The Scam Of Day Trading
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- Опубліковано 4 чер 2024
- There’s a ton of hype right now on social media of people showing you how to become rich off day trading stocks. When something sounds too good to be true, it usually is especially when it comes too investing.
Remember, there is a difference between being rich and being wealthy. Being Rich is a sprint and being wealthy is a marathon.
Day Trading is something that everyone should avoid, and in this video, we’ll tell you why.
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"The easiest way to make money, is to tell people how to make money". Best statement ever.
This is the best description for most modern ads. 😊
Thisssss
Every youtuber trading guru here.
isnt that exactly what hes doing..
Not to forget, all the platforms that exist today, when basically anyone can reach an audience of millions with just a few button presses. We have to wake up and realize that these teach giants have us in an iron grip and makes us dependent, which at the same time brings out the worst sides of people.
The reason traders in comments want you to day trade, is because its YOUR money they live on.
how ?
As soon as he said you need 25k to be a day trader I knew his research skipped over the fact that you can use a cash account to day trade and grow $500-1k account by day trading I’ve seen people “gamble” their account to thousands of dollars risk management and proper guidance is wonderful
@@mmmtheta4199 yes they do..if you know anything about options you would know thay most traders start off with a cash account
Day trading is not a scam, telling people that day trading is easy.... that is the scam. Day trading has an incredibly steep learning curve and is one of the hardest things a person can do emotionally. For the very few who continue to refine their skills over many years, the results can be incredible. Get ready to be humbled because it will find literally every flaw in your armor.
@Al Ce All the math proves is that almost everyone who tries it aren't cut out for it, or aren't willing to put in the time and effort needed to actually develop their emotional discipline and skills above the threshold where they can actually become consistently profitable. What you are saying about the Gurus is soo true.... they try to sell people on a myth that they can teach them some kind of "secret sauce" that's going to make them profitable in a hurry and that's the opposite of how long it takes to develop that kind of skill to a professional level.
@Al Ce""all the math proves..." you do know math formulas are not a PROOF but model with certaib assumptions right?" - Formula? Your making quite an assumption here..... I was referring to the statistics that get thrown around, not any formula. You say its a scam? I tell you that a small percentage of people who try it are actually able to pull it off well enough to do it professionally.
papers.ssrn.com/sol3/papers.cfm?abstract_id=3423101
"Being rational is 1st requirement yes but day trading is wannabe scientific but has almost 0 science into it." - If you think that day traders are somehow not scientific and yet swing traders and long term investors are, then you really don't understand what you are talking about. The only difference between a day trader and a swing trader is time frame.
"If you even able to earn money, compared to high frequence trading or even long term investing, it just fails, hard truth" - I made 35% gains last month, and I'm not even a professional. Long term investors are typically happy with 15% per year. *What kind of gains are typically expected from high frequency trading?*
"Almost only way to earn in day trading is just beibg a guru or have a big large investing group behind u who provides u money to spread about day trading bs." - Or a person could actually bother to learn how to read market structure through on-balance volume and footprint charts, the other skill that's hard to get down is reading lvl 2 data in real time.
"As mathematician first goal is to create models that have main aim to decrease the risk under certain assumption and without arbitrage day trading provides nothibg conerning that aspect" - There are entire trading paradigms based on mean reversion. Standard deviation is a common tool available to day/swing traders.
*I am starting to come to the understanding that you don't actually understand what day trading is. You think its what the Gurus are selling to the masses, it is absolutely not.*
@Al Ce "stats are ONLY CORRELATION, there is no proof with stats. Thats what you learn first." - Correct, except in this case the argument is weather or not day trading is a scam. The research study indicates that at least *some* of the participants were profitable, so..... It's super clear that a small percentage of the people who try it are eventually successful enough to do it professionally, *otherwise that number would have been zero.*
It's becoming apparent that you are too arrogant to have bothered to even read the study.
"dont even know the real math behind ML, HF, Overall dynamic Systems." - Two of my degrees focus on dynamic systems control, isolating and measuring the variables that affect continuous processes is not all that different from isolating the variables that affect a stocks price.
