Day Trading is a pipedream.

I was swing trading for 5 years in the 90's nothing fancy S/R slowstotactics and the macd, avg probadly 1k per week on smaller size like 300-500 a pop, one or two postions open at a time, for the last 14-15 months, i've been strictly intra day, intraday is far tougher then swing trading, thinking about just trading the open and going back to the swing trading

 

No. It's much worse than that. 5% do not lose money.

 

what do you mean trading DOM? got a link that explains?>

 

Numbers are being thrown in this thread with no statistical backings..

Most studies done on traders 'study' a random group of traders who range from inexperience/experience. Heck, some of these people could be men who have never taken a basic finance course. They could be people who don't understand what Cash Flow is.. the study could have people who dont understand the rules of trading.. jeez.

Of course the number of succesful traders will be less than 5% in a group of horseshit low IQd people who probably know nothing about finance & the economy to begin with!!

The probability of getting into Med school or passing all 3 levels of the CFA I,II,III on your first try is probably somewhere in the 5-15% ballbark.. but yet people do it.. astounding right?

Now what the study does not show is, study a group of traders who have traded over 10 years, have a BCOMM in Finance, have a CFA/CMT/Series 7 whatever, has 3-5 years of PROP experience, and now let's see how many of these people did not lose money.

I'm sure the 95% would become more like 50%..
But hey, what do I know?

The study is like saying 'how many people from a random group of 100 people can become doctors.. well of course its going to be like .1%.. but it doesnt mean shit all.. the studies are never representative of the serious 'traders' and make us 'serious traders' look bad..
i am profitable.. but only after blowing up my bank account..

let me mentor someone for 5 years.. and trust me he will become profitable.

oh yeah kitty, you sound like you suck at trading.. must suck for u

 

Every post that I read by you, you sound like a desperate-pessimistic-know-it-all-21-year-old-spoiled brat.

With an attitude like that, NO WONDER WHY your not making money trading.. check out abcsofgas.blogspot.com.. that's my blog.. maybe it will open your eyes.

 

I'm looking into day trading because it looks appealing and may be suited to me. I'm earning my living right now by doing an online business (not trading related). Most of the people in my field (95-99%) really suck at it and make very little or no money. To them, making a full time living is just a pipe dream. (1) They lack dedication and determination. Their efforts are weak. (2) They lack skills. They're not determined to become highly competent (3) They lack intelligence. Most of them are not highly intelligent. Some of them are very stupid. (4) Their strategies stink or they have no strategy. They do things purely out of personal preferences and make emotional decisions. They don't understand the market and the customers. (5) They have a negative attitude. They are pessimistic whiners and complainers. Some of them complain quite a lot about how terrible everything is instead of getting busy doing constructive things and using good strategies like I do. I think 99% or more of the people in my field are horribly lame, far below adequate.

George Carlin said that there's only a few people in each field who are good and everyone else sucks. So I'm not surprised that most day traders can't make a consistent profit. I don't think it necessarily means that day trading is a bad field to get into. I think it probably just means there's a lot of people who aren't good enough and dedicated enough to earn a living in it. I wouldn't be surprised if most day traders were far below adequate, like the people in my online business field are. People in my business don't want to admit that they are incompetent. Instead, they blame lots of other things, such as the economy.

 

Sounds like your head is in the right place to start.

 

That applies in any field.

You will be surprised to know how many stupid doctors and engineers are out there and yet these are folks who are suppose to be the academic cream of society!!!

 

Sometimes the smartest people have very little common sense.

 

Only trade with money can can afford losing. The problem with trading methods is that there is little consistency over time - the more people who trade a method or strategy, the less likely it is to be effective.