A slight difference between market making and day trading.. most MM don't spec.. day traders spec.. which is a big no no on the floor. The clearing firms told all the new traders to only MM and make money off the orderflow and most everyone tried/did that. Day traders basically try to decipher the orderflow from a distance. And try to market make at much much wider spreads than true MMs use to on the floor. Market make on much longer price and time intervals. Living at the bidask level is almost impossible for day traders. Market making at much wider time and price intervals is basically buying/selling at the periphery of consolidation zones or market/volume profile or ATR or VWAPs. Key to this is slap longer timeframe EMAs.. and only enter in correlation to the trend. Living in the middle of consolidation zone structures is asking for most stops to be hit. You can only live at the outliers. Thus account size determines surviveability. If account size is too small even a 1 lot trader stop can be hit. If account size is larger trade smaller with a much larger stop at the outlier. Probability is that the trend continues adhering to the longer timeframe.
Because what happened to him is what happens to all people that: got too old cannot follow the evolution anymore maybe not smart enough only the strong survive, so he was not part of that group ... I know people who ran a business for decades (small shops), but the competition started to open hundreds of shops, were better in attracting customers... So competition got worse and the weakest had to stop. It is funny that these people then come and tell that "nothing works anymore". Reality is that they are not qualified to function in a new and probably more competitive world. It is always easier to blame the world then to admit you cannot follow anymore. Nobody likes it to admit that. Michael Schumacher was several times worldchampion in F1. When he made a comeback a few years later, he was never ever able to finish in the top 5 anymore. Things changed, so he had to change too, but could not.
%% The few daytrading [profitable] systems i found did not trade , except on average every 2 days;+ some discretionary types may do better than that, XEla. I enjoy the research more than the faster trading+remember in my typing class, about 80-95% /+, typed faster than me.LOL. Also noticed 95% of the faster typist$ could not stand the noise/recoil of a hi volume [SEPT.....]game bird shoot, so it takes takes kinds to make a market.[AV win rate =20% on that]
Any daytraders with audited 10+ year returns? I think a few of Market Wizards were daytraders but I'd have to flip through the series again to check.
Not sure why a private trader would need audited financials unless they were arranging for a financing, wanting to sell something or initiating a fund. My CPA does my taxes but there is no need for certification.
almost all traders you meet online will be frauds. Hate to say it, just has been my experience. And the definition of fraud here doesn't necessarily mean stealing other peoples money but just generally misrepresenting themselves and good traders or successful in general.
I've been burned one too many times believing people...never again. From now on, all parties are presumed guilty until unequivocally proven not to be a fraud.