Absolutely correct. My analoges were only meant to highlight that most big winners in life seek out mentors. In trading you want a coach who has meanigful positive expectation right now. Trading edges often evaporate over time and many who used to win are now solid losers or have quit trading. Trading is full of gurus-for-hire who had an edge years ago but are now losers who no longer have an edge. Trading is even more full of complete lying hustlers posing as winning traders who never once in their lives figured to beat the game.
Yes and lying husksters would never have been succesful in the first place. For some reason it seems, the best traders long term have self integrity. Self deception carries over into trading self deception which carries over into trading losses.
Other than reading books, lots of books, I obtained most of my options trading skills from you folks here and I have no way of knowing if you all are good traders. Perhaps most of you are.
The second sentence made me smile; Take that "most" sample, and divide that by 99.5%...that very tiny group are the profitable/successful traders. I'm not being arrogant or anything...but that's just reality of any select grouping. Creme of the Crop...Select the Best, forget the rest. From my experience, or observations, the best traders in the world are not the most highly educated or have the most experience. Education and experience are important, don't get me wrong -- but only to a certain point or extent. Too much education makes you stale and stuffy and close-minded, and too much experience makes you stale as well and dry and tired.
Well, there's not really any argument here. Why would I recommend a profitable day-trader give up day-trading? - I wouldn't and I didn't. But d08 likes to set up adversarial conversations, even when I wasn't talking to him (and don't like to generally).
I used to close out all my open trades at the end of the day. Mainly not to worry about over night glitches. Now I am experimenting with position building from day to day and only closing on the stop loss or take profit.
they train in-house staff and have alumni that go on to work in finance as analysts, traders and portfolio managers etc. I don’t really give a shit, I was merely just saying they provide good base education for trading intraday. I’m not really interested in what people think it may or may not be.
That was the point I was actually making for basketball, see the same paragraph. In sports you can understand the game well but are lacking the athletic ability, I see no such problems when clicking the mouse is involved. You can be 80 years old and still actively trading. Maybe it's true for trading as well, having a trading coach that barely makes the average wage is better as a coach. I personally find it hard to believe but I haven't had any coaching either. Won't cloning yourself limit their creativity? The same applies to schooling, by enforcing the same rules upon everyone, you limit the creativity of some at the benefit of the majority. Methods and discipline are important but not absolutely everything. If quick reflexes are needed, why not just hire someone to automate the approach or someone to just trade your method if automation is out of the question? Some might even say "if they are that good and been doing it for so long, why aren't they retired yet?". The only explanation is that they are old, wealthy, still trading actively AND are eager to teach just for the sake of teaching (money doesn't matter). Seems like the criteria is too strict to find anyone.
It's called having a discussion. Anyone can join in if they feel they have something to contribute. What statistics suggest most new traders are daytraders? I'm sincerely curious. Most new traders get wiped out, period. Daytrading or not. With daytrading, your equity gain or decline can accelerate as you're dealing with more data and therefore more opportunities. Then again, you can trade options over a longer period and lose everything within days or put on oversized futures positions. On the flipside you can daytrade conservatively - low volatility ETFs, very large cap stocks etc, not that risky in any sense. I suppose you're suggesting everyone who are relatively new to trading don't know what they are doing and therefore their accounts will be depleted too fast, before they can learn anything. Fair point if that's what you meant.
Yes, I think it would if you were to do so 100%. That's why I said 'to a certain extent'. That 'certain extent' is needed to keep them from going too far out on the limb, which without sufficient experience will result in problems. I've found too often that those who are smart enough to learn the basics, tend to just jump into the application phase. As you know, it should take considerable time to find what's best for them in that respect.