Why market wizards are not day traders?

M

mr_byte31

I went through two books for Market wizards for jack schwager.
I noticed that none of them are day traders ( I finished market wizard for stock traders. the first book "market wizard" not yet )
Does this mean that day traders won't be able to get consistent results year after year?
or. it is very hard to be a millionaire from day trading ?

Plz forget about tim sykes and worrier trading stuff. I am talking about real scenarios not dreams !

Note: I just edited the post !
 
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I finished this book :
Stock Market Wizards: Interviews with America's Top Stock Traders

The market wizard not yet finished but I don't think that Tom Baldwin is a day trader !
 
Tom Baldwin was the biggest T-Bond pit trader, huge size.

Fees eat up a great deal, whereas long term trading fees do not, plus once you get the hang of long term, your risk is almost zero. Scalping/day trading risk is very huge to me, I could never get 100 to 1 as far as rewards to risk like I can in long term.

When I check weekly stats of what I average per lot, incredible low, and if I was a new trader, long term best, trends last years and not minutes.

I have read many pit traders were never able to make change to electronic, they were able to see who was doing what in pits.
 
mr_byte31 said:
I went through two books for Market wizards for jack schwager.
I noticed that none of them are day traders ( I finished market wizard for stock traders. the first book "market wizard" not yet )
Does this mean that day traders won't be able to get consistent results year after year?
or. it is very hard to be a millionaire from day trading ?

Plz forget about tim sykes and worrier trading stuff. I am talking about real scenarios not dreams !

Note: I just edited the post !
More...

Linda Bradford Raschke (A Market Wizard) will day trade, it's just not the only thing she does.
"Day trading" is a time frame, it doesn't mean you trade every day in that time frame.

http://lindaraschke.net/wp-content/uploads/2013/11/august1997.pdf
 
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To me, most of the stuff in the Market Wizard books was useless. Entertaining, but no added value to my trading when I was a beginner.
But the Tom Baldwin interview is gold, you should just copy the few pages with his interview, throw the rest of the book away and read the Baldwin stuff again and again.
 
CALLumbus said:
To me, most of the stuff in the Market Wizard books was useless. Entertaining, but no added value to my trading when I was a beginner.
But the Tom Baldwin interview is gold, you should just copy the few pages with his interview, throw the rest of the book away and read the Baldwin stuff again and again.
More...
Good call! One of my favorite interviews.:thumbsup:
 
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