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

Quote from Locutus:

You have this thin market and that Europe is closed now to thank that I even take the time to write this, but only insane people totally ignore the blatant facts.

"I post my trading plan before the market opens. I post my trading summary after the market closes." The first post in that thread is today. You don't mean to imply that your undisputed record is one day long do you?

So I'll ask again, what record are you referring to exactly? Are you hoping that someone will come along in this thread and be dumb enough to just take your word for it?

I'm sure you're a nice guy in real life, that you have a family to feed and what not, but for god's sake at least make up a credible story. I'm sure there are plenty of ppl here who never made a time that people would but a book from simply because their BS is much more credible than yours. At least be good at what you do.

Edit: You know what, it's only just been christmas and almost a whole new year so what the hey, let me give you a piece of advice, free of charge. If you want to not seem like an idiot, just don't reply to people like me and trademetal and all the others who are offering some form of opinion contrary to yours (even though we're right and you know it). Act as if it's beneath you to dignify it with a response. If you'd done that then you might have had some credibility left. Succesful people don't argue that they're succesful, they just are.
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A competent reading of this thread and my sentence would have made the necessity of adding this clarification unnecessary.

I am now doing so on this forum as well.

So for you only, "I am also now doing so on this forum as well.

My journal on the other forum began Nov 25, 2010. The results are plentiful and they are undisputed.

Please come better armed to a dialog on facts. I find it annoying to have to constantly point out obvious facts to distill any truth.

I think you may be worthy but are perhaps off your game at the moment.
 
those successful traders that found their edge trade consistently, constantly, discipline, and great personality (great personality be able to control emotion) and not believing "get rich quick." It took them great time and creating a huge network to be where they are at.

Those traders found their edge most likely will go to the next level by establishing a prop firm, hedge fund, brokerages, and clearing firms. However, those successful traders WILL NEVER EVER establish an educational business. The reason is, ITS A WASTE OF TIME!

I don't see George soros, warren buffet, and all the other successful traders establish an educational site and in the site reads "guantee profit no risk. How to make $1500 everyday.) Or, they place a pictures of a ferrari, yacht, big house, etc, etc in their educationl website.

These successful traders (soros, buffet) establish their own trading business (hedge fund, prop firm, brokerages)

To newbies. TRADING IS NOT GET RICH QUICK!
 
Quote from emg:

those successful traders that found their edge trade consistently, constantly, discipline, and great personality (great personality be able to control emotion) and not believing "get rich quick." It took them great time and creating a huge network to be where they are at.

Those traders found their edge most likely will go to the next level by establishing a prop firm, hedge fund, brokerages, and clearing firms. However, those successful traders WILL NEVER EVER establish an educational business. The reason is, ITS A WASTE OF TIME!

I don't see George soros, warren buffet, and all the other successful traders establish an educational site and in the site reads "guantee profit no risk. How to make $1500 everyday.) Or, they place a pictures of a ferrari, yacht, big house, etc, etc in their educationl website.

These successful traders (soros, buffet) establish their own trading business (hedge fund, prop firm, brokerages)

To newbies. TRADING IS NOT GET RICH QUICK!
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It ain't necessarily so. But you gave yourself an out by qualifying it with "most likely." :)

There are some who are successful by my standards (millions per year), teach and find teaching extremely rewarding in and of itself. Therefor, in that sense, it is not a waste of their time. I even know one of them personally.
 
Quote from athlonmank8:

Trading is the same across all timeframes.
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The psychological prerequisites are completely different between that of a daytrader and a position trader.
 
Quote from emg:

those successful traders that found their edge trade consistently, constantly, discipline, and great personality (great personality be able to control emotion) and not believing "get rich quick." It took them great time and creating a huge network to be where they are at.

Those traders found their edge most likely will go to the next level by establishing a prop firm, hedge fund, brokerages, and clearing firms. However, those successful traders WILL NEVER EVER establish an educational business. The reason is, ITS A WASTE OF TIME!

I don't see George soros, warren buffet, and all the other successful traders establish an educational site and in the site reads "guantee profit no risk. How to make $1500 everyday.) Or, they place a pictures of a ferrari, yacht, big house, etc, etc in their educationl website.

These successful traders (soros, buffet) establish their own trading business (hedge fund, prop firm, brokerages)

To newbies. TRADING IS NOT GET RICH QUICK!
More...

Agreed. The deeper benefit of successful trading is the pleasure of solving a complex puzzle and using one's mind to master oneself. This is particularly compelling after years of abject pain, the conclusion of which is a life lesson in itself. That's is a gift that is not haphazardly given away to the public. If you do give it away, it's often wasted unless you're very selective in the type of learner you choose -- often a friend or family member that has the same traits as you. Narcissistic? Maybe a little.

Although I think what Jack does is interesting. He publicly describes what he does for free, although in limited detail using nomenclature and neologisms that are themselves a puzzle. This is probably an artifact of an Aspergian disposition but also in effect self-screens those who are willing to put the effort in. I do my own thing, but I admire those who have a cause and use trading profits to further that cause.
 
Quote from TradeMetal:

You're such an awesome paper trader.. Wauw.
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If you are referring to me, you are wrong again. Big surprise for someone batting 0 so far.

My real money account is autidable. That is what I report on.

Pay for the audit by a qualified auditor acceptable to both of us who will report on percentages and not amounts. If I have been untruthful, I'll pick up the tab and donate an equal amount to a charity of your choice.

Do you have the courage of your convictions? Here is your chance to prove it and have a charitable donation in your name, or be understood by the readers here as less than credible.
 
Though I agree with most of what has been said, I must disagree with the claim that participating in the Education Business is a waste of time.

My point is not whether this is true or false, but rather that the world is a, thankfully, multi-faceted place. Multi-faceted beyond human comprehension.

When I was in graduate school, everyone was focused on the idea that being a successful, well-respected, knowledgeable professor was the ultimate profession. The rest of the world existed to provide gainful employment to those who couldn't "measure-up." The more time I spent at professor's homes and with their families, the more I understood that this was a self-selecting bias. I made a different choice.

I have respect for anyone who pursues excellence in a constructive endeavor. Whether that be housewife or billion-dollar trader.

If the only thing that a quantitatively knowledgeable person is worth doing is to be the most super profitable trader in the world, then as Highlander would say, "There can only be one!"

Best of luck in the New Year!
 
Quote from Samsara:

Agreed. The deeper benefit of successful trading is the pleasure of solving a complex puzzle and using one's mind to master oneself. This is particularly compelling after years of abject pain, the conclusion of which is a life lesson in itself. That's is a gift that is not haphazardly given away to the public. If you do give it away, it's often wasted unless you're very selective in the type of learner you choose -- often a friend or family member that has the same traits as you. Narcissistic? Maybe a little.
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Exactly right and elegantly stated.

I am jealous of your skill with words.
 
Quote from Steven.Davis:
Though I agree with most of what has been said, I must disagree with the claim that participating in the Education Business is a waste of time.
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One of the more important benefits to be derived from teaching anything is to learn the subject more deeply and more thoroughly.

When I received my Concealed Carry Weapons permit, I wanted to become more skilled with a handgun. So I took the instructor's course. Eventually I became an instructor as well.

There is no reason I can see that the same is not true for any knowledge domain.
 
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