Day vs swing trading is the same thing. Don't let anyone tell you differently. Markets are fractal, meaning that the same patterns are repeated on a 5 second chart as well as a monthly chart. The difference is frequency. The same issues that will blow up a trader who trades on a shorter term basis will blow up a trader who trades on a longer term basis. It will just happen a lot quicker. Look at the chart I posted. Is this a 5 second chart, 10 minute chart, daily chart, monthly chart? Where are the points that you would be looking to trade? Where are your stops? Where is your take profit? The answers should be the same whether it is a 10 second chart or monthly. One thing about longer term trading is that technical set ups can be negated by fundamental changes in outlook that would affect technical price action. E.g. something is a stone cold buy but then interest rates unexpectedly rise, there's a major terrorist attack etcetc. There is less chance of this occurring when trading on a shorter term basis.
Fast markets are actually where you can make big money as the amount of lots being traded is HUGE and price can move very quickly. A surprise NFP that you manage to get in on relatively early (within the first minute) whilst taking short term huge positions will net you $$. 100 ES contracts is easily eaten up in these high vol high volatility conditions.
I hear you, of course. But I suspect that for some/many of them, a small cut of the low-9-figure account they trade for someone else works out better (not to mention with less personal risk) than the high-6-figure account they could trade alone.
70% of my 401k has been long term futures trading, and this year I might end up doubling my account. Am short Indexes twice, automation bought calls when ES was at 4900 and dumped them yesterday. It anticipates based on patterns when retracements should happen based on probilities. I am on right side of almost all markets. This happens on average 1 of 4 years, and other years try to make a little. Long term without using hedging is very difficult and learning hedging is difficult, much work. My scalping is turned off as it does not do well during volatile times. When you been trading nearly 50 years, been in wars, seen the worst in people and the best, seen death, you really lose concept of fear. Money is just a way to keep score. I have no debt, pay off credit cards each month, eat well, live.
Real traderz hold overnight like men. It's not easy standing in the shadow of J.P. Morgan, but some of us are up to the challenge!