That's just what I mean, too many people just think about being in the markets actively trading as working. There is so much "off the ball" work required to become successful. Yes screen time is a good portion of it, but there is much more that makes CONSISTANT SUCCESSFUL TRADING a full time job. I rarely daytrade, but I am easily in my home office 36 - 50 hours per week.
Best of luck to you man. My prediction, however, is that one year from now you are gonna be banging your head against the wall and wailing why o why did you give up the IT career. I have heard this story play out many times. There's no 'corner' of profitability to turn in trading. Traders who are making money love to think there is, of course. But traders massively underestimate the role of dumb random chance in trading results. Out of all the stupid decisions, giving up a good job to trade full time (especially that commission hungry daytrading) has got to be near the top of the list. The fact that you 'love the markets' doesn't really change this much. (Drug addicts love shooting up too, but their passion for what they do doesn't prevent them from destroying themselves.)
Actually, you couldn't be more wrong spect8or ... and for the opposite of all the reasons that you just posted, too. While spect8or may not have put the pieces of sucessful trading together, by reversing what he is saying, you [the reader] will have a few more additional clues to do so. Best Regards, Jimmy Jam
Which reasons have I posted? That traders massively underestimate the role of chance in trading results is the only reason I can see that I posted. Do you deny that it's true? That if you asked 100 traders, who currently regard themselves as profitable, if their profitability is due to their skill or to luck that virtually every one of them wouldn't claim it was skill?
No harm no foul bro. But it is possible to succeed as an intra-day trader, and you have listed the reverse of just a few of the rules/principles/concepts required to do so. Regards, JJ
The more I think about it, the more I think this statement is correct. Luck is a very big part of profitability. But if you really think about life in general--You could be doing all the right things and if "bad luck" is on your side you will fail. This being said, I rather be called lucky than skillfull any time.
Of course random chance plays a role in life. (In fact, philosophically, you could (not that I do) plausibly argue that random chance decides everything.) And yes, sometimes you can do 'everything' right and yet still fail. Even fail more miserably than someone who was apparently doing everything wrong. In trading, for example, anyone that has run 'Monte Carlo' simulations should be able to tell you that you it's possible to go broke trading even a great system (possible, though not very likely). None of this justifies just sitting on your butt and doing nothing with your life, on the justification that if you are lucky, good things will happen to you regardless of what you do, of course. But an appreciation, I think, that chance sometimes plays an influential role can make us a little more humble. That's not a bad thing, is it?