I dont know about everyone else here but I never use more then 2:1 margin. I do hold overnight positions though. I doubt anyone can trade over 4:1 margin and stomach the drawdowns. If someone can achieve less then a 5% drawdown in equity with over 4:1 margin then I have alot to learn still. But honestly I dont think this is achievable by too many
Amusing. However 'day trading for a living' is a self defeating prescription. Instead trade only to make your pile. The difference is not understood at ET. Or in fact it is a difference that ETers do not want to understand.
CANSLIM is not a " system" as normally thought. It points out companies that have increasing revenue, increasing profits, and increasing institutional ownership. Combine this with a relative low float and you get a HANS. I have a friend who was in HANS at 40, she told me about it when it was 80. I thought is was too extended. It went to 200!! She got out at the top. Had 3500 shares. Do the math. A trader has to be careful as there are a lot of stocks that fit and most of us have limited capital. I would suggest you learn the CANSLIM method and then modify it to suit your personal style. Remember O'Neill has a huge institutional following of clients. We trade "traders". Also, Dan Zanger uses a modified version of O'Neill. Just my 2 cents worth SteveD
toby, you might end up being right (about my being better off doing something else in the end), but I think you should read what I stated more closely. I actually de-emphasized the importance of becoming rich through trading. If it's something one is pursuing for a full-time goal, I would think the insistence on getting rich--especially anytime soon--would be a hindrance to surviving.
Are you kidding? I have a normal career, and time for relationships and health is not more than it would be being a trader. What kind of career are you thinking about - hairdressing?
I think if you read between the lines,the poster was day trading and isolating himself in front of a screen,most likely in his own house.... If thats what you are doing and knocking the cover off the ball,thats great..But if you are earning sub t-bill rates or less than buy and hold,he is 100% right..imho
Have u tried the AIM system. I day trade the eMini but have a couple stocks for my grandkids that i use the AIM. Its more long term investment program but buys low and sells high. If you are interested look up Robert Lichello or AIM.
Frank Sinatra Song - That's Life! That's life (that's life), that's what all the people say You're ridin' high in April, shot down in May But I know I'm gonna change that tune When I'm back on top, back on top in June I said that's life (that's life), and as funny as it may seem Some people get their kicks stompin' on a dream But I don't let it, let it get me down 'cause this fine old world, it keeps spinnin' around I've been a puppet, a pauper, a pirate, a poet, a pawn and a king I've been up and down and over and out and I know one thing Each time I find myself flat on my face I pick myself up and get back in the race That's life (that's life), I tell you I can't deny it I thought of quitting, baby, but my heart just ain't gonna buy it And if I didn't think it was worth one single try I'd jump right on a big bird and then I'd fly I've been a puppet, a pauper, a pirate, a poet, a pawn and a king I've been up and down and over and out and I know one thing Each time I find myself layin' flat on my face I just pick myself up and get back in the race That's life (that's life), that's life and I can't deny it Many times I thought of cuttin' out but my heart won't buy it But if there's nothin' shakin' come this here July I'm gonna roll myself up in a big ball a-and die My, my! http://www.extractando.com/entretenimiento/musica/Sinatra_ThatsLife_I.htm
If you have a $200k and are using 2:1 margin to make a living then that's excellent, but if you are talking about a $20k account then yes, you have a lot to learn still.