Daytrading, Impossible Quest???

Discussion in 'Trading' started by arky, Jan 7, 2002.

  1. Jaba122

    Jaba122

    I believe in papertrading. It allows you to verify your trading ideas, practice real time pattern recognition, and develop a decision-making skills without risking a dollar. Fills don't matter in papertrading; they are not the purpose - practice is. Constant practice enhances your self confidence, reduces your response time to ever-changing market conditions, improves your performance level. Swing traders have much more time to think, analyse, etc... Daytraders, especially futures traders have to react fast.

    Just my $0.02
     
    #11     Jan 13, 2002
  2. Private

    Private

    arky,

    Day trading is a lot more difficult now than it was a couple years ago. The golden era has passed. Even back then it was a difficult game to learn. It took months to master the game when the market was much better. You have a long, long way to go in this tougher market.

    Regarding Jea, although I do not participate in his chat room, I have been observing his methods for a couple years. In fact, I just received his weekly e-mail. His strategies are becoming more complex all the time. Hardly where the beginner wants to be. My own strategies are far more simple, and I earn more than the UT followers. You don't ever have to look at the Futures to be a successful day trader.

    If you really want to be a trader, you have a very steep learning curve ahead of you. Keep trying, and understand that success does not come quickly, if it happens at all. Many good traders disappeared after the crash of 2000. The market is a much different place now.
     
    #12     Jan 13, 2002
  3. AllenZ

    AllenZ

    I have taught traders for quite some time and if you search this site you will see my name as an honest and straight forward guy.
    For newer traders here are some thoughts:
    1. Dont overtrade
    2. Develop a trading plan that is realistic
    3. Make sure your trading plan, if carried out to the letter, would be profitable over time and in any market
    4. Dont blindly follow anyone, understand calls that people take and why they do what they do.
    5. Focus just as hard on the mental aspects of trading as you do on the technical points, it as important if not more.
     
    #13     Jan 14, 2002
  4. Brandonf

    Brandonf ET Sponsor

    Arky,

    Figure out exactly what it is that you want to do. What are your goals? Write it down. When you have spent some time with that, next move on to how are you going to do it? Specifics. What patterns will you trade? Which markets will you trade. What markets will you avoid? How are you going to keep motivated, healthy, happy etc. At night after the close, go over everything. What did you do right, were did you screw up? What can you do better tomorrow. What did you do today that you can learn from to be a better trader tomorrow?

    Good Luck,
    Brandon
     
    #14     Jan 14, 2002
  5. lojze

    lojze

    from Hitman: "Or may I suggest look into one of the prop/prof firms in your area, professional traders have triple the chance of homers making it (30% versus 10%)."


    Why do you think so Hitman?



    Lojze
     
    #15     Mar 26, 2002
  6. Atlantic

    Atlantic

     
    #16     Mar 26, 2002
  7. This is why starting with low shares and working your way up is a must. Start with 100 shares, yes you will feel nervous, when that nervousness has gone away, and you have the same confidence and results you had when paper trading, move up to the next size and so on. Jumping from paper trading to large size, in my opinion, is a recipe for disaster.
     
    #17     Mar 26, 2002
  8. so true

    And by the way, scalping is pretty much dead, especially when you are paying retail commissions.

    PS - why do people always say "don't overtrade"?

    what does that mean? don't take the bad trades? du-h okay...

    my advice : OVERTRADE! (with cheap commissions, mind you - none of this $9.95 shit)

    only after you scrape the bottom will you actually learn.

    oh and get lots of rest too. if you find yourself waking up thinking about trades in the middle of the night, take a break and rest up. the learning process for trading saps a lot out of you. also, keep some good books in the bathroom...read up while you go poddy, because the rest of the time you should be too busy trading and the evenings should be spent looking for trades for tomorrow.

    hope this helps
     
    #18     Mar 26, 2002

  9. Some of my best trades are in my dreams.:p
     
    #19     Mar 26, 2002
  10. jaqaw

    jaqaw

    Originally posted by bungrider

    oh and get lots of rest too. if you find yourself waking up thinking about trades in the middle of the night, take a break and rest up.
    ___________________________________


    Glad to see this happens to other people too. I was beginning to wonder if i was nuts because I find myself thinking about my trading all the time and sometimes i dream about it too.
     
    #20     Mar 26, 2002