You still refuse to answer my question:
*What kind of gains are you getting from high frequency trading?*
99.5% OF THE MARKET IS MOVED BY LARGE INSTITUTIONS USING TRILLIONS OF DOLLARS WORTH OF COMPUTERS AND ALGORITHMS THAT THE HUMAN MIND CAN'T COMPETE WITH OR COMPREHEND. THEY ARE 500 STEPS AHEAD OF ANY DAY TRADER. STOP LIVING A LIE. THE 1% OF SUCCESSFUL DAY TRADERS ARE LUCKY OR HAVE INSIDER INFORMATION. STOP THE NONSENSE
@Al Ce "First formaula is proof tjen you corect yourself and claim stats are proof" - I am starting to think perhaps English isn't your first language, please go back and reread all my statements, *only this time read them carefully.* You seem to think I said some things I never did.
"Dude of course there will be small percentage who win, these are big firms with millions behind them." - *Go read the study,* a small percentage of Brazilian *day traders* are successful. It was not measuring the success of institutions.
" i am fed up witj wannabe traders who think they know everything" - I'm always looking for ways to improve my process. And merely explaining to you that it's possible has you accusing me of already knowing it all....
You tell me that what you are doing is soo much better than what (you think) I do, so I have to ask:
*What kind of gains are you getting from high frequency trading?*
This video should be labeled “stay away from day trading gurus” not day trading is a scam,
This morning I woke up hit this gym, came home showered made coffee, went over pre market news, and made $218 in literally less than 10 minutes after the market opened on 2 option contracts on Microvision, then called it a day for work. Rest of my day went well not checking my phone every minute. Lol
“Day trading” doesn’t have to be stressful if you’re disciplined and consistent with a good set of rules. The real scam is working at a shit job that you hate waking up and going to every morning, & dealing with shit ppl every day. That’s soul draining. That’s the real scam. Now when it comes to day trading there’s plenty of strategies you can implement in order to mitigate loss. You just gotta do trial and error just like anything else you want to get good at.
$218 for the day? Lol
@@philrupp7767 200 * 7 = 1400 (round down)
1400 * 4 = 5600/month
Not bad for no actual work.
@@dragonchr15 oh so you can day trade stocks 7 days a week? 😂
200 a day is crap if you sit around and do nothing for the rest of the day, what about the bad days when you make no money or lose
@@philrupp7767 I'm trying to learn about it so maybe if I can actually get it I have enough time to work on other stuff
The reason why day trading can be a scam is because most of the people doing it have no plan, no discipline, no risk management, no edge. That kind of trading is just gambling.
My biggest win is when I stopped day trading! Day trading is gambling…
Really?
Buddy wasn't cut out for it lol
It's a license to steal by brokers
Keep lying to yourself :)
W
My husband is a day trading addict.. He lost over 150k and we are at the point of losing our house.. we have four young children and he still can’t stop. Life has been a hell this last three years because al of the stress its causing.. the children don’t have a father and my husband is gone.. people please stay away from daytrading and pray for us 🙏
you sound like a horribly annoying wife...hope your husband leaves you when he inevitable makes millions lol
Try supporting him, he will make fortune for your family.. don’t pull back or demotivate him , he is kind of fighting war for you.. If he is trading futures using clearing firms, he is in right path..
@@Chowdarykamepalli-gi5rp dude he was an addict.. he could lose 10k in 2 minutes playing with 200x leverage no one should support this type of trading
He's actually a gambling addict
I sincerely hope you both get better. I wish you and your kids and your husband well. GO TO MEETINGS WITH HIM. AND both of you focus on his or both your careers. GOALS. INvest but don't day trade... hobby and passion, but secondary to career, and tertiary to the family. I pray you guys get better. DOn't give up @ecb8995. Move on if need be but don't do anything rash. You can come out stronger... hopefully you and your husband can.
I have been trading for about 11 months now and just about every trade backfires and slaps me in my face. Nearly impossible for me to catch more than a few points. I try to do top-down analysis but it doesn't work for me. I say to myself, clearly, I'm in the 90% that lose money, so I open a demo account, do my analysis, then take the opposite of what I would normally take and get the same result. I'm starting to feel hopeless
Your problem could be your stop loss is too close or you're watching your trades too much. Place it and walk away. Or you could just give up, trading isn't for everyone.
Don't listen to him, don't give up. Trading takes time, months, even years to master, even the pros learn every day. Nevertheless, if you lose money no matter which side you take, maybe you need to look at how you are managing active trades rather than how you are entering them. My advice, find a mentor. And also, try incorporating the use of oscillators, Bollinger and pivot points into your strategy. And most importantly move to higher TFs(4h or 1D preferably)
You're correct, I don't lose money every single trade, but my main problem is trying to let my runners run. Very rarely do I catch big moves. Instead, they go a few pips in my direction, then go against me when I try holding them. Also, my entries could use a lot of improvement. A mentor would be amazing, but getting one is easier said than done. If it's not too much to ask, do you know any legit ones?
