Been in this game for over 25years and yes we made money day trading back in the 90's but that was as a floor trader seeing real life bid offer in the pits . We scalped and won because we could see the big orders coming through from the brokers on the phone. In todays world Day traders might have a lucky year and show a net positive result in a year but year on year they will lose. Fact is no day trader can sustain profits year on year. I have seen traders who have a had a few year lucky streaks only to lose everything they had amassed over the year and some more in a year. Unless you are a bot you are NOT going to beat the market day trading. If you are a day trader stop the gambling today and either go long term or if you still fill like gambling then go to Vegas where you will have more success.
Do you think the fact that you spent 25 years doing it the easy way means that it's no longer possible?
Well you my fine sir are very wrong. This forum is packed with traders that could show you systems, methods and formulas that'll make your little peanut head spin.
What you said has some valid point. And I wouldn't disagree with that. Day trading is definitely not for Tom Dick Harry. But then since you have been trading for over 25 years, why only TWO posts ?!?!?
I disagree. In the 0 commission environment where you just pay regulatory fees you can easily martingale and make an easy buck - imo. I haven't daytraded in the 90s but with the whole 0 commission I'd say it's easier than ever (with good capital). It's not likely that you pick the wrong direction 20 times in a row and with portfolio margin and/or futures all you need to do it trade SPY (random direction), martingale on 10 cents up or down against you, re-pick the direction (randomly) and do that until you're green.
What I have been saying all along. Trading is still valid. My boys still making money. Eg Goldman Sachs traders. You just need to get on the same page. Now if a trade turns out to be intra day. That’s fine. But to pigeon hole oneself. -‘I never carry overnight’. That’s based on fear and ignorance.
I think you should read this as "I have no plan to carry overnight". I have both intraday and weekly positions, but did not hold weekly positions until I had a plan on how to deal with them.