Hi, I am just wondering isn't daytrading harder due to more noise and erratic movements? And the trader can tire out more easily due to constant staring at the screen and also from making more trading decisions. My view is that it may be easier for a newbie to look at weekly charts for a group of related markets for the main signal and use a daily chart to help enter/exit.
I read your point. Yes, it is tiring for a newcomer to watch a screen when every such amateur knows so little. But to become a winner does require the work and attention. And the confused and untutored mind of course will read much or everything on a chart as noise. Now when you have made yourself fully knowledgeable about the market you decide to daytrade then it is easy and untiring to watch the screen for a trading session. Undoubtedly there is often the belief at ET that you can place a few trades between which you can leave your mind in a fog (or you you can surf the internet) in between such trades but that is not a prescription for making yourself rich from trading.
Same with business, do you really think most turn $5k into $100k's within a few years? If you think that, you're naive. It's only a select few that do it, same with trading. How many make millions in business after five years? 1% suppose. It's called order execution management. How do you think the banks trade? Only point I agree with, but really, if the business is young (less than 3 years), you can't take any vacation. In trading you can move to another country next week, something you can never do with a business.
Unquestionably, This is something that everyone should do is experiment and see what they are good at. Trading for a living or starting own business without a primary/secondary income stream is extremely difficult. And with starting a business, it can bring some dark days. I think what you may find that you enjoy more is to get a job and then you will like trading more. Also, I would say that if you don't feel great at what you do then maybe you need to try a different trading style. But, if you are operating.. this is what I'm trying to suggest too. you are operating on a lower plane then what is required for success. There is a continuum between total frustration and defeat and optimal flow. Most of the people I see who are complaining about trading are operating toward the left of that. The really successful people manage to stay to the right of the continuum. Without knowing your situation, I feel your best bet would be to take a full time job and continue to trade but do it for fun. That will move you toward the right of the continuum. Or do it for greatness... do it for the glory. But, you need to change 100% your thinking which is difficult to do if you are trying to make a living.
Unquestionably, I forgot to mention one thing that is important, When I started a business in 1996, I was in the industry since 1995, it wasn't until 1998, almost 3-4 years of experience , did I start making 20-30k per month, by the time it was 99 I had almost 5 years of experience doing 200k per month. It came to a point where I was dominating due to my experience, u can mention one thing and I can detail you on your theory/method/bizplan/style during that time, As experience goes into the top world level, THERE IS NO COMPETITION. It takes time for this to develop. In any industry you need at least 3-4 years of experience to beat out the regulars, and you need to play it differently then the regular market participants. You mentioned 4.8 years? Thats good. continue that, keep refining your methods. Transform your methods where you can place large bets into one "VISION"... You only need to get rich once in business. Or invested once in the right stock (AAPL), The 245 failures before it won't matter if only one of your "VISIONS" (not daytrading) go into play.
By valid and verified, do you mean 'profitable'? if he had that, he wouldn't be giving up, would he? Maybe he does have a system/methodology, but it is just losing him money....
Also, the lack of discipline and/or lack of capital are keys. Overcome these obstacles and one is bound to be successful over time.