Being larger on correct moves as a day trader is difficult at best due to limitations of the day's range keeping the adds requirement to be quicker after the initial position. Often day trading will not allow more than one add if any add at all. Often too the profit side gets taken off sooner, restricting the range even more. In day trading when the last trade is made, you expect to be out of your positions. You are letting the clock decide if you win or lose. That to me is a restriction.
Did you author this if so how would one know you from an imposter? either way I learned a ton from this one of the all time great trading quotes in there imho.... http://www.webtrading.com/phantom/preface.htm
Thread Topic: Is day trading worth it? My Reply: Yes, very very much, if you can crack it. Most people can't. If successful, can definitely make 500k a year, as evident from top day traders at day trading firms. Success rate probably 1 in 200 or 400. Took me 4 years and losing >70k before I cracked it. But some people are way more organized than I was, for them I think it can be learned and cracked within 2 years and losing probably way less... e.g. losing like 20-30k. Building processes and employing sim trading and automation is the key to success. ALSO, WORKING OUT OF AN OFFICE WITH A COLLEAGUE RATHER THAN TRYING TO HACK IT OUT OF HOME IS KEY.
This is a very sensble and succinct post. In the past, It was even smpler before the PC or copiers were invented. Then position trading stood in for today's intraday trading. Schwager, Covell, etc have missed out on the key facets of how what can happen actually happens. To make 500K a year takes about 5 ES e mini contracts and sweeping the account once a week to put the 500K aside during a given year. There is little or no chance people looking for such traders will be able to meet them anywhere. I remember when marketsurfer met one; he didn't know it happened either. I have met a dozen or so such traders. The common aspect we each recognize immediately is that we all know immediately we are talking to such a trader. Schwager has never mentioned any of these people. I have, however.
Few questions : - why a weekly sweep of the profits , and why not a daily one? - what percentage do you leave in the account or do you take all the profits? - sweeping and compounding : do you leave compounding out of the window for say one year?