agree with most of your points made. I honestly do not care how many people fail at what they attempt. It just makes me smile, knowing that around 95% fail, but then read how every single last of those here at ET seem to be making money, some math does not add up here. Either the broker statistics lie or most people here lie. And I thought I made it clear whom I rather believe. It just gets to me every single time I hear how profitable someone is without substantiating such claim whatsoever and then when being challenged that person is running to the exists about as fast as he can. Dont you find it curious how nobody, not a single person, came forward to support that they actually possess a long term day trading record? I know what I have to hear again now: "Why should I show my record to some anonymous guys on the net". Well, we heard it over and over and over again, no surprise...also funny how there is not a single book out there that details the success of a collection of day traders (please point me to something if you know of it). My point was that the failure rate in day trading is A LOT HIGHER than for traders who attempt their hands at trading positions over longer time frames. Everything I read, experience, hear, and those whom I talk to supports my impression. And yes, you are right, we end up agreeing to disagree. I guess it became apparent from all my previous posts that I dont categorically try to put down others, I simply want to inform newbies that a lot that is put forth on this board is as dumb, and loaded with horseshit and lies as it gets. At the very least a lot of people who actively promote day trading have a hidden agenda that generally serves them first and foremost and does not really give an honest impression and review of what day trading is actually all about.
this whole thread reminds me of sports betting..more than 90% fail at that,but i think you can be successful at day trading if you know what you are doing and have patience im 27 and i did sports betting from 22-25...my first year and a half was god awful,but once i started learning how things really work and what you need to look at it,i recouped all my losses and i avg over 5k for 12 months i think day trading is trial and error,see what works for you and you must have patience and discipline..am i right or wrong? im learning as much as i can right now before i start day trading,but still not sure what exactly i want to do but i do think when i did sports betting that it really gave me discipline and patience,something i did not have when i started and i know any profits is good profits and never to be greedy sorry to be alittle off topic with the sports betting,but ive always seen similarities with the two trades
others went to grad school or worked you bet on the outcome of sports events. Good for you, you are now really equipped to become a day trader, stepping right into the footprints of all your mentors in here. Not sure how much more I can take...lol. Trading has NOTHING WHATSOEVER to do with "trial and error", its a tough business, actually one of the most demanding businesses out there, there is no place for people who want to "trial and error", at least not on the winning side. But I wish you good luck nonetheless, you will need it urgently.
sorry i worded it wrong,what i meant was yer not going to be successful without failing at first, i went to college and graduated and supported myself with sports betting and other internet ventures, i dont think i need to go to grad school or work at a firm to be successful at trading, one thing i learned is not to care what anyone thinks and do what yer gut tells you, most people listen to what others have to say and i think thats why alot of people fail because they care what people think i still have a lot to learn before i jump in,but im pretty well disciplined,i do not need to lie as most people do on the internet,you have clearly never done sports betting for a living,it is similar to trading, its just not "gambling" im not saying its the same but it is quite similar but again you are the most "knowledgeable" person to have ever existed on this forum,i have no problems admitting i have a ways to go but i do not care what people think,because you can not be successful if you do care what others think
Maybe you didn't understand my post, so I will repeat - I have not daytraded for 10 consecutive years, so I am not quite sure why you keep mentioning that figure. To make it clear for you, I daytraded full-time for 7 out of the last 11 years, all but 1 were profitable in the 6 figures. If you wish to dispute that, then tell me if you are willing to wager cold hard cash against it, and if so, how much. Also, you have to be kidding if you think I am just going to send my personal info and financials, broker account numbers etc to a complete stranger from the internet, with no guarantee of getting paid my winnings. You haven't even stated an amount you would be willing to wager, and you surely can't think I am naive enough to trust your word as for paying up when you see the evidence. No, if you are still on for the wager, it will be done properly e.g. using a signed letter from a proper accounting firm to verify the results, using a reputable law firm to draw up the binding bet contract, and putting the wager funds into escrow so neither side can back out once it's agreed to go ahead. Let me know your minimum and maximum bet size, if you are still interested in taking me up on it - and make it a worthwhile amount.
Here's another bet if you want to take it up, this one will be a lot easier to verify. I opened an account purely for daytrading, back in April, with a little over $5k. Since I started trading it actively (late April), the P&L on that account alone is over $50k. That's a 1000% return in less than 2 months, which is a tad more than 20% annualised over 10 years. Would you be willing to wager a decent sum against that? And would you accept a written/signed letter from a manager at the brokerage (it's a known broker) as evidence? C'mon, big shot - if you are right then this should be some free money for you.