Do Day Traders Rationally Learn About Their Ability?

Discussion in 'Trading' started by Evermore2017, Feb 15, 2018.

  1. Yep that would do it. I was a hairs-breath (five hours) from my single engine license at 19 (self-funded, not a rich kid). Life got in the way.

    A willingness to take on something daunting and a really excellent survival instinct probably does help.
     
    Last edited: Feb 15, 2018
    #31     Feb 15, 2018
    Van_der_Voort_4 likes this.
  2. volpri

    volpri

    LOL :thumbsup:
     
    #32     Feb 15, 2018
  3. I get it. I had to join the Marine Corps to get my license.
     
    #33     Feb 15, 2018
    Slartibartfast likes this.
  4. volpri

    volpri

    Back in the 70’s as a teenager I caught a greyhound bus to Detroit. Went to Hazel Park Race Course and got my license as a groom to take care of 5 thoroughbred races horse.

    https://en.m.wikipedia.org/wiki/Hazel_Park_Raceway

    I, occasionally would wager. But I don’t remember ever betting over $4.00. Regardless of the horses running that day. Even those that I took care of.

    So Larry does that make me a degenerate gambler?

    I do like to scale into losing trades and find it to be quite profitable if done in the right manner, and correct context, with risk management.
     
    Last edited: Feb 15, 2018
    #34     Feb 15, 2018
  5. A new potential trader needs to look at trading as a job needing an "extremely high skill set."
    Nowhere in the job market do people start skilled jobs and professions without a lot of education and training.
    "Why do new potential traders think they can just read a book, open an account and make
    a living trading?"
    It takes more than a few books, or reading trading tips from a trading forum.
    You need to go to a trading school that follows through afterwards and continue with online trading rooms doing live real time trades with an instructor explaining what your doing.

    Nobody wants to hear or read what I just said above because it expensive, time consuming and intensive, "but" it allows you to emulate success.
     
    #35     Feb 15, 2018
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  6. Jzwu2017

    Jzwu2017

    We know a lot of unfit traders (gamblers) are attracted to day trading for quick bucks.

    If we take out those folks (80%), what is the % success rate and how long does it take to be successful?

    Success rate (for serious traders) = 4% over 20% = 20%
    Years before successful = ? (1-5 years full time)
     
    #36     Feb 15, 2018
  7. Peter8519

    Peter8519

    I find Don Guyon's One-Way Pockets described the similar situation as per thread title about 100 hundred years ago. Why it's hard to make money ? It's rigged and having the right mindset will be the edge. It a short book (64 pages) and easy read.
     
    #37     Feb 15, 2018
  8. "80% of all day traders quit within the first two years"

    Only the smart ones
     
    #38     Feb 15, 2018
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  9. volpri

    volpri

    More like the ones who never could learn how. LOL
     
    #39     Feb 15, 2018
    speedo likes this.
  10. From the way a lot of stocks trade, 90% of traders are losing, but from the way people talk about their trading 90% win.

    Well, at least the 90% is on target.
     
    #40     Feb 15, 2018
    comagnum likes this.