Day Trading is a Scam 

Kind of to the point of why people feel they're getting "scammed." The lack of critical thought out there is mind boggling.

After 15 years in the market (mostly investing, a lot of swing trading, couple of years of day trading) i concur that day trading is not worth it, not worth the time/energy/stress. Yes I have a profitable day trading strategy, but considering losses that take a lot of the profits, it makes it not worth it vs buy and hold and swing trading!

@@Blast6926 2 years of day trading ? You're still a baby ....People want to work 2 or 3 hours a day, take vacations when they want and get a better salary than a doctor (but without the constraints of a doctor's life) without putting in the time and effort that a doctor puts in.

Irony is a _scam!_

Daniel, what is the paid leading indicator you use / subscribe to?

99.9999999999%

agreed

Fair enough 😂

99.999999999999999999999999997%@@TheWizardTower

Agree it is very very difficult

Well that’s actually true

yep, money and religion is 100% a scam that is put in place to control the masses.

real

Denying destiny

Funnily enough, it's true.

just scam. not woke. woke is a huge problem

this comment is a scam

@@millike22 That's what scammer would say.

@@millike22 This scam is a comment

I found the dreamer thinking one day he will know what tomorrow brings and will get rich.

You don't have a girl

Try a wife

Damn😂

I hear you bro. Been at it for 4 years, 1 full year and half paper trading, and I am now barely trading with real money. What a journey!

Be honest with me. Ain’t it kinda waste of time? Rather learn to swing trade/position trading and have a side-job on the side. Or learn day trading while still working. I’f you are one of the 99% who fails. Then it’s sad to have spend 10 years on it tbh? It’s just not good odds. Better odds in the casino tbh.

I’m been trading for 20 years and I still suck.

Hasn’t been a waste of time for me. Love trading futures. It’s just hard but has been worth it. I am now finally, reaping the rewards. Recommend three books for anyone who loves trading as much as I do and struggles as much as me: Reminiscences of a Stock Operator, One Good Trade (and the follow up book), and Best Loser Wins. Good luck all and never give up what you love.

@@chrisja1998 swing/position trading is light work, ez.

you got no clue what trading the finacial markets is, otherwise you wouldt be posting comments on "day trading is a scamm" video

The only guaranteed income from trading will also get you attention from the SEC.

99.999% of day traders (including this channel) are not smart or sophisticated enough to use any sort of prob, stat, or modeling to day trade. It likely doesn't make sense for a retail trader to do anyway since granular and useful data that you can actually extracy any reasonable signal from is expensive and probably requires a lot of massaging and analysis to extract any reasonable information from the noise. I say this as someone who worked at an actual quantitative trading firm. The people I work with who are in this industry are graduates from top math/physics/CS PhD programs or are incredibly smart people from MIT, Harvard, Princeton, etc. Hate to say it but most youtuber traders don't hold a candle to the people I've worked with, so i basically discount all these guys opinions.

@@laggerlaggerson4375hi, I’m 17 and basically on my summer holiday you seem smart and I want to work in finance when I’m older and I was wondering if this summer if I should learn how to trade or just focus on my studies especially maths so I can go through the traditional route of getting a degree then working at a big finance firm.

Ha ha ha ha People!!! The markets are controlled. Why do you think markets move then all of a sudden stop? How does the index of say Nasdaq, Dow, S&P, move to a certain point and then dramatically fall of a sudden? Just coincidence? Riiiiiiiiight

ah, i bet that’s true. if you don’t humble yourself, the market will do it for you

right , thats why your watching trading is a scamm videos cuz your such a profitable trader right ?

I stopped losing money when I stopped playing roulette.

you can say the same about as randomly gambling in a casino

there are some real hidden gems out there

So true.. could you share some of the best trading youtubers you've found? :)

It really depends on what your style is. What works for me probably won't work for you.

what are the youtubers?

It doesn't really matter because everyone is on their own path in trading. Different styles, strategies, influences. Whatever speaks to you. I'm studying Mark Minervini's style of swing trading, and I found a youtuber that is specific to that style. What style do you trade? Where do you think your edge lies? Find what works for you.

