1-what is your definition of 'daytrading'?...honestly, you just need one profitable trade per day to be successful...would that be a daytrade?...otherwise, just overtrading into the ground (-) 2-still think daytrading is very much more realistic than the 'late night real estate pitches'...agree?
To increasenow, Someone who trades every day is a day trader. Irrilevant if you make 1 trade per day or 100. You write "you just need one profitable trade per day to be successful. " I ask you if you can make that " just one profitable trade" for many years to come. Personally I do not see a lot of difference in the 'late night real estate pitches' and day trading. The winners are the ones who are selling the hope to make money fast, while the people who want to make money fast are gamblers.
a real lot of it comes down to how serious of a 'business' approach will you actually have towards trading?...study, focus, take some losses and bounce back, having a 'I will win" mentality
" I will win mentality " is self motivation books crap, for people with hope, and hope is the best they got. I will win mentaility in reality is only a small part of what it takes to be succesful. Just because you really really want to build a staircase that goes up to the moon does not mean you can do it.
"dynamic entity with static methods" why should traders be any different than members of parliament or congress? most tax proposals assumes that behavior will remain unchanged. the result is that expected revenue never meets forecasts. look at the ridiculous forecasts for the transaction tax in the US. It never was achieved in the UK with the stamp tax. if a transaction tax is passed in the US volume will collapse and revenue will be ridiculously low. ________________________________ "2-still think daytrading is very much more realistic than the 'late night real estate pitches'...agree?" from increase now what is your point? it is like try to compare two infinities and asking which one is larger.
Yes its a pipedream but whats wrong with dreaming about something and giving it a go? My only beef is the system sellers and gurus who try to make it seem like it will be easy if you pay them money.
Do you sometimes get confused and wonder if you are making the correct trading decisions? Here are some simple rules that will help you trade smarter. (1) Never base your trades on a correlation to company news or fundamentals. It's a losing battle. The best indicator of a stock's potential price movement is the current price movement itself. (2) Always let the market, make your buying decisions for you. Allowing a stock's own price movement to trigger the purchase of a stock will be more accurate over the long run than your gut feeling of where you should buy. Control your entries through use of a buy-stop limit order or a limit order at the specified trigger price. (3) Be very selective about where you take your trades. After getting a buy signal, only go long on a stock just above its 5-day moving average and only short a stock just below its 5-day moving average. (4) Never trust a stock further than you can throw a grand piano. At no time should you own a stock and not have a standing Good-'til-Canceled sell order in place. i.e. Stop-Loss. Don't expose your account to catastrophic loss. (5) Never average down or add to a losing trade. Only add to a position when you have an open gain. In other words you only want to build positions in stocks that are moving powerfully in your favor. (6) Don't overtrade. Quit looking for your trades everyday and stop attempting to scan thousands of stocks for trades tomorrow. Methodically build your watch list like a spider builds its web - and let your trades come to you. (7) Don't over-diversify. This means don't trade more than one or two stocks at a time. Diversification leads to excess stress, management headaches, increased trading commissions and mediocre results. It also makes it harder to liquidate your positions quickly and go to cash when necessary. (8) Stop trying so hard to make money. Instead make your primary goal to get to a break-even position on each trade. As soon as you can, convert your protective stop-loss to a break-even stop-loss (Your Buy Price + the amount to cover your commissions) The market will do the rest for you. (9) Always trade the correct side of the market. Simply put - Trade with the trend. If a stock is in an uptrend - trade Long. If a stock is in a downtrend - trade Short (or don't trade). Avoid the bias of always thinking you can only make money if a stock goes up. (10) Never lose any of your original capital from trading. Always provide risk money before taking a trade based on your potential stop-loss exposure for a trade. If you start with $10,000 in your account you should have $10,000 in your account 6 months later, no matter how much you trade. If you don't have risk money to send in to your account - stop trading until you do. - Summary: Being a successful Short-Term Stock Trader requires adherence to a sensible regimented plan. Emotions, gut-feelings, wishful thinking or over-analysis have no part in attaining profitability in the markets. Protect your original capital at all costs and take your time... the stock market will be here tomorrow
i love threads like this it just shows that the old saying is still holding true 95% fail 5% make it ET is king of these threads and to top it all off you have incy giving out advice i f'n love this forum