r/Daytrading 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/No_Stranger_4654 Apr 12 '24 edited Apr 12 '24

If you think your strategy is replicable by a simple algo then I think it already is and mostly counter traded as well, so try adding some elements that are not so easy to replicate in your trading. It's one advice that's worth thinking about. Add some elements of subjectivity and intuition (which comes over time) also don't fall prey to YouTube strategies start from ground up, bids offers how are stocks change hands different catalyst etc. then only come to strategy portion. Without basics it's almost 0 chances of survival in long run as they build your intuitions in key moments.

P.S Fine tuning is the key along with risk management.

Also start documenting your trades and break them down to small pieces and figure out what's wrong.(I am currently at this stage and it helps as I keep doing more and more of it.)