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The brutal truth of day trading

  • #3,781
  • Jan 28, 2022 10:32am Jan 28, 2022 10:32am
Quoting pipibrasci
{quote} Good, now if you have something to share to make a point do so rather than trolling posts, making sarcastic comments, posting animal pictures on a thread like this. You learnt how to trade by reading books and putting in the effort to practice what you have read. You didnt just open a trading account and started trading. Every trader has to go through a phase before getting that satisfaction. Questions are asked here. No single one person knows it all. If you isolated yourself for 5 yrs to master the skill to trade and put in 12hrs a day...

it doesn't matter what is written here.
I have never read the book because the reality is different.
why do so many lose their money, there is a reason for it.
wrong time
wrong market
no volume
ready
stay healthy and dream on
  • #3,782
  • Jan 28, 2022 10:36am Jan 28, 2022 10:36am
Quoting kette
{quote} it doesn't matter what is written here. I have never read the book because the reality is different. why do so many lose their money, there is a reason for it. wrong time wrong market no volume ready stay healthy and dream on
Good!
Grit; Knowledge; Right Mindset; All you need to overcome. KIS!
  • #3,783
  • Feb 2, 2022 1:08pm Feb 2, 2022 1:08pm
I come to this thread from time to time so i can spit out some lessons and tips that i have learnt.

The brutal truth of trading (not just daytrading) is if you are a person who always looks at things subjectively and cannot criticise himself, who never questions his decisions, who makes up excuses for his mistakes rather than actually studying those mistakes and learning from it, you will never be successful in trading.

Being confident and being an egoist are two very different things. Remember, you are nothing but a dust in this market and in the universe. This whole thing is way more bigger than you. Don't turn trading into an ego war, you can't beat the market with your stubbornness, obsessions and beliefs.

So make your plans, calculate the risks and fears, study instead of making up excuses and keep yourself up to date. Don't lose your connection with the reality.

Always be a realist.

When you finish questioning yourself, when you finish making your plans and calculating every risk and outcome, stick to your plan confidently. That's when you will need confidence.

Or let me say it in a more harsh way, your fragile ego doesn't matter and market will crush you if you stand in his way. You don't matter, there's 7 billion people out there, and there's trillions of dollars circulating every single day. World and the market do not care about if you exist or not.

You are always replacable. So follow the world and the market, because it won't follow you.
You have to have an IQ higher than 90 to interact with this user.
  • #3,784
  • Feb 7, 2022 6:16am Feb 7, 2022 6:16am
possible hit to the low.
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"TIME AND PRICE IS ALL THERE IS"
  • #3,785
  • Feb 7, 2022 8:12am Feb 7, 2022 8:12am
low it is then....
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"TIME AND PRICE IS ALL THERE IS"
  • #3,786
  • Feb 19, 2022 5:03pm Feb 19, 2022 5:03pm
Quoting HTG
{quote} Dont take this as an attack on you, I can only read this and think where you are mentally. Your statement..."You can earn a wage just with a click in the comfort of your own home"…that’s a big problem and your mentality is nowhere near where you need to be to be trading successfully. Forex is not a comfortable business, in my opinion no successful business is comfortable and you dont want it to be or you will not succeed. Its not a bad thing. Get comfortable being uncomfortable, finding success in anything will...


Quoting HTG
{quote} Dont take this as an attack on you, I can only read this and think where you are mentally. Your statement...

Trading/Investing day in and day out, week over week, month over month and being consistent at it year after year….thats working your ass off and it not easy. If I could leave you with something here, if you are serious about this business or any business re-read what I said above. Dont fall into the trap of the current society leading you to believe the current narrative about "the great resignation"...
Grit; Knowledge; Right Mindset; All you need to overcome. KIS!
  • #3,787
  • Feb 20, 2022 6:32am Feb 20, 2022 6:32am
Quoting Nordling
I come to this thread from time to time so i can spit out some lessons and tips that i have learnt. The brutal truth of trading (not just daytrading) is if you are a person who always looks at things subjectively and cannot criticise himself, who never questions his decisions, who makes up excuses for his mistakes rather than actually studying those mistakes and learning from it, you will never be successful in trading. Being confident and being an egoist are two very different things. Remember, you are nothing but a dust in this market and in the...
Useful lesson share.
  • #3,788
  • Feb 23, 2022 2:16am Feb 23, 2022 2:16am
I Want to be day trader ，But the position is actually held for a very short period of time。
  • #3,789
  • Mar 9, 2022 5:37am Mar 9, 2022 5:37am
Quoting kette
{quote} the brutal truth is. If you want to drill a hole, you need a real drill. If you want to act properly, you need the right tools and knowledge. praying to god or jesus !!!! will not help you, the stock market is not a church.
.......Praying to God and Jesus will certainly help you...[ in many ways...]

Not only the Stock market , but the WHOLE World is a church.

Kind regards,

  • #3,790
  • Edited 4:59am Mar 10, 2022 4:43am | Edited 4:59am
Quoting remonpilip
Most traders operate with no idea if their methodology has a statistical edge.
Yes! So what should they do? Should they demo-trade for at least 5 years so that they experience enough bull/bear trends to make sure their method works? Or should they learn algorithms and experiment on historical data? Or should they just not be trading FX in the first place?

This is such an important point. It doesn't matter how 'hard' you work; it doesn't matter if your money management is second to none. If you can't generate profit consistently, you won't make any money.

