I hope you get some good advice. I read on trade2win about a guy who has been trying to trade for over 20 years and is still around break-even, so don't feel too bad! The whole thing(daytrading) is likely a pipe-dream. The idea that we can sit around in our boxer shorts and look at pretty charts and expect them to give us enough information to make informed trading decisions certainly seems to get a smile from professionals in other fields! Sometimes we fool ourselves that we know what we are doing, but in actual fact, we are just experiencing a very lucky spell. And sometimes the people that try to give us hope are vendors/'trading coaches' in disguise or bullshitters! ------------------------------------------ I've read good things about the 'what color is your parachute' book that someone else reccommended, althougth that might all be a bit long terms for you and I imagine you just want to jump into a course or a job straight away and get earning money? I wouldn't reccommend it, but the becomming a trading vendor isn't actually the worst idea in the world, either! Every vendor out there is a scam artist. If you were really a profitable trader, you wouldn't be messing about selling courses for $90 or charging for tips etc. But the public are generally blinded by the dollar signs in their own eyes, so you may aswell join the vendors and make some risk free money. It would be good if you could get a list of courses that coud be completed within say 6 months, that could potentially lead you to a well paid job. They're out there, i'm sure. One example is an Austalian friend of mine. Was unemplyed for a few years. Generally depressed and borderline suicidal. Completely broke. He enrolled onto a tree surgery course which took about 6 months, and within a few days of passing he was earning well over $1000 per week and is now earning about 3 times that amount as the owner of his own tree surgery business.
Yes you are wasting your time if you are under capitalised. In the mean time you got to be patient and be happy with yearly returns in the 0% to 50% range. So if you only make a 10% or 20% in 2014, is that enough? You probably need a 500K+ account for that to be worthwhile. But the Black Swan shall return at some point, maybe not this year or next, but it will return, and if you are ready you can make 1000% returns in just a few years, even by day trading.
I'm sorry but this just cannot be true. Every strat, on every asset class on every time frame? So you've used the 337 second chart for the QQQQ? Or the 37 min chart on the SPY? I don't know, I believe you tried to work many different angles but not sure you are being honest with yourself that you've exhausted everything there is to know about trading and strats.
Become a truck driver and then write a book "From Day trader to a Truck Driver" and self publish it, sell it for 29.95$. At least you will see 1000 copies and at 50% royalty, you will make 15k Put good pictures of different locations in the book based on your truck driving experience. Hopefully if the book creates enough buzz, you will appear on CNBC and you can take it from there......
LOL There must be a good subtitle to this but can't think of any edit: How about "In for the long haul"
daytrading is indeed a waste of time. I only figured it out after 2 years that swingtrading + day job is much better. day job =100k a year 10 years is 1 million swingtrading 250k*400%=1 million with 15% a year thus a day job + swingtrading nets you 1 million after just 10 years with just 15%. Iamgine if you make 30% a year with swingtrading you end up a multimillionaire. while daytrading gives you with 100% a year on 100k is also 100k a year and you cannot invest. then you end up with just 250k after 10 year.... 10 YEAR COMPARISON: swingtrading + day job = millionaire with 15% a year. daytrading = 250k with 100% a year.
Here's one for you. Scrap metal business. Honestly, if you are entrepreneurial, I think it is better to start a bona fide actual business than get involved with the trading "business". http://www.dailymail.co.uk/news/art...riving-scrap-metal-trade-makes-10bn-year.html The scrap metal millionaires: How old vacuum cleaners, cables and cars have made one man and his small army of scrappers a fortune Sydenham Scrap Metal yard in south London turns over £7million a year. Boss Michael, 31, says: 'I've no exams but I run a multi-million business'