That is only the first half of the secret. The 2nd part is close the trade after the next chart bar if the position is in a loss. It it is in a profit close at the end of the 3rd bar. It makes no difference what time frame you are trading. Wait 2 bars and repeat. Try it. It will keep you from losing your bankroll.
There is no secret just hard work building your trading plan for every day of the week. Mondays are different from Fridays each day has its own secret approach to trading it . Of is a good news bad news day.. Before market, on the open, 10.30 bounces, 3.30 bounces you name it. Each is a secret way to trade.
No it doesn’t. Anything can happen on any given day. Day of week IMO is irrelevant in designing a trading plan.
Judging by the greatly diminished number of equity and futures proprietary trading firms there are today as compared to say, ten years ago that should say something about the efficacy of daytrading
That $34M trade by CIS was a swing trade. He held a short several weeks aggressively scaling into it - he reversed to a long at the right time holding a few days. For the record, he later gave back nearly all his profits on one big loser. When a trader starts celebrating just how smart and rich they are, they are in the most dangerous position they have ever been in - look out below! The vast majority of the big $ pulled out of the market by independent traders has been done by those holding positions from days to years - not from day trading. Day traders can have some great days, only a very rare few have a rising equity curve a few years into it.
Where can I find those statistics? I always wanted to be a day trader but could never day trading profitably. Always thought I failed because I wasn't smart enough.
Hi TTT, Mnewton is dead right - it's just plain hard graft. Try reading this thread: https://www.elitetrader.com/et/threads/a-70k-bet-that-i-cant-make-a-50-gain-in-2009.148752/ All the secrets of successful day trading are hidden in it.
Has nothing to do with smart or not smart. You need only an average smart brain. But you need additionally above average analytical skills. Analytical skills are used to find relations between the different parts of information your system can give. Put the correct pieces together. And to create the relevant "indicators" you should think out of the box. Everything that is shared for free comes from in the box thinking and never worked very well (higher than 75% profitable signals). Watch this video a few times very concentrated and listen carefully what he is telling. This is the first step you have to make to open a new world for you.
I suspect he makes up a lot of his "statistics". Either give a source or it's BS. Additionally being "smart" is only just one part of an overall formula.