%% Another part of the pattern, comagnum; average hit [win] rate is 20% . some do better with picking shots, but a live game bird cant really be predicted LOL I just read about a girl; but she started @ 7 or 8 years. She hits high 90%[clay targets]+, but that is the gold+ silver several times Olympic champion. It's more than a mental thing. She enjoys it, the Olympic gold + silver champion, but does practice [shoot/train]500 times per day; i dont want to move THAT much, unless its on a game bird field in Argentina,LOL.
Well said mate! Trading is also a mental game with a lot of practice needed to be successful whether a day or a swing trader. Trading psychology plays as important part as trading strategy.
I'd say it's difficult heading in the direction of impossible in the future. I don't agree that most jobs are as difficult for the simple fact that in those jobs, if you study, follow every rule and are extremely focused then you will be alright. In trading, all your studying and focus means jack schitt when your methods have become obsolete.
I'd say difficult and if you can't beat stock market returns after losing your alloted stake (of time and maybe money) then stop doing it until you can and by a margin that makes it worth it to you.
%% Another problem with some trading/investing+ with me it was much worse in day trading. In my typing class, i noticed about 80% or 95 % typed faster than me; + the typing teacher did not seem to enjoy the nickname ''turtle'' or turtle trends . iF ONLY IT WAS WORDS PER 20 DAYS +....; she insisted on words per minute LOL-LOL
It depends what you day trade, how much you pay in commission versus spread and whether you use a proven method. This is not an area for too much experimentation. Either you have a low cost working setup or not.
%% Most seem fairly negative, on day trading@ least on this section.I still like the day trading book, in spite of the daytrading info; Market Makers Edge, believe it or not LOL [Joshua Lukeman,MS Market Maker].He showed the curious[CHART] nickname = ''dead cat bounce.......'' Plus PLENTY OF 6 MONTH charts + wise words.
Thanks for a thread which is refreshingly cerebral without the usual ET combative tone. Hopefully, with respect to the OP, I will admit that I have strong opinions based on years of trading and study. Surprisingly, a study of Game Theory and Gambling is what led to my becoming proficient at Day Trading. Systematic application of rules that "must work", due to statistical certainty, is key -- along with practice until rules become habitual. Conclusion: DayTrading may be consistently profitable and while difficult is is not impossible. The best background tor success is mastery of heads-up poker, as opposed to tournament poker, chess (timed), and bridge masters. Holding a Black Belt Karate designation may be a plus. Proper health and meditation practice are also important to consistency.
I very strongly suspect that very few people who are actually making a living from (almost any type of) trading would disagree with this conclusion.
I would often say the same thing to people I meet in person or online but I really didn't understand the importance of my own words until the 4th quarter of 2016 when I became ill from the pneumonia that almost killed me. Maybe that's the reason why whenever I said it prior to late last year...I always felt people didn't believe it or were willing to debate about the psychological aspect of day trading. I just didn't understand why so many focus 100% on their trade methods and then put very little effort in maintaining the health of their mind, body, proper eating habits, proper environment at home and so on to help to succeed... In fact, I got a first hand real experience thru my own health scare in the 4th quarter last year and I've had some difficulties to get back into trading afterwards but am now starting to put the pieces together again. Day trading is tough and I now fully understand my own words about such the past many years because of first hand experience about the healthy body aspect and its impact on the mind or vice versa when an unhealthy mind has negative impact on the body. Oddly, I had prior indirect experience when my own man whom worked on the exchange as a floor trader when I was a little kid. He had to quit his job because of stress and a heart attack...it was just too stressful. Later on he became an auditor for the FED. My point is that we only have a chance if we are healthy mentally and physically. If we are not that (one or the other)...this thing call day trading is impossible. So yeah, the psychological aspects of trading are extremely important because it does impact our health or make it difficult to overcome health problems due to another reason. Day trading is tough and having a black belt in martial arts is not enough. Just like someone having experience at an elite level of being a rower, boxer or military soldier or whatever. This is the reason why people began saying about 50 years ago that "trading can not be taught". They weren't talking about trade methods...they were talking about the psychological demands of the game. Part of the reason why its so tough is because some things just can't be taught...it can only be learned on your own such as the psychological aspect. You can't learn it from a forum, chat room, stranger on the street...its screen time or self learned. You have to actually have real trading experiences to understand. Its the single most important reason why some traders are profitable on a simulator but get consistent losses when they traverse to real money trading. We have tons of journals litter like that here at Elitetrader.com...traders profitable on simulator but not profitable with real money while using the exact same trade method. Its all the psychological pressure, stress, fear, greed, revenge, anger or whatever you want to call it...its the mental game. Therefore, put just as much effort in having a healthy mind and healthy body. If not, day trading will exploit you (negatively) financially or worst.