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Newbie Question about Day Trading
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Newbie Question about Day Trading

  #21 (permalink)
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wldman View Post
@kevinkdog

Do you think you serve anyone by saying that 99% fail. You should ignore yourself. I can't even have that debate. The kid shows up and wants someone to be interested in his interest in our profession and you think the appropriate way to encourage someone in perhaps the most competitive field in the world is to tell him how hard it is and that the chips are stacked tall against him?

Then you are offended that somebody suggests that there might be a better tack?

Stop that.

If you believe that I can't imagine that you are clearly in the 1% of your own hallucination and should probably not be giving advice.

The right thing to do would be to type or exemplify for the kid how to win...how to do it. That begins and ends in the belief that it can be done. A positive attitude at all times is absolutely requisite for anyone to have a shot. That and a supreme competitive desire to win are the hallmarks of success.

Negativity is pollution of the mind.

99% fail? Where in earth did you get that stat?

Sick and tired of hearing it cant be done. You failed does not mean others cant do it. Not referring to Kevin,but others who didnt make it.

Total bs. I will leave him alone,for I know his posts from Tradestation and where he stands.

I can expound on this but its fun to watch.


Last edited by patidar; February 21st, 2014 at 12:03 AM.
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  #22 (permalink)
Market Wizard
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patidar View Post
99% fail? Where in earth did you get that stat?

Total bs. I will leave him alone,for I know his posts from Tradestation and where he stands.


I never said 99% of day traders fail. Maybe you should read what I actually said:


"Plus, day trading is not a good career choice for probably 99% of people out there - most get wiped out trying."


I stand by that statement. But then again, probably 90% of people out there made a bad career choice, regardless of profession.


I'm curious about your last sentence, on "where he stands." Do you care to explain? Maybe when I think I am giving honest advice, based on 25 years of trading, I am really hurting the whole community. Please help me out.

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #23 (permalink)
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Well...


@patidar

I backed off and apologized because I was a little too aggressive. I do agree that a very high percentage of retail trading accounts go to zero.

So I stand by the edited post and wish to say that I meant nothing personal toward another futures.io (formerly BMT) member. I am an excitable guy and without the benefit of tone in posted words I need to back the truck up once in a while.

@kevinkdog

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  #24 (permalink)
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kevinkdog View Post
I never said 99% of day traders fail. Maybe you should read what I actually said:


"Plus, day trading is not a good career choice for probably 99% of people out there - most get wiped out trying."


I stand by that statement. But then again, probably 90% of people out there made a bad career choice, regardless of profession.


I'm curious about your last sentence, on "where he stands." Do you care to explain? Maybe when I think I am giving honest advice, based on 25 years of trading, I am really hurting the whole community. Please help me out.

Yes you are right Kevin the percentage of profitable traders are few,I will give you that much.
Even your 90% is way to high.
There are disciplined ,well financed traders with well thougth out strategies and MM that make it.
To throw the majority under the bus and say they will not make is a injustice.
So pretty much with that deductive reasoning most are losers here?

I have seen your strats on the another thread,seriously do you think you can make a decent living with that?
You with your 25 years of experience as you claim. The again that is what you shown the community, I dont know
what your best strat is and not for public consumption.

All due respect.


Last edited by patidar; February 21st, 2014 at 06:53 AM.
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  #25 (permalink)
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Guys...

we can all get along. Again, I apologize for my role in ramping it up. Could we all please focus on positive productive peaceful outcomes and responsible posts? We can always find ways to support and encourage. Besides when Mike gets settled in wherever he is we do not want to be put in the futures.io (formerly BMT) penalty box.

Dan

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  #26 (permalink)
Market Wizard
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patidar View Post
Yes you are right Kevin the percentage of profitable traders are few,I will give you that much.
Even your 90% is way to high.
There are disciplined ,well financed traders with well though out strategies and MM that make it.
To throw the majority under the bus and say they will not make is a injustice.

I have seen your strats on the another thread,seriously do you think you can make a decent living with that?
You with your 25 years of experience as you claim.

All due respect.


