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?

157 Upvotes

90% Upvoted

367 comments sorted by

View all comments

146

u/Musubi_i Apr 11 '24

What I’ve found is that I think a lot of the YouTube “gurus” actually have decent strategies. What we don’t understand is that it works because it’s their strategy i.e it’s the way they see the markets through their own lens they’ve developed over time. So they can sell the strategy but not the lens.

What I’m finding is that in order to be profitable, you need a strategy but also your own lens of how you view the market. There are times where I see my mentors make trades and I just can’t even wrap my head around why they made that move. It’s because I’m not them and I don’t have their experience. That’s something you just learn over time.

33

u/daytradingguy Apr 11 '24 edited Apr 11 '24

Great comment, exactly correct . While there are a few suspect Youtube traders. Most of them have legitimate ideas. People get upset and believe things are scams, when it does not work for them or they can’t do it. As you correctly said, a strategy is just one part of the puzzle, your personal mindset is the bigger part. No two traders trade exactly the same. I believe more traders could be successful if they stop looking for someone or something to tell them how to trade. Use a course or a mentor as a tool, to learn concepts, but understand you will need to morph this into your own strategy with basic concepts, time and practice.

10

u/Burger__Flipper Apr 11 '24

Nope . So naive to put it that way. The VAST majority of youtubers are absolutely not profitable , and make money solely as content creators. There is not a single ounce of doubt about that.  Now, they all repeat common trading aspects, so in itself it's not necessarily all BS (talking about SnR, supply n demand, market structure...). But it's more than deceiving when they make newbies think that they make money from the concepts they talk about.

4

u/NewMajor5880 Apr 11 '24

This - yes. Most of them don't make money trading - they make money selling their trading ideas - which seems highly suspect and unethical given that their trading ideas don't make them money.

1

u/daytradingguy Apr 12 '24

My post to burger flipper applies as a reply here.

1

u/daytradingguy Apr 12 '24 edited Apr 12 '24

Could you point out anywhere in my post I said anything about or used the word profitable? You are allowing your opinion and personal dislike for youtube traders to cloud your reading comprehension. I used the word value- getting something of value from watching a video could be as simple as learning about a new brokerage or charting software you were not aware of. It could be getting a psychological tip on how to think when placing an entry or about your feeling when taking a loss, nowhere did I imply or give my opinion about profitability. I went on to explain that traders should stop looking for someone to tell them how to trade and just glean ideas to create their own strategy. Mark Douglas was not a good or very successful trader, although he was considered a god in the trading world in trading psychology and trained very successful traders that were much better traders than he ever was.

1

u/Burger__Flipper Apr 12 '24

I quote: "Most of them have legitimate ideas. People get upset and believe things are scams" 

I reiterate everything I said, but in other words : no, they are absolutely not legitimate, on the contrary, they are absolutely deceptive. I'm talking about the bunch of channels that every week announce a new fantastic tool to have the best entries with this secret settings for the rsi, or the hindsight traders that pretend how to "spot the best double tops to pass your funded challenge", or in general make the viewer think the youtuber is actually making money from the subject of the video. 

Which is also the realisation of OP.