This post/thread is a summary of my experience in the day trading profession. I started dt in May 2002 with the hope of making it my career. I still am dt, but have not achieved the results i expected........so far. I still want to keep my dream alive ......ie; make dt my profession results as of date may 2002 - apr 2007 see attachment weakness : just 2 - greedy ( want o/n riches ) thus ignoring MM - afraid of losing money ...so no stops strenghts : excellent read of the mrkt flow, identify high probability winners, Summary : have had numerous winning months...have days where i made 20 k+ have days where i lost 25k+ ..summary says it all....the only reason i am able to trade till today is cause i'm CASH RICH....my concern is what happens when i run out of cash...its going to happen ultimately ..the way i'm trading...its just a matter of time...i have a family to feed and obligations to take care of..kids growing , keeping the wife happy,,start thinking abt my retirement .....by the way i'm 40 yrs old Starting MONDAY - MAY 14 2007 - i have a new Business plan that incorporates a SWOT analysis. I pledge to be a disciplined trader..trading only as per my daily trading plan within the mm parameters as stated in the biz plan.... This journal is meant to be a means by which monitor my day to day trading results. I will post my daily p&l statement and my trading summary. I know this thread may not be of use to anyone and may sound selfish ...but i'm willing to reply to sensible queries
if you have the ability to identify high probability setups, then you have a mathematical edge, where over time you will make money, but your p/l doesn't show this. the trade setups will probably consist of an entry, and exit, and position sizing method. considering these things, do you still feel as if you have an edge?
Yes i agree, youll probably be broke, divorced and homeless when the cash finally runs out. And youll probably end up blowing your own brains out too. Stop trading (gambling!), take what money you have left and go start some other business while you still can.
As you can already notice, you will read a lot of criticism about you here. It's going to be a tough thread to read but accepting criticism is important. Many people here start similar thread but after they get demolished, they tell the moderators to close the thread. It's a classic sign of a loser. I don't think you are a loser. You sucked so far on many accounts but I see that you have persistence, dedication and you are definitely not a quitter. Scratch everything you know and find a mentor that can teach you the foundations and keep you on track. Welcome to ET.
well ur 40 years old. it all depends on ur net worth. if ur worth 1mill+, dont risk more than 50K to give it a try. 50K is a lot to trade to make a living off of. If you blow up ur account, it would be better you not tap into ur other savings to trade. start another savings account just for trading.
If those are really your PnL over 5 years, then you need to stop gambling w/ the market. Because you're obviously a losing trader (gambler) if that is what you have to show for 5 years of DTing.