If you're curious about that, look up options Greeks, you'll know more about how they work, and why short dated ones are so volatile

I think it doesn’t actually just take the money though. If you buy and sold instantly you aren’t down $100 or how ever many contracts, you’re just down the brokers fee

@dedicatedserver8214 If an individual daytrading bought 10 contracts for $120 dollars each, it would cost him $1,200 dollars up front. Now, let's just say he's trading QQQ, and QQQ has to go from 430 - 431.75 to break even. He buys in at 430, and the market hits a top at 431. He cashes out at 431 and claims he made $750 dollars. 10 contracts x $75 dollars = $750 dollars. He's still down $450 dollars from his initial purchase of the contracts. So far, he's having a losing day but is claiming to be up $750 dollars! Do you see the problem here?

I’m assuming you don’t day trade options. Being a buyer of 0DTE options is a horrible idea first of all, but for the people that hit the lotto (which is not repeatable long term), they are likely just profiting from the change in premium. The break even price only applies if you are exercising an option (which most of the time doesn’t make sense, but it has its place).

I also find it fun and relaxing. I'm 18 and never had to work a 9-5, I couldn't possibly anyways, I would never last.

Do you make money off this?

You are both scammers. Just kidding! I appreciate both of your skills and putting it out for people to see!

You're the millionaire day trader sitting on a pile of cash that Daniel mentioned. I'm looking forward to the day I start trading the futures market.

and dont forget dont use money that you can't afford to lose ;) goodluck.

thanks for the comment and insights 🙌

yeah, i would maybe add that it intentionally misleads.

since futures are highly leveraged, you can lose a lot of money very quickly. if NQ drops 200 points, that's $4,000 per contract.

As you missed the window, I'll answer roughly from Mark Douglas's trading in the zone book. We hear of pro traders needing some nerves of steel. This would imply an internal battle, if this were true they would be unable to flow with the market and make choices objectively without emotion. The answer is risk less than your tolerance, have an exit strategy so your emptions aren't able to dictate results. I for example use a warning sign of volume increase against my position, I then go on smaller TF and work my way up looking for signals that the move is over. And confirming with a break of market structure. It should be comfortable, positive but apathetic to results as we know the market does anything anytime. It is not personal. I'd say traits you do need is lack of ego, ability to self reflect, read books like the one I mentioned. You should exercise, have a quiet non intrusive environment, not look at forums etc and be swayed from your personal opinion and growth. So personality I'd say its really a full package, a consistent person, with a winners mindset who is able to flow with the market and able to trust their gut not enthusiasm. There's a fine line between confidence and wilful ignorance, that change alone in last week has gone from -2% last week being a ****, re read that chapter and I'm up 4.5% in 2 days. 2.5% IN 2 hrs this morning just feeling confident to follow the market. I could have got more but I have max day profit and that me done cementing good change in my mind. You really have to want to push yourself to be your best version and look at yourself in the mirror every moment and also take care of all emotional and physical influences outside of trading. Highly emotional people, or those with internal struggles with themselves, or with pre conceived ideas will fail. Also why you see so many drawn to scalping, high risk high reward. I'd say those naturally drawn to swing trading as are less 'engaged' from the offset tend to have success rates, but also slower returns. Risk averse people will naturally be drawn to smaller returns, longer time frames, likely higher success rate. Mismanaged this could end in being gun-shy so to speak and/or constantly closing trades early for fear of bigger loss only to see the trade play out. Every out of balance with trading in terms of mindset is a double edged sword. This is the beauty of its mastery, its about a personal journey as much as money.

i can’t imagine a risk averse person being attracted to day trading. rather, the personality attracted to day trading must learn to manage risk.

it's the 1op indicator from oneoption: danielinskeep.com/1op

A shrinking account as you make money is the furthest thing away from being good. EOD drawdown i can understand, but intraday trailing drawdown is laughable

If you see a trailing live drawdown, run from that prop firm. That is 100% a prop firm designed to take your money. I would honestly just stick with topstep.

@@MrOrderFlowOfficialabsolutely, I’m referring to end of day trailing drawdown ((like Topstep)

@@taz_traderyes, topstep is great - end of day drawdown

😅

you're not very bright are you

Opening up Tradovate, not looking at price action, recent traded levels, volume patterns, etc. and coin flipping buy or sell is gambling. Trading is not gambling. Pattern recognition is not gambling. Do you think abiding by traffic lights is luck? No, its a signal that everyone can see. Yet people still run the red and cause an accident. Trading is not closing your eyes at an intersection, putting your foot to the floor and hoping it works out.

Carmine Rosato is who Daniel went through his training and he shows everything but he also has a good chunk of money and as the saying on Wall Street goes those who need money the least make the most.