Prop firm SMB Capital says if you are not interested in becoming an "elite trader" but all you care about is the fastest way to become a profitable trader, then scalp equities. https://www.youtube.com/shorts/QndkD1l1az0 I agree. Since you execute many trades per day, this speeds up the learning curve on which setups work. Though I believe that in the future scalpers will be most at risk from being eliminated by AI algos. I personally refuse to scalp as it does not fit my personality. I like to go for home runs.
I think there are a ton of little nuances that need to be learned to be successful at scalping/daytrading. Unfortunately they take years to learn. Even then it's still a pretty tough row to hoe. Supposedly Ross Cameron is up over 300k this year and it's hard to believe that's just luck.
I was at one point essentially a professional scalper. Scalping and reading the tape as primary strategies are basically dead. They have been since early 2022. It only gets worse every year as the market gets more and more chopped up by short-term algos. Stocks are significantly less liquid, the spreads have gotten wider, execution quality is significantly worse, and you can no longer watch for stock price flips on the Level 2. You can probably thank the SEC for doing jack shit and letting Citadel monopolize markets with PFOF (which is a giant scam). There is no organic flow anymore. SMB is advertising this to get people to join so they can rack up commissions.
I think this is accurate. Many come into the game with tonnes of motivation and ready to put in the hours but find themselves twiddling their thumbs as trades go in and out of profit and take long periods to reach fruition. While a lot can be said for 'screen time',actually making decisions,actually making a buy and sell,actually taking a profit or loss,actually collecting performance data,definitely shortens that learning curve.
Having the goal to get rich fast with trading, or to aim for home runs, are the worst 2 ways to be profitable in the long run. That's probably why most traders, or wannabee traders, are failing.
I say supposedly because that's the amount he tells his viewers he has made in 2024. I'm taking the guy at his word but dont have any way to prove exactly how truthful he's being. I'm guessing though he has indeed mastered his particular style of trading to a point that he's profitable.
@SimpleMeLike is not a good example. Few read his comment that he put the bulk of his capitals in index funds using DCA and only uses a small amount to trade (gamble? ).