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The End of Day Trading
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The End of Day Trading

  #71 (permalink)
Elite Member
Birmingham UK
 
Futures Experience: Intermediate
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josh View Post
Opportunities do not present themselves symmetrically, in frequency or in proportion.


mattz View Post
PRICELESS! Every trader should memorize it! If someone fathoms this then they stop going demo to real to demo like a carousel that goes nowhere.

And somedays even in this darkest part of the developed world we manage to catch a bus - of course they do hunt in packs. Good words.

Travel Well
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  #72 (permalink)
Market Wizard
Switzerland
 
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BlackSwan04 View Post
Rhetorical question: Would you still day trade every morning if you had 1 Million in the bank? 10 Million? 20 Million?

Good question: If you are under pressure - nothing works... If you do it without any pressure (means enough financial
backing) you can see suddenly good results. Plus the mood rises doing the "thing"!

Same in sports, research etc. you name it.
Getting out of the spotlight (and pressure) -->> then consistency survives.

GFIs1

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  #73 (permalink)
Trading for Fun
Boise Idaho/US
 
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KosherTrader View Post
I am a rookie but I do not agree with all of his premises. Swing trading seems like it would not work as well as day trading in a bear market. It also has different risks from day trading, time decay and implied volatility in options and unforeseen news which can make the stock gap down far below any protective stop's price prior to the open. The new issue of dark pool trading and pre-premarket manipulation would also be difficult to deal with when the goal is to get a steady source of income to live off of.

The goal is not to get a steady source of income. The goal is to build Wealth. And I don't mean that in some cheesy infomercial way. If you want steady income, you can invest in things that have a set return. Treasuries, Corporate Bonds, Rental Properties, or maybe buy a business that you pay someone to run. There's many ways to build steady income. Trade so that you can afford to invest in enough of those things to pay your expenses. Then you can decide if you want to keep trading or go do something else.

The point is to get past the mindset of trading as a job or "Career". I can't remember where I read it, but one thing that really got me thinking was a quote about how trading doesn't pay you for your time (Livermore maybe?). Ultimately we're not here to make money from sitting at our computer screens every day. We're here to make money from the decisions we make on how to invest our Fortune (however great or small). Ultimately that works out to not getting paid in proportion to our time. And that can be hard to swallow because our whole lives we've been taught to work for money. To trade our time for a paycheck. And when that paycheck doesn't come we feel cheated. But trading is a different world. It plays by different rules. It has a different hierarchy, and a different measure for success. And while we are trying right now to become successful traders. We should endeavor to understand what trading really is, the purpose it serves, so that we may be better equipped to transcend it when the time comes.

Regards,
BlackSwan

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  #74 (permalink)
Trading for Profit
Munich, Germany
 
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BlackSwan04 View Post



Because once you become successful day trading, you attain the Capital to start swing trading. Once you become successful swing trading, you attain the Capital to start really investing BIG. Then you become the Tycoon, the Fund Manager, the Lord of Finance, whatever you want to call it. You hire your analysts who will Work for you. You will provide them with the opportunity to have a great Career (as your employees). You'll find a few partners who you can bounce ideas from. And you'll position your Wealth how you think it will best get returns. And then you'll live your life while coordinating it all. That's the end result. That's the summit. And if you want to stop before then because you have enough money to be comfortable, you'll do that instead. But I think that's why you don't hear about too many successful day traders who have stuck with it. Because when you trade, you are really taking that "first step in to a larger world."

Although I agree with your statement that "Day Trading" is no career in the traditional sense, the above is the typical dream of a retail trader. Day trading, swing trading and investing require all different skill sets and psychological traits. That's why a person is usually attracted by only one of these activities at the beginning and becomes good at that. There might be a few individuals out there who could be good at all of those, but odds are individuals are only good at one of these activities (if any).

You don't hear about many successful day traders because most stay at their level of generating a good income for themselves without getting rich.

@KosherTrader: What Goldman Sachs reports as "trading" is quite different to what day traders are doing (e.g. commissions business). Also, accounting practices play a major role in the presentation of their figures.

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  #75 (permalink)
Vendor self-promotion
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KosherTrader View Post
I'm going to watch Al Brooks' realtime coverage of the markets for the rest of the month, do some paper day trades. A trading journal is a good idea, once I get his system down I'll start one. Al Brooks says "Those who speak don't know and those who know don't speak" about traders and why there is such little information out there. I doubt that, since most traders need to frequently sharpen their edge to keep up with the markets, there should be more veteran day traders on trading forums sharing and seeking knowledge.

But Al Brooks insists that markets are Brownian motion. I wonder is he says that because he does not know or because he knows. But he never answers how one can trade Brownian motion for profit. If someone here knows how to trade Brownian motion for profit please let me (and Stockholm, Sweden ) know.

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  #76 (permalink)
Banned: Negative attitude, troll
Winchester VA/USA
 
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solotrader View Post
But Al Brooks insists that markets are Brownian motion. I wonder is he says that because he does not know or because he knows. But he never answers how one can trade Brownian motion for profit. If someone here knows how to trade Brownian motion for profit please let me (and Stockholm, Sweden ) know.

Incorrect, Al Brooks says the price bars represent human behavior, not random events

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  #77 (permalink)
Vendor self-promotion
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KosherTrader View Post
Incorrect, Al Brooks says the price bars represent human behavior, not random events

If you listen to his interview again Al Brooks believes that markets are Brownian motion.

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