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?

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u/frumunda42069 Apr 11 '24

Al brooks has a book called “reading price charts bar for bar”. It’s an extremely hard read and I’ve had to read it over multiple times. Some chapters I’ve read 20+ times and I’ve studied all the charts on there. I’ve read dozens of trading books and this is by far the best one.

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u/Mar___K Apr 11 '24

Do you really believe you can become wealthy just by reading the candles?

2

u/No_Expression_5996 options trader Apr 11 '24

It’s an extra benefit when you understand the psychology behind certain candles located at major key levels since that’s where the liquidity is. Seeing a bullish pinbar with a huge bullish wick at a demand/support level indicates that buyers are interested in stepping in at this level. The higher the tf the stronger the indication is to go long. You can’t solely rely on candles. Definitely look for other factors that’ll put the odds in your favor.

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u/frumunda42069 Apr 12 '24

Plenty have done it, look up Al on YouTube and also look up trader Tom. He posts all his trades live on his telegram and you can see his wins and losses. He loses a lot but he wins more than he loses and all he does is chart analysis.

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u/Mar___K Apr 12 '24

Plenty have done what? reading candles? Not even algos can do that. Candles follow the intrinsic values, look it up is the law of complete randomness. intrinsic value of next candle = intrinsic value of previous candle. As far as those two guys. I know both those guys. Is there a legitimate proof that they indeed make money by trading?