right, like dustin said. find a niche, a setup, an edge, whatever you want to call it, then find it happening in 20 stocks, spread your risk and things will work out sooooo much smoother, theoretically. trading futures, of course i had setups that i had really high confidence in, but the problem is i only saw them 2x a month. and if you went to the bathroom you may have missed one of them.
I prefer using computers. ( just bought some new machines from friendly ET computer pros) You guys actually sit in front of the screen all day for so long, you need to pee in a bottle? Dude, 1800- gambler may be the answer. surf
The real problem with the "once-in-a-blue-moon-setup" is that you need to back it too big to build a plan around it and you can easily be shaken with just a few losses. You need quality but can't wait for pristine.
9:30-4 in front of a screen is hardly all day. Most "normal" workers probably spend just as much time if not more at their screens
That is interesting. If I had a setup that reliable here's what I would do. Get a nite job and sit home all day for the 6 hrs of active trading..... waiting for the setup. When it comes.... put in on with as big of a size as I can afford. Work up to 50 ES contracts. Or 100. If it's really that good I'll eventually get rich, quit the job, and travel the world, with the only restriction on my freedom being that I am glued to a screen 6 hrs a day, 5 days a week. But my impression of daytrading is that it is not so easy. Seems to me it is grinding out a razor thin edge, taking as many setups as possible so that tiny edge can play out. Lots of losing and scratched trades along the way so you dont get that winning feeling as often as our psyche requires, so can be a miserable experience. Never found an ATM machine setup that I could go all-in on a few times a month. Cant imagine there would be one either-- that would be too easy a game.
He said he had a high degree of confidence in the setup; he did not say he would bet the ranch on it and then bet the ranch again and again. C'mon, a bit of reality might help.