My consultant is *PRISCILLA DIANE AIVAZIAN* I found her on a CNBC interview where she was featured and reached out to her afterward. She has since provided entry and exit points on the securities I focus on. You can look her up online with her name if you care about supervision. I follow her trade pattern and haven’t regretted doing so
Thanks a lot, I will do that immediately
Day trading isn't about "feelings". If you trade with "feelings", "beliefs", "lucks", or "hopes", you will lose.
its bogus, it's either promoted by scammers or naive gullible fools.
I don't think it's fair to say people should completely avoid day trading. But you should definitely know that it is very very difficult to succeed and it takes a long time of learning, trial and error, and persistence to succeed. It took me about 5 years to begin to see consistency. As Mikey says, emotions play a HUGE role in day trading. You may think that you're disciplined and you have self-control, and you have the mental willpower to cut your losses quickly, blah blah blah... but the market will humble you real quick the moment you break rules. You MUST MUST MUST have a big passion for this niche to succeed, you must go through some very dark moments before you make it through this tunnel. I love day trading though and I want to do it for the rest of my life.
the market will 100% screw you over and over and over until you develop nerves of steel and a good strategy. then you will be able to make as much money as you can imagine
If you can do it, Just do it. Don't comment on random UA-cam videos.
It took you 5 years to cut your profit fast and your losses faster
thank you so much for this explanation. I appreciate it so much. Love you.
when you are afraid to trade or to hold a position, means that risk is too high and have to immediately close your positions. Do not ask me how I know...
Daytrading itself is not a scam. But there are a lot of scammers in the industry. My experience and many others have proved it is possible to make money in the markets
Everything he said was correct, BUT only applies to people who don’t know what’s going on. A professional will make it hard to blow an account because he knows exactly what he’s looking for & has protocols (specific instructions) for when things don’t go as planned. It should indeed be boring, if it isn’t you’re not ready yet 🤷🏽♂️. Great video btw.
Keep telling yourself that 😂
I'm a profitable day trader.. But becoming profitable isnt easy. Expect to lose money at first. It took 2 years of alot of study, tinkering, ups and downs to finally make 20% in a month. For me, its not about the money.. Its about the trading plan and execution. One more thing.. Long term investing is a gamble as well.. just like anything in life. It works for some not for others.. Day and swing trading has made me more money than long term investing by a long shot. On that note, Day trading is not for everyone. Also.. I dont get a Dopamine rush day trading. Wish I did though lol. Thanks for the video and happy endeavors!
Only if you get day trading right, it’s profitable. 8/10 day traders would probably make more with long term swinging or just buy and holding
I agree. Day and swing trading is profitable only if you have discipline. Discipline to harvest your losses as well as your gains when necessary.....without emotion. Think about it, the act of just leaving large positions open overnight is the height of arrogance. You don't know how the market is gonna open. It's like leaving your cash in an open safe in the middle of a busy mall, you're hoping and praying that no one takes your money while you're away doing other things.
Absolutely golden comment
@@Engagenumberone I agree but also disagree
just cause you cant do it doesnt mean no one can do it...
💯
Exactly he has no idea
in one day you could been given 20 years
Statistically 95% of people can't
They'res a learning curve, and even then it's returns are gonna be based on many factors.
I was pretty good at it, but eveb so, it's hard to pay rent with it unless you begin with a larger nestegg; not everyone starts at margin.
That Pattern Day Trader rule only applies to margin accounts, right? So if you're not betting on credit you don't have to keep 25k on hand?
That’s correct. Cash accounts don’t have this rule
Whats the point of this video, for me to quit my 4 year trading joruney because of some scumbag...or do i keep looking for best a+ setups to trade and to profit
Very good video. Probably the best on this topic.
Very well said! The emotions are definitely one of the main reasons a lot of people fail at day trading. Swing trading and investing long term are so much easier on yourself and the people in your life.
