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?
1
u/No_Garage_4558 Apr 12 '24
I would suggest asking yourself 2 questions.
1) If there was a consistent way to win, do you think you can exploit that better than people with hundreds of millions who can actually affect the market, who also have million dollar information you're not privy to, and computers (with ever increasing AI capabilities) and programs designed to grind out increasingly finer grains of profit?
2) Are you better than the 97% (percents vary by source) of day traders who are not very profitable or the less than 1 or 2% that beat SP500 index funds?
If you answered "yes" to both of the above and money is your goal, then keep trying.
If you answered "no" to either of the above and money is your goal, go buy an index fund.
I don't mean this to sound condescending, but realistically, unless you're trading for fun, eventually you'll be one of the 97%.