I have been day trading for about 5 months and have reached the point where I now make just a little bit. I am looking for an effective coach or website that can teach me to be highly profitable. Can anyone recommend a coach or website that provides good education and that also has a verifiable track record of profitability? Even if the coach or site just shows a few months of profitable statements, that would be fine. In my experience, most of the sites that claim to make money do not when they are scrutinized under fair and objective standards.
What instrument/s do you want to trade? How much time per day? Scalping? Swing trading? Profitability expectations (%peryear) ? Details would help.
Thank you for responding. I day trade. I want to make 100 to 150% per year on my day trading account. I am told that is not that high for skilled day traders.
.....you also asked what I trade. I day trade the SPY, XLE, IWM and some stocks when they are in trend with the SPY.
Year after year? LOL, not THAT high? Ok... $100k becomes over $100,000,000.00 at 100% returns each year for 10 years. I would consider that quite high.
ScapGF, those returns are possible. I know people who get them. Go to Coiledmarkets.com. The head trader there claims better returns. The issue you raise, that it's impossible to sustain such returns is correct. Once you get a $100,000 account above a certain amount, which is some where between $500K and $1M, then you cannot sustain that return because your size becomes to big in each vehicle. You can trade forex but you will have substantially fewer trades each day or week so the returns still fall significantly.
Forex daily turnover is now well over $3T. A $1,000,000.00 or $10,000,000.00 could easily be traded on the interbank market. So in that sense I don't see why you would have to limit the amount of trades you make per day assuming the leverage isn't in the stratosphere.
<i>"ScapGF, those returns are possible. I know people who get them. Go to Coiledmarkets.com. The head trader there claims better returns."</i> Like hell he does. I had one lone beer over dinner... you must have had the other eleven in that twelve-pack. First of all, starting 17 threads asking the same thing in this public forum is just trolling for trouble. Not gonna bite. Secondly, no one with a smattering of honesty will tell anyone that trading is easy, a path to quick success or riches. I'm one of many that has always told everyone who will half-listen that this profession takes more time, effort, patience, discipline, patience, discipline and dedication than most are willing to give. I'd opine that includes the OP at head of list. Happy trolling with your fresh ET alias
5 months is a JOKE pal, you haven't seen enough mini mkt cycles to determine you've "made it" yet. Come back in a year and if you are making money consistently, you'll have more cred