people who can make money daytrading won't need to daytrade for long . professional daytraders or hedge funds now use automated trading systems of HFT machines to do daytrading business. which is why daytrading operations always hiring for people with phd in computer programming. automated trading systems wasn't available or possible in the 90's computing power and internet too slow. and high speed internet connections were like $1000/month and software wasn't invented yet for retail traders. the money or profit is limited for daytrading that is why you never see anyone daytrading for long.
The $4329.33 actually comes from churning some naive investors funds! Again, profit from automated trading only comes from CHURNING!
There is this girl I love(d). I would follow here to the end of the world back in the day. Now, I don't even pick up the phone when she calls. I can't be destracted from how my stocks are doing. I feel very numb at times. Hope it changes when I make my millions and retire.
You will NEVER make millions. Certainly not from trading. She will be sick of this BS and will get a man who brings home the bacon and pays the bills, even if it's a janitor. You will be broke and lonely. You have been warned. Get a real job and get the girl. Even if it's a janitorial job, as long as it's a real job.
I have never daytraded. But I have seen daytraders here (here in latin america the investing/trading community is quite small, so most know each other), get broke. Their wifes left them for some low income blue collar workers.
I agree with much of what you say, but FWIW, I think you came to this site looking for answers, read everything you could, and then became confused. This is natural, and so is your reaction, but you have to learn to separate charlatans from tourists from career traders. Predictive trading is a form of gambling, and most professional traders do as little of this as possible. On ET, it is like 99%. It is a fact that probably 10 traders max in a hundred make money trading. That numbers is probably closer to 5 in a hundred now. And when they take this statistic, they probably include professionals that work at exchanges. On ET, it is closer to 1 in a 1000 that makes a profession strictly from trading. That means there are maybe 20 traders on _ALL_ of ET that post actively that make money from trading. Also, there is something called selective bias, meaning that the ones that are making money now are the ones that tend to be the ones with the biggest ego. They have yet to be kicked out of this profession. Hang around ET for say five years, 99% of the people on this thread will no longer be around. You will then see a new crop of people with very similar attitudes to the ones on this thread (assuming they are not aliases of the same people here that God only knows why they hang around to pretend.) This is actually an interesting exercise if you have time to kill. Go back five years and start reading. You will see people like you and people like the ones responding to you in this thread. Deja Vu all over again. I used to be like you when I first came on ET. Taking on all the obvious shills. I will suggest though that even though you may be correct, I have found over the course of the years that it is best not to confront people in this manner. A better way is simply to state your own struggles, and let people take that experience as evidence as to just how hard it is to make money trading predictively. That is unless, you like arguing and taking on the world. You are only one man, save your self, and then save the world if you don't become too self absorbed with success. One final word of advice, FWIW, the best form of trading is relational trading, where you are trading one thing against another. It won't make you rich fast, but it is the best way to survive until you get better at predictive trading. If you remember anything, just remember this one paragraph.
If you are trading for a rush or it's becoming addicting it's a sure sign of failure trading gives everyone whatever they seek but few are willing to put in the grind and even fewer have the capitalization to succeed longer term- that in itself if you analyse carefully results in over50% failure rate but for those who are willing to work hard with above average intelligence, capitalization etc there is no better job or business- where else can u spend the next day as unlike with money u make today?
FACT is 95% of" new" traders blow out in 1st year,there is no stat on daytraders new or experienced or any other type,just the stufff made up here