Is day trading worth it?

The problem is you respond to the nonsense posts, if you see someone taking the time to formulate an intelligent question and present it in a clear fashion, if possible with charts and annotations. those type of people merit a reply. Everyone else doing a half ass job, should learn how to ask questions to a professional, everything else, including insults and persecution, should be ignored. You have nothing to prove, anyone who is consistent with the use of TA can smell others of its kind and you my Lady, stink from a mile away

 

Then couldn't one just automate it? (take stamina, discipline and emotion out of the equation)
A good programmer could automate some of the strategies being alluded too in next to no-time

 

Here was my TA today on the Dax.
Negative 29 ticks which is better than I did on Friday.

I marked one trade I'd like comment on in the blue square.
I saw it as a pullback to a trendline breakout. Stopped me out. How dare they. Bad trade?

 

I recommend you start your own thread and continue it for many months if you need help or you want to show that day trading is worth it.

Trade Journal threads @ http://www.elitetrader.com/vb/forumdisplay.php?f=29

 

LMAO!

 

The advantage of anticipating that the breakout zone will hold as support during the pullback is that you get a real bargain entry when it works and a very small stop loss when it doesn't.

The disadvantage to this anticipatory entry method is that it fails more often than a "confirmed" hook entry method.

The price action environment surrounding this trade was not a well-defined trend, it was a wide channeling range. Because the previous low that led to the eventual UTL breakout was pretty much a double bottom, it looks like range. If it looks like a range, it's more likely than not to trade like a range, meaning any initial break out of the range is more likely than not to fail, which is what ended up happening.

So I don't think your trade was bad, but the context in which it was taken invited using a hook entry off the pullback. When price pulls back to the UTL, you trail a buy stop just above the close of each bar. That pattern sets up the "picture perfect" breakout pullback hook (which, like any setup can fail, but is less likely to). That entry method never triggered a long trade.

 

Oh but Donna, you silly goose, that's all hindsight. What would Surfer say?

Couldn't help it. Sorry.

 

Yes! It's not that easy to automate a scalping strategy, but it definitely increases the ability to trade every valid setup (no bathroom breaks, snack breaks, getting distracted by ET, etc.)

 

Well, Deebee, at the close of a nicely profitable trade a newbie once asked me, "How did you know it was going to that?" and the only answer I for him was, "I didn't."

 

Yeah. That's why I reposted your Douglas quote. Anyone who doesn't understand it will have a long row to hoe.