All that technical analysis can do is show you what you should have done in the past.

This is why the most money to be made in TA is in selling your 'analysis' or your trading courses to other people, not in using it for your own trading (since 99.5% of retail traders lose money and burn out within 5 years).
  • #3,791
  • Mar 10, 2022 7:07am Mar 10, 2022 7:07am
Quoting kette
{quote} with all friendship Anyone who is afraid should remain a demotrader. Quite simple anyone who can't do it is simply stupid.
every educator knows this is completely wrong
  • #3,792
  • Mar 10, 2022 7:14am Mar 10, 2022 7:14am
Quoting Ieis5
{quote} every educator knows this is completely wrong

I'm glad you are one.
omg
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  • #3,793
  • Mar 13, 2022 4:36am Mar 13, 2022 4:36am
Quoting kette
{quote} I'm glad you are one. omg {image}
  • #3,794
  • Mar 13, 2022 6:42am Mar 13, 2022 6:42am
Quoting f.g
{quote}

i love these free spirits and super demo traders
  • #3,795
  • Mar 13, 2022 6:58am Mar 13, 2022 6:58am
I think trading a small account for practice is not a bad idea at all. At the end of the day, the most valuable thing we lose is our time. Trading small accounts will sharpen our psychological edge at least. That's my two cents.
  • #3,796
  • Mar 13, 2022 8:06am Mar 13, 2022 8:06am
educator called and a professional youtube trader ,mentor and the church. success!!!!!!
without fear
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  • #3,797
  • Mar 21, 2022 1:45pm Mar 21, 2022 1:45pm
Quoting gepards
ok ok. there is 1 thing i want. here is the deal - I want red diamond well.. i just want it. that's it. people want things... you know.. so make me red diamond (engage needed count of people to follow me) then I will trade 3 months manual with 1 trade per week and no scalping.
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returned here in FF from vacation/traveling and what i see? yes... it is quite red now

thank you all subscribers!!
  • #3,798
  • May 20, 2022 6:49am May 20, 2022 6:49am
Quoting RickM
{quote} Day traders don't trade like that, we just aim for profit targets between 0.25% to 0.75%% every trading day. If we can achieve a draw down level less than our total profit level - we are happy. A wage is all a day trader desires - A rich lifestyle for day traders is just a joke we dish up for those long term traders to get a reaction. They can't resist to bite every time I do agree with you on those youtube bullshit artists, just looking for suckers to sell signals or worst.
Well Rick -you are right
https://futures.io/trading-reviews-v...tml#post864292
every Saint has a past. Every Sinner has a Future
  • #3,799
  • Feb 14, 2025 7:06pm Feb 14, 2025 7:06pm
Every major university study on day trading (examine 300 traders profit after one year) tells us that 99% lose their money. Not 80%...but 99% on any given year. The 1% who do make money will lose the next year. You will never see any Youtube day-trade guru show you their 3 year independent-audit of their trading history.
There's 15,000 hedge funds, pension funds, mutual funds etc...with an average $100 million to push around.

On any day of the week...at least 3000 to 5000 funds are long AAPL and another 3000 to 5000 that are short AAPL. Every time you see a strong uptrend on strong volume...and you decide to go long...the fund's algorithim will spot the volume and immediately sell against it...or vice-versa. Last 40 years, 95% of all S&P gains happened between 4pm and 930am...the morning gap. NOT during the day.

There is no other way for any fund to make a profit if they don't immediately go against the crowd. Pick any liquid stock...and there's always at LEAST 3000 funds betting against its current trend. That's why nine out of ten stocks NEVER trend during the day...they oscillate. The odds are 9-to-1 or more against you on every day trade. The odds are always at LEAST 9 to 1 against a typical day trade. Now walk into any bar...and tell 9 people that you will fight them all at the same time. See what happens.
t.
  • #3,800
  • Feb 18, 2025 8:42am Feb 18, 2025 8:42am
Just spotted this thread and found it quite interesting reading the OP and a few of the subsequent comments, So though I might stick my oar in.

I've been trading solely forex, and predominantly gold for around 10 years now. I will be honest and say that I was a solid losing trader for the first 7-8 of those, but I am definitely a profitable one now.
The difference came with nothing more than a change of mindset, in the case of overtrading. Everyone want to be a 'day trader' sitting at a Pc for a few hours in their home office, then shooting out to the village pub in their Lambo. Unfortunately this doesn't really exist. Markets are chaos the vast majority of the time and as the OP eluded to; are pretty much impossible to predict with any success. The only time I ever trade is in a strongly trending market. I can place 30 trades on gold in a day, 30 the next day, then 50 the day after, then not touch it for 2 weeks. This is how trading is. If the market is in consolidation (70-80% of the time usually) you are simply fighting against variance and even the most disciplined person will only break even.
The other hard truth that traders HAVE to accept is that even within a trending market, most tools and strategies simply don't work. Having used or back tested everything to death, there are dozens of the most popular indicators that will lose you money guaranteed, including stochastic, RSI, Bollinger bands, and the truly abominable MACD!! You can also forget Fibonacci and candlestick patterns. If you truly believe that drawing mystical numbers on a chart will make the price bounce wherever you say it will, you might as well believe in ghosts and Santa Claus.
Get yourself testing newer and consistent indicators and refrain from entering the market any time when things are flat. All those day you aren't trading can be spent enjoying your profits from the days you do.
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