Zanger and PTJ are one in 20 million. While we all would love to be in their shoes, the reality is maybe 1 or 2 of us will be there. So if we bring things back down to reality, it is my opinion that you can earn 100k as a daytrader and you don't have to be a superstar. Floor traders are the best example of day traders, and have been making money daytrading the markets for hundreds of years. You need to have a few edges, such as access to BP(Leverage), a few strategies that produce a return greater than 0, and the tools to support your strategies. If you have a limited amount of capital, your best chance for success is short term trading. So run it like a business. You want to make money today, certainly by the end of the week, and should cash flow every month. So trade strategies that fit within this model. Build your capital base, earn a great living. If you want to achieve Wealth, then I'd suggest taking a page from Sir John Templetons playbook. Take a portion of those earnings, and put it into a longer term strategy and shoot for consistent and greater returns on your money. 10% is good start, but if you really want to create wealth, then you need to set aside 25% or more. Sir John himself, would save and invest 50% of his earnings. That my friends is how you get wealthy!
Templeton beats 'em all....hands down. I'd give good money to listen to the old man speak...too bad he does'nt do much trading related public speaking. Jack Dreyfus is another of my favorites. Interesting how pikers on this board all going "ga-ga" on Zanger now, I recall a thread months back where same pikers were bashing him as a "non-trader", questioning why he even made it to Traders Monthly top traders list. Just Pikers being Pikers I guess.....can't wait to graduate out of this league.
Here is what I found interesting in the interview: "His two biggest mentors during his formative years as a trader were Gene Morgan and William O'Neil. He learned everything he could about chart patterns and important fundamentals, but the style he developed is very much his own. He got really serious in 1989 and spent the next 10 years honing his craft." I have to assume that the word mentor here is used in the meaning of hero, because we have to ponder just how good mentoring he got, that he still needed 10 more years and a giant bullmarket to make it. http://investopedia.com/articles/trading/04/082504.asp
I dont understand how anybody in this board can speak negatively about Dan Zanger. Regardless of underlying mkt conditions when he finally put it all together. He kept a great portion(and is still building net worth) and is living his dream. He is truly a traders trader. A purist and a total beast able to turn it on overdrive when conditions warrant. I would bet my left pinky the bashers haven't turned a green year ever.
Zanger is a great swing trader, not daytrader. He deserves the recognition he gets. As to those who say daytrading can't build wealth, according to published accounts, Paul Rotter, the flipper, made or makes 60-75 million/year for ten years flipping for ticks in bund and related markets. And, with his own money. Different than PTJ running huge opm.
If you are addressing me, I wasn't talking negatively about him. I was wondering about 2 things: 1. Did he really mean mentor when he used that word? 2. Does it really take not 1 but 2 great mentors (supposed he was really mentored by those guys) and 10 years to make it? In other words, if a newbie comes here and reads his story, what would you tell him when he asks: where do I find 2 great mentors and do I really want to invest 10 years of my life to make it? As for critics of Zinger not being in the green, if he was allowed to have 10 years for testing,experiencing,etc. than so are they...
here's the bottom line about zanger. he's the only day trader period to show his tax returns year in year out and his confirms and brokerage statements. if you look at the original article on him in fortune i believe in 1999 it was a contest to see what daytrader in america had the highest % return for the past 2 years and it said he produced a world record of 160,000% .i know many people who follow his newsletter and he's great they say but you got to hold for weeks many times
i contend zanger is a shill why? because he has a shill web site selling shill web shit. and why , oh why, if you were a bling trader with hundreds of millions, would you care about shilling shit for 30$ a pop or whatever???? its too fishy
Not directed to you. Just a general comment. I agree 100% with your last paragraph. Took me 3 years to pull away from the spiraling cork screw disposal unit of self destruction. And i`m sure there are traders more successful than many here that took even longer to change habits. Good trading to you!
Dan Zanger can probably make 100 grand a day profit with no sweat, but the days of stocks moving multiple points a day are over. The average swing trader (like myself) would have a lot harder time. I know I am. A stock can go up .25 cents alot easier than it can 2.50 , and if you were trading his size (he bought 200,000 shares of google....just to give you an idea).. well, 200,000 on a .25 cent gain that...oh..just 50,000 or for a real life example: buy CC before the open @ 29.38 on 200,000 shares, it went as high as 30.80 (1.42 ps or 284,000 profit). - nathan