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Is day trading consider unscripted move?

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keanoon8

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Oct 15, 2021
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Hi, everyone, good day, I am new to the forum. I am Alan, from Malaysia.

Mj Demacro Book hit me like storm and I know I can't back to scripted mindset anymore.

However, I have a quick question.

Is day trading skill consider unscripted move?

Or it's just a quick scheme to get quick money ? ( Which i dont prefer either)
 
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Martin Z

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Hi, everyone, good day, I am new to the forum. I am Alan, from Malaysia.

Mj Demacro Book hit me like storm and I know I can't back to scripted mindset anymore.

However, I have a quick question.

Is day trading skill consider unscripted move?

Or it's just a quick scheme to get quick money ? ( Which i dont prefer either)
Hello Alan and welcome to the forum!

It depends. I know, it’s not the answer you’d want to hear.

If you’re analytical, like to work with numbers and have a relentless work ethic(waking up very early, as the very successful day traders wake up early. Unless they have a team who does it for them. But if you’re solo, then you’ll need to wake up early in order to be ahead of the competition and analyze patterns for stocks. And insider information as well to expect the movement of the stock).

If you’ve read the millionaire fastlane , you probably know that it can be difficult to make a solid buck(unless you start with bigger sums) in the stock market as it requires time.

If you’re committed to it and have the talent, then go for it. Nobody’s here to tell you what you can or cannot do.
 

keanoon8

New Contributor
Oct 15, 2021
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1
11
Hello Alan and welcome to the forum!

It depends. I know, it’s not the answer you’d want to hear.

If you’re analytical, like to work with numbers and have a relentless work ethic(waking up very early, as the very successful day traders wake up early. Unless they have a team who does it for them. But if you’re solo, then you’ll need to wake up early in order to be ahead of the competition and analyze patterns for stocks. And insider information as well to expect the movement of the stock).

If you’ve read the millionaire fastlane , you probably know that it can be difficult to make a solid buck(unless you start with bigger sums) in the stock market as it requires time.

If you’re committed to it and have the talent, then go for it. Nobody’s here to tell you what you can or cannot do.
Yes, I have read both books, awesome awesome awesome.

Again , thanks for your sharing.

You're right. That's the point I have been think of. And most of it can't scale far compare to business. ( As day trader need to work everyday , hand stop , income stop).

I guess it would be more suitable for me to go out there to figure out what is the problem people face and solve it !

Thanks anyway, have a great day !
 

MJ DeMarco

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I've written 3 full-length books. How many of them discuss "day trading" as a path to total financial and time freedom?

If you don't know, I'll answer: NONE.

That said, it doesn't mean you cannot succeed at day trading and make a fortune.
It doesn't mean you can't be better than 99% of the rest of the world.
Likewise, some people make a fortune in MLM. Those that do, don't care about my opinion which is OK.

I will also say that in the late 90s, everyone was day trading. I had two friends actually who did, and constantly heard how much $$ they were making (at a time when I was barely making any).

After the dot com crash, the market washed out most of them. That reckoning will soon happen again. And those friends today? As far as I know, they're still working an 8-5 Mon-Friday and probably now talking about how "crypto" will make them rich.

My advice is quite clear: Start a damn business using CENTS as a guideline. Enjoy asymmetric returns and make a fortune. Then do whatever the hell you want.
 

keanoon8

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Oct 15, 2021
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MJ DeMarco" data-source="post: 968683" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch">
I've written 3 full-length books. How many of them discuss "day trading" as a path to total financial and time freedom?

If you don't know, I'll answer: NONE.

That said, it doesn't mean you cannot succeed at day trading and make a fortune.
It doesn't mean you can't be better than 99% of the rest of the world.
Likewise, some people make a fortune in MLM. Those that do, don't care about my opinion which is OK.

I will also say that in the late 90s, everyone was day trading. I had two friends actually who did, and constantly heard how much $$ they were making (at a time when I was barely making any).

After the dot com crash, the market washed out most of them. That reckoning will soon happen again. And those friends today? As far as I know, they're still working an 8-5 Mon-Friday and probably now talking about how "crypto" will make them rich.

My advice is quite clear: Start a damn business using CENTS as a guideline. Enjoy asymmetric returns and make a fortune. Then do whatever the hell you want.
Yes, I admit it's my bad on not thinking that way.

It's my mistake to have that “greedy" feeling when watching other people showing how much they earn as a day trader.. I can feel something is not right.. So here I am asking this dumb question .. I'm glad I asked, soI wont invest another few more years in learning day trade and realize I was on the wrong track.

I will keep this line " Start a damn business using CENTS as a guideline. Enjoy asymmetric returns and make a fortune. Then do whatever the hell you want." and keep aware on this.

Thanks for the time. Highly appreciate it.
 

Frost

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Sep 23, 2021
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Yes, I admit it's my bad on not thinking that way.

It's my mistake to have that “greedy" feeling when watching other people showing how much they earn as a day trader.. I can feel something is not right.. So here I am asking this dumb question .. I'm glad I asked, soI wont invest another few more years in learning day trade and realize I was on the wrong track.

I will keep this line " Start a damn business using CENTS as a guideline. Enjoy asymmetric returns and make a fortune. Then do whatever the hell you want." and keep aware on this.

Thanks for the time. Highly appreciate it.
When the market is doing well, everybody is a great investor/trader. When the market crashes, most of these traders will be out of the pool, and the survivors will be few. There are inevitable facts about the market and its cycles, so don't get fooled by randomness.
 

