Why do people believe day trading will get them rich quick?

Discussion in 'Trading' started by emg, Dec 28, 2010.

  1. In Texas we call that "All hat and no cattle." And I'm not even from Texas.

    Why not take me up on my offer and prove to everyone I'm a fake, if you truly have the courage of your convictions?
    #41     Dec 30, 2010
  2. jinxu


    I honestly don't understand why you use that quote b/c it's referring to someone who is pretending to be rich but really isn't.

    Anyways, you could just simply post some recent blotters like this one of mine. It doesn't have to be audited or anything. Just provide some hard evidence for credibility.

    #42     Dec 30, 2010
  3. BSAM


    Why do people believe day trading will get them rich quick?

    Because they believe what the ET gurus say.
    #43     Dec 30, 2010
  4. the real way to make money in the markets is to manage other people's money:


    Yea, so you can loose their money. Look at the FUND managers and tell me that they are not all full of shit.

    The only way to make real money, is to play with real things. Hard Assets, actual creating of something.

    There is risk in that game as well but the return is far more than the markets can ever give. My clients in Oil, drilled 10 wells over the past 4 years at 2.5-3.5 million per well. Each share was around 150k and around 30 shares per well. No dry holes. return on investment for some of the wells 4% a month, others 10% a month. Keep in mind these wells will pump for 30 years, with a declining volume curve. Keep in mind 40% of the initial investment was written off as well as every 15% on every profit dollar.

    Second, Funded two major Ports, one in Brazil one in China. The initial investment in those ports were near 100 million, shares ranged from 250K to 1 million. The ports are operational and have massive traffic in Special Cargo, equipment and Energy. The net profit will be Billions.

    Those are just two examples of managing other peoples money with, IMHO, far less risk over the long term than the Markets.

    Traders should trade their own money and leave the Capital Making Game to the professionals.
    #44     Dec 30, 2010
  5. The quote refers to his challenge. Perhaps I extended its meaning. I highlighted it in red. Go back and take a look.

    The journal I referred to that is on another forum is a lot of work. To repeat, I post my trading plan before the market opens and my trading summary after the markets close.

    Additionally, after expiration I post an analysis of the trades that closed as spreads and as Iron Condors.

    And at the end of each month, I produce a summary of my account in percentages not dollars. It is an actual account, not a paper trading account.

    If I get permission, I'll post the link in this thread. Otherwise PM me, as several others already have, and I'll provide you with the link.
    #45     Dec 30, 2010
  6. I have been asked to manage other people's money on a much smaller scale than billions by the family and friends who have learned about what I do.

    It may work for some people, but I just wont do it. I can't risk harming people I know except myself.

    I have, however, taught them to do it themselves. Some have started trading with my methods, some have not. So far this is just informal teaching.
    #46     Dec 30, 2010
  7. BSAM


    6) Advertisements and solicitations of any kind are strictly prohibited unless you are a paying site sponsor. As a person who does not represent one of our site sponsors, you are not to solicit our members with any type of commercial offer, or advertise your business through your public posts, private messages, profile page, or file attachments. This includes, but is not limited to, posting your phone or fax number(s) and posting any URLs or hyperlinks to your commercial web site(s) or email account(s). Elite Trader and its agents may remove or edit any posted content, without prior notice, that contains unauthorized advertisements or solicitations. Elite Trader may, without prior notice, immediately terminate your membership upon discovery of any unauthorized advertising or solicitation.

    ^Hey Howie...Howya doing?^
    #47     Dec 30, 2010
  8. I believe I'm good with the policy as there is no solicitation. I'm not yet in the training business and may not enter it, and the other site has blessed what I am doing to be within their guideline which are similar to yours. PM would not be required if you allow me to post the link here for the other forum journal I keep. They abuse me pretty badly there, so it may provide some here with some amusement. :)
    #48     Dec 30, 2010
  9. BSAM


    Howie, Howie, Howie...

    Ya know, I ain't gonna go into any detail, but suffice to say that I've known a "million" of 'em who thought it would be okay to skirt the rules, jest a wee bitty bit.

    But, you know what? I was kinda in the same predicament that you are...:

    You see, it was them brazen s.o.b.s at Interactive Brokers. You know what they did to me? They was chargin' me a commission every time that I executed a trade. Yeah...Can you believe it?? The nerve of them people!

    But, then, I gots to thinkin'... Hmm...these folks aren't here for my convenience. They exist because they have a business to run and make their profit.

    So, then, I understood that if I used their services, that I should be required to pay a fee.

    Well, you see, Howie, our good friend, who operates this business, (elitetrader.com) does so for the same reason. That reason is to make money. And he does this by charging people who would like to advertise here. That's why he put them conduct rules in place. Ya know...to ensure that his business isn't being burglarized.

    So, Howie, quit trying to fool yourself. Just do the right thing. It really ain't that hard.

    Aw shucks...I'm just an ol' country boy. What do I know?
    #49     Dec 30, 2010
  10. emg


    his goal is to get rich quick... next
    #50     Dec 30, 2010