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Daytrading is the mantra for the masses these days whether Cnnfn,Internet
brokers or Wallstreet Journal (can't wait for Ken Roberts to come out with a new
daytrading manual) for another generation of raw material/supply for the
consumption of the sharks (market veterans/position people).
Yes, am sure there are some people who are successful at daytrading,but in
comparison
as daytraders as a group these number is almost negligible. Just look in the
mirror and ask yourself, are you that good? Really as good as one of those
Daytrader Gold Olympians? Assuming you are one of these (Mark's regular Lotto
Winners,Haha!), still I don't think you can ever be rich, yes, make some
money,now and then, but not become rich. Also be concern with your physical
health (as in blood pressure) and (mental health as in burned out) as these are
really/definitely more important than any money in the world.
Been trading ten years,my daytrading hobby cost me the most in money and health,
also the soul,Haha! Just think how many of the wizards are daytraders compared
to position traders. How many daytraders you heard really became rich with their
work compared to the number of people who do while positioning in the markets.
The only one way so far I can have good chance of daytrading successfully is
playing the
box partially (trading against my own existing positions), then decide whether
to cover it or square the positions by end of day. But these are more just for
fun/laughs/kicks/ego/research than to earn a living.
Yes, we live in a world of instant gratification, and people telling you this or
that is not
going to convince you. Just take Mark's advice, allocate a certain fixed amount
of
money (example $5,000.00) and give yourself a month to see and "get it". If not,
do this again andagain till you "get it", yes also in the mean time spend some
for education,make sure you have the lowest overhead as possible with good
execution/fills.
When and if you do finally "get it", you will know/realize positioning gives
you the better odds of becoming rich the bad news is you need more capital (or
decent enough) in doing this,as you have to pyramid, and manage your positions.
As it really takes money to make money.
Anyone serious enough shoud pass through this stage before maturing and
mellowing to become position traders.( as long as they lasted to this level).
But the truth is, the majority of newbies will get in and out of this industry
for a few months and swear never again!,so from time to time the media has to
provide new gravy for the food train buffet of the sharks.
Luck is an evil thing in this business (atttractive for beginners,like winning
in casinos, will
you then just walk away with your winners and never come back? Human nature as
it
is, you will just piss it all away and soon!),for long term survival, better
win/make money in this business through painfully gained/learned knowledge and
experience, yes ugly ,but that is the real path, do you have this perseverance?
Successful trading is really as hard as learning to become a doctor, so you
really have to be serious like (eat/drink/sleep) about it, to improve your
chances.
Yes, if you totalled the commisions you paid all year long, you might rationally
conclude
its better to be a broker !! (as in percentage annual living expenses you
paid/spent in a year).
Clint Chastain wrote:
> I have no reason to doubt that Mark Brown's response to the question of
> daytrading the S&P is anything other than entirely correct.
>
> Yet, there are some people who do daytrade the S&P regularly, right? No
> doubt many of them will wash out and be gone a year from now. But it appears
> that some few who try are actually successful at it, and presumably a very
> few of them actually make a living at it, right?
>
> If so, then how does that happen? What are they doing that's different? Are
> all the successful daytraders just incredibly lucky?
>
> Clint
>
>
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