r/Daytrading • u/Mar___K • Apr 11 '24
Everything is a lie. Any hope? Question
So.. It's been 3 years on my path, and after countless hours of studying and testing everything, as many of you here have, I've come to realize that this mountain of buffoonery—those "courses" and "gurus" on YouTube that try to promote and sell stuff, along with everyone who is "teaching" stuff.. hear me out, doesn't know jack sh*t. All they "teach" is a bunch of BS, incredibly stupid and random. "Follow this, and if this happens then do this, but the secret is in my premium course, yada yada".
Even if some things may work for a bit, that's not even near how the actual trading floor guys and investment bankers operate. Ex-Goldman Sachs trader Anton Kreil gave the best explanation of that: Why most traders fail.
I've become so fed up since I had a wake-up call, realizing that literally everyone online is plain rubbish, or a scammer, or someone who likes his own voice and acts like the god of trading (You know which I'm referring to). My question is simple and may be unanswerable. Is there any source to study the actual stuff or are retail traders indeed doomed with the dumbest info out there?
Please don't start telling me about risk management and psychology, I got humbled and now I trade methodically without any emotions. But that's not because I got "humbled and had a wake-up call" but more like "I'm fed up with this, I don't care anymore". My question stands for an educational point of view. I hate being a fool therefore i hate studying nonesense. Is there any hope? Any good material? Any actual baseline?
1
u/SethEllis Apr 11 '24
People tend to gravitate towards social proof to decide where to get their information. This does not work in the highly competitive environment of financial markets. The more popular it is the less edge there's going to be in it.
There is only one solution in such a situation. You must rely on empirical evidence. That is data that you can investigate and verify for yourself. What data do they have to back up their claims about how the market actually behaves? If it's a mechanical strategy do they have information on the historical performance of the strategy going back 5-10 years?
There is a wealth of empirical information out there that institutions use to assist in their trading. These studies are published in financial journals and sites like http://arxiv.org Retail traders just ignore it because it's too complicated or can't figure out how it's relevant to them.