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

[Steven.Davis]

Another reason why "Why do people believe day trading will get them rich quick?" is that brokers want to hype day trading.

A discretionary trader may spent an hour a day on the phone agonizing over a trade that takes them a month to make and three months to cut his loss.

Although I haven't done much day-trading, the image is that a day-trader, like a gambler at a casino, has lots of action in front of him, and little time to think. He doesn't call to agonize over every trade, and he makes magnitudes more trades per day.

Everything is gear to gather the Active Traders.

Reason = $$/day

The good, responsible brokers I have known mostly talk people out of trades/size.

 

[tradewon]

Quote from jack hershey:


In 2010 beginners using this stuff did a first quarter @ a rate of 150K a year starting with 4 streams and about 25 to 35K total. By April the anualized rate grew to 250K. 62 trades were done in the first quarter.

You say these things but not a single person claims to be making that kind of money (if any) let alone providing some sort of proof.

Quote from jack hershey:



SCT trading is for financial futures indexes. It is being used all over the world currently.

No it isn't if a simple search is any indication, why can't you ever post any proof to back up these claims? Who is using it? who is making money with it? Where is the paper trail any successful trader might be expected to leave behind? Where are the houses? the cars? the yachts and planes?

It never seems to have gone beyond a new set of "students" every year who believe initially then gradually lose interest and money.

I think you need to face up to the obvious, whatever you are doing hasn't been working for a decade and never will.

 

[BSAM]

Quote from tradewon:

You say these things but not a single person claims to be making that kind of money (if any) let alone providing some sort of proof.


No it isn't if a simple search is any indication, why can't you ever post any proof to back up these claims? Who is using it? who is making money with it? Where is the paper trail any successful trader might be expected to leave behind? Where are the houses? the cars? the yachts and planes?

It never seems to have gone beyond a new set of "students" every year who believe initially then gradually lose interest and money

Tradewon...

Let the poor dude be. Let him ramble on.

 

[tradewon]

Quote from BSAM:

Tradewon...

Let the poor dude be. Let him ramble on.

I tried to give him a chance, I googled him to try and verify the claims but all I came up with was these rather unflattering comments:

Quote from Trader666:

Here are links to a few of my backtests of Jack Hershey's "methods."

Every once in a while, Hershey would screw up and describe something in enough detail to backtest it.

"Rocket" equity curve:
http://www.elitetrader.com/vb/attachment.php?s=&postid=1112121

"P,V Boolean relation" equity curve:
http://www.elitetrader.com/vb/attachment.php?s=&postid=1278986

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.

This man has never made a cent trading, that much is obvious.


Let's see what happened when SCT told Jack the most important turning point in his 53 years of trading was about to occur

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2776348>

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]

Quote from BSAM:

Tradewon...

Let the poor dude be. Let him ramble on.

Tradewon, I agree with BSAM.

You are an example of a type of person who has been filtered away from and out of a learning process.

What is important is the transference of knowledge and skills. The only mechanism for that is the "experience" of the learner.

You have probably found out the CW standard for a beginning trader getting to be profitable: 10,000 hours. Your standard is one year for success in doing pool extraction in any of its applications. So you have shortened the requirement for success. Cool. It is actually shorter for these methods. Look at the record in ET,for example.

So what is BSAM saying to you? He is saying that most people do not read my posts nor have any interest in our use of the approach. He is explaining to you how a dilter works.

Those who support this approach DO NOT want to have to work with people who do not put forth work.

They are filtered out and away from learning our drills.

Usually poeple approach reding from one of two vantage points. Most want to learn to make money. Only a few want to learn how markets work.

In trading if you know how markets work, then profits take care of themselves.

Even those who go into trading to make money do not know what the potential of extracting the offer is. Also, apparently, you do not know either. The OP doesn't know.

anyone who can graph a family of compounded curves on Excel can prove to himself that almost no profits per day and starting very small, ultimately makes a person very wealthy. Most people have never looked at what is possible trading.

I did in 1957, and dicovered freedom for my entire life.

For quite a while I did care about everyone who was interested in their learning experience. Someone really had to sit me down and explain where people like you and lazy people were coming from. Now I know, if you do not do the work, your mind can get to be in the state your mind is irreversably locked into.

anyone whsoe been to college knows that a qhole assortment of people show up on the doorstep; trading has a much lower bar than going to college and money driven young people do wind up with the consequences of their decisions.

You are a very fine example. It looks like you are taking your anger and fear and anxiety on ET and posting your little heart away alias after alias. Your need is important to you so don't take any advise from anyone.

All of your questions and unfounded statements are silly.

 

[jack hershey]

Quote from tradewon:

I tried to give him a chance, I googled him to try and verify the claims but all I came up with was these rather unflattering comments:




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.

This man has never made a cent trading, that much is obvious.


Let's see what happened when SCT told Jack the most important turning point in his 53 years of trading was about to occur

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2776348>

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.

Strange as it may seem, you missed one of the most commom ones by a guy named BABAK. Try your search again and maybe you will find it. All the ones you found so far are from one person, primarily; his name is Trader666.

What is so terrific about both Babak and Trader666 is the effort they spent coming up with their commentary. I hope you agree with them, then you can go to work making an effort of their quality to advance the search content available, perhaps.

 

[Slapshott]

Why does anyone even care about these old timers like proflogic and Hershey?

Their time is long past. They have been exposed and humiliated. It's time to move on. Nothing to see on this thread.

 

[tradewon]

Quote from jack hershey:

Strange as it may seem, you missed one of the most commom ones by a guy named BABAK. Try your search again and maybe you will find it. All the ones you found so far are from one person, primarily; his name is Trader666.

What is so terrific about both Babak and Trader666 is the effort they spent coming up with their commentary. I hope you agree with them, then you can go to work making an effort of their quality to advance the search content available, perhaps.

But some of that stuff you actually posted, like the biggest call in 53 years of your trading and it was a complete fizzer, you seem to have a track record of complete failure, there isn't a single thing on this site or indeed the entire net that shows you having any success, but your failures appear to be legion.

 

[BSAM]

Quote from tradewon:

But some of that stuff you actually posted, like the biggest call in 53 years of your trading and it was a complete fizzer, you seem to have a track record of complete failure, there isn't a single thing on this site or indeed the entire net that shows you having any success, but your failures appear to be legion.

Tradewon, Jack is playing his usual mind game with you. He loves this. We have been watching him do this for years.

 

[HowardCohodas]

Quote from bs2167:
Btw, based on your journal, you are so far from an authority on derivatives that its shocking to me that you think you're qualified to teach people how to trade them. Shame on you. Would you think I was a charlatan if I opened a flight school? (Before you answer, you should know that I did sit in business class 51 times this year without dying.)

Apparently you dozed instead of reading the entire journal, otherwise you would have noted that some of the challengers may have changed their initial views.