You are more likely to become a top Hollywood actor or popstar than profitable trader

[asiaprop]

how do you measure percent? And you posted over 2000(!!!) times and are on this board since 2007? Has the tick chart roasted your brain or what?

Quote from Mercor:

How do you measure percent?

ES mini500 value appx $50,000, Margin avg $1,000

You get a 10 point profit = $500

Profit percent on actual risk $50K = 1%
Profit percent on equity = 50%

50% regular return on equity is not unreasonable

 

[Retief]

Quote from asiaprop:

But hey, I am not a dick, so only for you we make it 7 years so that before me and everyone else you can claim your grand price, given you show me that you made an annualized 20% return over the 7 years which you claimed you traded.

You definitely are a dick; vain, gloating, egotistical, and petty. You should really change your username to asiaprick.

 

[asiaprop]

I know, sometimes I can be a real ass. But this thread is really too entertaining to pass up. After all, what do YOU come to ET for, anything else but entertainment?

Quote from Retief:

You definitely are a dick; vain, gloating, egotistical, and petty. You should really change your username to asiaprick.

 

[Retief]

Quote from asiaprop:

I know, sometimes I can be a real ass. But this thread is really too entertaining to pass up. After all, what do YOU come to ET for, anything else but entertainment?

A lot of it is for entertainment, but there is the occasional nugget of gold. There are also many lessons on what NOT to do as a trader.

 

[asiaprop]

yes I fully agree, and I also try to add value, occasionally. But not in this thread, please understand when you read this thread title. Take it easy and have a nice weekend all, I am done. Time to hit the bar here, good night!

Quote from Retief:

A lot of it is for entertainment, but there is the occasional nugget of gold. There are also many lessons on what NOT to do as a trader.

 

[TrueProp]

Quote from asiaprop:

a) first you seem to confuse day trading with position trading. By your own admission you stated you position trade, so you are by definition not flattening your book by the end of the day.

b) you are blatantly ignoring broker statistic. Out of 100 day traders 95 fail early over the course of several month. They are very afraid to state the full statistics, nor can they because many traders who are in the business longer than a few months tend to change brokers once in a while or dont execute through one single broker. Stating that 1 out of 4 or 5 traders makes it is wishful thinking.

And finally, maybe I misunderstand what day trading is all about. Maybe you can educate me about the magic set up that allows a "day trader" to monitor a single stock or two on 1 or 2 screens without having to be vigilant throughout the whole trading session. Maybe you know the magic formula that makes some day traders trade off their sofa or from the beach in a relaxed state, knowing their stops before hand, and taking life easy, living a healthy life style. I have not hear such nor have I ever seen anyone practicing such life style and I am pretty convinced it wont work that way.

But keep on calling me delusional and ignorant. You seem to be the guy in the know. I would never set foot into any of those pathetic trading arcades in London or NYC but what I have seen on youtube was some wanna be "day traders" cursing all day, with coffee stains on their t-shirts, no education whatsoever, and getting night after night rejected by girls in night clubs whom those magic rain makers tried to convinced they are the next hero. But hey, must be that all the successful day traders are trading from home or at other shops. ;-)

I said that I have "begun momentum trading in my LONG-TERM account" ---- what's implicit in that statement is that I have more than one account that I trade from (I have 3 -- one for daytrades, one that is completely automated and one for long-term trades--I also have a private account so I guess that makes 4). So to be clear, my short-term and automated accounts are both flat at the day's end.

Pick whatever stats you want. Everyone knows that most people don't succeed in this business. I was merely talking about those that I've seen come in and out of the doors of my particular office. I don't keep up with broker statistics. To be clear, I am not saying that it is an easy business to thrive in, b/c it isn't. However, for those able to succeed, it's a rewarding career.

I don't know anyone that monitors 1-2 stocks/day or anyone that trades from the beach or whatever you see on late-night infomercials. Vigilance is definitely a reality of trading --- hell, it's a reality of anyone that's in business for themselves. But the idea that day-traders sit hawking over their keyboard, sweating bullets, thinking frantic thoughts for the entire day is fiction. You imagine that we come to our offices/desks and upon entry we become stressed and our only relief is the closing bell. Not true.

