man, that is so true. "if you build it, they will come" amen to that kinda like now with computers and all this charting software that's out there for like $100/month, it seems like everybody who trades these electronic markets looks at charts or has some fancy, technical strategy behind it...i mean, sh!t - i saw a tradestation commercial on bloomberg TV this morning...i hardly ever turn on BTV, but the last time i did it was the "I'm a scalper!" commercial for rjt.com, and now we have tradestation for the masses... this business has come a long way... just my thoughts...
Account: $30k base at all times. 120K intraday buying power. Trades Jan 7th, 2003 PST NQ E-mini 1-contract 8:47 L 1065 8:55 S 1067 +2.0 9:04 L 1073 9:09 S 1078 +5.0 9:15 L 1079 9:18 S 1077.50 -1.5 9:18 S 1077.50 9:33 C 1069 +8.5 9:34 S 1067 9:41 C 1069 -2.0 9:46 S 1068.50 9:58 C 1061 +7.5 9:59 L 1061.50 1100 S 1072.50 +9.0 12:54 L 1077 13:12 S 1081 +4.0 14:22 S 1075.50 14:43 C 1070.50 +5.0 Total: 37.5 pts. $750 -before tax/ comms. I'd say trading the market these days CAN be very profitable for those that know what they are doing. best- momo
Great - but I see you are trading E-mini's not NYSE or NASDAQ stocks which my post is all about. Would you feel the same way if you were limited to Daytrading NASDAQ or NYSE?
in a word.. daytrading is stocks is simply not worth it. If you can get decent job paying 70+, then take it. However its a different story if you want to daytrade the minis. Less bs, more margin.. its like the old dot com days.
"Total: 37.5 pts. $750 -before tax/ comms." thats a super day considering there was not an incredible amount of movement compared to today and monday were you profitable monday and today so far ? its ok if you do not reply ...
I think that has hit a lot of the people recently who have been able to make money in the current market. They are able to pay the bills and some are able to still afford nice lifestyles, but they are not currently making the type of money that would make someone rich. Some of the people that I know that were raking it in for 4 months suddenly hit a wall and would go months of losing because they would not change. So making bill paying money is great if we are getting thru a rough period in the market but kind of scary unless you have a cushion because you never know when the slump comes.
Today we're witnessing large moves in both Nazi and Dow...however, it seems individual stocks are not moving much?! AOL 14.00 -0.16 C 36.79 -0.19 CSCO 14.60 â 0.00 DELL 28.36 -0.29 DJ 44.10 -0.86 GE 25.53 -0.37 HPQ 20.10 0.15 IBM 84.70 -1.30 INTC 16.74 -0.62 KO 44.14 -0.22 MSFT 54.58 -1.22 NOK 15.71 -0.91 ORCL 12.24 -0.45 PFE 30.93 -0.70 QQQ 26.07 -0.58 T 27.48 0.47 WMT 50.39 -0.07 XOM 34.97 -0.18 YHOO 18.83 -0.32
I made 1200 % on my acct in 2000 however last 2 yrs I have only made 40 % on my acct so I would almost agree with you that daytrading is much tougher now I am trying to adapt and learn new tricks as the returns I made almost risk free in 2000 doing arb are probably never going to return again based on the current rules and consolidation of ecns
Tat- I take equilavent positions in the QQQ when I take a positon in the NQ. Typically, 1,000 shares in the underlying asset, as I take a position first in the Futures. If you are Day trading individual stocks in this market......just keep pulling the trigger on the gun pointed to your head. Eventually, you'll get to the chamber with the bullet. FWIW, don't waste your time on stocks. There is much more money to be made CONSISTENTLY in the Futures market. Do some simple math for yourself and track the spreads. You'll quickly see that the liquidity of the NQ or ES for that matter will speak for itself. -momo
Thanks for the informative reply Seth! Question - are you strictly Daytrading Stocks or are you trading over a longer horizon, and trading other instruments/markets? Could you envision starting out at a Prop firm in this market with say, $30 to $50k buying power and make a living if all you had to trade was the NAS or NYSE ?