Day Trading is a Scam

Don't get scammed. Below are some services/platforms that I use.
My favorite trading software/platforms:
💰 Become a funded trader: tracking.topsteptrader.com/SHS8
👉 Long-Term Portfolio Brokerage: m1.finance/kVw5phu7wFFW
📈 My favorite charting platform: www.tradingview.com/?aff_id=1...
🟢 Order flow software: bookmap.com/members/aff/go/da...
🔥 Futures Broker: edgeclear.com/daniel-inskeep/
🎶 Where I get my music:
www.epidemicsound.com/referra...
geni.us/mangostreetmusic
➦ Automatically Save w/ Acorns: bit.ly/antiguru-acorns
➦ Tubebuddy for KZbin: www.tubebuddy.com/antiguru
➦ My microphone: amzn.to/2FN5ixf
➦ This mic activator (for better sound): amzn.to/2FCUli7
➦ Vlogging camera: amzn.to/2Ha3ejN
AFFILIATE DISCLOSURE: I use all of the above services/products, so they are genuine recommendations. They are also affiliate links which means I get paid a referral fee (at no cost to you) if you sign up / buy with those links.
Check out my music on Spotify:
➦ spoti.fi/2WTkXSv
Put my music in your videos:
➦ geni.us/mangostreetmusic
My website:
◉ danielinskeep.com
My main channel on photography:
◉ / mangostreet
My wife's fitness channel:
◉ / rachelgulottafitness
DISCLAIMER: I am not a financial advisor. The content of this video is for entertainment purposes only and does not give any recommendation to buy or sell any security. Investments of any type involve risk. These videos are meant to document my experiences and do not provide any guarantee of gains or losses in any investment.

[@DanielInskeep]

the joke didn't land, so in case you were wondering, the bank account and brokerage account ARE FAKE. i was just trying to show how easily faked something is.

[@nickthaskater]

Kind of to the point of why people feel they're getting "scammed." The lack of critical thought out there is mind boggling.

[@Blast6926]

After 15 years in the market (mostly investing, a lot of swing trading, couple of years of day trading) i concur that day trading is not worth it, not worth the time/energy/stress. Yes I have a profitable day trading strategy, but considering losses that take a lot of the profits, it makes it not worth it vs buy and hold and swing trading!

[@royalhumbler2767]

@@Blast6926 2 years of day trading ? You're still a baby ....People want to work 2 or 3 hours a day, take vacations when they want and get a better salary than a doctor (but without the constraints of a doctor's life) without putting in the time and effort that a doctor puts in.

[@mulemule]

Irony is a _scam!_

[@edmundo.santiago]

Daniel, what is the paid leading indicator you use / subscribe to?

[@SteveJohnson-ht6kv]

Day trading isn’t a scam, it’s just not a good idea for 99.9% of people 😂

[@TheWizardTower]

99.9999999999%

[@DanielInskeep]

agreed

[@dayanivan]

Fair enough 😂

[@carsonnoel5628]

99.999999999999999999999999997%@@TheWizardTower

[@JJTradess]

Agree it is very very difficult

[@gengar2122]

money is a scam

[@whatislifebro]

Well that’s actually true

[@TommyApel]

yep, money and religion is 100% a scam that is put in place to control the masses.

[@rev.songsinarabic8610]

real

[@spottheoddity]

Denying destiny

[@RavenValkyrie]

Funnily enough, it's true.

[@nickthaskater]

Calling things scams or woke is a lot easier than spending 30 seconds to take some personal accountability.

[@will-zj5gq]

just scam. not woke. woke is a huge problem

[@millike22]

this comment is a scam

[@whynow4306]

@@millike22 That's what scammer would say.

[@Pandabrah_D]

@@millike22 This scam is a comment

[@fabr1c1om]

I found the dreamer thinking one day he will know what tomorrow brings and will get rich.

[@MaxLorenzo]

Well said. Critical thinking is unfortunately not a skill most people have, and they factor out the possibility that they either lack the patience or are just not good at something - and are quick to assign blame elsewhere. On top of it, people go into endeavors with entitlement and believe success should come easily. I think this video is much needed.

[@OptionsWealthAcademy]

Well said! Trading in general is hard. It takes a lot of patience, discipline and tons of hard work on the front end. As you said though, once you develop a system, the reward will come.

[@junkobash2365]

Always cheering for you buddy! Keep grinding! Good luck!

