Absolutely agree. One must be patient and wait for the right opportunity to show. Patience is the key factor to become a good trader. Well said!
================ Amen; 2 other possibilities. [1]Ignorance of Market Makers Edge , book by Joshua Lukeman[full of multimonth charts] 2]Sloppy plan or no plan/records, which would tell a trader/investor just how much of a trend he wasted/lost with comissions, daytrading comissions.slippage, emotions,wrong position size......................................................................... Wisdom is profitable to direct
Low ranges/small trends (same commisions) lower profitability . huge commisions as % of profits made , wasted energy on donkey trade/work (energy which could be spent looking for easier/more profitable trading , trading wind and noise ,building small profit mindset of day traders ,cutting profits in trend days mindset , learning stupid counter trend trades , building bad mindset/trading instinc/egot for profitable trading. Day can be done better in line with 4 hour trendlines.
Not really true at all. I know quite a few guys here in Chicago that can and do very well scalping large size in very quiet markets with very modest trading ranges. If there is a market that fits your psyche and trading style and risk profile, then who cares if it's CL or GE ? The bottom line is, in fact, the bottom line. You can make $50K in a week scalping ten lots in CL or 200 lots in the Five Year Note Future. The initial margin requirement for one lot of CL is $5,610, and for FV it is $743. You can lease a Nymex seat for $1,000 per month, or you can lease a CBOT AM seat for $847 per month. The member rates for FV are alot cheaper than the member rates for CL.
A few people is different from most guys .If three succeeded and 47 failed , is that a true potential positive outcome for the noob?
The term I used was "quite a few". The number of active daytraders in the CME Eurodollar and the CBOT Treasury complex would be accurately described as "quite a few". And they are typically trading higher position sizing with modest trading ranges. I am not saying it is better or worse than anything else, but it is a fact. If you can make money consistently scalping 6E or GC or CL, then fantastic. But for some traders, the personalities of those markets may not suit them best.
Majority always fails, minority always dominates. That's natural selection, law of the nature. It's this way across all species in existence on Earth, why should it be different in the case of humans? You decide (genetically to some degree, socially in the process of your life) if you associate yourself with the always losing and whining majority or the dominating minority. Who are you, Oily? Decide.
What has your lecture to do with day trading? Why can't anyone write a concise subjective post , as to why day trading is difficult , the odds of success and reasons?Is it that difficult or is there a different agenda for each poster , than to discuss the subject?
I wrote it a few days back. 1) Laziness. 2) Lack of certain personality traits (some people are too emotional or can't stand being wrong or something else). If you: a) Work really hard and disciplined. Which means carefully finding ONE market pattern, learning everything about it, forward testing it and perfecting your trading management until everything works as it should. You DON'T change anything only because something didn't work after 1, 2 or 3 months of every day learning. You DON'T rationalize why you are losing, but are extremely honest to yourself and do everything to find the true reasons behind your failures... ...and... b) after you get the methodology part down you must be able to cope with all spectrum of emotions, which almost inevitably kick in (with few exceptions of people who have all the traits needed to be successful trader naturally), because trading is very demanding psychologically (we can discuss that in more details if you wish)... ...then you put yourself ahead of that 98% losing crowd and have no way but be a winner. It's not too hard really, just look why those 98% fail and work better than they did, don't repeat their mistakes etc. And don't think about chances of success based on statistics. Statistically you have 98% (or how much, doesn't matter) chance of losing only if you behave like those 98% who are losers. Don't be like them, be like 2% of the winners and you'll have 100% chance of success.
Subjective posts on why day trading is difficult is something you have the talent for. You are unable to read and listen to the wisdom of OBJECTIVE and DEDUCTIVE posts on the simplicity of making money within every day while day trading. On ET, if a person posts their day's trades the next thing that comes on the table is "prove it to me" by a subjective poster such as you. The minority are the winners. The minority control the markets. To win all of the time, you need a leading indicator of price. When you have such, then you win all of the time by taking segments of profits over and over and over. You are in the market from the first bar of the day (you know the carryover of sentiment) until the time the margin changes from RTH margin to overnight margin. Try to understand that people have systems and they follow them because they know they work. They have emotions of support, comfort and confidence. All skilled and knowledgeable traders can recognize each other immediately. People who are not good at trading who have no knowledge nor skills cannot tell anything about good traders who KNOW trading is simple and NOT DIFFICULT. there are many myths in the Conventional Wisdom (CW); you believe them and as a consequnce you cannot come to have a long term memory that is organized to give you intelligent reasoning. You will always think trading is difficult. It will always be difficult for you. Your mind is beyond repair because you have a memory that cannot be erased. The bad stuff in minds cannot be erased. You collected beliefs that are myths. I should connect your account (s) to my accounts so you could watch your account (s) make money all of the time. It would teach you that your mind is not working anymore. It can't work correctly anymore. Print 50 copies of his and read one every 30 minutes. see if this post can somehow get into your mind. Notice you will not remember anything in it after 50 readings. This is a negative post. We (collectively) are giving you bad news for you.