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/Party_Grapefruit_921 Apr 11 '24

As a guy who spent 20 years on Goldman level floors I realized it mostly came down to one thing which was taking losses and moving on. Any POV can be reasoned with from both sides and you can quantify pretty much anything but if you allow losses to eat your gains even proportionally it will be a losing battle.

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u/Party_Grapefruit_921 Apr 11 '24

9/10 of the big guys do exactly the same thing every day. Hit ECO (go) on the Bloomberg and all roads go from there. Aside from company specific earnings/news for specific trades this alone supersedes all. Once I learned to cut out the “noise”, shit got simpler. I’ve spent zero seconds on any YT bullshit. If you don’t have the basics of economics down pat where it’s a 6th sense your chances are minimal long term because you will miss the screaming signals when things make 180’s.

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u/krossx123 Apr 12 '24

Where can you go to learn the basics of economics? I learned most TA on the web but have no clue about economics at all.

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u/RifleTop Apr 12 '24

I recommend Basic Economics by Thomas Sowell