Hi All, I think it's a case of "each to their own." Personally, I hate Day-Trading and would never do it. For me, sitting at a computer for hours on-end watching charts whilst life passes me by is not a good life to lead.....but that is just my view. I know a guy who stays in all day and trades and is profitable - that lifestyle works for him and I would never criticise him just because I could not do what he does. I much prefer to trade my 1 hour a day like I do - I think it is important to keep a healthy distance from the markets, maintaining a balance between trading and the rest of your life..... For anyone that can Day-Trade profitably and consistently, you have my admiration and respect, because there's just no way I could hack it! Damian Professional U.S. Share Trader
ding ding ding We have a winner. My grandfather told me over 20 years ago that too much of anything in life, regardless of what it is, is not good for the human mind and body. As true as it is, many never figure this simple concept out and spend the majority of their lives focused on what is truly not important in the end.
this is one of the dumbest quotes of all time and the real reason 95% fail. people think they can spend one hour a day in the markets and bank coin?! THIS IS A FULL TIME JOB !!!! anything less, and you WILL fail. that quote is like being a ER doctor and saying, " i only want to operate for an hour a day ... who would want to operate on people 8-10 hours a day and let life pass by like that!" stupid stupid stupid
Hey, steady on! I've traded as my main source of income that way for the last 6 years, so I can't be that stupid...! There's hundreds of different trading styles that work. One of the biggest misconceptions in trading is that in order to make a living, your only option is to Day-Trade. Thanks Damian Professional U.S. Share Trader
beauty....this is abosolutely correct....take it from a man who has had nothing for most of his life....
I find it funny how often the 95% statistic is thrown about. I find it even more funny how there's an uproar over this "factoid". I don't think anyone ever said it was impossible, and this statistic implies that very fact. At least 5% of daytraders are successful. It's funny how on the Internet/ET there's always more than 5% of the replies are from successful daytraders. So either the Internet/ET serves as a gathering place for a good portion of the successful daytraders........... (maybe) Or there are a large number of untruthful/unrealistic people on the Internet/ET........ (more likely) Logically, wouldn't one think that a successful daytrader would make better use of his/her time than refuting a thread that denies their success at their chosen career? I guess big egos are hard to satisfy. Regardless, ET is definitely a fantastic source of entertainment. Good Luck!
People throw the 95% statistic around b/c they havent succeeded themselves and feel that this # justifies their failed attempts.
This is nonsense. According to your "logic"... Anyone that "had the desire to put in the hours of hard work day in and day out"... Can be a world class musician... Or an Olympic athelete. Do you have any idea how many wannabe "day traders" I've met... That have ZERO talent for this very difficult game?
Your logic assumes that in order to succeed, you HAVE to become one of the greatest traders around. There is a big difference btw a trader that makes 10 mil a year and one that makes 100k, but they both are successful. One is just a lot more successful.
Dont argue too much about validity of statistical numbers. Even the US government with its seemingly infinite resources gets key numbers wrong like Non Farm Payrolls, which of late have become meaningless as previous numbers are always revised even by as much as 150% the other way. The revised numbers though not 100% accurate give a general picture of certain trends. Same with 95% trading losing figure, it dont matter if its 70% either - its the trend you look at - your decision is go with the trend or go against it. Either way know whats required and what it takes - by the way hard work on its own does not unlock the doors - remember the lazy playful guy at school but always came tops of the class. Enjoy