I like the Market Wizards books. The key thing I took away from them is this: Most of the "wizards" waited for perfect opportunities to trade where they were 99.9999% certain they could win. The "wizards" built up their capital making maybe 5-10 trades per year. Contrast that with the average new trader who probably makes 5-10 trades per week. And the losing trader who makes 5-10 trades per day. Day trading is the worst way to get started in trading. The longer the timeframe that you trade on, the higher the chances of profit. I bet a lot of you are good poker players. If there were no blinds then everyone would sit around and wait until they were dealt an ace pair to play. This is how trading is. You don't lose anything if you don't trade. So sit tight and wait for your ace pair.
There is a reason why people daytrade. Trading 5-10 times a year will simply not compound returns fast enough to make a decent living from trading, unless you are already retired or have tons of dough to begin with. What you are describing is investing and not suitable for this forum which caters to active traders.
no, the reason they daytrade is, they don't have enough money to hold overnight plus, in the old days, the opening was the most risky time of the day that no longer applies
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Not another "I failed as a trader, therefore it's impossible for anyone else to be consistently profitable" thread!!! The fact you even think in that way is an indication that your analytic / logical skills are too crude to become a successful trader.
The OP's points should be more carefully considered than the lame responses posted on this thread. Pearls before swine. Anyone with more than a couple years experience would recognize the wisdom of his comments. This is especially true in regards to lost opportunity. For 99.99% of aspiring traders, time and treasure would be much better spent on furthering a career or education.
well, if you are going to go that route, I should have just done what my Mother and Father said I should do. Or for that matter, all my teachers and all grownups. thing is they wanted me to be sucessful I wanted to be happy Hard to go to the grocery store and explain to them you can't pay because you are happy rather than sucessful now I am happy Happier than a pig in shit Hey brother, can you spare a dime? I got a little happy last night and lost my wallet