I day trade but have never made big money (consistently overtime) when day trading, I have niether lost big money but looking at my results over a 5/7 year period the real winner is the broker. It seems I work for him on day trades. I position/swing trade I'm consistent in making big money but to have the patience to wait for the right trade I feel I must day trade in the meantime. Question is for a full time swing/position trader who makes his living in the markets in solitude - How does one kill the day trading urge or rather get rid of the boredom factor? I have tried everything under the sun or moon, gym, TV, kung -fu, ET, bhudha but the minute I switch on that computer I start firing away day trades - they have done nothing more than keep me amused.
Computer games, They stimulate the same part of the brain, so should be a good substitue. If you play online against other people it can reduce the solitude aspect too. You are who you are so there's no point trying to change you. May as well find the next best thing.
Learn how to algorithmize your trading ideas and then backtest them. That will put you on the road to sanity because you'll know what works and won't be guessing impulsively.
Well, If you are successfull in Swing/ position trade, then there is no NEED to KILL the bug. Just give it small TEEth to bite you. Your problem is not daytrading itself, but your style. If you size down and I mean really down from 1000 shares to 10-20 and fire these bad boys, you will stay amused and get to see why you r loosing. Intraday chart is just a ZOOMed out Interday chart. Think about that for a second. Its just god damn price action. Its just too damn fast for your STYLE. so Tame it.
Thanks guys - the reality is that the day trading system I have developed if followed with discipline its an absolute winner but once I take a position I lose my head watching the fluctuations up/down like a yoyo. But when long term trading Im the exact opposite I don't flinch a muscle until its time to do so. Its really intriguing to have such a split personality, no matter what I have tried when day trading I make the same mistakes day in day out even if I vow not to. But long term Im like a disciplined soldier following orders. Maybe I will try some of your suggestions becuase it gets boring waiting either to enter or exit long term trades.
Congrats on finding a winning swing/longer term system,, just keep adding size and that should take a lot of your attention,,lol.. BUt also,, you still got a little excitement-bug from the rookie days in you. When we all started, we couldnt wait to "get busy", you still feel you should be active or busy. So just perfect some little intraday system and crank it our with 2-3 contracts or some shares. . Another idea, is to build a another comparable winning swing system. EF
OK, here is how you break your habit. Get yourself a large button that will close a circuit when depressed. (similar to those used by the contestants on jeopardy). Hook one side of the button circuit to your house wiring (a wall plug will do) and run leads from the other side to your trading chair. Place the leads under the seat, one on each side. Now, when ever you enter a day-trade immediately hit that button. I guarantee that your are just two more day-trades away from breaking your habit. :eek: :eek: