There's a big difference between OUTRIGHT trading and a typical business (say, running a shop). Directional trader basically tries to bet on future events, right or wrong. Shop owner simply makes the market. Much closer to what brokers and banks do in financial business. Is that a coincidence that the biggest investment banks make most profits from market making, underwriting etc.? Not from directional bets (which they do, but traditionally suck at it). All despite huge resources and excellent information flow they have access to. If only shop owner bought some items expecting them to grow in price and sell them later, and if that was the base of his/her business, only then it would be similar to trading. Do you know many shop owners who make a living by that and not market making? I don't.
in JUST 1 day, this thread has 10 pages, never seen a active thread like this here everybody jump in and write to talk about about quitting or staying
You are wrong. I will give a warning to the newbies here. Trading successfully takes a lot of time and effort. More than most can muster. Trading, reviewing your trades, planning the next trading day and maintaining your journal leaves little time to waste. You also want to have some time off to relax and recuperate between sessions. So my question is, will there be time left over to come in here and teach you how to do it? That being said, this site contains nuggets of advice that you can find if you are lucky. Here is one interesting thread, 5 years ago, from my favorites list. Post #29 http://www.elitetrader.com/et/index.php?threads/whats-your-trading-system.195896/page-3
Another problem with guys who know guys who did it is something I discovered Sometimes when folks make really easy money like with an inheritence or legal settlement--- they will lie about how they "earned" the money by saying trading or investments. This happens all the time yet the simple just keep on believing.
good points. I have spent 5 yrs in learning sim and live and still continues. But i too many breaks due to ill health, so every time, is like starting over and that delayed building my system, but I do have one. it takes a lot than what it looks like
that has to be true. I find it surprising that you seem to have never encountered someone trading baskets of 10,000 share blocks of stocks successfully that didn't come from Goldman or SAC or have never encountered a self-made stock trading multi-millionaire with newspaper and financial articles and other evidence. Granted, it is less likely today. But someone of your standing must have surely come across such individuals.
Or they pretend they are small time hedge fund marketer, trader, fisherman, watch collector, writer, economic provocateur... you name it. They can even pretend to be businessmen. If you have enough imagination, and I must admit you really have a lot of imagination, you can always find explanations pro and contra. This is an endless discussion. Ooooooh I know businessmen who make less money than my daytrading. But I als know businessmen who make more money than my daytrading.:eek: I propose that next presidential elections people should be forced to answer the following question: do I make more money in trading than in doing business? They should answer Yes or No. And send a copy of their answer to Marketsurfer to be sure he will not contest the outcome.
He will surely try to avoid and/or ignore them because they would undermine his theory. Might be the end of the world, or better of HIS living world.
marketsurfer has made up his mind about things long ago and NOTHING can shake his beliefs, therefore it doesn't matter how many here come out and present themselves as the evidence.
Nope. In fact, its the opposite. A portion of my business identifies alpha producing edges and then helps deploy capital to the strategy. I pray to find someone with a consistent winning edge in the traditional markets. Nothing makes me happier. surf