The problem isn't daytrading, per se. The problem is the failure to have the proper tools for daytrading TODAY. HFT bots have change the interday playing field, certainly. But they have not made it harder to play IF you understand HOW they play. I believe that the HFT bots, clumsy things that they are, have made it easier for us wetware-based drones. That's why I see these are the golden days of daytrading -- for the next ten-to-fifteen years, anyway, until Watson's great-great grandchildren take us all out with their superior AI. Only then will it be over.
This is the most important thing. Market behavior changes throughout the day. Lunch time is a great time for a perfectly good trader to lose a lot of money. Don't forget to eat right and get plenty of exercise. Have you done anything to work on yourself mentally?
Agree on most part. But when the time comes that Watson's great-great grandchildren join human into playing the market, you can still make money by taking the the trades in the same directions they are heading because the price action would show you that. No need to go against them, do the same as we would follow the big money movements before and today, we follow the consortium that possess the most powerful Watson with most resources/capitals and that moves market decidedly.
A penis does not make a trader. Size matters in other areas though. What would work better when dating chicks........a 1 1/2 incher pencil thin frail one or a "BIG FAT JUICY" throbbing, purple veined, soft umbrella capped hum-dinger, supported with a set of nuts that would make a Gorilla jealous? Trading is a mind game, anything to do with money messes with your mind. PERIOD!! Speaking of fashions...........OSCARS tonight. The industry that entertains us, they make heavy dollars, they have a gift to share. Love Hollywood.
In sim it make wonders. Live and sim are two completely different worlds. I have always had systems that worked in sim, but executing them is a different story.
That says a bundle. There is a difference from SIM to LIVE, but not as big a difference as you are stating above. This might be a pysch issue here and trading a time frame that isnt suited for you. Read: Trading in the zone. Ef
There are two reasons, I won't go into specifics. First, when you start discussing specifics of your strategy, you'll have a lot of inputs and start adding this and that, which is very bad. Second, because there are newbies out there thinking that a strategy is the most important thing, while it is not. They are ready to grab anything you post instead of finding something that works for them. I don't want to mislead anyone.
I agree 100% with you. All money I made I made it long term, but then I lose it when the market turns, I tend to lose focus. I had a long position at 94.25, for a long ride, then I sold it for 4 points profit! My analysis told me that 91.5 will be good support. I shorted last Friday at 1340.25, Knowing it will sank because of the close at the high on Friday and Lybia, then Sunday I sold at 39.25. I'm good at reading the market but I'm not a good trader. I hope that short term will be more profitable. I'm not scalping, I try to catch a birth of a new trend on the five minutes and ride it until weakness is apparent. Very true that sometimes, if not often, I find myself ping ponged in scalping and forgetting my strategy! This is what I'm trying to work on.
I mean this in the nicest possible way, but those are not good reasons: 1) You're afraid of receiving input on a strategy that, by your own account, is not working for you because you'll start adding elements in a willy-nilly fashion? If that is the case, it suggests discipline problems of a magnitude that may well prevent you from ever trading successfully. 2) You're afraid that newbies will see your underperforming strategy as some kind of Holy Grail? I'm sorry, the logic of this concern eludes me as well. Am I correct in my hunch that there are, in fact, other concerns at work here?
Agree 100%, at the end of day IB tells me I payed $150 or more in commission. I always end up putting between 20-50 trades!! My strategy usually gives me 2 to 4 signals a day! If I could limit my self to twice that I'll be profitable most days.