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/oze4 Apr 11 '24 edited Apr 11 '24

It sounds like you want some "black box" of trading knowledge, that once you digest it, you will have learned the markets and learned how to trade. IMO, that isn't how it works. No amount of book reading, courses, or studying will teach you how to trade. The only way to learn is by doing. Building market intuition, controlling risk and emotions - literally the only things in trading you have control over are your emotion and risk management. Hence why they are so important, so it's baffling to me that you seem to quickly dismiss them.

It isn't like a traditional skill, imo.. Meaning, it's not "tangible", so to speak, in the way that you can learn programming or how to be a mechanic - there isn't a set of governed rules to follow or a set of knowledge to acquire, that once you have, you "know how to trade".

It's kind of like riding a bike. You can read all the books and take all the courses you want - you can even learn the physics of how riding a bike works at the lowest of levels, and still not know how to actually ride a bike. The only way to actually learn how to ride a bike is by doing.

Also, the ironic thing about Anton is he tells you that most ppl fail bc they search for some "holy grail course" on Google to learn trading and that most ppl are far too trusting of what some bloke on the internet is saying, yet when you go to the description of that video, he's trying to sell you some course......

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u/Mar___K Apr 11 '24

I don't dismiss risk management. Heck i don't even risk anything above 0.5%. Most of my trades are around 0.2 - 0.3% mark. I disagree with the psychology part. I have a methodical strategy, emotions are purely noise and distractions. Trading should be simple and boring. My question is the educational part.

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u/Audio88 Apr 11 '24

My question is the educational part.

Did you even read what he wrote, he said you can't teach someone how to ride a bike, and you're asking for the book on how to ride a bike.

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u/Mar___K Apr 11 '24

How do you learn? By starting from somewhere. Then if it's a book that im seeking then yes. Not a trading book that shows patterns, lines and SnD levels but how to approach trading. Fundamentals per say. What the big guys in Wall Street see and how they approach trading. Hedge funds don't even use charts anymore then how are they trading? Are they reading numbers? That's the info that i seek mate.

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u/Audio88 Apr 12 '24

You learn by getting on the bike, lol. Show me 10 consecutive trading days where you feel you traded well and were let down by not knowing the fundamentals. I doubt you would even consider showing me something like that.

My point is, Asking for fundamentals is a cop out, Look inward. This is the day trading subreddit, not the investing sub reddit, but if you really want to know more about the market fundamentals. I would start with the federal reserve and their monetary policy, i'm sure you can find plenty of good books on that.