Just like how profits can compound like crazy over time, same will be said for losses
Having zero risk management will lead to you blowing accounts left and right even with a system that you can be profitable with
Yes there are a lot of misconceptions about day trading. Which you addressed kind of. Day trading is real, but don't expect to be making any money before 2-5 years. Day trading shouldn't be emotional, and it can be quite boring. It's a lot of waiting around and being patient. Most people don't last long enough to become an actual day trader. They quit after they realise how hard it is, and that it's not a get rich quick scheme. It's a difficult skill, but most people think that there is no skill involved, or they can become a master after 6 months of learning. What other skill can anyone become a master of after 6 months. It makes no sense. If you're not extremely passionate about day trading and are willing to dedicate years of hard work, then day trading is not for you.
Agreed. He is a good communicator, but very biased and one-sided.
Facts, you can't just put in 1 hour of work a day and expect a salary of someone working 9 hours a day.
Plus no one with proper emotional control and discipline would average down or keep on holding on to a loss PRAYING that it'll bounce back like what he said in the video, that's just pure gambling.
The videos feels really biased. Like just hopped into the hot topic for some clout before doing more research.
It's like saying x% of the people who start a business loses money or close down after 1-2 years.
Sounds like a big massive scam that these fools and losers are dedicating their time for
Im glad I don’t listen to anyone other than positive traders
arielaw4- PERFECTLY SUMMERISED! how on earth can ANYONE LEARN hard knowledge proffesion in few months ...ONLY SILLY PEOPLE salivate and fantasize WITH GAMBLERS mindset thinkiing its like lottery...in REAL life thou my gambling addict friends( please i beg you seek help) IT TAKES YEEARS and YEEEEARS of HAAAARD sacrifice like in all high end professions...but gamblers wont get it until they admit their issue and GET HELP and leave your wifes money alone!!
found you on Instagram, new favorite youtube page. Keep it up!
Day trading is very risky and if you throw too much money in there you risk getting kicked out. It's good job if you know how to spot bullish stocks with their lows and highs, but don't expect to make over a thousand a day, and if you do, thankfully you weren't kicked out of the stock for not keeping a balance.
This is a really good video, good insights there brother
I like the adrenaline of day trading. I've been educating myself with books for some years now and started day trading in November. There's a big difference between reading and practicing on a simulator. What you read must be putt in practice otherwise you're just shooting planing to fail. First day was terrible but I got the hang of it fast bks I like what I do. Day trading is not a scam. Those who have discipline, manage risk, and learn from their mistakes survive in this game.
great video! could have used this talk 10 months ago
He is right, odds are stacked against you. I Lost 85% of my original investment my first year, he is correct. Second year though, I am up 250% from original investment, and climbing. Dont listen to these guys, they are not traders, online opinion slingers. Practice Risk Managment, have Rules, control (be mindful) your emotions. Greed is the greatest killer to traders, be mindful.
Emotions, no proper working and tested plan, lack of risk management is what will make or break a trader no matter how trade, whether you day trade, swing trade, position trade etc
great but if your down 85% then as is some seriously bad risk managment. But i can't really spreak for you as im a forex day trader not stock day trader
@@ukdrilla8553 Forex, stocks, makes no difffrence. It's a price going up or down.
The odds are even LOWER if you want to become a professional athlete.
Trading can change your life. I think he’s just upset he never had the gumption to day trade and to CONSISTENTLY keep going even when you’re losing money.
He’s speaking to all the people that don’t manage their risk and blow up their accounts. Trading isn’t gambling if you have a tested and proven strategy, you have to let your system play out the odds.
Where can I buy your course?
U will not understand if u never work out at highest level of what you do in your life.... I promise u wont get it until u reach that level... @@colinrussell2017
@@colinrussell2017 in afrika
WELL SAID!
Love it. Great content.
Broke it down well and cleared up a lot of misconceptions
It appears you haven't day traded or haven't done it successfully. As a day trader I don't lose more than I am willing to because I sell before loss is large. 1% gains reinvested at 100% compounds to extraordinary amounts. So a few trades a day with a 1% gain and your done for the day. You don't have to stare at the charts alllll day. And to get around the pdt rule you can day trade crypto, no rules and open 24/7.
Good video. I try day trading for 3 monts...when I was young. Il lost 36% of my money ! :) Now I'm an investor,a lot less stressful ! I receive dividends each month. Good video.
MSCI stocks be boomin lets goooo
What if your using day trading as a stepping stone to buy real estate?
i think day trading temporarily and not as a longterm strategy wouldn’t be a necessarily bad idea
great content! would like to see the entire process of buying/owning an apartment/ multi-family units
You should only be trade if you genuinely love the idea of trading and the way the markets work. DON'T TRADE JUST FOR MONEY BECAUSE YOU WILL FAIL.