I assume you are talking about this futures.io (formerly BMT) thread: https://futures.io/trading-journals/28404-taking-trading-system-live.html ??

If so, and if I had to survive on that strat alone, yes - my family would be starving. Luckily, I have many better strats in my arsenal that I trade - or so I claim.

I still wonder about your Tradestation forum comment, so feel free to PM me about it. I'd seriously like to correct any misconceptions or misstatements I may have made.

My apologies, OP for derailing this thread. I wish you the best in whatever you do!

I'll refrain from further comment in this thread.

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #27 (permalink)
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Well thats what I figured you are making assumptions on what you see on these forums and threads
and say they cant make it. Even you show one strat that is not a 'money maker' and then you say
I got others that possibly make money?

So which is it? Just because people show stuff here on this forum that you deduce that is a Non winner
based on their screen shots etc. You mean they dont have other stuff that is the real thing and make
up t their arsenal to survive?

You are using inductive/deductive reasoning to presume too much,you are assuming without validation of
facts.

Ie. people are not showing all their cards. You are basing your deductions on just a few of their cards..NOT all of their cards.

BTW,if I told you who I am/was on Tradestation you will know where I stand.

Cheers,I am done here too.


Last edited by patidar; February 21st, 2014 at 06:55 AM.
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  #28 (permalink)
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Guys, what are you doing? Everyone calm down. This thread is an embarrassment to the site and what it stands for.

Respect your fellow members. I agree with Kevin and applaud him for his efforts on futures.io (formerly BMT) with his journal and webinars. Can you say the same for your track record on futures.io (formerly BMT)?

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Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

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  #29 (permalink)
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Working on it Mike

I respect Kevin from TS, he had/has a good track record there in helping others with his EL knowledge and strat building.

Cheers

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  #30 (permalink)
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My Apologies


I feel awful that my initial comment stirred up such a hornet's nest. I meant to give honest advice, based on my personal experience. I am sorry for somehow starting all this.

Also, I know I said I would not post again in this thread, but...

I sent this e-mail to the OP, which I feel explain my initial comments a bit more.

********************************************************************************

OP -

I guess I stirred up quite a hornet's nest with trying to tell you how hard trading is. I donít want to discourage you, but at the same time you should walk into trading with your eyes wide open:

Most people lose.

That being said, if I was getting into trading, I'd start with...

A. Reading the Market Wizards books. You'll get a good sense of trading by reading them. Read Van Tharp's books, especially Trade Your Way To Financial Freedom.

B. Most trading books are junk, though. So, donít buy them. Get them from your public library. That's what I do, and the few I really like, I end up buying. Read everything with an open mind. After you read a few dozen books, you'll start to see:

1) what authors actually trade (many don't)
2) what authors and ideas are clearly full of crap
3) what kind of style and market you might like (day trade the ES? swing trade stocks? use fundamental analysis to trade cattle? use technical analysis to trade options?) - what you trade, and how you trade, have to fit your personality. That sounds all warm and touchy feely, but it is the truth.

C. Then, you are at the point where 2 things become important:

1) finding an edge, and subsequently a trading style, that suits you
2) getting a hold of your emotions, especially when actual money is on the line. But, you may not be trading live at this point, so first research enough to realize that emotions play a huge role in your trading. Don't discount this. It is BIG. Demo/Sim trading does not help with the emotions of real money.

D. Trade with real money

E. Keep learning, keep trying new things, keep adjusting and improving your trading


When I started out, I started with step D, after thinking I had step C1 figured out, based on reading 1 book. I quickly lost $3000 of my $5000, which was almost all my liquid savings. I started trading too soon, and I did not know what I was doing. Remember - you are up against a lot of professionals, and it is their job to take your money. They are good at it.

Take your time, and be patient. If you are looking forward to the thrill of trading, that is a warning sign. Good trading is boring, tedious and cumbersome - but also very rewarding on many levels. At the same time, though, eventually you have to jump in the pool, and see how the water really feels. Many people get stuck talking about trading, but never doing it. Don't let that happen.

Hopefully this will get you started!

Kevin

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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