Day Trading is Dumb

LION63

Active member
Oct 4, 2004
746
33
38
CROYDON
#31
Sun123

Do not despair you are not alone. Most traders lose money week in week out. The fact that you even turn a profit is a step in the right direction. Stick to your task and stay the course, as long as you continue to search for knowledge you will get better. My advice (humbly given) is that you read as many threads and posts as possible; you can only learn from them.

In order to be successful one has to stay ahead of the crowd. The lumpen and lemmings rush in and suffer the consequences - THEY JOIN THE SLAUGHTERED. Trading on old news is useless; trying to squeeze the last points out of a trade is CRIMINAL. The old market hands used to say that we are 'looking for a bigger fool'.
 
Nov 20, 2003
597
6
28
uk
#32
To Sun123

Nice to here from you and being honest with us. Would you be willing to share you statements for the last 12 months and I be happy to see where you may be going wrong.

Yes, I would agree its a different story trading for a living. The hobbyist becoming a professional trader. The difference with pro trader he knows money is important but the hobbyist, they focus on the market. Pros know that money is just a way to keep score where the Public who treat the market like a hobby have a hard time concentrating on anything but the money. when the public see the market go 5 or 10 ticks against them, their reaction is, It will come back I've got it covered, by the time, the pros would have taken the loss

The unsuccessful ones are uncomfortable with profits but not with losses, Mental toughness and discipline are required to survive let alone prosper in the future market, The Road to success is rough and lonely, Most people quit along the way. Some people become over confident after a few early successes. They think they are experts, but they don't realise that they might hit the top one day and crash the next. The emotional swings could destroy you when it does you hear the excuses. I don't have time for this anymore. I cant follow this. IM confused. They Havant yet developed that mental toughness. Good luck. I also suffer from dyslexia thank God for spell check. My offer is open to you

CJ
 

axthree

Active member
Feb 19, 2004
185
0
26
oxon
#35
OK, In with my two pen'orth.
Dyslexia. Many dyslexics make great artists. Could the same apply to traders? I think it could.
Just think about it. I'll happily expand on my theory if anyone's interested.

Trading. I trade in a small way part time but am doing full time work which allows me great freedom.
I used some of this freedom to have a go at trading intra day. IT IS A VERY DIFFERENT KETTLE OF FISH IMHO.
For me, the experiment was a disaster!!!
I got impatient, didn't sit on my hands, looked for trades where they didn't exist, bottled out because I was watching the screen and could see every tick that the market moved against me.
I could go on and on. Back in my position trading configuration I am making moderate profits again.
Having read some of Socrates posts and the responses, I am going to repeat the experiment later in the year better armed against myself.
I'm sure that one or two traders will dismiss me as a p**t. I don't give a damn and neither should anyone else who isn't making megabucks.
If you worry what others think of you you will not be able to go your own way and your own way is to do what works for YOU.

Sorry, it's rather rambling but i'm sure people will follow the gist of it :confused:
 
Nov 20, 2003
597
6
28
uk
#36
Well said axthree,by speaking the truth and not trying to look cleaver. The problem is most on here,try to look smart,and knowing deep down they not so smart.Let see more of you come out ,and speak the truth.

If you successful, you will win some false friends and some true enemies;

succeed anyway

If you are honest and frank, people may cheat you

Be honest and frank anyway.

What you spend years building, someone may destroy overnight

Build anyway

CJ
 

LION63

Active member
Oct 4, 2004
746
33
38
CROYDON
#37
Only losers are concerned about what people think of them. You must do what suits you after all, you trade YOUR money and at the end of the day, you only account to yourself.

In the brief time that I have had the privilege of being a member, I have seen people ridicule others just because their strategy is different but in reality, it tends to stem from a lack of perception. Just because an individual trades differently doesn't make it wrong. It is the £/$ that count.
 
Nov 20, 2003
597
6
28
uk
#38
cj12 said:
To Sun123

Nice to here from you and being honest with us. Would you be willing to share you statements for the last 12 months and I be happy to see where you may be going wrong.

Yes, I would agree its a different story trading for a living. The hobbyist becoming a professional trader. The difference with pro trader he knows money is important but the hobbyist, they focus on the market. Pros know that money is just a way to keep score where the Public who treat the market like a hobby have a hard time concentrating on anything but the money. when the public see the market go 5 or 10 ticks against them, their reaction is, It will come back I've got it covered, by the time, the pros would have taken the loss

The unsuccessful ones are uncomfortable with profits but not with losses, Mental toughness and discipline are required to survive let alone prosper in the future market, The Road to success is rough and lonely, Most people quit along the way. Some people become over confident after a few early successes. They think they are experts, but they don't realise that they might hit the top one day and crash the next. The emotional swings could destroy you when it does you hear the excuses. I don't have time for this anymore. I cant follow this. IM confused. They Havant yet developed that mental toughness. Good luck. I also suffer from dyslexia thank God for spell check. My offer is open to you
 
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Oscar Reed

Well-known member
May 19, 2015
2,010
560
123
#40
I day trade and make money.

This is like saying "you are not skilled enough to make day trading pay ".You lack mental skills of patience to wait for quality trades and are blindly throwing trades into the market?
 
Apr 3, 2017
3,620
136
73
#42
i suspect the % who didn't have an edge lost a lot if not all their money trying to find one.
It is the only way i am sure of it.
Only way to get to be consistently profitable, by that i mean the point where you make a living from it, is to learn a lot before you put cash down. Either you are lucky and know people who can teach you personally or you need to learn by filtering out the useful information available on the net and in books. Neither way will be quick, research never is, but in the long run you will then have a chance of survival.
i found that the edge is actually very simple but took me a long time to figure that out. Patience and discipline.
good post .See impatient traders on ftse scalping thread , all of them.

Professionals trade because they have a trade , amateurs trade because they have to trade , when there is no trade.Professionals are very patient.
 

TWI

Well-known member
Jan 22, 2004
2,516
245
73
London
#43
good post .See impatient traders on ftse scalping thread , all of them.

Professionals trade because they have a trade , amateurs trade because they have to trade , when there is no trade.Professionals are very patient.
Thanks! I am still here 13 years later and re-reading that I still subscribe to it, it certainly kept me in gains.

Today I trade short term and monthly rebalanced algo. Also got rather lucky in crypto, what a ride!

Gotta love it.
 
Apr 4, 2016
1,959
96
58
#45
Another 13 year old thread dug up by our resident foroom spammer :rolleyes:

Peter
You will never hear the end of him until someone buys the junk he's trying to get rid of. The technique returns a small gain from excessively large exposure. He probably got hit by 13k losses from multiple occasions in the past. To recoup the losses, he has to find quite a few buyers. This is the purpose of the spamming.