Don't trade just for money? Why else would you trade? I'm not trying to be smart here - I want to learn - but I can't think of any other reason why you would trade but for the money.
@@Re-bl5sr Passion
@@Re-bl5sr Note: this is for beginners/newcomers.
The best way to go about it is just treat it as a hobby at first, and if like it (meaning you like every single asspect of trading, whether that be looking at the charts, looking for patterns, marking up S&R levels, ...etc.) then continue doing it. if you continue to hate it and don't love it at all and you just want to make money from it reconsider if it is for you or not.
Just for example, you have to love it the same way someone loves video games.
@@Re-bl5sr I know money is the main reason we trade. I mean why else would we be trading lol? What I'm trying to say is that it can't be boring while you're doing it. When people have that experience, they most likely will give up in the beginning.😎👍
@@Re-bl5srits like u dis something opposite than typical people do..
As a successful Day Trader I love watching these videos. While it is gambling, a successful day traders goal is to control emotion, it isn't to 'ride that high'. If he/she is 'riding that high' then they have already failed. I can totally understand your paranoia. After all 90% of traders fail, and it's hard for the 90% to accept that 10% can do what they cannot. I really wouldn't recommend day trading to anyone who thinks it's a get rich quick scheme. It's a marathon, not a sprint.
Edit: a word
Right. Took me 3 years to figure out a strategy and become profitable. That is why 90% fail they just put money into the markets wherever without any risk parameters or proven strategy.
No one cares about your edit.This isn't reddit
Is it too late to start day trading futures at 24? That’s what I asked myself, now that I’m watching this video, I don’t think it’s a good idea.
A balanced approach would have been more effective. Yes influencers hype day trading to gain followers and ruin some lives in the process but some people just trade in different timeframes and basically use swing trading techniques on 20 min or five minutes charts. The people who hype day trading cause people to not realize swing or trend trading might suit them better. Also if you can't swing on technicals you sure as hell can't trade a 2 minute chart on the same technicals. Swing trading is a slowed down version of day trading that is more forgiving. You can use stop loss orders day trading.
I can’t make it, therefore it’s a SCAM 😂
😂😭
Lol yup
Thank you.
How to invest
It’s tough but possible, and life changing as well.
No its gambling
For most yes, but not the few that can do it professionaly for a living
@@Meginnis31 there are none. The one making Money are the scamers that gives Seminars "how to daytrade" while losing money when Trading
@@nocomment6421 I day trade for a living and am not a scammer lol
@@Meginnis31 you are lying and we both know it lol
great content
You have to humble yourself when you trade. Remove all emotion from it. Focus, study and try and learn as much as you can. Every failure is an opportunity to learn.
exactly
Learning as much as you can in trading is a double edge sword. It will most likely cause paralysis by analysis. The best is really to learn about 3-5 strategies and back test.
When you know the wins percentage that's when you put your head down and focus on them. If the percentage will result in capital loss than tweak that strategy until you get a good enough W/L ratio to be profitable. That is if you want to be a systematic trader.
What are the success rates of real estate investing? opening a restaurant? drop shipping business? hell, even a college degree? Who says you can’t invest for long term and day trade? You don’t have to risk much to find your edge.
Yup, to be successful in anything is still the top 20%. Daytrading is no different
Day trading changed my life ... 94% of day traders lose money , we are the 6%
Hey. Can you guide me on how I can be a good trader. The best place to learn
@@icceym1102. True trading group can train you and mentor you one on one. There are different types of trading and they wii help you. For $3 you can go to their site for a week and have access to all the resources, chat room where trading goes on. We even morning session by the “professor” as well other mentors to prepare you Premarket. No BS! Check it out. This guy is sour grapes.
How much you make % in a month (because you might be a fraud)
😂
Two thumbs up good content, verifiable by those in the know, great presentation, video recommended. Long-term investing Concepts is the right way to invest.
Investing is gambling, it’s just holding and hoping. Day trading requires discipline but if the stock doesn’t go what you want, you can just get out. You control when you sell. Most people aren’t disciplined and that’s why most lose
Investing is not gambling. The odds are not the same. It’s good to know what you’re talking about before holding an opinion.
@@p.p.8624 no, investing is holding and hoping. As a day trader, if the stock doesn’t do what you think it will, within a few minutes, get out. You don’t have to rely on hope. We are looking for quick predicable moves
@@Kenny_Shillinglaw If you get out to early and to often, you will end up losing your money to the broker (spread and other fees), and waste a lot of time. Not worth it.