[@tradebum]

Daytrading is not a scam ITS REALLY FFING HARD!!!!!!!! Takes more than 5yrs of real screen time and education to be a successful day trader. Has taken me 10! Do the work and you can be a successful DT.

[@ufeelme8592]

I hear you bro. Been at it for 4 years, 1 full year and half paper trading, and I am now barely trading with real money. What a journey!

[@chrisja1998]

Be honest with me. Ain’t it kinda waste of time? Rather learn to swing trade/position trading and have a side-job on the side. Or learn day trading while still working. I’f you are one of the 99% who fails. Then it’s sad to have spend 10 years on it tbh? It’s just not good odds. Better odds in the casino tbh.

[@MahdiKnicks]

I’m been trading for 20 years and I still suck.

[@tradebum]

Hasn’t been a waste of time for me. Love trading futures. It’s just hard but has been worth it. I am now finally, reaping the rewards. Recommend three books for anyone who loves trading as much as I do and struggles as much as me: Reminiscences of a Stock Operator, One Good Trade (and the follow up book), and Best Loser Wins. Good luck all and never give up what you love.

[@ufeelme8592]

@@chrisja1998 swing/position trading is light work, ez.

[@tradingwithtravis6896]

Great video! I can't agree more with everything here. I hear these types of scam claims from people all the time and it's usually from people who don't see the benefit from going through the growing pains and they often want to shift the responsibility of failure on to something other than themselves.

[@StewartHarding]

When some people (usually men) don't progress in trading, they start saying things like, "Trading is a scam.". Because their ego won't allow them to look in the mirror and say, "Maybe the problem is me. Maybe I'm just not yet as good at trading as I think I am.", which is one of the countless reasons why so many traders fail and I know this because I used to tell myself the same thing. Then I got rid of the notion that "I should be further along in my trading journey" and I started to progress a lot quicker until it become obvious to me that it wasn't a scam because I stopped losing money. 😂

[@DanielInskeep]

ah, i bet that’s true. if you don’t humble yourself, the market will do it for you

[@alexanderargint1396]

right , thats why your watching trading is a scamm videos cuz your such a profitable trader right ?

[@theautoman22]

95% of gambling day traders fail those that take it seriously like starting a business and having the focus and fortitude to last then you can succeed.

[@tamslean]

Man I am so happy for you getting green after the year learning! Super inspiring, I'm 7 weeks into the space, learning (and losing combines!)

[@rhodrycann]

Great video, full stop. That blockfi email cracked me up 🤣🤣🤣

[@vitorgouveiaf1435]

Day trading is mostly statistics and some probability theory. There is this concept called the efficient market hypothesis, which states that basically the price is always right, one can't buy or sell in the same day, but that is not true. There are some anomalies in the data. For instance one big investment fund selling 10.000 shares of Tesla will make the market move, opposed to a retail trader with his 100 shares of Tesla. There are some subtle differences that can be explored. It takes work.

[@alexanderargint1396]

you got no clue what trading the finacial markets is, otherwise you wouldt be posting comments on "day trading is a scamm" video

[@lilmissbeats]

This is such a great, well-thought out and communicated message. Kudos to you for sharing content on this topic, I hate talking about my trading outside of a few select individuals, it's just too many questions and misguided ideas - which makes sense because no one knows what they don't know until someone teaches them better. You managed to dissect a big part of that misinformation and correct where some people's arguments fall flat. And to anyone reading this, in trading, no one ever 'arrives'. You can be profitable or not, or profitable for 1 year, 2 years, 10 years. But vigilance is ALWAYS a must, as pride comes before a fall. Always be watching!

[@DanielInskeep]

thanks for the comment and insights 🙌

[@leonard3435]

Just found this channel. I really enjoy your videos and i find them to be very helpful. Soon this channel will have 500k subs at least!

[@ai_robozen]

I love how you phrase and explain

[@fredricb190]

Thank you! Been saying this for a long time now. People are just throwing around scam

[@duckiew7732]

Dude I love the messaging and realness in this video. I feel like this messages apply to other areas of expertise, easy to call Sth that is tough to master a scam! Thanks so much for this vid and will watch your videoss❤

[@uzumek]

Awesome video. Hope you're doing great!

