A solid dozen at-home retailers (while watching many dozens try and fail), and too numerous to count from my prop/street days. I've been around.Without wishing to sound facetious - how many do you know?
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Best Wishes,
Thales
A solid dozen at-home retailers (while watching many dozens try and fail), and too numerous to count from my prop/street days. I've been around.Without wishing to sound facetious - how many do you know?
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Hey, Thales, long time no see. You're not dead yet?(bold added by Thales)
Everyone I know who has learned to day trade successfully has done it through observing the market and learning to think for themselves.
Best Wishes,
Thales
Well, he did spend 13 years on Elite Trader.Why are you so hostile to new members?
I only look dead, Db!Hey, Thales, long time no see. You're not dead yet?
How's the daughter? Still wrestling the market to the ground?
Db
Actually 4, which was at least 2 too many.Well, he did spend 13 years on Elite Trader.
True, but you also need a sound trading system. Some systems are better than others. I've been trying to make the case for algorithmic trading methods, especially those based on statistical arbitrage. Such methods are widely used by institutional traders and I think they can be successfully implemented by day traders and swing traders who have a good math/programming background.Everyone I know who has learned to day trade successfully has done it through observing the market and learning to think for themselves.
With regard to your comment about successful traders "observing the market and learning to think for themselves" - I'm curious as to how much direction you give your children? I imagine there must be times when you see them making mistakes and have to bite your lip to ensure they learn from their experiences?. . .My son just turned 10 and he is getting started. He is making a good start, but too early to tell how good will be his finish.
I assume - and hope - that this comment isn't in response to the exchange between dbp and IFeelFree which, IMO, is of the highest calibre and exactly the sort of thing I wish there was more of here on T2W. Great contributions from both members. Dbp is more than capable of speaking for himself (obviously), but I'd like to think he agrees with me on this, as IFeelSure (do you see what I did there) - he'd much rather have an exchange of views with someone like IFeelFree - than with some other (past) members he's crossed swords with!. . . I see you're still putting up the good fight, Db. Not sure where your patience comes from. If only you could preach to the choir rather than the world wide web!
Not much preaching anymore. Since the last time we talked I wrote the SLA (see my signature), so it's pretty much take it or leave it. If one elects not to take it, that's okay by me. It's now written and done so I can focus my attention on other things.I see you're still putting up the good fight, Db. Not sure where your patience comes from. If only you could preach to the choir rather than the world wide web!
Best Wishes,
Thales
I keep it simple for them. Some Darvas, some O'Neil, some Kroll, and a few others, e.g. selections from Wyckoff the original, Livermore's How to Trade (the original), etc. Can't say I've ever bit my lip. In each case they started by simply watching a live data feed without our ever having discussed trading, orders, stop losses, profit targets, etc. My oldest took to it quickly, and has turned a ridiculously small forex micro account into a rather impressive futures trading account in six years. My younger daughter did well, but she didn't enjoy it. My son is just spending time watching a live data feed and replay. He really has no idea as to how any of what he sees is eventually to translate into a trading plan.With regard to your comment about successful traders "observing the market and learning to think for themselves" - I'm curious as to how much direction you give your children? I imagine there must be times when you see them making mistakes and have to bite your lip to ensure they learn from their experiences?
For some reason today I got in in my head to see what some of my old TL colleagues might be up to, assuming I could find any who were still active. Found db over at ET but then came to realize he'd been sent packing and that he was now posting over here. What I said was based on the general sense I derived from some of the interactions he has had with other folks.I assume - and hope - that this comment isn't in response to the exchange between dbp and IFeelFree
No argument from me on needing a sound system. No problem accepting the validity of certain stat-arb models as yielding consistently profitable results. I do not agree with the random market hypothesis. And I am certain that the stay-at-home retail trader wannabe will do much better focusing on price action rather than statistical arbitrage. And by saying that, I do not mean to imply that statistics do not play an important role in the development of a sound trading plan based on price action.True, but you also need a sound trading system. Some systems are better than others. I've been trying to make the case for algorithmic trading methods, especially those based on statistical arbitrage. Such methods are widely used by institutional traders and I think they can be successfully implemented by day traders and swing traders who have a good math/programming background.
It wasn't hard for her. She learned to draw straight lines and count to 3 in pre-school, and I introduced her to trading when she could still believe that it really could be that simple.Hard to believe it's been seven years since your daughter annotated those charts.
Db
If you haven't -- or even if you have -- gone into mean reversion with her, send me a PM. I have something which may be of interest.It wasn't hard for her. She learned to draw straight lines and count to 3 in pre-school, and I introduced her to trading when she could still believe that it really could be that simple.
You might be interested to know that this past summer her preferred day trading vehicle was the NQ. I don't trade it myself, but on days she is home right after school, we'll often put it up on one of our screens and play some shouldawouldacoulda while we watch the close.
The random walk hypothesis (as applied to market prices) is not absolutely true, it is an approximation. If it were absolutely true, it would be impossible for traders without inside information to consistently make money in the markets. (Obviously, some traders do make money consistently.) Some studies have presented evidence that supports the view that there are trends in the stock market and that the stock market is somewhat predictable. Some evidence indicates that markets are about 95% random and 5% deterministic.No argument from me on needing a sound system. No problem accepting the validity of certain stat-arb models as yielding consistently profitable results. I do not agree with the random market hypothesis. And I am certain that the stay-at-home retail trader wannabe will do much better focusing on price action rather than statistical arbitrage. And by saying that, I do not mean to imply that statistics do not play an important role in the development of a sound trading plan based on price action.
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