How do you guys deal with this?....Intraday trading = gambling | Traders Hideout


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How do you guys deal with this?....Intraday trading = gambling

  #17 (permalink)

Philadelphia PA
 
Trading Experience: Intermediate
Platform: Investor RT
Broker/Data: Stage5
Favorite Futures: FGBL
 
KatieD's Avatar
 
Posts: 7 since Aug 2016
Thanks: 3 given, 18 received

As Cloudy mentioned above, witnessing live trades was a help. However, online instruction and even "live" videos was at first concerning to me. Almost all of the education in trading you can find is associated with someone who has something to sell you. I was worried that the "profitable retail daytrader" was this unicorn suckers like me chased while brokers, signal sellers, and book sellers profited. I have, of course, since gotten over this fear. The material provided by FT71 was pivotal for me. Maybe I was just at the place in my learning curve that the way he presented his discretionary process from start to finish made logical sense to me. I have gained much confidence in my ability to develop my own process after observing his approach to trading.
What also helped me gain confidence in the legitamcy of the retail daytrader was finally defining for myself what an "edge" is for a discretionary trader. Now, as I sim trade my own process, I know what I am looking for is average profits that are larger than average losses. That, paired with losing no more than 50% of the time, would be a non-luck based edge. I feel much more optimistic about my future as a trader and comments about it being gambling make me feel much less insecure.

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Last edited by KatieD; September 21st, 2016 at 01:22 AM.
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