[@EM-rc3md]

I've been watching you for so long now you're one of the most legit human being I've known. You came from videos like "how I lost $$$$" to passing combine and having more control in trading and taking profit. Keep doing what you're doing man. I know you've inspired so many not just me.

[@naozumii8918]

Thank you for the video it is very helpful having some insight into space as I am trying to get into it. I do have a genuine question which I surprisingly cant find a lot on. Question: How are your profits taxed when you day trade? I feel that this is something not a lot of people talk about when it comes to trading. Often what is shown are the "massive" amounts of money you can bring in but never how much of it you actually get. Sure I can make 10K out of a trade or maybe just $500 but what do I really have at the end of the day. This would be insightful thank you!

[@bogwoodmoonrocks9709]

as always a balanced and reflective slice of actual sense, and no ive never found it to be common!

[@Catend]

Giving people unrealistic expectations can be a scam, therefore day trading can be used as a basis for a scam.

[@TheBruceKeller]

I wouldn't call prop trading firms scams... but they certainly do make most of their money by taking advantage of new traders. The ones that make it out will be pretty decent traders at least. They are pretty much just bizarro casinos.

[@trixert]

great video daniel!

[@gazoinked3546]

When finally entering into the stock market world, I recall a sigh of relief as my mind was put at ease when learning that simulator/demo accounts existed. After 8 total years in the markets only recently have I begun to trade options with live money, all the while still playing on those demo/sim accounts. Always fun to try out new strategies every now and again. Cheers.

[@leflyxdvd]

and dont forget dont use money that you can't afford to lose ;) goodluck.

[@Michael_1114]

Excellent video. The sooner people realize this, the sooner they can tune into what actually matters!

[@markostradingjourney]

Great video!

[@genuwinestatuz]

appreciate your honesty.

[@mrrolandlawrence]

i have ADHD. for me day trading is the business. I love it, i find it relaxing & rewarding. More so than any other job i have ever had. I also understand im not the norm. Alas "scam" is just another hot tag for a clickbait headline .

[@celinasjourney]

I also find it fun and relaxing. I'm 18 and never had to work a 9-5, I couldn't possibly anyways, I would never last.

[@Luke_B_1822]

Absolutely brilliant!

[@KingKonTrades]

Big fan over here, I studied trading for 2 years and a few months ago I start live. You are completely right that theoretical knowledge is only the half of it. In trading you can have the right analysis but still lose money. I'm documenting my journey if anyone is interested in seeing the realistic results of a beginner. Full disclosure I have not made any money yet but thats the whole point, seeing what kind of progress I can make. Keep up the great videos!

[@Andriana-wj4th]

Bravo, *Briskdeft* I'm so glad you're out there fighting these scumbags. We must do everything in our power to protect the elderly and the general public from these despicable scammers. You're a true hero, my brother!!

[@Dx_Ach]

how was PATS? I noticed you switched off of it, did it turn out to be way to subjective?

[@themannynguyen]

Big follower for a long time! Thank you for posting this video, it definitely provide a unique and helpful experience that you had! I appreciate you always sharing your experiences!

[@tradingfundamentals]

Thanks for sharing your experience with people calling you and your content a scam! I'm a KZbinr as well and I make more or less factual investing videos and it hurt when someone called me a scammer.

[@MORDEKAIZ]

5:40 what's the name of the indicator just to check it out if it matches my Strategy?

[@breezy52393]

Omg!! THANK YOU for making this video! The irrational tribal mentality overall in the trading community is SUPER annoying

[@pablosdiveo]

tell me more about that indicator you mentioned.

[@LG-tw5vm]

Personally, I'm doing pretty well daytrading. However, there is something I don't understand. I don't trade ODTE options, but when I watch people trade them online, Im noticing something that doesnt make sense AT ALL. I notice a lot of people on KZbin will buy 10-20 contracts of a stock like SPY or QQQ, the stock moves about .75 percent, and then they say they made between $750-$1,500 dollars. The problem is, each contract cost between $100 - $120 dollars a piece, so they wouldn't even BREAK EVEN until the stock moved at least 1 - 2 percent. How are these people making money if they haven't even reached the breakeven point yet?

