<b> I also felt that after 2008 the only guys in the game are the traders and the computers, which made it a lot less fun. ...</b> That is because the free fall ended in 3/2009. A whole different market began. That kind of trading was not as profitable!
So on one hand you say no one can make money trading, it is a losers game. On the other hand you say you did very well yourself as a trader... So what is it ?
It is what it is - no one can but someone can.If Vishnu says so,you should take it AS IS! It is Maya time.LoL..
Read the article. I answernthere. If your life philosophy is called intonquestion, just o the best youo can
AFAIK Altucher traded very succesfuly a few years ago (back in the dotcom era and early 2000's I think) and managed money for Niederhoffer. When he published some of the strategies he used or knew were used by others , Niederhoffer called him a clown . Altucher seems legit to me , of course he has to sell books . I don't see anything wrong with saying hardly anyone can make money at this game while having written stuff on how to make it, he knows a thing ot two but I don't agree with some of the "personal finance " advice he has given .
The dot com era and the downdraft that happened from 2007 to 2009 were very two different trading climates from today. Most can't make the transistion. What worked in 2008 does not always work now. Telling anybody that all traders fail is horseshit. The real truth is all retail traders tend to fail, until they figure it out. Most (85%) lose self confidence and give up before they figure it out. Thank you. I don't need advice from a burn out. Remember 15% of retail traders do make it. I am not alone.
I think you guys, for some reason, feel very threatened by my article, hence the need to insult me, try to justify your findings by lying about me, try to poke holes in my argument, etc. its like a psychological thing: many of you have made the life choice to be a trader and I am calling that life choice into question. So like dogs backed into a corner you feel the need to respond. I get it. Good for you. But if you read my article carefully you see I do identify at least six types of peoplewho make money in the markets: The 5 I list plus one more category: using public info on microcaps as if it were private info. Can you make money in the long run using charts, TA, etc: No. Nobody has ever done, nobody ever will. And with more computers in the game than ever, it will become even more impossible. But I do think you can make money if you find what information is out there that has the characteristics of inside information but is, in fact, public. For instance, I was in a meeting the other day with a $100 million hedge fund that has computers scour FDA filings the second they appear and they have statistically built models to test how these filings will effect stocks. That's what you are up against. I asked these guys if they would ever use charts: all the guys were from successful quant hedge funds. They laughed and said of course not. I go and speak at all these trading seminars. I'm not selling books, tapes, newsletters. I go because its a vacation. I'm not raising money. I have no agenda. I am just trying to help people who are being robbed every day. But I see al the other guys there: selling "trading systems" , newsletters, oscillators, etc. its all BS. The entire prop trading daytrading ecosystem is BS. I've spoken to thousands of traders. I've been a successful trader and an entrepreneur. I've done due diligence on probably a 1000 hedge funds. Take my advice: use your intelligence to start a good business. Don't fall down the black hole of trading.
On this we agree "The entire prop trading daytrading ecosystem is BS" It is and always has been pure gambling for me. There are other ways to trade that dodge that ecosystem. My world could care less about machines that are spitting out orders in microseconds...never to be executed. Stop the profit of doom crap. <u>Its not true.</u>
The consensus pendulum once again swings from "day trading possible" to "day trading not possible". There is no money in directional trading unless you are using "hidden but public" information. Stat arb is an old story, thoroughly exploited and averaged out to zero by now. All that's left is HFT. That's what all the hedge funds are doing. Seems like this is the story we hear over and over and over these days. The question is: do hedge funds not look at certain things because they are not scalable? Or is it because there is really no statistical significance in all other methods.