market wizards? are you kiding? They should be called market liars. None of those makes money from his money, if they make any money at all. One of those so called wizards was discussed here at ET ( legal fraud problems). I know that the author of the book makes money (selling his book), the people inside the book make money (generated from publicity in the book to manage funds and speakl, etc). I also know that people lose money (like those who bought the book. Are you one?).
OP: yes you can make money. you need a business model given to you by someone who makes money. You need proof not words, opinions, and all that garbage. Pay for the real knowledge if you did not find it yet, but not the knowledge expressed in opinions. You need facts verified with market action. 99% of people of this forum lose money. 99.99% of people outside the forum lose money. Success rate in this forum is twice higher, but slim nonetheless. Anyone here who tell you that they know how to trade and cannot provide details, challenge them to make market calls on this forum. I dare anyone who say is good to make 50 market calls. the stats will be known.
I don't daytrade, I swing-trade and follow trends. I don't think you can't expect to be profitable every single month, at least not unless you trade multiple markets. There are times when there's just no clear opportunities. You still want to be profitable in those uncertain times? Stay in cash, and your broker cash-market-fund will provide the -modest- profits.
Yes, even no losing weeks is achievable over course of years depending on the type of trading you do. I've never seen a swing trader with no losing weeks but scalpers/tape readers/arbers are doing it for sure... I've never seen someone completing a one year run with no losing days.I've recently improved my best run, from mid February to early april( don't know the exact number of days)...
Where do thes figures of 95-99% of traders lose money overall come from? arent we just being a little too cynical?
Nope, they are the industry standard and the real figures for "day traders". The real stats are available to all professionals in the industry ... haven't you ever asked yourself exactly why there are SO MANY support mechanisms for day traders? 1. Seminars on trading. 2. Books Galore. 3. Second tier support products. 4. Support Groups. 5. Vendor Heaven. 6. and of course Brokerages ... These business exist in part to extract money from everyone who thinks they are going to hit the proverbial "pot-o-gold" (lots of folks got rich selling picks, shovels, mules, etc. to prospectors) ... ... and the OP fits the profile perfectly. The very nature of this thread shows this to be true, and actually far more people have a problem with this than anyone realizes ... that's assuming they ever get to be even slightly profitable in the first place.
LOL, my favorite stalker (it's OK, he wanted more than I could give him). Note that I'm not running around starting threads asking if consistent profitability is achievable, but rather providing the answers to them ...
Yes this is possible & people are doing it everyday for few years now.Deducting the drawdown one can have a descent monthly income consistently,but Wealth Creation should not be dreamt with Daytrading.I run the risk of being trageted & flamed ,which is what this Forum is famous for. Trust me we at India post our trades in our forum on Live mkt ,trading Index Futures each & everyday.