[@Crazy09starkillor]

If you're curious about that, look up options Greeks, you'll know more about how they work, and why short dated ones are so volatile

[@dedicatedserver8214]

I think it doesn’t actually just take the money though. If you buy and sold instantly you aren’t down $100 or how ever many contracts, you’re just down the brokers fee

[@LG-tw5vm]

@dedicatedserver8214 If an individual daytrading bought 10 contracts for $120 dollars each, it would cost him $1,200 dollars up front. Now, let's just say he's trading QQQ, and QQQ has to go from 430 - 431.75 to break even. He buys in at 430, and the market hits a top at 431. He cashes out at 431 and claims he made $750 dollars. 10 contracts x $75 dollars = $750 dollars. He's still down $450 dollars from his initial purchase of the contracts. So far, he's having a losing day but is claiming to be up $750 dollars! Do you see the problem here?

[@neurostudios2023]

I’m assuming you don’t day trade options. Being a buyer of 0DTE options is a horrible idea first of all, but for the people that hit the lotto (which is not repeatable long term), they are likely just profiting from the change in premium. The break even price only applies if you are exercising an option (which most of the time doesn’t make sense, but it has its place).

[@Janpuh1]

If I could like this more than once I would. Just so the algorithm could reach new traders who need to see this before they start. Nothing but facts in this video. Good job!

[@PsychologistToTrader]

Trailing drawdown rules are good for a trader. I enjoy your content!

[@MrOrderFlowOfficial]

A shrinking account as you make money is the furthest thing away from being good. EOD drawdown i can understand, but intraday trailing drawdown is laughable

[@taz_trader]

If you see a trailing live drawdown, run from that prop firm. That is 100% a prop firm designed to take your money. I would honestly just stick with topstep.

[@PsychologistToTrader]

@@MrOrderFlowOfficialabsolutely, I’m referring to end of day trailing drawdown ((like Topstep)

[@PsychologistToTrader]

@@taz_traderyes, topstep is great - end of day drawdown

[@TradesbyMatt]

Great freakin video

[@jamessmith8480]

You are both scammers. Just kidding! I appreciate both of your skills and putting it out for people to see!

[@tradingfundamentals]

You're the millionaire day trader sitting on a pile of cash that Daniel mentioned. I'm looking forward to the day I start trading the futures market.

[@luhanshaikh5650]

2:35 Pro tip (I don't know if it would work in the US but it does in India) if you have a large capital then invest that money in government bonds and if you are ok with it then also in gold and stocks/etfs plege these bonds to your broker and then trade with it that way your money safer and it gets a extra returns (4-8% in India)

[@joelwarren2993]

Damn, KZbin algorithm didn’t land this in my recommended until 2 days after release! Still banger video 🔥

[@PocketChange777]

Daniel I love your content! Please drown out the haters! They're just sad and bitter.

[@Cactuspractice12]

Probably missed the reply time-window from Daniel, but id be curious to know what role he sees personality playing in being good at trading. Ive heard people talk about needing to have 'nerve' and was wondering whether that translates into being stimulated by taking risks, like if you are 'risk averse' might you not have the grit neccessary for it? maybe being risk averse is a good thing if tempered by some other character trait..any thoughts Daniel?

[@InkheartKnox]

As you missed the window, I'll answer roughly from Mark Douglas's trading in the zone book. We hear of pro traders needing some nerves of steel. This would imply an internal battle, if this were true they would be unable to flow with the market and make choices objectively without emotion. The answer is risk less than your tolerance, have an exit strategy so your emptions aren't able to dictate results. I for example use a warning sign of volume increase against my position, I then go on smaller TF and work my way up looking for signals that the move is over. And confirming with a break of market structure. It should be comfortable, positive but apathetic to results as we know the market does anything anytime. It is not personal. I'd say traits you do need is lack of ego, ability to self reflect, read books like the one I mentioned. You should exercise, have a quiet non intrusive environment, not look at forums etc and be swayed from your personal opinion and growth. So personality I'd say its really a full package, a consistent person, with a winners mindset who is able to flow with the market and able to trust their gut not enthusiasm. There's a fine line between confidence and wilful ignorance, that change alone in last week has gone from -2% last week being a ****, re read that chapter and I'm up 4.5% in 2 days. 2.5% IN 2 hrs this morning just feeling confident to follow the market. I could have got more but I have max day profit and that me done cementing good change in my mind. You really have to want to push yourself to be your best version and look at yourself in the mirror every moment and also take care of all emotional and physical influences outside of trading. Highly emotional people, or those with internal struggles with themselves, or with pre conceived ideas will fail. Also why you see so many drawn to scalping, high risk high reward. I'd say those naturally drawn to swing trading as are less 'engaged' from the offset tend to have success rates, but also slower returns. Risk averse people will naturally be drawn to smaller returns, longer time frames, likely higher success rate. Mismanaged this could end in being gun-shy so to speak and/or constantly closing trades early for fear of bigger loss only to see the trade play out. Every out of balance with trading in terms of mindset is a double edged sword. This is the beauty of its mastery, its about a personal journey as much as money.

