Unless a trader is daytrading or is a financial advisor, broker etc.,,there is no reason to quit your dayjob. What are the number one rules of daytrading and strategies. Daytrading tactics...I'ms still amazed at the bad rep that daytrading has by some people and the media. daytraders usually don't invest cause they account size is too small to invest. can't make living investing with less than $200,000 or live off your investments with less than $300,000 to quit daytrading. a good career daytraders should make at least $10,000/month anthing less find another career that has benefits and pensions cause this job doesn't and has not for long term. A good daytrader should have enough so he doesn't need to daytrade.
I think that many people fail at the development phase. It would be nice to see if some one knew why This system was made in 10 hours while waiting for Tech support to fix 2 issues on my platform. Both of the issues led to the development of this system. SYSTEM RULES: 1. Point 1 and 3 are noted WHEN THEY OCCUR 2. Point 2 is added AFTER point 3 occurs and is noted. 3. Point 1 and 2 occur under the boundary of the old trend line. 4. FTT's (Failure to touch the upper trend line) are only valid if they occur AFTER a point 3 has been identified 5. If ever a trend line is broken before a new point 1 is found we exit 6.... RULES FOR MAKING A DAY TRADING STRATEGY: 1. Make sure your system works (back test) 2. Don't use future information in back testing. (This would be like placing a buy order at point 2 (Point 2 is only noted AFTER point 3). 3. Make sure you know the limits of your platform 4. (Witnessed here, it will plague you for life !) 5..
Oh man, not another one of these insecure noobs with the tone that they know something when they are looking for confirmation/support.
Lol, cute. I was actually trying to show a point of a pitfall many have. I deemed the system a failure, not because of the obvious untradable last channel. But for another reason. But in a way your kind right, maybe the system does work ??
I know daytraders that trade with propfirm, 10:1 leverage as low as 5.000 or 10.000, and they make between 4K to 10K per month. www.bullsonwallstreet.com and their 16 trading bootcamp do it consistently
I really don't think your odds are better than 50/50 today unless you have a proven and tested system in these markets. For any one that current "micro scalps" any top nyse stocks (i.e. things like Citi) ill attest to this. HFT brings a tremendous amount of noise to the market On a more positive note.... Gaps in the morning and trading etfs on momentum based on the close And no technical analysis will not help you