Why is everyone so hard? it's tough enough to lose money, no need to kick a man when he's already down. The less I trade the more I make.... short story---an acting coach I know of has a pizza party every time an actor decides to quit......it's a time to celebrate and wish 'em well as they move into a new chapter of life.
I agree with you, but what if the actor quitting was trying to proclaim that no one will ever make it as an actor and no one should bother trying, because they failed.
Im sure if there is a trading coach out there who suckered the OP into paying $$$$ for 'coaching or training fees', they would be more than happy to lay on pizza party as he enters a new chapter in his life..
"You didn't get my posts then , i didn't say u need this to make money , i just gave an example of what can be considered an edge , i am discussing the edge aspect and how there is no such thing as an edge to exploit as a retail trader" I vehemently disagree with the fact that a retail trader can't have an edge. What does shock me is that people think they can show up and just trade. "Trading is an easy way to make a hard living." I watched an episode of the Shark Tank tv show recently where the "Sharks" were upset with a would-be entrepreneur because he wanted to be compensated for his start up and development time (he had left a mid 6 figure career to pursue his product). They pointed out that many of them went uncompensated or were unprofitable for up to 9 years before they "made it" or turned a substantial profit. So it is with trading. It takes time and as with most new business endeavors the failure rate is very high. "Trading" is no different- it's a business like any other but with high rewards. I also think it's arrogant and certainly a naive approach to think that you can develop an edge by manipulating a series of indicators, etc etc. Finding an edge is extremely difficult for most- you may never find one, but it is possible. Plenty do succeed as retail traders. When I first started out in the 70's I met a person who made $50K a year trading with a simple moving average. I was introduced to trading by a radiologist friend already making $100K who made enough trading soybean oil to live like a king. If I recall he used point and figure charts. Today there are far better instruments to trade. What the retail trader does have now (that I didn't) is the benefit of technology- the ability to access markets from anywhere with ease. I'm leaving in a few weeks for St. Croix (USVI). They have better internet there than I have here in Vegas. Nothing else will change but the ocean view. Information is easier to come by as well. I wanted to read several books about Quants, HFT, and Algo trading so I ordered them off the net and they just showed up. They were interesting for someone like me who doesn't do any of the above. One benefit, among many from the books for the retail trader, was the fact that a large sample was required for many of their "techniques" to be tested. I imagine most retail traders don't bother to do that (and I don't mean back-testing or curve fitting). Also the entry fee is low today. Many brokers allow you to trade by depositing only $5,000 ( I started with $20K from an auto accident insurance settlement). What business (besides a hot dog cart) can you start with $5K today? Unless you started trading during the bull markets of the 70's, today is the next best time to do it, imo. For example my son, who developed a viable computer trading system with low risk, will undoubtedly be successful trading the 30 year Treasury Bond market for all the above reasons. Incidentally, it took him nearly 10 years of development and savings to get to the point to commit money ($100K to trade 100 lot). Anyone can do it if they are willing to put out the effort and are smart about the way they go about it Please don't give up because others couldn't be successful.
I would look into longer time frames. Position trading is so much easier than day trading. Granted, it may take a couple decades to compound your money into something significant, but if you find a real career and then position trade on the side, you can become very wealthy.
Thanks for your warning. I am afraid it is decades too late for me. It is true for the vast majority of folks and the mistakes made are so many that it's hard to list them all. Trading success doesn't correlate with the number or quality or speed of monitors, computers or anything like that IMO. When these are listed, it is a sign of ego which can destroy traders rapidly and out-of-the-blue. Powerful trading comes when ego is left behind. How to do that? Well that is the rub! IMO, one of the greatest blessings of great traders is the spiritual realization they get eventually. I am not sure this is true for every trader though. Solving issues is not necessary as long as you can accept them, limit their damage and move on. When you quit feeding them, like all the monsters of our minds, they will weaken in time. At least that has been my experience. My life has been a joy (most of the time) but like everyone I have had challenges and frustrations. They can make for a good life when you resolve them. They are only temporary. I would trade what I know to be your age again. Many my age would. Use that fact. If you were truly in demand and brilliant, then you can go back again and rebuild. It may take time, but so does good bread. Trading is just not for you and you have warned people off. Time to do what is right for you. I can think of a trader (not me, I don't publish) with a multi-decade published record, so if one exists, more exist. They are very rare though. I have followed him daily for 5 years and met him in person in Hawaii. I believe him. After a while you get to know who can trade by how they think, talk and act. I can think of hundreds of people I have met over the years that have failed, some spectacularly and some gradually. The shark bites and piranha's of Alexander Elder fame. (and there is another trader, though I have not personally met him) I don't know what is different about success and failure, though I have thought about it a lot. Perhaps one day I will figure it out. It is true mathematically that in the extremely long run all trading will fail, but we don't live anywhere near that long. It is not relevant, can be dealt with and I bet most don't truly understand the import of this comment. Finally as NoDoji says indirectly, I have found consistency can come from a sound understanding of mathematics and statistics. I wish you well in the future.
Your post is mostly correct, however most of these "traders" you are referring to are actually gamblers and unfortunately they make a complete mockery of the business of trading. If you are from a top school, there should've been a spot for you at a real firm when you graduated if your marks were good. You should've learned from REAL traders not these phonies using free/low cost software designed to generate commissions and affiliate revenues.
The last thing a gambler on a bus to the casino wants to hear is that the game is rigged and he is going to lose money.
That's hysterical. I currently live in Vegas (soon to be relocating). Steve Wynn, the hotel magnate with over 30 years in the business recently admitted he never met one high roller who was a big winner. Period! I was shocked.