i ve seen more than 95% of the new people go ...sounds reasonable. some were really smart , others were average ...if you r stupid enough to stick to it though u might end up just making it ...thats how its been at my firm. cheers
What is the point of a post like this? The ideas introduced are not novel and they are not constructive. Most importantly, the ideas related to daytrading are NOT correct. I just wonder what is the underlying motive for someone to even create a thread like this. I trade in an office of well over 100 daytraders, this is my third year, and this is the first year that I've ever used stops (that is hard physical stops -- I've always used mental stops however). You don't HAVE to be the quickest to make a ton of money in the intraday timeframe. Just deliberate and decisive. Those traits transcend timeframes. Crgarcia -- you're flat out wrong. Trading in general IS a losing proposition for most people -- maybe yourself included. Success as a daytrader is probably generally commensurate with success trading in all timeframes. I love how people on this website make it sound as though they are so much more intelligent because they don't trade intraday and instead trade longer timeframes. When in reality, the timeframe you trade doesn't really matter, the only thing that matters is the obvious.
You are correct, I do have more to offer, and a lot of it's free, but I am not allowed to even mention my website in this forum.
Awww, poor baby. The only one in this thread to post something worth reading is True Prop. Does he have a website?
For a guy who carries other peoples luggage for a living you sure are an arrogant prick. Don't bother responding, to me at least, I won't see it.
When one says 95% or 98% of day traders failed. It will be nice to also say the duration of the study. Did they fail in 3 months, 3 years or 30 years? In a long run we are all dead.
How many succeeded in their second shot the following year? Literally yes, but a profitable, level-headed trader who practises sensible capital management is unlikely to "fail". If he blows and account, it's very likely because he wasn't trading profitably, was trading irresponsibly or wasn't practising increasingly conservative capital management (as should be taken when trading an amount very hard to replenish). I'm sure many experienced will have stories to "prove" me wrong, but many of those will see a failure of one of the reasons I gave, and some will just be those freak occurances which few will experience. If you stay completely stable and focused (good trades), over this sample you should make more than enough to deal with and realistic losing runs (even if it means downsizing in your life).
1986,was 30 years old with 35k in bank,wife and a 3 year old ,cboe brkr for 6 yrs,decided to up my income,4500 seat lease ,25k in trading acct,10k to live on,went broke in 5 months,learning curve needed a lot more than 25k and 5 months,moral of the story,paper trade til you have figured out an edge,then when you real trade,trade small til you figure out your psyche shortcomings,your nemisis against your edge,if you survive those 2 hurdles ,you will make it trading,until you get rid of those 2 brick walls,u will lose,it's right around the corner,but never underestimate those 2 brick walls