (http://recorder.maricopa.gov/recdocdata/) and type into the Recording Number fields, the following number: 2006 1575958 and click "search" you will be able to see the recorded document.
A background investigation also found that he has no real assets (in terms of real-estate) and does not sit on the board of any company... in fact he is broke and in debt... evidence also shows that Jack has a few failed marriages behind him where he has left monies owed in the split ups. He currently resides in a very modest house owned by his latest partner and lives off her income.
How much of the above I found through a simple Google search is true Jack?
Its the image the media, television, and movies portrayed on traders as "always" rich people with sport cars, luxury houses, working at home and expensive vacation.
People get blinded, then they want to trade to get rich as quick.