I Like using BMT to read stories of losing or struggling traders, just to remind myself how much I have achieved to have succeeded in this profession. It's all too easy now for me to view trading as a simple thing anyone can do, which does lessen the sense of achievement for me. Googling day trading also works, so many comments about how it is impossible, can't be done now that HFT algos ruined it, how it's gambling, just luck, incredibly risky etc, it is great material for my purposes.
I particularly like the trading journals here, they often have many losing trades where I can see the blatant mistakes and bad market reads that amateurs make. I notice people posting day after day, huge threads of their losses, BMT user's responses in these threads are so few and far between it is very surprising, and when they do reply it is some question about the journal poster's method. no one seems to be helping them! Why isn't the site owner telling them his method and giving tips on how they can improve? why isn't any expert here helping? surely there must be some people here who know how to win?
The reason I don't help is because I would lose my edge, the stocks I trade are what some would call 'thin' on the volume side 1M-4M~ in a day. The volume is quite sparse after the initial 30mins flurry, I use 1 second charts so just one person using my methods (even at 100 shares) would take trades from me during those times.
Experts on thicker markets like ES and currencies have less of an excuse, helping a few struggling guys in the journal forum should be happening a lot more often.
If I am to give any advice, the biggest 'flaw' I see is that amateurs are trading futures. the minimum stakes on these are too high for amateur traders learning to be profitable, just a small scalp with a tight stop loss can be risking $50. When I was starting out around 10 years ago I used spreadbetting, £1 a tick, risk £5~ on a very limited number of instruments that had an efficient spread (a case of limiting my opportunity as I will mention later, but I had no choice in the matter as they were the only 'efficient' instruments to day trade) even with a £1600 account (so 0.5~% risk) I was still uncomfortable losing that much and encountered many of the classic psychological problems as a result:
hesitation, fear of losing, impatience, cutting winners short, scared out of trades .
CHAR LIMIT - go to: http://imgur.com/9z8xxzZ for the rest of the advice. good luck.