The "many people" you refer to are ignorant new traders who have zero discipline and are trading a non-existent edge. However, if you've taken the time to read the OP's prior posts, he seems to have a "system" that is net positive. You're comparing apples to oranges. I know a couple of prop traders who now trade with a retail broker using 4 x margin. They're netting more than they used to trading prop.
fair 'nuf; i do research each night for stocks that are on my 'watch all day' list, and then if there's setups with (no news / certain technicals / volume), i'll take the trade. just one question, then, if you don't mind - how did you take such a big hit? i know when i do, i'm breaking my rules, either for size or entry points... or was your big down day just a sort of black swan?
Thanx! I should clarify: I'm still way up on my career... but nearly all of it came from the golden age (1998-2000). "Make 100 grand, and then lose it right back" <b><i>is</b></i> a reasonable way to describe how things have been going for me lately. But I shouldn't be hijacking someone else's thread. Congrats and peace out.
Gaj, My method is one that I realize most will not be able to realize because roughly 50% of the days are down days with some big down days as well. I am sure that many if not all would stop trading if they had 3 down days in a row for $7500. I realize from reading other posts on ET that there are many younger folks on here who are spoiled and want something for nothing and want success now and every single day. I guess I am getting older and can talk about the older generation like its mine when I say us old timers know what its like to work hard for a living and can take our licks. Anyways, my post was not to get into the nitty gritty but one to just say "hey, wow, I had an awesome day and am happy about it when they come." peace.
Congrats, traderich. That's an awesome day any way you look at it. Regarding your 8k loss, what stock(s) hurt you the most that day? Just curious. Good trading and hope you have more 11k up days in the future.
I guess it's pretty obvious how he did it. Looking at the stocks, and what he posted in another thread, it's obvious he buy's stocks that are moving up most in the morning (10am-11am) - perhaps with some filtering criteria, takes them to the end of day if he is making a profit, and stopping out on all if he is down a certain amount (He was probably not stopping out when he lost 8K). In a strong-trending market like we have now, it is likely to be very profitable strategy. He would need to be smarter though when the tide turns.