Very few people excel in life to become rich. why should trading be any different when it fits in the grand scheme of things, like sports or any other profession. just because you did not make it does not mean any other person cant make it. you can still make an average living in trading as you can make in any average job which pays you. the choice is yours.
I remember that short lived thread. Actually, he did not say he made money trading. He said he set up a website (stockpickr?) which he sold to thestreet.com for 10mil. So a successful website developer who may or may not have been successful trading.
I have seen some academic publications proving that day trading is a losers game and many that claim TA is a losers game in general. Having said that I day trade once in a while but I never made a lot of money from it. I would say that retail forex is a losers game because even a spread of 1 pip is too much for intraday trading, meaning that the game is rigged in favor of market makers. I think besides all the academic papers the data in this blog are suggesting a very low chance of making money even in daily forex.
I think this blog/ Altucher proves that in order to raise capital for trading you don't need to know how to make money from the markets. Do things ever change?
It's a losers game for the majority, not for those who can do it. It makes sense that you won't make a lot of money if you day trade once in a while. But it sound like you're profitable. A 1, 2 or even 5 pip spread is fine. Just define a strategy that takes this into account. I agree, a low chance of making money for the average (inexperienced, undisciplined) retail trader. You need either coaching, persistence or organized analytical skills. You're being overly pessimistic. Watch a day trader making money every day over a period of time and you'll see how easily it can be done. It's this that solidified my opinion.
To set the record straight: - I did make money trading for myself and others. - I then set up a fund of funds to fund other traders. That fund did very well. - I then set up stockpickr which I sold to thestreet.com. - I never spammed anything. I've been "Vishnu" on this board for a decade. No reason for me to hide my name. Nowhere in this article does it say I failed at trading. I simply didn't enjoy it. The article is about other things I learned. I've written in many places what i actually learned about trading. -James
There is a thread titled "Did Altucher fail as a trader?": http://www.elitetrader.com/vb/showthread.php?threadid=239100 It's not really a question we need to dwell on.
have you failed as a trader? is that why you post on message boards attacking others who tell the truth?