[@DanielInskeep]

i can’t imagine a risk averse person being attracted to day trading. rather, the personality attracted to day trading must learn to manage risk.

[@MorningCupOfTrades]

Good stuff.

[@yky621]

After years of working and business attempts, optimist tends to fare better. Surely there are scams in job, fancy business ideas, MLM, investing etc… Just keep going and filtering it out and keep going on what works. Trading is not a scam. It’s just not for most people.

[@marekdabrowski5799]

good points

[@fantocha69]

You seem trustworthy and I think that is the best you can be today. So keep it up, maybe i will start trading one day, for not just learning :)

[@gnshoot]

I finally see someone who uses common sense, you gained a new subscriber

[@goodlucking244]

I’ve always relied on fundamental investing in small underfollowed companies.

[@Dem2u]

yeah man i see certain youtuber posting vids and telling that everything is a scam ... he does it for views. checked how many views got his regular vids vs "scam exposing vids "

[@wmcphail]

Day trading is quite hard; I passed one account and took one payout. I then was at 5300 / 6000 to pass a second account and failed. I saw red afterward and punted 7 accounts going max long/ short trying to 1 trade pass. It requires a massive amount of discipline and emotional stability to be consistent. TLDR; don't try to cheat the eval going max long or short-- it won't work. I'm taking a step back ATM to focus on my trade & risk plan. I have the skills technically, but I haven't yet mastered myself.

[@izural2198]

👏👏👏👏 Nuance is lost at broad in the world today. Polarization of debates push a majority of people to pick a camp due to a lack of critical thinking. "If you don't think exactly like me, then you're against me". Thanks for the video, this applies to everything you see on internet.

[@robertse4026]

when i first started trading it was literally just gambling by pressing buy and sell randomly. And if other people are also doing that then yeah, no wonder they believe its a scam

[@AdamMason]

Any resources you’re loving so far?

[@byronmaddison1570]

Hey Daniel. Byron here. Can I ask what you think of CBA? A paid course/online community. My critical thinking says yes but I can see you have more skin in the game & I’d appreciate your input. Anyway thanks for the straight videos, no fluff

[@DanielInskeep]

i’ve never heard of it, sorry.

[@trevorkurzhal7273]

That opener, man! Sheesh! XD

[@TheFXDC]

That’s how I felt today when I took a losing trade lol but ultimately it was my fault for not following my rules

[@julien1]

say you invest 1000 dollars and your 'bet' is going down BUT it starts to come back up again and increases to your target .. you still get the money right ? If you have 1k in your account and the 'bet' wipes all your money in your account does the bet auto close and you lost all your money even if the market goes back up..?

[@mckiethanks]

Comedically I got a Greg Secker AI bullcrap ad midway through this...

[@RockLee855]

I would like to see anyone claiming to be a successful day trader and using that claim to sell courses to offer clear evidence. For example, a transparent realtime day trading account that is tracked over a period of months that shows gains, after fees, greater than going long on a simple index. Not cherry picked accounts or time periods. It's easy to trade out of multiple accounts, then present a profitable one after the fact. You are right about skepticism, but it should apply the most in the direction that money flows.

[@travislong2810]

Carmine Rosato is who Daniel went through his training and he shows everything but he also has a good chunk of money and as the saying on Wall Street goes those who need money the least make the most.

[@ScizGraffiti]

Some people never learn their lesson

[@madamkirk]

A scam is the failure to provide what is promised.

[@DanielInskeep]

yeah, i would maybe add that it intentionally misleads.

[@dw300]

Don't 80% of the gains come during the gaps up and down in pre/post trading?

[@steven871]

Daniel. What's your net from trading and what do estimate has been you hourly compensation from it?

[@DanielInskeep]

My rough est. net is $100,000. It would be silly to try and extrapolate an hourly wage from it because for most traders, the first four years are going to be lots of learning and losses. With any skill I learn, I am not concerned with some type of hourly return, rather, I am considering future potential to determine if the up-front effort is worth it.

