I liked this brain wave to, sorts out some issues of my own, started doing this in sim (have kids) looking promising, no fixed TP, will post a chart when I'm home, looks easy. Just stop out of slow markets.
I've looked into to this for many years. I've come to the conclusion that once you find a strategy that works, it all goes out the window once markets gets choppy again. In other words, we are wasting our time. This whole website is nothing but a marketing machine financially fueled by brokers and a bunch of wannabes. If it there was really a way to constantly profit daytrading, then we would hear about hedge funds killing it every single year. They employ the brightest of the brightest, they have the capital to afford the best computers out there, but we never hear of them doubling their money every year, they actually also have losing years, yet we are so naive to think we will find a way to constantly make money with this. Geez, even the turtle traders gave up once trends started becoming less frequent, and they were the legends ! The only few successful traders that really made it are the ones that had an edge back in the day because only a few people had charts, a computer and Level 2. Now everyone is looking at the same thing therefore that edge is long gone. While it does not sound sexy at all, Bogle is damn right when he says we should just "buy the damn index" for the long run LOL. After all, Buffett made it without placing a single daytrade in his entire life.
My plan above, I've been trading similar for a while actually world's all enough in chop and trend, better in trend. This is the main thing that works I've got to focus on, keep missing due to it reverse to quickly, don't like testing of limits cause you will get moves going straight through straight to SL ofcourse, but needs must.
Vanguard and Bogle are right for some people, but not for everyone. Blindly following what is probably an overvalued index (however i expect the sp500 to go to 3000 within a couple of years) could possibly be the worst thing financially you could do to the average person.
Answers and rebuffs to the points raised: 1. Your conclusion is absolutely correct, for you that is. 2. You are wasting your time, correct. 3. Bunch of wannabes - what is wrong with that? you have to have desire to do something. 4. Quite a few hedge funds 'kill it every year' or at least have done so over decades. 5. Hedge funds do not necessarily employ the brightest and the best 6. Not all the turtle traders have given up, those remaining are doing well 6a (what have turtle traders have to do with day trading btw?) 7. How do you know everyone is looking at the same thing? Bet u a million no-one is looking at what i'm looking at. 8. Buffett has done many short term trades, might not have been day trades, but otoh he hasn't bought the S&P 500 index for 40 years either.
LOL really ???? Even though it has historically returned close to 12% per year, while 99% of DYI traders constantly lose money and pay a bunch of commissions while looking for the holy grail that does not exist ?
the s&p (or dow) has had plenty of losing years, lost about 90% in the 1929-32 era and has had plenty of 50%+ drawdowns. if this current bull market were to drop by 50% (i don't think it will), how will you be comforting the poor granny who just lost half her life savings and has no time (literally) to wait for decades for the market to recover?
Really ??? So we are comparing the avg 10-15 yr track record of an Hedge Fund (that's how long they all last on avg) to the 100 yr track record of the market ? And by killing it, what do you mean ? 20% avg per year, excluding the ones plagued with insider trading ? Because while that would be absolutely respectable, it does not explain why the best of the best are still unable to constantly double their money. Yet the whole vibe here is that you can make a living at this "trading thing". Not to mention that hedge fund performance tracking is as shady as can be ("the fund returned 40% this year, according to a client who wants to remain anonymous" LOL) And I guarantee you, that the well capitalized Hedge Funds, do indeed employ only the brightest people, and they do have unlimited capital to spend on computers and equipment, yet they still do have losing years.
Ypur problem is that you have been wasting time looking for the holy grail when you could have just come on here years ago and asked if there was such a thing to which someone would have told you no there is not. You would have stopped then, but no, you come on now, andstate your amazing discovery , that there is no holy grail! Hell, we already knew that!!