"profit potential" is a just a dream. all the dumb money is owned by people who want to get rich quick. The professional daytraders get rich slowly and don't think about potential, they think about there current profit or loss, they think about the now. cause theoretically, you could make a zillion dollars... compounding 100 percent a day... there certainly is enough wiggles in the nq to do it. however, thinking about anything but your current situation is called dreaming. when u actually start making some real dollars consistently... you can call it planning, cause it's based on reality. if this alarm hasn't worked, or u don't like it, hit the snooze button, and dream on. :eek:
true, true my man- thought I would elaborate so here goes.... 1) that is the dream everyone who trades is sold on- that they will come in and be a player- to be independent, to be rich, to make money easily and with little effort very, very quickly. hell, I'll admit thats what I'm after. Too many don't recognize this as a profession and think that it is just a "game" a virtual cash register that you can ring at will. It requires a lot of effort and doing your homework, constantly refining your technique and expanding your knowledge, basically busting your ass and being better than the next guy who's only motive is to screw you out of your money for his gain- its a zero-sum "game" men..... 2 and 3) Right on- and that all boils down to the primary factor in trading- BEING DISCIPLINED- there is always the inner conflict with your emotions and logic and you have to remember to follow your rules and only risk your precious capital at the most opportune moments- why the hell else would you put your money on the line- thats like betting red or black- might as well be in vegas- I have learned through experience that my best days are the days that I play a few really smart, solid plays with decent size- keeps the commissions small and the net bigger- the days where i trade alot (meaning overtrade) it is very easy to give back your day that you spent hard scalping in one or two trades with big size that you mess up- and then you have the higher commissions...don't fall for the oh, you have to trade tons of size and always be in and out of the market, feeling it out, constantly seeking opportunity crap the prop firms that make money off your commissions feed you. How do you think Gordon Gekko got rich- "I only bet on sure things"- now we can't exactly do that as traders but by being disciplined and selective in our trades we can have a nice win/loss ratio and thats what it is all about- averages- how much more are you making than losing? Hyperactive overtraders are amatuers...as for me, I will lie still (although very hungry and bored) like an alligator and when the prey gets close to me, I strike, feast and then repeat......works for me.....bieng smart and waiting for the right times...bigger moves...screw .05 and .10ing it and having a heart attack from stress at 26.... allright, fingers....tired....I'm out................--------->>>>>>>
Everyone here is comparing profit potential trading stocks.. whats everyones opinion on profit potential day trading options?
I generally use options to day trade. It is much harder than stocks and you cannot scalp due to slippage. But on high momentum days I do very well, rest of the time I scratch. Making profits is the easy part, it's holding onto them that is difficult.
daytrading, true daytrading as an outsider paying commissions, is gambling. There is no escaping that fact. It doesn't matter if you do it with stocks, options, or futures. In the end there will be a very tiny percentage of very lucky people who make a ton of money and a very large number of people who will wish they never heard of daytrading.
There is lots of potential in day trading . Just see Seanote's performance for one day Todays Executions and P&L TODAYS EXECUTIONS: 15:47:17 KLAC BOT 2000 52.59 15:38:12 KLAC SHRT 2000 52.97 14:57:50 QLGC BOT 2000 46.15 14:55:19 QLGC SHRT 2000 46.28 14:53:13 QLGC SLD 2000 46.14 14:39:41 QLGC BOT 2000 45.61 14:32:14 COST SHRT 2000 39.30 14:25:28 KLAC BOT 2000 52.14 14:11:30 KLAC SHRT 2000 51.99 12:30:33 KLAC SLD 2000 51.57 12:10:50 KLAC BOT 2000 51.35 11:56:53 KLAC SLD 2000 51.73 11:48:52 KLAC BOT 2000 51.58 11:30:36 CSCO BOT 3000 15.97 11:24:26 CSCO SHRT 3000 16.09 10:45:35 KLAC BOT 2000 52.15 10:38:37 KLAC SHRT 2000 52.08 10:29:23 QLGC SLD 2000 45.85 10:26:40 QLGC BOT 2000 45.64 10:21:45 KLAC BOT 2000 52.12 10:14:51 KLAC SHRT 2000 52.03 10:12:40 QLGC SLD 2000 45.36 09:57:28 QLGC BOT 2000 45.19 09:56:31 KLAC BOT 2000 51.98 09:49:33 KLAC SHRT 2000 51.88 09:44:30 KLAC BOT 2000 51.68 09:36:36 KLAC SHRT 2000 52.10 OPEN POSITIONS: 14:32:14 COST 2000 39.30 -0.01 CLOSED P&L: $3,960 OPEN P&L: ($20)