[@steven871]

@@DanielInskeep congratulations. Keep it up.

[@NickShawnFX]

So much truth.

[@Latinkuro]

Anyone that funds an account and places one trade is counted as a trader in the failure rate statistics. If you narrow it down to those that put in the time and learn how to properly trade the failure rate is much lower.

[@Nickspizza413]

The best trading youtubers I've found have very few followers and aren't good quality videos. They are just traders trying to help others.

[@DanielInskeep]

there are some real hidden gems out there

[@awa3245]

So true.. could you share some of the best trading youtubers you've found? :)

[@Nickspizza413]

It really depends on what your style is. What works for me probably won't work for you.

[@Dabpss]

what are the youtubers?

[@Nickspizza413]

It doesn't really matter because everyone is on their own path in trading. Different styles, strategies, influences. Whatever speaks to you. I'm studying Mark Minervini's style of swing trading, and I found a youtuber that is specific to that style. What style do you trade? Where do you think your edge lies? Find what works for you.

[@edmundo.santiago]

Daniel, what is the paid leading indicator you use / subscribe to?

[@DanielInskeep]

it's the 1op indicator from oneoption: danielinskeep.com/1op

[@tlw219]

If someone were to buy a futures position at a time where the price is unusually low, thinking the price will rise, but the price drops further, is there a reason why someone can't hold onto the position for a few days/weeks, because the price is probally going to rise above your buy price at some point. I'm just a beginner though.

[@DanielInskeep]

since futures are highly leveraged, you can lose a lot of money very quickly. if NQ drops 200 points, that's $4,000 per contract.

[@mulemule]

5:35 What is the one paid-indicator (albeit part of a paid platform) you use and why? It's been fun and informative watching your journey in the financial markets evolve over the years.

[@DanielInskeep]

it's the 1op indicator from oneoption: danielinskeep.com/1op

[@mulemule]

@@DanielInskeep Cheers.

[@Dzzzz-rk1tj]

How much did it take to you to learn how to trade ??

[@davidgallimore9656]

I trade options, mainly on the SPX. Let me teach you how I do it.

[@shaneconnor9002]

IMHO as a 23 year old with a little bit of trading success going on part time on and off for about 3 years now, the 99% stat line is BS to be more realistic the VAST majority of people will fail day trading. Not even to mention you have to have a career that can supplement your trading as well as your living expenses. Many people work 9-5s so they don't even have the time to day trade or they have families to take care of financially. Trading is also pretty difficult and it will really test your mental and emotional strength which is a big reason people fail. The taxes are also pretty high on us day traders as well. So if you overcome all those things id say go for it, work your way up and attempt to be a full time trader but id say just don't quit your day job.

[@nvwealth]

Nothing at the financial markets is easy or for free. The demands on your own discipline and mentality are immense. Start with buying some dividend shares to get in touch, read, try to understand the relations between currencies, stocks and commodities, get a understanding what are market cycles, what is liquidity and where it comes from. That explains a lot at the beginning, without burning money.

[@jeanlucbergman479]

Haven't watched you before but these are very rare and reasonable points that I seldom see made elsewhere. Very nice and well considered.

[@leflyxdvd]

im still demo trading after 2 years, still trying to get a feel for it and sometimes switch to live with a pretty small account and take profit and whenever i feel risk get out asap. and im still not sure if im ready to go bigger lol also one of my main saying to others is dont put in money you cant afford to lose. And dont think of it as a get rich quick it doesnt work like that.

[@A1dunit]

Do you have an edge? / stats

[@idaytrade2]

Is Tacheon Time Warp the leading indicator you were referring to?

[@DanielInskeep]

nah, i’m unfamiliar with that one.

[@Overwatch9]

I've been doing it for half a year. I have built up and lost my portfolio 4 times over already. However, everytime I lose money, it's less each time. It always occurs at trend reversals. I'm slow to adapt and lose money. Apart from this, my strategy while a market has a direction, is very consistent and profitable. I'm working on spotting reversals soon enough and not get hit by it. Once I figure it, it will greatly expand on my success. That's how it is. Trial and error. Don't use your life savings when you are doing trading. Especially not for the first few years.

