Why do people believe day trading will get them rich quick?

Not so sure that experinced traders belive in getting rich most traders that have been around the block, know it's a living, but the the hope is still there, much like the lottery. I myself really just earn a living, and I do play the lottery:) the stats I've read is 90% fail 1st time
and 90% of the 10% earn a living
which leaves 1% make it big? what ever big is???????
 
Quote from emg:

why do people believe day trading will get them rich quick? .
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These people fall into two categories. Lets call them yours or mine.

A plan is required.

A strategy is required

A routine is rquired.

A good plan is to compound profits. There is a formula for this.

A good strategy is to trade the single pattern of the market which gives you the order of events. Color coded the long pattern segments are: B2B 2R 2B; conversely, the short pattern is R2R 2B 2R.

A good routine is MADA* and not OODA, the betting routine.


For position reading stocks, a one pager rule sheet is involved.

For intraday trading indexes, a one pager flow sheet is invloved.

You are warning people of the dangers and rightly so. That is exactly where you are coming from.

For me, I simply give it away since I know those who do not work do not get it. I treat all people as adults. Any person can quickly decide whether they will do the work.

I could attach a very riduculous Excel spread sheet; it shows how long it takes (60 days of work) to turn 5,000 bucks into 3/4 of a million dollars. Why would anyone undertake such work using a one page flow sheet, at any given time? They won't.

Blotto explained the opportunity clearly.

The definition of a full time trader is someone who has NOT learned to trade expertly.

*MADA stands for Monitor, Analyze, Decide and take timely Action.
 
Quote from emg:

why do people believe day trading will get them rich quick? hope this thread will help newbies and amateur ask themselves if they really want to trade.
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Very few people get rich quick but with a lot of hard work, some can make a nice buck trading.
 
same reason people get their welfare checks and they head to the casino....wishful thinking and little money to play with. You can daytrade with 20-30K, but to make serious money you should multiply this by 10...
...the best money making is index fund allocation schemes with zero to little cost and little leverage. thousands of people do this vert effectively yet you find only few of them here, why? because they have no reason to post, ask questions they make money and enjoy their profit....
Quote from emg:

why do people believe day trading will get them rich quick? hope this thread will help newbies and amateur ask themselves if they really want to trade.
More...
 
Quote from AJFCapital:

People believe this because sometimes it happens.....a guy down the hall from me was making 60k a year, made a few good stock picks, and now he's a millionaire and drives a F360 to work everyday.
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Why does he still work? Sounds like a masochist
 
I have to tell you guys. I have been around this board for a few weeks. Let me tell you my story.

I trading stocks about ten or eleven years ago. I made money but it was just because of dumb luck. I used the little money I made to buy an apartment building. That building was worth 1.34m when I sold it. I also bought a few houses. All are in Washington DC.
I just sold the building and put 400K into a trading account with SpeedTrader. I now make money much easier in the market because of my immense buying power. Buying power is what makes profits. I can get $2 on Goog and that is $2,000 one trade. I find I take less risk and make more money. Most of the time I go long or short stocks over $200. It appears that anything over $60 is pretty stable for day trading but the bigger ones makes bigger moves.
The problem I had which most of you may have is being under capitalized. That is the (Risk taking part of the equation)
 
Quote from emg:

why do people believe day trading will get them rich quick?
More...

Actually most peopl want to get rich quick with anything they do.

If you want to get rich quick, politics is the right place. You can get rich in 1 or 2 years.

Trading is the slowest and most painful way of becoming rich for the majority.
 
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