Lowering capital gains too? Why would you? Otherwise how do you focus on cap gains by setting and forgetting. More like hope and pray.
Basically, if your rich enough to set and forget then your likely rich enough to not need the $$'s or the chance of making huge $$'s. So basically his advice is become RICH by likely having a rich family or maybe marrying into a rich family. For the rest of us dream chasers, intraday is definately where it is at, lets ROCK ON!!
He's just a troll or a shill. i offer him help, point out the flaws in his arguments and all he can do is reply with threats and insults. I'll put him on ignore, you guys can waste time with him if you want.
Assuming we are all in our early 30s, I know with absolute certainty that by the age of 60 I'll have accumulated more $ than any of you by simply value cost averaging every month in a low cost index etf, while you guys wasted all your years throwing $ in active strategies and insane amount of commish. Out of all of my clients, the ones with the most millions are the ones who through the years have kept it ridiculously simple, traded the least and avoided capital gains as much as possible. I know that as a concept it is totally foreign to you and I can't blame you because I was once as naive as you are now, and I know that none of you will change strategy as a result of my postings. That does not mean however that I have to be placed on a cross for discussing the benefits of longterm index investing LOL.
Because I have all the rights in the world to give my opinion to the OP who is desperately looking for the perfect r:r ratio that simply does not exist. It is a futile search, a dog chasing its tail. No to mention, insanely expensive.
In your opinion, which can ofcourse be wrong and is, as i scalp succesfully. OP if you add him to your ignore list it will possibly stop him posting here. Is this EJ ?
My little scalpy method is working quite well today, not just using my 6 rules, but the 6 rule on it's own on a day like today looks fairly profitable.
Appreciate your well meaning advice to our fellow traders but calling it a mirage/illusion is simply not true at all. Making money in daytrading ES, FDAX, Z or CL are very doable these days compared to five or ten years ago - the commissions have gone down so much, the datafeeds are more reliable and then there are a few off-the-shelf softwares (Multicharts, Ninjatrader...) that are getting better and better. Whether you trade the DOM or develop your own algo., if you are willing to put in the time, you'll find the edge and will make you money in the long run (provided that you have the patience and the discipline and are also well-capitalized).
I hear you, however many would argue that 5 to 10 yrs ago it was actually easier to daytrade compared to today. Many prop trading firms have shut down in the last few years, blaming low volatility and HFTs constantly disrupting trends and adding too much noise. I personally know of at least 5 successful daytraders who quit in the last few years for the same exact reason. And you will find the same stories online btw. There was a user here by the name of "shorttheworld" who was killing it a few years back and then it all stopped. And then there is this guy....to me, if this guy quits saying that HFTs are making it impossible, then I take note. I guarantee you that he knows more about daytrading than all the members of this Elite Trader put together: