intradaybill
Registered: Feb 2008
Posts: 2962 |
05-17-11 03:15 PM
Some facts I have realized in my 20 years of trading:
(1) Day trading is competing directly with market makers. Guess who is going to lose at the end? That does not mean that some people will not make it but the probability of not being you is very high.
(2) It takes 5 years to get a MSc in Electrical Engineering, for example, and it costs about 100K in tuition and expenses, for going to a State University. The cost for going to a University like MIT is possibly 200K or more. Yet, some people think they can learn the science of trading with no money down, just by looking at a screen. Can you learn how to build an airplane by just looking at it? Ask this question to yourself.
(3) Increase your timeframe a bit and forget about chasing pips or ticks. The money is made in position trading.
(4) Education and tools are necessary. Trading is a very expensive investment. If you do not have at least 5K to invest in tools and 5K more in education do not even start.
(5) if you have no money to invest but you still want to learn how to make money trading, ask a master to help you for a couple of years by accepting to work free for him or her. This is how people were learning the secrets of martial arts in Japan for years. Call the office of Mr. Soros and ask them to work there for free for a year, make coffee, running to the deli, cleaning the offices of traders, calling cars for them, arranging their meetings for exchange of letting you watch what they do 1 -2 hours a day.
...or lose all you money to those that do whatever it takes.
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