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

Status
Not open for further replies.
agree with most of your points made. I honestly do not care how many people fail at what they attempt. It just makes me smile, knowing that around 95% fail, but then read how every single last of those here at ET seem to be making money, some math does not add up here. Either the broker statistics lie or most people here lie. And I thought I made it clear whom I rather believe. It just gets to me every single time I hear how profitable someone is without substantiating such claim whatsoever and then when being challenged that person is running to the exists about as fast as he can.

Dont you find it curious how nobody, not a single person, came forward to support that they actually possess a long term day trading record? I know what I have to hear again now: "Why should I show my record to some anonymous guys on the net". Well, we heard it over and over and over again, no surprise...also funny how there is not a single book out there that details the success of a collection of day traders (please point me to something if you know of it). My point was that the failure rate in day trading is A LOT HIGHER than for traders who attempt their hands at trading positions over longer time frames. Everything I read, experience, hear, and those whom I talk to supports my impression.

And yes, you are right, we end up agreeing to disagree. I guess it became apparent from all my previous posts that I dont categorically try to put down others, I simply want to inform newbies that a lot that is put forth on this board is as dumb, and loaded with horseshit and lies as it gets. At the very least a lot of people who actively promote day trading have a hidden agenda that generally serves them first and foremost and does not really give an honest impression and review of what day trading is actually all about.



Quote from TrueProp:

Lol. I really am a master at twisting words. If trading hadn't worked out, I was actually headed to law school.

At the end of the day, we'll just agree to disagree man. What we're disagreeing about I'm not all that sure. I know that most daytraders fail. Most swing traders fail. Most portfolio/hedge fund managers underperform.

I don't care how any one else makes money or measures returns. As long I do well in my daytrading, my automated continues to perform, and my momentum trading performs, I really have nothing to complain about. One thing I learned early on was that my competitive nature sometimes caused me to push trades that weren't there to make more than the guys sitting next to me. Expensive lesson. I compete with myself now. I constantly seek to improve.

I know that ultimately my momentum trades are far more scalable than the majority of my daytrades and long-term, I don't want to sit in front of the screen and daytrade --- unless there is an environment like 2007-2008 where there is an opportunity to make 5 digits or more per day. But odds are we won't see an environment like that again...although I wouldn't be surprised with the way things are going these days.

By the time I'm 29 I can see the majority of my activity being dedicated toward momentum trading. I've been preparing for that. I have the skill of daytrading, I worked hard to attain it, and I'm proud to have it. Incredibly successful daytraders do exist is the main point that I hoped to hammer home.

I'm only 27, by the time I'm your age, I'll be managing my momentum trades from an Android cell phone or an iPad on the beach.
More...
 
this whole thread reminds me of sports betting..more than 90% fail at that,but i think you can be successful at day trading if you know what you are doing and have patience

im 27 and i did sports betting from 22-25...my first year and a half was god awful,but once i started learning how things really work and what you need to look at it,i recouped all my losses and i avg over 5k for 12 months

i think day trading is trial and error,see what works for you and you must have patience and discipline..am i right or wrong? im learning as much as i can right now before i start day trading,but still not sure what exactly i want to do

but i do think when i did sports betting that it really gave me discipline and patience,something i did not have when i started and i know any profits is good profits and never to be greedy

sorry to be alittle off topic with the sports betting,but ive always seen similarities with the two trades
 
others went to grad school or worked you bet on the outcome of sports events. Good for you, you are now really equipped to become a day trader, stepping right into the footprints of all your mentors in here. Not sure how much more I can take...lol.

Trading has NOTHING WHATSOEVER to do with "trial and error", its a tough business, actually one of the most demanding businesses out there, there is no place for people who want to "trial and error", at least not on the winning side. But I wish you good luck nonetheless, you will need it urgently.

Quote from arsgunner:

this whole thread reminds me of sports betting..more than 90% fail at that,but i think you can be successful at day trading if you know what you are doing and have patience

im 27 and i did sports betting from 22-25...my first year and a half was god awful,but once i started learning how things really work and what you need to look at it,i recouped all my losses and i avg over 5k for 12 months

i think day trading is trial and error,see what works for you and you must have patience and discipline..am i right or wrong? im learning as much as i can right now before i start day trading,but still not sure what exactly i want to do

but i do think when i did sports betting that it really gave me discipline and patience,something i did not have when i started and i know any profits is good profits and never to be greedy

sorry to be alittle off topic with the sports betting,but ive always seen similarities with the two trades
More...
 
