Sounds like my future. Graduating with comp. engineering degree in May, already have some money saved up to daytrade... Then I end up with same story as you?
Trade an always in, EOD trend following strategy. Diversify across at least 5 markets. Use good money management (look at Ryan Jones' stuff). And in 10 years you'll be rich and be able to give up your day job and be a trader again.
Bonds might be a little risky until the next FOMC news regarding interest rates. The next month's employment data might further increase uncertainty of imminent rate hike if it shows a very good new jobs creation number - never mind the unemployment rate.
Take complete break from trading for at least 6 months. You probably have psychological, and financial scars to recover from. Also, rethink your trading strategy !!! It works ... I'm a living witness.
I think you made the right move. You definitely should give yourself more than 12 months trading whatever the financial instrument.
I am curious about this comment. From one perspective, you are implying that if one instrument does not work then switch to another as it will be a lot easier to trade. If someone is learning to trade, why would switching instruments offer this trader an edge? Is that to say that if you are not making it as a trader you must be trading the wrong instrument? I am sure that is not what you are implying. Now to the real question. Assuming that one is a successful trader (not losing money), why are currencies a better trading instrument than ES? I dont know much about them but would be interested to hear some opinions. I switched from ES to YM this year and I find that YM suits my personality type better and my trading statistics YM to ES are much better. That is not to say that YM is easier to trade than ES but in my case, I like YM better.
oh geez, how could he have missed that!?!? it's so obvious, really. when's the next "something is going to happen in the market" time, wally?
I feel your pain, Fan. I tried the day trading path a while back with no success.... After our daughter was born about a year ago, I decided to stay home with her for her first six months so we wouldn't have to put her into daycare too early. I decided during this time to try the ES day trading route. I,m the type of person who HATES to lose money.I found myself getting bent out of shape over a losing position of a half point on one contract. I couldn't take sitting in front of the computer staring at quotes for hours at a time. It made me an emotional wreck. I finally went back to swing trading bonds and currencies and am doing well again. My point is this: perhaps you (like myself) aren't a day trader by nature. Day trading takes a special type of person, a person that I am not. If you're set on day trading, then you may want to try bonds as mentioned earlier. If I were to try agian, that's the direction I would take. Good luck.
amen. very similar thing happened to me (went from intra to interday) when the volatility died and was much happier & far more profitable.