Why so many beginners get into daytrading, with sky-high expectations?

If you don't have natural skill you might as well put your money in an index fund and go somewhere else with your time.

It takes crucial management, wisdom, discipline, intelligence, and power over your emotions and instincts. If you learned some of these over time, I congratulate you, but you need at the very least one of these attributes naturally (wisdom and discipline probably). I'm a step down in intelligence (I'm a bit of a slow learner, but I get things down eventually), but I make up for it in all the other qualities, especially wisdom.

I was made for these markets.

I am confident and perhaps cocky, but my thinking is always level-headed. Power over the self.
 
I'd add that it's a particularly foolish trade for someone who claims to be able to make 3X daily range. And this time he has no one to blame but himself (like when backtests show his "methods" are broken, he tries to blame the backtester). Plus the way he talks about the trade in the mp3 file says a lot.
Quote from ownedu:

Yeah all his trades turn out that way.. 24% loss in a trading contest, $24000 loss in stocks

But I think what we can really take away from that screen is that he bought after it had broken it's trendline.. even a newb wouldn't do that.. so it's laughable to see him trying to teach others :p
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