[@whoppersam]

Hi Daniel, I would suggest you reading a report done by the Securities and Exchange Board of India (SEBI) related to day trading. It is a recent report, 2021, and may help you find out more accurate statistics.

[@Drforce2311]

New traders do the exact opposite of what professionals do. Even when you learn what not to do you’ll still do it. You’ll go on to find many different ways to lose. Only when you been defeated and mentally gave up multiple times will you start to not loose money. When you stop loosing money you’re only half way there. Is it a scam? No. It’s the greatest business on the planet.

[@angus3963]

I had a colleage ask me "Isn't hat a scam?!" when I mentioned I traded FX... Yes, and the profits are a scam too! Seems to be the go to phrase "it's a scam" when people don't know what the hell they're doing.

Day trading is not a scam I did lose 20k before becoming consistently profitable tho it’s not easy

[@yasserjinna]

Being profitable in day trading is pretty hard. Being profitable with prop firm in double hard coz of all the rules. But that's what risk management is all about. They keep you disciplined.

[@feman43]

Dan I think you hit it right square. Learning to day trade has been the single hardest thing I have done in my life. I am a multiple time Ironman which was extremely difficult to do but is much easier than learning to trade profitably. There is no magic bullet to it and no single method of trading and you cannot learn what you need to succeed from one single person. You very eloquently pointed out the key. Participation and endurance. You can't become a trader if you think it is "Too Hard". Your mindset has to be, I can do this. You must get up more times than you fall. That is how you become successful. I have a number of sayings and quotes. Here's one: " The market will definitely test your resolve and it will break you if you let it. Don't let it..."

[@s.a.3882]

Day trade imaginary trades and keep records for a year or more to learn the mistakes that will break you in months. During this time find out what works and what hurts and stick with what works for you most of the time, as you'll never avoid some loosing trades. I learned the hard way, and now in my 70's and use my own algorithm driven one-trade-a-day system to make around 100% each year, without sitting in front of screen all day.

[@saurabhsonic]

What the "leading indicator that's part of a paid platform" that you use?

[@DanielInskeep]

it's the 1op indicator from oneoption: danielinskeep.com/1op

[@johnesau3694]

I agree with the fact that the stats that say 90% of traders lose money is bogus. It's statistically impossible. If that were the case, I don't think their whould be any regulated brokers left, because their would never be enough traders.

[@TheDanielmeeks]

Would you say the same thing about the lottery? In fact 99.9% of lottery buyers lose money and the brokers of those tickets make money. The difference is you expend no knowledge on the lottery and in trading you’re going against highly intelligent people taking the other side of your trade. The cash out for trading brokers is human hubris, people thinking they are smarter then they actually are.

[@johnesau3694]

Are 99.9% of hedge fund managers apart of your statistics. All people juat assume that the market makers trade for others. If the market makers had personal accounts, wouldn't they also be losing 90% of their capital the same way others do? If their were a group of people who "control" the markets somewhere, no one would allow for it. It's called insider trading the last time I checked.

[@TheDanielmeeks]

@@johnesau3694 you misunderstand. First retail traders account for an incredibly small % of trading volume in the market. 90% of those retail traders fail to turn a profit or consistent profit and instead lose money. Out of the individuals trading accounts an even smaller % of professional traders or market makers would be trading. It still stands that the vast majority of traders fail. Professional traders who worked for funds or market makers have to file a different tax form and declare their professional background before trading a personal account. Can and do they make money? Yes. However the stat still remains.

[@Tooii_Solo]

Daniel has too much integrity for scams - been watching him for years - Daniels' one of the most honest trading youtubers out there, posts all wins/loses

[@kimpeater1]

Day trading isn't a scam but it can become straight gambling very quickly

[@taz_trader]

During a recent talk I listened to with Tom Hougaard speaking he said live "The majority of traders can make great profits, but 90% of them fail".

[@markusp6151]

💯 true!

[@juangu2007]

Top!🔝

[@8KFlow]

It's market manipulation traders need to complain about.

[@jonathanlee5185]

👍Thanks. 👍The Guru Scam-Test: does he conveniently only show weekly trades made in retrospect, on Friday evening; or does he say 'these are going to be my trades for the week' , on Monday morning ?? Listen only to the second guy

[@eastcoastgrowshow8495]

Exactly, KZbin also. 5% of people earn enough from KZbin as a full time career similar numbers. Businesses also only have a 25% 10 year success rate sooo