hey ultra, you've received sometimes conflicting, but overall extremely good advice from guys who have more likely than not survived those first two stages. now you have to filter it and see if you can apply the points which are most salient to your own trading. regards, jj
Some people think that a Day Trader puts in a few Beatles CD's and hops on board his Sopwith Camel, travels the big board buying and selling no holds barred and ends at the end of the day a millionaire. But thats only in the Sunday funnies. I am not sure about anyone else, but for me it's days and days of back testing systems and days and days calculating system draw downs. Aleays looking for a better system. I Figure when I get in and when I get out. Leaving nothing to chance. To pick up 2 points and wait for another entry point. Rules hell yes I have rules. Never enter a trade without at least a 2 to 1 risk factor and never risk more than 3% of my bank. Always use stops. Buy in only after the 3 buy signals that I use are all positive or short when all three are negative. Sell when my exit point is reached or I'm stopped out. I usually only have 2 or 3 opportunities during a normal trading day. So it's watching for setups all day and I do all this just to pay the bills and stay in the game. Because Day Trading is the best job that I ever had. If I don't follow these rules, I know I will be off to worked for someone else 9 to 5.
To be a good trader you need to be disciplined. To be a great trader you need to be both disciplined and flexible.
I never said I was great, but I am still in the game. If I'm flexible, it's not with my trading account. I do have other accounts that I invest with, including my IRA. But my trading account is a business. No emotions, just business.