@@cscs9192 that’s not true either. No one here commenting actually day trader otherwise you wouldn’t have said that. Selling often doesn’t mean you make less money and the spread doesn’t matter if you are trading liquid stocks. Day traders stay away from wide spreads.
@@cscs9192 there are also no other fees as long as you aren’t using margin. Which is the same as investing. Investing, you have to pay interest on margin daily.
Thank you
One thing I found is if you can't consistently grow a 100 dollar account and build it consistently what makes you think you can grow a 100k account. Do not throw big amounts of capital in if you know your discipline is not good. All I can say to try save someone from screwing up
Great video
I never seen a dumber video😂 Good job, I had fun
Dude, incredible.
I like this content, its a very mature talk on the subject.
I also like the way you present your content, without boring songs on background, without click-bait/keep-watching-bait.
I wish there was more videos like this on youtube.
Congrats, guys.
Why “Commune” as channel name?
good stuff
You told the reason why people fail at day trading. Finding consistency is hard and most day traders quit before 2 years when this is something that will take 2 to 4 years to find consistency and grow the skill of doing. People expect some overnight transformation when that is not the reality. They're gambling. If you have a long term mindset to learn then it could be for you if you're okay paying market tuition and learning.
Except studies have shown that day traders don’t tend to get better over time.
False. There’s plenty of studies published online that debunk this.
You can loose your whole account in a couple of months. A good day trader just waits for entries. When they are their we jump. If it's not their don't. You win good you loose. It's an investment. Like you said. Not fun. If you want to have a rush from trading and making big mo ey. Vegas would be a better choice.
I love mikey taylor and i used to be obsessed with his DVS skate more part, but he is completely wrong here. Yes there are alot of “selling the dream” scams but they are not all scams. Day trading is very possible and i know this because i’ve been day trading for years and i lost a lot of money. But now i am finally profitable because instead of worrying about the money i started to put every effort into actually learning the skill and back testing my strategies with a paper account then gradually sizing up my position sizes so i could learn to control my emotions. Now looking back at it i wish i wouldve taken it seriously at first instead of just thinking i was just gonna get rich quick. And also if you have a cash account you can make as many day trades as you want as long as you wait for the funds to settle. Day trading isn’t a scam at all its just people don’t actually take it seriously as if its not like any other skill or craft. So the people that fail at it are actually just scamming themselves. Im a big fan of mikey taylor but this made me loose a bit of respect for him. I actually plan on making a video about certain “gurus” that are actually selling a scam and i will also make videos on reasonable day trading strategy’s that are somewhat easy to learn and if followed with proper risk management, can easily make you profitable
See guys, day trading is sweet. You don't have to trade every single minute, just focus on 1 or 2 trades with best probability, then boom, you hit it until to the next day. That's what day trading is all about.
Remember if you're swinging, it's so stressful, you have to wait and start monitoring the chart until you see your perfect entry while the day traders are still making money during the mid-term trend.
Well.. think about it. Only a lazy person will say Day trading is a scam. And remember, this guy must be wealthy. So if you're still in your 20s or even 30s struggling to be financially free, you definitely have to put in hardwork. You have to start from somewhere before shitting Day trading.
This, I make one trade for 5-10 minutes each morning at the same time on same setup. I record the result and chart where the price goes so I have chart that shows me my greatest probability of success on a single setup. The result is a profitable strategy where the odds are my favor. I always have the same buy in, stop loss, and target profit based on the DATA.
I’ve been trading for one year now. Honestly I’ve made few dollars. And margin call a lots of times due to when I entry it goes away from the direction I want it to go. And when I said okay maybe it’s a wrong order and I switch it still doesn’t go my way I feel like the broker is scamming my moves.
Market goes where the market wants to go, Broker doesn't care if you win or lose. he makes money by spread and commisions.
poker has close to the same odds, only the top 15% will make money. but in poker you can study for hours/days/even years to reach that 15%. is it the same in day trading?
Yes
Duhhh
Okay, you have to pick one stock only and you will put x amount monthly into it until you retire. That will be your only stock investment. Which stock do you pick?
Charles Schwab large dividend return etf. currently holds 103 stocks. ticker SCHD ,see you in 20 years good luck !