Eudaimonium

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Jun 8, 2017
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If you create a platform for day trading, it's a lot like owning a casino. You invest the earnings into marketing as the user churn will be very high, just like with gamblers. This could indicate that 'customer satisfaction' (trader satisfaction) is very low, but the marketing will tell you the opposite. This is why affiliates for and owners of trading platforms have managed to place this idea of day trading into your mind. You mention day trading as being a 'skill', which is partly true, but the same can be said for poker. See the commonalities in structure and marketing between the two industries?

If you facilitate day trading rather than participate in it, that could be an unscripted move.
 

Martin Z

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If you create a platform for day trading, it's a lot like owning a casino. You invest the earnings into marketing as the user churn will be very high, just like with gamblers. This could indicate that 'customer satisfaction' (trader satisfaction) is very low, but the marketing will tell you the opposite. This is why affiliates for and owners of trading platforms have managed to place this idea of day trading into your mind. You mention day trading as being a 'skill', which is partly true, but the same can be said for poker. See the commonalities in structure and marketing between the two industries?

If you facilitate day trading rather than participate in it, that could be an unscripted move.
Oh yes, that's a fantastic opportunity in today's age. Just like owning a casino. If the marketing is done right, he could build the platform to millions of users in just a couple of months with the right marketing, as that's the popular thing now.
 
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Martin Z

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Oct 11, 2021
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Yes, I admit it's my bad on not thinking that way.

It's my mistake to have that “greedy" feeling when watching other people showing how much they earn as a day trader.. I can feel something is not right.. So here I am asking this dumb question .. I'm glad I asked, soI wont invest another few more years in learning day trade and realize I was on the wrong track.

I will keep this line " Start a damn business using CENTS as a guideline. Enjoy asymmetric returns and make a fortune. Then do whatever the hell you want." and keep aware on this.

Thanks for the time. Highly appreciate it.
It's the same thing as with Elon Musk or Arnold Schwarzenegger.

Elon Musk started with Peter Thiel and the rest of the guys by creating an online financial transactions company, and now he can do whatever he wants to do with rockets and cars.

Same deal with Arnold. He was already a multi-millionaire in his late 20s before making it big in Hollywood. So money wasn't an issue for him when working with low paying roles to build his portfolio.
 

Raven S

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Oct 19, 2021
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Conquer, fear and Conquer Greed, and you might ... just might have a decent shot at being on the right side of things in the stock market. The truth is though, you need to be radically different from the masses. Odds are your not.

And day trading? Thats like letting 5 year olds into race cars, and thinking they will by some miracle not kill themselves, by figuring it out, as they go. Remember what MJ said about making unforgiving mistakes that set you years back in the millionair fastlane?(was it treasonous he called them?) Well, dipping your toes into daytrading thinking your going to "get rich" is pretty much guaranteed to be such a stupid move. You wont know what hit you, before your mind turns primal on your a$$, and you leave reason behind while you make more stupid mistakes in a row than ought to be humanly possible =)

If you have the mind for it though.. I would pick up common stocks and uncommon profits by Philip A Fisher, and start thinking about coming megatrends, and what type of great companies that is almost guaranteed to benefit by riding these huge trends. As a "free" investor, your super power, is NOT doing anything. Buffet says it all the time.. you can just stand there, and not do anything, its not baseball - you wont be punished for waiting. Then when the stars align, and your chances of the decade comes around, you better be prepared to have balls of steel, and the fortitude of a stoic going into battle. Im not joking. Your not playing with "others" money. Its not your "job" - your going to battle, with your life on the line. Sounds like fun right? XD

Come to think of it, the way I view being an investor, has many similarities with starting a firm. But instead of starting one, you buy into one. And I do NOT diversify. Like - seriously would you want to start TWO companies at the same time yourself? Even more than two? Stupid right? Charlie Munger even say it as plain as day, that the secret, is pretty simple, find the place where you wont need to divercify - and put all your money in that place. WATCH that ONE place like a hawk. After a few years, you might think its time to find another stock "to start up", but according to Warren - you seriously would not want more than 10 in your entire career - and I think hes totally on point. Few seems to want to listen though. The irony is palpable.
 

Raven S

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Oct 19, 2021
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When the right time to sell, is Never - your doing it like the best investor in the world. Now.. HOW does he do it? - well, thats, where you should start isn't it? By figuring that out? Benjamin Graham, and Philip A Fisher, are both important clues to Warrens success. Oh - and pick up Poor Charlies Almanack. Want to be like the best, study the best.( and his list of Cognitive Biases, - should be like being handed the 10 commandments from god himself. - possibly the very beginning of behavioural economics?)
 
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avafab

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Day trading is like gambling. The market is totally unpredictable. It is way better to adopt a long term mindset and start investing into companies you like.

I can tell you my experience. I have been one of the early users of Upwork. It is a website where I go to find software engineers for my apps. I have been using it for years and I love it. I think it provides way better tools than other competitors such as Freelancer, Fiverr and so on. For example, you can even see the screen of the person working for you and how much time they spend on your projects.

So, after been a user for years I decided to buy their stocks.

The stock gained more than 700% since the pandemic started.

Obviously, I was very lucky and there is no guarantee you will always win. However, buying stocks from company you know and like gives you a feeling of owning that company. If you buy a bunch of them, you feel part of their success.

now the question, which stocks to buy? use your gut feeling or just pay some agencies to suggest you solid companies to buy.
 

OleksiyRybakov

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Day trading is not only unpredictable, it can also damage your health.
 

Ing

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When you can day trading unbelievable good, than sure its a fast way to get rich.
But your actions must be different from lottery.

Make it as a hobby until you recognize its real shape!

Cryptos are one of my hobbies. But a fastlane? Not with „their“rules!
 

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