Special indeed. I found out I got better, and also enjoyed trading more when I stopped trying to Day Trade. There are some days where I have 5 positions on, and I don't look at the market at all (because im asleep most likely). I log in to see how the market and my trades are doing, and log off. Boring?, yes. But trust me, when you face making money the boring way VS losing it all by having the time of your life, you have to make a choice on whats more important to you.
to schizo, of course I trade, but I don't day trade because it's not for me and I couldn't do it BUT would love to meet someone who can. Consistent is someone who makes money, year after year after year. When there are bad years obviously there are going to be some, the losses are small enough to keep on trading and make a living by trading. to austinp quitter ? I have been trading full time/professionally for 5 years and plan to trade as long as I can. what motivates YOU to invest precious time (on a Saturday, no less) and to reply and to assume whatever is that you like to assume ? What do I get out of it ? I enjoy and makes me smile to see so many people who really think they can day trade because I am on the other side. It sounds arrogant but it is not. Guess what ? Keep on trying to PREDICT THE MARKET and/or by catching tops and bottoms and expect to make a lot of money really fast IS ARROGANT. to Arthur Deco, just stating the facts, NEVER met one succesful day trader to cheese, there are winners in this business, but are the vast majority of winners day traders ? Persistence is important, totally agree, but it takes much more than that. to TrueProp, obviously, after all succesful day traders are not becoming more popular to bat1, yes I totally failed as a matter of fact I didn't even try day trading, that's OK Would rather make trades where there are more chances to make money. Also the other trades are easier to deal with psycologically and that's important to do well in the market. to Mercor, please elaborate
@ guy990opl So what is the point of this thread? You are bent on believing daytraders can't "consistently" be successful. Even if I showed you daytrader who has been making money year after year for the last 10 years, I bet you wouldn't believe it. Regardless, what's the point? Just because someone is successful doesn't mean you will also be successful. Again, what the hell is your point? It seems that you don't understand what I'm saying!
This is the only day trader i know that seem make money 9 out of 10 weeks. http://www.youtube.com/user/sgomez858 Its two traders that run their own service.
charts ,,market profile,price action, the guy at walgreens, your plumber, your toothbrush,your kitchen sink,10-20 page threads on ET saying Et posters suck,all these things work intraday and long term,to each his own, i haven't personally shaken hands with anyone on this site,it's hard to judge from what little i know gleaned from these pages,so why try,i have no problem daytrading,the market to me is easier to figure out short term,stocks SEEM to be easier to gage over a few days or weeks, since i dont trade stocks, what SEEMS to be a fact may not be so i probably won't start a thread saying it's so
to schizo, why wouldn't I believe it, in fact I would admire him ! However the fact remains, he would be the exception not the rule...most day traders are still going to fail chasing a dream. That's my point.
Absolutely agree with this!! Starting a business and being successful (making more than a minimum hourly wage) is bucking the odds anymore. I would venture the fail rate of startup businesses in this country is less than 50% if you give it up to 5 years. I see so many businesses come and go around here--commercial vacancies are WAY up. My sister ran a bridal shop and worked herself to the bone with complete dedication. She is now filing bankruptcy with over 100k in debts. She worked 60-70 hours a week and did everything she could to be successful and get her piece of "The American Dream". So many of those negatives of running a business stated above--she had to contend with. Owning ANY business is tough. Whatcha gonna do with your life then? You gonna work for the man and be underpaid for your efforts, be beholden to work hours and rules, maybe a boss from hell, vacation perhaps when they say and not when convenient for you and your family? OR maybe learn this trade, run it like a business and not as a casino customer. It's not easy--no doubt. Nothing is. I believe success has more to do with iron-clad discipline in cutting losses and not overtrading or taking gambles with trades (casino mentality so many "daytraders" succumb to either out of needing action/boredom or a misguided thinking that you always have to DO SOMETHING...ANYTHING. I choose to do this with my life. I was a daytrader back in the SOES days for a few short months before even that firm failed. I was breakeven when they shut the doors. I was also lucky because even though I knew about things like stop losses and trading plans--I didn't use them. As I was already doing a real estate rehab project...I kind of got sucked into that world and did pretty well while times were good. I can tell you that many of my real estate friends are now bankrupt and losing homes to foreclosure. That business is tough as well. I started following the markets at an early age, can read investment trading books all day long and scan charts and love every minute of it--it's not WORK to me. To me...there is no better BUSINESS than sensible, planned and disciplined trading...as long as Congress doesn't screw this up with a FTT. I know successful traders and a very successful floor trader who is about to go behind the screen next year--but they WORK at it! It's not a game to them. For the vast majority of those who fail at this including, I suspect, the OP...they either don't trade with discipline (reasonable stop losses, R/R's and a good strategy or two) or gamble for the action and don't put in the necessary time that this REQUIRES. Sorry for the long ramble...carry on.
Again, what's that got to do with YOU personally? It ain't your job to dissuade others from day trading and I highly doubt abyone would give up day trading just from the opinions expressed in this thread.