Quote from asiaprop:

others went to grad school or worked you bet on the outcome of sports events. Good for you, you are now really equipped to become a day trader, stepping right into the footprints of all your mentors in here. Not sure how much more I can take...lol.

Trading has NOTHING WHATSOEVER to do with "trial and error", its a tough business, actually one of the most demanding businesses out there, there is no place for people who want to "trial and error", at least not on the winning side. But I wish you good luck nonetheless, you will need it urgently.
More...

sorry i worded it wrong,what i meant was yer not going to be successful without failing at first, i went to college and graduated and supported myself with sports betting and other internet ventures, i dont think i need to go to grad school or work at a firm to be successful at trading, one thing i learned is not to care what anyone thinks and do what yer gut tells you, most people listen to what others have to say and i think thats why alot of people fail because they care what people think

i still have a lot to learn before i jump in,but im pretty well disciplined,i do not need to lie as most people do on the internet,you have clearly never done sports betting for a living,it is similar to trading, its just not "gambling" im not saying its the same but it is quite similar

but again you are the most "knowledgeable" person to have ever existed on this forum,i have no problems admitting i have a ways to go but i do not care what people think,because you can not be successful if you do care what others think
 
Quote from asiaprop:

if you are talking about this then I can laugh. But hey, I make it easy for you, no need for audited statements, send me your track record over the past 10 years, broker statements are sufficient. Especially when they are emailed directly from your broker.
More...

Maybe you didn't understand my post, so I will repeat - I have not daytraded for 10 consecutive years, so I am not quite sure why you keep mentioning that figure. To make it clear for you, I daytraded full-time for 7 out of the last 11 years, all but 1 were profitable in the 6 figures. If you wish to dispute that, then tell me if you are willing to wager cold hard cash against it, and if so, how much.

Also, you have to be kidding if you think I am just going to send my personal info and financials, broker account numbers etc to a complete stranger from the internet, with no guarantee of getting paid my winnings. You haven't even stated an amount you would be willing to wager, and you surely can't think I am naive enough to trust your word as for paying up when you see the evidence.

No, if you are still on for the wager, it will be done properly e.g. using a signed letter from a proper accounting firm to verify the results, using a reputable law firm to draw up the binding bet contract, and putting the wager funds into escrow so neither side can back out once it's agreed to go ahead. Let me know your minimum and maximum bet size, if you are still interested in taking me up on it - and make it a worthwhile amount.
 
Quote from asiaprop:

totally and 100% agree. And because this is an anonymous board with around 95% losers whBut coming out and claiming they can easily match a 20% annualized return over a multi-year period is pathetic.
More...

Here's another bet if you want to take it up, this one will be a lot easier to verify. I opened an account purely for daytrading, back in April, with a little over $5k. Since I started trading it actively (late April), the P&L on that account alone is over $50k. That's a 1000% return in less than 2 months, which is a tad more than 20% annualised over 10 years.

Would you be willing to wager a decent sum against that? And would you accept a written/signed letter from a manager at the brokerage (it's a known broker) as evidence?

C'mon, big shot - if you are right then this should be some free money for you.
 
Quote from Airwaves:



Its makes me cringe and laugh at the same time. Everyone trying to make out they're really rich by 'betting' with STRANGERS over the INTERNET with 'money' they DONT HAVE! Its like how people acted when the internet first came out years and years ago. They were all drunk on the anonymous aspect of it all and just reverted back to being like children again! ET is caught in a time warp and carrying it on.

NONE of you are gonna bet anything!! Stop embarassing yourselves.
More...

I'm willing to bet - let me know how much you'll wager.
 
Quote from Ghost of Cutten:


Would you be willing to wager a decent sum against that? And would you accept a written/signed letter from a manager at the brokerage (it's a known broker) as evidence?

C'mon, big shot - if you are right then this should be some free money for you.
More...

I wouldn't :D
 
Status
Not open for further replies.
Back
Top