Daytraded 4 years. It’s extremely difficult to be consistent based on technicals. And fundamentals are BS. It’s not a very rewarding experience. It really is gambling, and takes advantage of the dopamine highs of success. And the depression of losing trades draws you into bad trades to make up the losses. In other words, your emotions are constantly being jerked around. Add to that fact, that big banks and hedge funds use complex algorithms and machines to assess the markets and react almost instantaneously, that it’s almost impossible to get ahead of an event or major move without chasing the price action. The odds are stacked against you. Buy and holding is really the only way to make money. But, that’s not even a guarantee, as most people don’t even know how to properly value a company based on its financials. Buying stuff you don’t understand is stupid. You’d be better off investing in your education, or buying real assets, such as real estate or collectibles, or even commodities. Simple things that you know and have experience with. Wall Street is really crooked, folks. I’d stay away from the market casino, because that’s all it really is.
The reasons he discusses are the obstacles I had to overcome over the past 8 years. Mark Douglas (R.I.P.) eventually helped me become consistently profitable. Day trading is not for everyone, just like any other difficult thing in life. Edit: exactly what the videos says at the end applies to day trading- it’s a long term mentality. Many trades, with weighted risk-reward, not a quick thing to accomplish. Enjoy the journey.
Wow me too. Mark Douglas taught me to trust the process and that anything can happen after you enter. Trust your edge and when you lose it's not your fault just like when you flip a coin and you wanted to get heads but you got tails it's not your fault losing is built into the plan.
@@Tr1Hard777 Thus, it becomes a gamble
@@kamalalmatari6958its not a gamble if you keep the odds in your favor...
“Is that mikey taylor?”
*clicks to find out
Hears voice
Mentions skateboarding. “Fuck yeah thats him”
Same thought process LOL
I don’t like subscribing, but I will because your content seems informative and I like your personality
Thank you for this, I was thinking about getting into day trading but not anymore.
I don't listen to him , you know shit about day trading , it's a good career .
Totally agree
How about this for a video idea, how the hell do you join forces financially with a wife/husband/partner? My wife and I keep smashing our heads against each other trying to figure out how to do this together.
Misleading title! U could've said " day trading is 99% risky", but scam? isn't the way to describe it .
You're right daytrading is stressful and hard but not impossible. It is very rewarding and life changing if you master it. But you will have to dedicate yourself to it 100% cause it has a big learning curve and you need to be well aware of you're emotions and keep them in tack. So if someone would ask me how they should invest? then i would agree what you're saying with investing long term
It is close to impossible on an individual level, you cannot compete with hedge fund teams. Those who are consistently profitable on established markets are never individual traders.
@@milanvasarhelyiyou're under the assumption that your direct competition is a hedge fund and that is absolutely not true. you can learn to trade with hedge funds, using order flow.
Agreed! Day trading or Option trading lose money at the end. You get old quickly staring on the monitor bcoz of the emotion in the market. Option trading is even worst regardless what strategy you use bcoz nobody can predict the market.
Great video, Thanks. Though in my opinion I will change the label of the video .
It is not for speculation long term. Because you need to earn at least 8 to 22 %. From the stuff you buy and resale in the time frame that you feel important to receive that monies
Book more on profiting from dividends than betting on stocks.
I agree with every single point you made, except for the pattern day trader rule, it does not apply to cash accounts. But this is in no way an argument in favor of day trading. Most people would lose money. Those on UA-cam showing their success -if honest- are only part of the 20% that are profitable. And even those odds do not reflect reality, because if I have to guess, only about 1% get rich from day trading.
I have a cash account on Webull and TD and get hit with PDT warnings.
day trading if done right is insanely profitable. super hard at the beggining though, almost impossible. you will lose all your money over and over again before you become profitable. I can understand how people can perceive it as gambling because it is gambling, but only when you start and dont know nothing. if it was gambling all together, beginner traders would be profitable 50% of the time and so experienced traders, but it is not. it is all of the beginners who lose money continuously.
poker is gambling too. but very experienced poker players win most of the time when they play with rookies in the same table. so your 50%rule is valid for neither gambling nor daytrading.
Ahhh, but 100% of PROFITABLE day traders make money, so just be one of THEM!
