Unrealistic expectations from online trading stories

This topic has 9 replies, 1 voice, and was last updated 3 months ago by Christian Harris.

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July 23, 2024 at 08:50 #185393 Reply
DayTraderDynamo
Hello traders,

Like many people I have been inspired by success stories online, yet now I’m beginning to feel like they’re setting me up for unrealistic expectations.

My trading progress has been slow and I’m betting others feel the same? How do you stay motivated and equally realistic about the day trading journey?
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- July 23, 2024 at 12:37 #185433 Reply
  Christian Harris
  Participant
  Day trading success stories can be inspiring, but viewing them with a critical eye is essential.
  
  While some stories might reveal valuable trading strategies or approaches, most paint an unrealistic picture of day trading as easy money.
  
  Nothing could be further from the truth. Day trading is a complex and demanding skill.
  
  The biggest red flag is that we often only hear about successful traders rather than the countless others who lose money.
  
  You’ll notice that 99% of these ‘success stories’ aren’t independently verified (broker/PAMM/copy trading accounts etc), making it almost impossible to distinguish genuine success stories from potentially misleading ones.
  
  Why don’t traders talk about losses? Because ‘selling the dream’ sells courses, signals, mentorships etc…
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- July 24, 2024 at 08:40 #185568 Reply
  Eduardo
  Most of what you see online is s*** with the intention of making you buy something.
  
  I like this guy’s take on why day traders lose money. He’s transparent and puts the day trading game in perspective.
  
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  - July 24, 2024 at 17:24 #185857 Reply
    Christian Harris
    Participant
    Be careful with Ross Cameron. He’s very personable, but has been prosecuted and found guilty by the FTC of misleading consumers with false advertisement promises.
    
    Again, if he’s such a ‘successful’ trader, why does he spend so much of his time creating social media content to push his courses?
    
    Source: FTC Returns More Than $2.9 Million To Consumers Harmed by Warrior Trading
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  - July 25, 2024 at 07:54 #185880 Reply
    Eduardo
    Wow. I did not know about this. I thought he was one of the good ones. Thanks for sharing!1
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  - July 26, 2024 at 08:33 #186007 Reply
    Alfred S
    His content is great and I think he’s learnt his lesson about dubious marketing claims. He’s more upfront about the risks and disclaimers now.
    
    It’s just my view but I think there is still a lot of value to be gained from his YouTube and courses.
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  - July 26, 2024 at 10:42 #186037 Reply
    Christian Harris
    Participant
    I agree. I also watch Ross’s videos because I find them entertaining, especially when he’s travelling and trading.
    
    Regarding his trading strategy, it’s worth noting that he tends to day trade penny stocks, which are inherently risky.
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- July 24, 2024 at 08:40 #185567 Reply
  Arnold Gray
  They are painting a rosy picture that’s probably too good to be true. Think about their motives for sharing these success stories. Are they selling something perhaps?
  
  Real success in day trading isn’t about fast, huge profits. It’s about minimizing losses and steadily growing your returns over time.
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  - July 24, 2024 at 08:59 #185581 Reply
    S3bb@
    This. Day trading should be boring, controlled and focused on managing losses. People don’t want to hear it but it’s the truth.
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  - July 24, 2024 at 17:26 #185858 Reply
    Christian Harris
    Participant
    Well said.
    
    If you’re not taking a rule-driven mechanical approach, then it’s borderline gambling.
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