Day Trading....The Truth

Discussion in 'Psychology' started by WrinkleRemover, Aug 8, 2007.

  1. ok...this is my first post on this forum and it may be my last. This forum is mostly filled with the 95% of people who don't make money or who make a little. So why hang around these people? YOU DONT! They can only help you be at their level.

    First of all I don't think I need to discuss my day trading success because I don't matter...its all about you. I see many people coming on here looking for I gonna make money? much do people make? It doesn't matter what they make and they can't tell you what you can make and cannot. Nobody here knows the amount of work you will put in and what your passion level is.

    However, I can tell you that if you are day trading because you think you get to sit at home and make a bunch of money then you are doing it for the wrong reasons. To make it big time trading needs to be your job, hobby,passion.....YOUR LIFE!

    Now don't be discouraged about the 95/5 rule. You should be happy it exists...if 95% of people were making money then you couldn't make a killing. This 95/5 rule exists everywhere in life. How many baseball players make it to the majors...less than 5% im sure. If you take a 100 men and 100 women and stick them in a room....i bet 95% of the women will pick out the same 5 guys they would rather bang. Then the other 95 guys have to fight over the remaining 5. lol this isnt that great of an example but you get the idea.

    Also if you want to day trade because you don't like your job and don't like your boss...again...WRONG REASON! The successful trader most likely excels in all walks of business because they will do their best to be the best in all that they do. So if you suck at your current job what makes you think you'll do better at day trading?

    Day Trading gets a bad wrap because its easy to get into...but its the same thing as any other business. You get out what you put into it. Put you life into it and you'll get a rich life out of it. Put a half ass attempt into it and thats what you'll get out...a half ass return.

    I know a lot of this has probably been posted on this forum but I see that the same issues come up over and over, so I thought I would say something.

    If you truly want to day trade then you don't need to ask somebody if they are making a lot of money because all you need to know is that 1 person is making money...thats all I need to know. I can tell you if some one asked me if I rather make 500k at a job or 40k trading...I would still trade. So if you wouldn't answer the same you may want to take a look and see if you really have what it takes.

    You have to do what your passionate about. If you love what you do and can't wait to wake up in the morning and try to do it better than everyone else then you will be successful. If your passionate about shoveling dog crap then you should shovel dog crap. Next thing you know you'll have a 30 million dollar franchised dog crap shoveling company.

    I think thats enough for now....i'm sure I will think of something later and maybe I will add it. Also I apologize to those here that are really here to help people and not shoot them down. Please excuse grammar and punctuation...I kind of rushed it. lol

  2. i'd rather make $500k trading than $40k, and yes i am one of the 5%.:D
  3. Well said!!!!!
  4. This is the key to the whole story, if you are not passionate about what you are doing, you are not going to put in the time you need to in order to be able to compete in an everchanging market.
  5. gfrost


    I agree with what you say but I think your analysis is a bit harsh.

    It seems everyone on this forum is at different levels, from the absolute beginner to the consummate professional trader.

    I know what you mean about the "can I make $30k a year from a $2k account" posts, but surely if you are looking for perfection you must check out new/different trading methods if only to discount them.

    Traders, just like people in general have different personalities, you and I might not need reassurance but there are plenty who do. Maybe you didn't have a period in your trading career where trading felt like a frightening, lonely and dark place, but I certainly have and if thought I could help someone else, I would.

    I am not trying to be negative about your post as I found it most interesting but maybe you could be a bit more tolerant to the traders who need some reassurance, whether they make money or not.
  6. Wrinkleremover... Theres just so much Id like to say but Ill limit it to this... the first lesson in trading is to leave your ego at the door.. you have failed this step

    We all start at the bottom
    We all mix with various people of varying quality in every walk of life and every industry. I wont bother reading your diatribe because obviously it isnt worth it really. Please come again.

    think about it like this.. If you know all this.. why would I invite you to a winners only party? what....because you dont want to mix with loosers? is that a god enough reason to let you in?...

    Look at yourself first dude... leave your ego at the door, we are all losers untill we can prove otherwise.. get over it start at the bottom like everyone else.. there are no shortcuts.. not even knowing all the world leaders on a first name basis will make you a good trader...

    Your biggest problem is the Prism through which you view things not your ability. You seem naturally sceptical of anything you at first cant see... remember the focus is on your mindset.. how you see things... the hardest thing you will ever in your life do is to change that mindset.. change the way you see things.. normally it takes a life changing event to do that.. otherwise your talking about utilizing tools only the best trainers can help you with like Anthony Robbins tools which are probaly the best (not neccesarily the most original) tools in the world. even presidents use it.. start thier.. but first.. realise.. your great.. but you aint all that unless your prepared for immesion and commitment to have the energy to prove how good you are...

    Dude.. I should charge you for this... but I feel sorry for you and your poor mindset..
  7. People get into trading because they want to make money...period. To say you should be good @ trading you must be just common sense.

    The people you are referring to simply want to be reasurred that money can be made & they are not waisting their time chasing after some profession wherre there is little proof... and alot of hype of supposed profits.

    I often wonder myself how many posters on this site are in the green every month and by what percentage of their investment.

    Even the P/L thread shows traders win/losses but rarely does anyone mention the percentage returned, daily weekly. Wins & losses are always relative to your seed capital, are they not?

    People simply want reasurance!! What's wrong with that! Your right about the 95/5 rule and the passion!

  8. You do not really know what you're talking about, you are making big assumptions with little factual base.
  9. If you concentrated a little more on your grammar and spelling and a little less on the brainwashing Paulds11, you might not come across as an illiterate sheep.
  10. booyah


    really well said dude. changing your view on life,obstacles or any challenge is the hardest. Like the original post I had similar views on stock trading awhile ago, because my system wasn't working. Mainly because I didn't have a system. :)

    Another harsh reality is the goal we have in mind takes a lot longer to achieve than we like to fantasize about. Atleast that's how I'm seeing it now.
    #10     Aug 9, 2007