Also the pattern day trader rule ONLY applies to margin accounts, not cash accounts
This is incorrect. (edit - Kenneth is right, see below)
@@BerretSO4 I actually trade and invest. You have just demonstrated you have no clue what you are talking about. My cash account is only $5000 and I’ve made way more than 5 trades a weeks with no issues. Pdt only applies to margin accounts. Idiot newbie😘
I'm glad I tried to correct you because it forced me to learn something. Yes, the FINRA rules on PDT only apply if you are a "margin customer". I read a bit more on it as well. Thank you for the head knock I needed it! Brokerages are just conservative with how they identify and protect from PDT restrictions even if they don't apply to a cash account, and that is where my confusion came from.
Translation... "trading for yourself is risky. Give your money to me". Typical salesman institutional investor. You are incurring risk in everything you do. With this theory there would be tons of people who would have never succeeded. Starting a business is just as risky. Most people lose money for the first 5 years in any business. That is definitely not a reason not to open a business. I bet those same stats could apply to most careers. There are billionaires that have lost more than that and recovered. There are endless stories about people who spent their last dollar to start their business. My dad was one of them. If 1 person can do something you can do it. I had to turn down the video while writing this because your negativity made me sick! Don't give up on your dreams because of this guy. He knows nothing about day trading. He should quit driving because it's incredibly risky lol. Never trust a grown man that says he loves tiktok..
Don't compare trading to "starting a business" It's like saying "Oh I just started a business" and a person asks you "What is it?" Oh I'm a gambler.
@@nylixneylix8785 yeah.. unfortunately I learned this the hard way. Got out before I lost too much though lol. Day trading is a scam.
inspirational
my dad says the same stuff but one of us drives a civic and one drives a lambo. guess who drives the lambo. ya boiii!!
Anyone can rent a lambo pimple face
It started from the GME (Gamestop) stock insanity. That was one stock that was pumped from $3.80 to about $400 with a help of short squeeze. Then everyone thought they can day trade and every stock "goes to the moon". But I had day traded years before that happened. You are giving a wrong idea about day trading though. It's a profession to people like me and has nothing to do with gambling. You need to understand the patterns to day trade, which takes years to learn.
Just know there were people "investing" in companies like blockbuster and kodak and sears in the early 2000's Tell me how that went?
Some made money
Am 1 min in the video and liking it, 3.4k subs only with that great production quality! no wonder ppl lose money
If it wasn't Mikey dropping knowledge, I probably wouldn't have watched as many videos as I have. Skater to skater relationship is unparalleled.
Would Commune ever make a video about the different stages of potential properties to invest in? Example: Should I purchase a tax deed home vs. a foreclosed home vs a home on the market?
I thought this guy was going to say a bunch of garbage, but he is right.
If something is too good to be true…it usually is.
you are better off just doing real gambling...which you always lose anyway.
Lol, this video is cute! Hold my beer!
It seems you’re saying stay away from something because few succeed, it’s stressful, emotionally charged? That describes most top professions. You’re just describing why amateurs lose. They’ll lose in any profession. The advice should be: get adequately trained, practice for years, then you can be a professional. I didn’t expect to become a doctor within weeks or months. Just because anyone can open a trading account, we’re forgetting it’s a profession like any other. The minority who make a living trading demonstrate that.
Got a good laugh out of this. Thanks man haha
If it was easy everyone would be rich, just think about that.
If it was easy they will not allow retail traders to trade
The forex markets are mathematically engineered to move billions of dollars every day, and because the markets move billions every day, someone has to be losing money consistently. Humans aren't meant to trade the forex market. Forex trading only became available to the average civilian in 1996.
Day trading is a not a scam, its a business and a game that can be mastered with experience and discipline. Otherwise all investments and businesses are scams as they all require the push and the pull of purchases and sales. Many people will never go anywhere with employment combined with investment. They will stay in the small box life has alotted them.
I dont like daytrading but i do on the other hand love developing algorhytmic day trading strategies and backtest them. You need to enjoy it not just try to earn money
You’ve really got your finger on the pulse. Few, if none, have such a rational understanding of the situation. Thank you for your sanity and sober evaluation. Can you please give your evaluation of the crypto community and mindset?
day trading is not a scam, it is complex, and it takes years to develop the mental intuition and psychology to be successful. Investing in another hand, is MUCH simpler but still challenging..
Listen, you can participate in markets a lot of ways and become successful. The long term fundamental guy isn't going to be the hyper scalper, the backside low float guy isn't going to become the international arb guy who isn't going to be the quant guy building models. .People that seriously trade markets participate in the way that fits they're style of trading and where they have found success. This fella really discredits himself with his statements and I'm guessing if asked specifically in detail how he makes money in markets he couldn't tell me.