Why Is The Obvious Not So Obvious?

[ironchef]

What makes you think that trading is any different from a casino? The double zero mentioned is the fees and the commissions. If trading is purely random, you lose in the long run.
PS: I’d appreciate it if someone can help put me on the right path. I’ve wasted a lot of time with wrong paths. Is there any path which is not purely gambling?

Is playing roulette in a casino gambling? To Ed Thrope it need not be:

https://www.edwardothorp.com/wp-content/uploads/2016/11/SystemsForRoulette_l.pdf

Is day trading gambling? To you and I, yes.

Is trading options gambling? To me, no.

Will the pros tell you how to proceed? They already pointed you the way.

Will they give you their secret source? I suspect not.

I simply learned to carefully read between the lines. Believe me, the answers are all there. Even some handles tell a story: @TheBigShort, @MACD, @Slope Trader, @Buy1Sell2....

If you are truly passionate, you will find your own path to that pod of gold at the end of the rainbow because I found mine.

Good luck.

 

[ironchef]

A common theme in this thread from early on is to not trust gurus. Yet, here we are at page 836 14 years later and hopeful ones are still looking for guidance and an answer where I'm sure none is to be found.

laissez faire, maybe that is the answer.

 

[SkyChef]

@Redneck
Haha. I thought you have found your path of melancholy, but instead you are still here with the rats & their race. What a surprise! Nevertheless, welcome back buddy.

 

[MarketRisk]

When I went through this thread couple of years back, I thought the obvious was as easy as the ABC. Now I am doubting myself..., like LF mentioned earlier.

I don't think so.

Early this year, I reread nyse's posts and realized the obvious is actually hiding in plain site.

I don't day trade but may get back into day trading just to prove I found THE obvious.

 

[ironchef]

When I went through this thread couple of years back, I thought the obvious was as easy as the ABC. Now I am doubting myself..., like LF mentioned earlier.

For someone who joined ET in 2013, one year earlier than I, you have only 4 posts. Perhaps that is an indication you may not be passionate enough to look hard enough?

 

[ironchef]

A common theme in this thread from early on is to not trust gurus. Yet, here we are at page 836 14 years later and hopeful ones are still looking for guidance and an answer where I'm sure none is to be found.

It is about day trading. I first came across it in 2015 and for years thought it was BS.

From reading your post, you know this business and my guess, a successful trader. You won't find anything useful.

But if like me, someone inexperienced, keep trying to find the day trading "holy grail", this thread could be a game changer.

The beauty is, the obvious was never revealed, so it is up to each and everyone of us to find our own obvious.

 

[MarketRisk]

For someone who joined ET in 2013, one year earlier than I, you have only 4 posts. Perhaps that is an indication you may not be passionate enough to look hard enough?

Maybe you are correct. I mostly trade options, with multiple-day holding periods, so day trading is not my cup of tea. I have been lurking here much earlier than 2013, mainly in the options forum. A lot of useful information (much less cryptic) there in the older threads, so never felt the need to post I don't think it is fair to go by the post count. Funny story, you mentioned this thread in one of your posts there, that's how I discovered it. But by that time most of the original posters left/MIA...

 

[ironchef]

Maybe you are correct. I mostly trade options, with multiple-day holding periods, so day trading is not my cup of tea. I have been lurking here much earlier than 2013, mainly in the options forum. A lot of useful information (much less cryptic) there in the older threads, so never felt the need to post I don't think it is fair to go by the post count. Funny story, you mentioned this thread in one of your posts there, that's how I discovered it. But by that time most of the original posters left/MIA...

My apology sir.

So funny. In 2013, I switched over to options and never looked back, until this year.

 

[Magnolia York]

What every trader has to realise, is that all the risk management and position sizing techniques in the world are of no use what so ever, unless the trader is aware of the obvious pre-requisite to trading any market.

I believe in this because risk management and position sizing are like advanced tools, but they won't work if you don't get the basics of trading. You need to understand how the market works and how people think about it before using these tools.

 

[Onra]

....
For example, recently a financial stock got hammered, so much so that it was on the verge of collapse, so I had to make a decision on whether the risk was worth it, as I usually do not hold positions for a number of days.

It took about 5 days to get the desired position on, and after 7 days it was up 241%!

I was willing to lose my initial bet, so I did not care if the stock went bust, and I am still holding, as the price might be good for about another 23% in about 1-3 days!

The most important thing outside of the "obvious", is the understanding that you must never risk any more than you are willing to lose!
....

I just noticed this post.
Not exactly an example of a "low risk entry" or a tight SL; it sounds more like scaling in...
Could it be he stacked his "boxes"?
But then he had to know the limit (number of boxes)