Coffee on their shirts? Really? I can't say that there aren't guys in my office that scream out curse words during the day, but there are just as many guys that sit there quietly whether they're up 15k or down 15k. An individual's personality is a factor that cannot be ignored --- especially in trading.

Anyway, the market is opening and payroll numbers sucked as well as SocGen, euro, and Hungary all have issues. Good luck.

 

[asiaprop]

yeah was a bit late to the game but shorted the Euro on the 1.2120 break. Stops in place, good night gentlemen.

Quote from TrueProp:

I said that I have "begun momentum trading in my LONG-TERM account" ---- what's implicit in that statement is that I have more than one account that I trade from (I have 3 -- one for daytrades, one that is completely automated and one for long-term trades--I also have a private account so I guess that makes 4). So to be clear, my short-term and automated accounts are both flat at the day's end.

Pick whatever stats you want. Everyone knows that most people don't succeed in this business. I was merely talking about those that I've seen come in and out of the doors of my particular office. I don't keep up with broker statistics. To be clear, I am not saying that it is an easy business to thrive in, b/c it isn't. However, for those able to succeed, it's a rewarding career.

I don't know anyone that monitors 1-2 stocks/day or anyone that trades from the beach or whatever you see on late-night infomercials. Vigilance is definitely a reality of trading --- hell, it's a reality of anyone that's in business for themselves. But the idea that day-traders sit hawking over their keyboard, sweating bullets, thinking frantic thoughts for the entire day is fiction. You imagine that we come to our offices/desks and upon entry we become stressed and our only relief is the closing bell. Not true.

Coffee on their shirts? Really? I can't say that there aren't guys in my office that scream out curse words during the day, but there are just as many guys that sit there quietly whether they're up 15k or down 15k. An individual's personality is a factor that cannot be ignored --- especially in trading.

Anyway, the market is opening and payroll numbers sucked as well as SocGen, euro, and Hungary all have issues. Good luck.

 

[Anaconda]

Quote from Retief:

You definitely are a dick; vain, gloating, egotistical, and petty. You should really change your username to asiaprick.

Just put him on ignore, he is a delusional troll. He is never going to bet, anyway, it's all talk, not from just him by the way. The closest someone has ever proceed to a bet resulted in waste of time and one party mysteriously disappearing when push came to shove. If both sides are serious, they will do it via a thread viewed by everyone to avoid the PM games.

As regarding the topic, I personally know a handful of daytraders who have 5-10 years of consistent profitability. Myself, I have 3-4 years before I made the choice to leave and I honestly cannot say whether I would have continued being profitable. The markets have changed a lot since when I started till when I left, all for the worse. The people that I do know are having a rougher time each year and some of them may not be profitable anymore.
I know many more guys who actually blew out or simply had to quit, some of which were extremely consistent with years of profitability. And then there are the obvious losers who were never that profitable to begin with and were just riding short term streaks.

So take the anecdotal info for what it's worth and make your own conclusions. I do believe a very few are actually gifted with trading skills. I also believe that just as many are actually statistical rarities, the tip of the bell curve, so to speak. I've come to believe that you need a real edge to be profitable, and I do not see these edges available to your average solo trader in the most traveled routes such as index futures and equities. Personally, I would not commit any serious time or capital to trading these anymore, and if I was to do so, I would consider it a gamble. Because unless you have a real edge, it is just gambling.

There are many markets outside the closeminded index futs & equities box. Trading exists all over, people trade DVDs, comic books, coins, bullion, scrapmetal, PCs and PC parts, etc. The opportunity in some of the new emerging markets are amazing, lots of edges to exploit & monetize, as I am personally finding out. It's all about the "edge" and that is something that has been dried up from the stocks & stock futures. I think any new aspiring trader needs to explore these issues, instead of going on hope and self assurance that hard work & time will pay off.

 

[Now is Now]

I personally believe this OP is a 'toy boy' for the administrator to do EXACTLY what has happened ...10 pages of hits and nonsense..

NiN

 

[ProfLogic]

Quote from Bob111:

himself

notice that even after i did show him the proof he is still in total denial..now he DEMANDING audited statements fo 7 ...oh ..no...now it's 10 years....OP-go back to that thread in my first post here...
i have no problem to provide you audited statements, as long as you pay for audit itself..

Amazing how Garcia pulled a disappearing act when cornered. Nicely played. I'm bookmarking this thread as a reminder to him. Thanks.