This site is full of wanna-bes. 9 years (3 of which were trading). Finally in the black for about a year now. And i'd give everything I have to never have ever gotten into this game. It's a waste of a life IMO. FEW daytraders ever become profitable and that's all there is to it.
2 hrs of work and off to play, I should have done this 20 yrs ago. I am having the best time of my life and thank my lucky stars everyday.
Even if it is the high end of your statement.......60k, that is $250 per day, which is not rich by any stretch, but alot more than the average working....man/woman, based on todays standards. Like German Trader said.............I'll take $250 a day(which again is peanuts, given the business we are all in) and be free, than to be a slave.
freedom in trading is a myth. To make sure you won't miss a "good one", you have to take them all. Absolutely all of them. And you're a slave. (it's somewhat different for very high probablility scalp, but necessary executions speed +low fees are unattainable for individuals)
"I still have to know a daytrader who makes money in the long run..." Then the problem is you and your attitude. Look no further than yourself. I have pretty much retired from posting on ET with regard to trading because the trading threads by and large are moribund for one reason and that is the notion of acceptable risk. Most ETers will proclaim that they know and understand risk while simultaneously discussing and defending trivial aspects such as scaling, indicators, price action etc etc. This pattern of behaviour does not make any sense and it comes about because the desire to avoid financial risk is so deeply embedded, that the host is unaware that they are indeed the carrier. It is the sole reason for the existence of this thread and so many more just like this one. You may say to yourself "but I whitewater raft or sky dive". This is not the same thing. Some may say that trading is all about greed and fear. But greed is one face of fear and so in one stroke a noobie enters the lion cage without any notion of risk and therefore protection. No wonder people become paralysed and vent their frustrations and self pity on ET. If you really want to unlock the secret to trading profitably on a continual basis you must first unlock the secret to risk. One guess as to where you will find the answer. regards f9
OK this tread is pretty meaningless but it does highlight an important fact: day trading is beyond tough and most will not make it. This is a fact period. Look at the stats, becoming a successfull full time day trader as your career is close to the equivalent of making it into the big leagues. People make it all the time, just not a lot. Out of all the traders I knew, and I knew hundreds of some of the most profitable (7 figure type) traders out there, I know of only a handful still chugging along and the only reason they are still in it is because they had such a cushion built up. I loved almost every moment of trading, the freedom, the money, but working for the man with a steady salary isn't a fraction as bad as I had envisioned. Now go get em.
I certainly agree that the majority of daytraders lose money. Very few potentially lucrative careers are 'easy' to master. If it <i>were</i> simple to become a successful daytrader, then the rewards (and potential income) for the successful would be much less. That said, I know many, many traders that have been consistently successful daytraders for 5+ years. I have met most of them through ET, but they are not the ones that make many posts per day, or boast of huge daily profits. The best traders I know tend to be humble, and play down their successes, realizing the overconfidence tends to preceed failure. I am also not aware of a single successful trading acquaintance that has 'blown out' their account in the past 5+ years. Typically, this is not a trait of a successful trader (i.e. poor risk management). Instead, I have seen some formerly consistently successful traders encounter difficulty adjusting to changing market conditions and new regulations, resulting in the temporary loss of their trading edge. When this happens, they tend to size down their trading quickly to minimize losses. A few have changed careers, but most were able to eventually adapt and continue with their successful trading career. To summarize, consistently successful daytrading is not an easy endeavor, and it never will be. However, successful daytraders are definitely not an endangered species, either.