exactly. Day trading is as hard as being a professional poker player. I get the impression that at this point in time its more of a harbor for the lazy, mentally challenged, and day dreamers. Sad state of affairs for the very few who really tackle this as a serious business and grind it out day after day. Most people would do so much better if they stepped out of their pathetic 1min time frames and looked at the bigger picture, smaller positions, wider stops.
of course it is but the funniest thing is that some of the "day trading" idiots dont even get the real point they tried to make. The real point is that instead of sitting like a stupid monkey in front of your screen from morning to night, trying to squeeze couple pennies of of a stock just to get rimmed by an unexpected announcement, learning NOTHING whatsoever about the company/risk management/economics/ life, rewarding your broker while hardly breaking even yourself, INSTEAD, you could do much better by stepping out of this mind set, start using your brains, reducing your commission and slippage cost, and benefit from stronger trends, breaks through support and resistance in the longer time frame, caused by real economic events, company specific news rather than random moves, or some Afghan drug baron selling Citigroup because he heard a rumor of a rumor of a rumor that some remote cousin in Saudi Arabia is dropping his huge share holdings in that bank. Dont get me wrong I believe a few can do very well in trading high frequency but most of the guys in here sound like total losers by getting all agitated and wound up that some internet website dared to debunk their god-called profession, LOL. If you are one of the few winners why you get pissed off, you should have enough confidence to smile and toast to the losers who finance your job.
thats not hindsight that is employing thoughts on the level of how children think. If you did not come to the same conclusion EARLY ON then you are the idiot here not anyone else. In the same way isnt it crystal clear by now that RIMM will follow into the same exact footsteps than PALM? Wasnt it totally clear what would happen to Palm? Wasnt it also clear what happens to the brick and mortar video rentals? I mean, seriously, maybe you really think on a way too complex level. Here my hint for your next homework. Do you really think the ibanks are a cheap buy right now and that they are about to bottom out? Nothing that could cause an additional 10-20% drop in them? LOL Not every trade works out (thats what stops are for) but over time some little thoughts can have an amazing impact if applied on a consistent basis...
Really. This coming from a guy who just posted 7 responses in a row to people who were responding to an article's inaccuracies. Who's getting unnecessarily worked up?
Random, LOL... I watch the ES for two hours every morning and rarely do I see "random"... the stupider people are, the more sure they seem to be of their thinking... the kings of stupidity are the academics btw. ET is a site owned by a couple of guys that made $100,000,000 + in their own lifetimes through trading. We've had academics come on here and assert that trading is impossible!!! And boy, could they cite studies, they were champions at citing!! Once they realized where they were they just faded into the woodworks like good little boys waiting on their retirements...
Well if you see "patterns" all the time you should go in all. No reason to be chicken. Bet the farm and get rich, like the other 95%+ who share your passion (and addiction for excitement).
someone make a plaque out of it.. i think it's time for an intervention, all ETers head over to foo.com and start commenting on all their worthless articles...that always end with "here are the 3 winners from 50 we recommended, now take a 30 day free trial of our xyz service"
news flash here, you are in the "day trading idiots" camp too according to fool.com, clearly you have no clue what that website preaches. They dont give a shit about long term trend/tech at all, it's all about "value" investing, balance sheet, and multi-year buy and hold, which contains just as much bullshit as the other side...
Well, I never vouched for that website, and I could not care less where this article was published. My point is that half of the guys in this thread got hung up on an issue that was not the point at all. It does not matter whether its 10,20, 50, or 100 trades a day and it does not matter whether its 10, 20, or 50 bucks a round trip. Position trading does not equate buy and hold....think about it.