Norm I am going to tell you the truth. You are not cut out to trade. You think life is pure luck it seems. Ted Williams was lucky by your standards right. Youâre a sucker who spent money and time looking for the holly grail. Hard work in trading is figuring it out for your self and not looking for answers from other people. There are a lot of profitable traders but for everyone 1 you meet 50 might fail.
I have a friend in Denver http://tatoday.com/ who is very successful. He trades all day every day but Iâm not sure what definition you are using for âdaytraderâ. Heâs not flat at the end of the day but makes major and minor moves daily depending on what the market gives (or takes) He posts all of his trades on his website and writes a blog throughout the trading day. He also posts his profits and losses for each trade and totals quarterly for each year. I wish I could say that I am a successful daytrader but I still work another job and trade as a sideline. I am consistently profitable but donât make enough to live on yet. The reason I post my friends site is that he has taught me a lot over the past few years and it has helped me to be a better trader. tt
been doing it full time sinc july 1990 day ind ay out week in week out year in year out. its been my only source of income for 15 years. i really know of no other person personally who's done it as long as my uniterrupted. but to answer the guys question i've seen 100 come and go in that 15 years and i've never worked in an office jsut at home. the profession sucks in alot of gamblers and dreamers. i eman in many peoples minds what could be better than sitting at hyome making money in your on hrs. its tough as hell to do it year in and year out for a whole career thats why. longevity is what defines a good trader not one r 2 years. many guys amde millions in the 90's only to blow up in the last 4 years
Questions: 1. How much risk capital do you use? 2. What security instruments do you trade? 3. Who's your broker? 4. What is your average commission cost, round trip. 5. What is your annual pretax net?
in 15 years i've gone threw many cycles. right now i'm focusing on options and futures. from 1998-2003 i traded an avg of 200k shares a day. got burned out big time and am postioning big time for days weeks and months. like resently i had almost $1 million in leap puts of sbux ebay and ups. i don't ever look at an average risk capital. i have 7 figures in all my accounts combined and will use if all or use little of it it depends on the trades out there. like fi they run this market a few more weeks i'll go to a large leap put postion again. i've hd 7 figure years and years wer e i made little. i've never had a losing year and overall i've done very well. one thing i will tell all is its a long road to become good at this as one msut take there bumps. i've had many 100k losing months and had a 100k losing day before. i held a stock for a few weeks 10 years ago called media vision. i keep averaging down and had a 9 k position on a $20 plus stock. they halted it after the close and said they'd have news in the morning. they warned huge it crated $11.50 ont he open i sold without blinking an eye. 5 months alter it was zero as it was all fraud. sure it hurt but i bounced back and refused to give up or get depressed. 90% of trading is attitude and feeling excited. anyway i'm not interested in trading 200k shares a day anymore as i think its counterproductive over time and it take so much out of you over time
Evidence is meaningless If you're better than the pack, you'll make consistent profits, until you are not better anymore.
I know a few traders, from here and from around, that make a living out of day trading, and a good living at that. I don't get why people always ask this! If your asking JUST because you are unsure you can make it, then you already failed. Day trading, and making a living out of it is a really hard thing to do, so are a lot of career's, but the people who make it, and do it for a living are those who follow there dreams, no matter what the odds! I have been learning and trading the markets since I was 16, and im 20 now, and I consider my self extremely lucky to have some of the best teachers around take me under there wing and not only teach me how to succeed, but also and most important show me the harsh reality of it. I know the reality, I accept the reality, and I still plan on going for it. Sure the odds are against me, but im still going to give it my best shot! Iâm not sure if any newbie's are going to read this, but here is what I learned, and what I believe anyone who wants to get in this racket, show do. 1) Never think of the Odds 2) Education is first (Like a Risk/Money management plan, always have a back up, just in case) 3) Know the markets in and out: 4) Give it a shot Me for instance, im in my 2nd year of university, and about my 5th year learning the markets, 1st year trading a very small account to how I react psychologically to real money accounts. I plan on getting a pretty good paying job after university, save some money, gather ALOT more knowledge, and give it a shot! So my advice to all you is to stop pondering if you can make it, and just give it your best shot Sorry for such a long post guys lol -kastro_316