Is the following statistics accurate? This is how people generally feel. This is probably the general consensus. classification - % success investor - 80% many investors feel that you should buy stocks and hold on to them for donkey decades swing trader - 60% day trader - <1% millions of traders said day trading is very very risky/dangerous with very slim chance of success. They also said never never use a second / minute chart; use a long time frame chart - the longer the better. Anyway, do what fits you.
Based on what I saw over the past 5 trading sessions of the NQ and YM, it reminded me of the shit that went down in 2020 an 2022. The only saving grace of this one is the controlled rotation. DON'T try to "day-trade" these indices. You have to position-trade them, because their point-swings are going to continue to be extreme through the end of year, with both the potential of rate cuts plus POTUS election on horizon. Tuesday and Wednesday, the Dow gained nearly 1000 points. Today it gave over half of that back. The Qs are in rough shape during this earnings season with all the profit-taking and rotation, but it seems orderly. Balance between small-caps and industrials seems to be the play here.
If you love day trading and are 30 + years of age,sit back,relax and enjoy the show.. If you are coming out of school,and love trading,I would highly reccomend the IB path.. If my daughter wakes up one morning and says she reallllyy wants to be a day trader,i would lovingly tell her, NO YOU DONT,go back to sleep.
How many points did the YM just give back over the last two trading sessions? All of it. The answer to your question seems clear. It is NOT easy money.
Crushing it is relative,so it's hard to define...IMHO,if you can knock home 17 percent plus on AUM, with consistency,you are crushing it.. I get that there are a handful of guys doing far better,but for everyone one if them ,there is a truckload of "belly up" traders
Exactly. It's very easy to look at a daily chart and say, in hindsight, oh, if only I had bought in May and held till now, I would have made so much more money. In my view the main factor for picking day vs. swing trading should be your time availability and willingness to stay in front of a screen. You have a day job? Stick to swing trading. You're bored out of your wits staring at a screen all day? Stick to swing trading. You have plenty of time, don't mind sitting in front of a screen 4-8 hours a day, but have trouble sleeping if you have a position on? Daytrade then. Best trading to all.
Respectfully, I think that adding to losers is a losing proposition, no matter the time frame. I'm not talking about mean-reverting strategies that sell overbought, buy oversold and have their own stops and risk managing parameters. I'm only referring to trades that go against you, yet instead of getting out with a loss (or even reverse), you stubbornly add because you priorize "being right" vs. making money.