How to make money day trading the right way

Discussion in 'Trading' started by emg, Jan 6, 2011.

  1. emg


    Now that I found the best answer on "why do people believe day trading is get rich quick"

    Quote from Handle123:

    People are gullible, they see infomercials on TV, seeing some slick vendor selling some software where people are happy using some "foolproof" software waiting for either a green or red to buy or sell. People daydreaming "finally their pot of gold float their way," IMAGINE yourself making hundreds or thousands in a couple of hours or you can stay working your dull 9 to 5 job, cut to some poor smuck sitting at his desk with stacks of papers on his desk and the boss is yelling at him. IMAGINE buying that big house, that sports car, everyone patting you on the back, cut to same poor smuck sitting in bumper to bumper traffic smelling in fumes. IMAGINE sitting on the beach sucking down another pina colada while your hooter girl rubbing her bod against you, cut back to same poor smuck at his house trailer with bills piling up, wife is screaming "Hamburger helper again?". People envision delusions of grandeur thinking this can be so easy if I just buy that software.

    The reality of course, if you want to acquire all that, it is very possible, but expect to work years at gaining the knowledge to do so. It is funny, by the time you finally get very good at this craft, what you think you wanted all along, you don't. You have to put in an incredible amount of hours, you have to have an infinite amount of passion for doing the nearly impossible. And when you start, what you think is the most important is nowhere near what is at the end. You have to turn into Mr. Spock, trade logical in an illogical world of emotions. You don't trade price, you trade an illusion of what people are thinking.

    Day trading is a very tough way to make profits, sitting here behind the screen, just waiting for your patterns. And whether you manually trade or automate or both, you are always tweaking to make it better. Long hours has to be in your blood, not a whole lot of time sitting on the beach when you are running another backtest.

    And any great piece of software or method is never going to be sold. And why mess with the bs of selling to the public, dealing with gullible people for a lousy 5 or 10 grand when you can make that in a month, week, day or an hour? The old line "I just want to give back", what a crock of crap, give back? give back to who?
    Most vendors just want to stick it to the gullible to help pay back their losses. You want to give back, mentor 2/3 people for a year and expect nothing in return.

    99% of the vendors out here will never show brokerage statements, cause they want you to dream about "IMAGINE".

    Happy New Year All.

    Let see who has the best ideas, "edge", method, system, and fundamental day trading technique.
  2. Bob111


    do you seriously believe that someone profitable will share his method\system with you and rest or the world on public forum? give me the reason,why would i do that?
  3. emg


    that's a good answer!

  4. When people mature they learn not to generalize. This comes with experience. Usually, people who generalize have little education and working experience.

    Great trading systems are sold every day to hedge funds and traders by qualified developers. My friends at two hedge funds in BVI and The Bahamas have bought such systems and they work fine.

    Good software is available to help traders that is developed by good people. I use such software every day to guide me. I know this great guy with 30 years of trading experience who has a medical condition that prevents him from trading. He develops great software people use to make tons of money. You just can't generalize. Not all vendors are losers.

    The truth of the matter is that most undercapitalized traders will blame the software and their broker for their failure to understand the impact of volatility and leverage.

    I bet that if my hedge fund friends give away their systems to 1000 traders, no more than 2 or 3 of them will come out winners. Volatility and leverage will kill the rest. Be sure, they will blame the system, not their stupidity.
  5. emg


    good answer
  6. meshet


    to find proper instruments that suits you and get accustomed to `em. after a while you will know every its sneez.
  7. Yes, good idea. Everyone, post your tax returns!. :D
  8. better yet, wizdom shared is rarely understood , appreciated, or used properly .

    buy low, sell high?
  9. Pekelo


    How about you start first and explain it to us how you come up with those entry levels in the ES Journal??
    Then in return I will explain how I use your system in a more efficient way. :)

    P.S.: You request is retarded.
  10. emg


    I am looking for a good answers!!!

    Bring them up!!!
    #10     Mar 24, 2011