Like lefty said, the key is to do a lot of research. I would add that I look to trade the truely great opportunities in pairs. I have found a few different setups that offer a 4:1 or 5:1 risk reward on an intraday basis, and offer the opportunity to capture an overnight bonus. Managing several positions is really an art, more than a science. I focus on the results of my entire position, rather than any individual pair and may exit the entire portfolio if I feel like I have an excess return that needs to be captured. This keeps me focused on the "bottom line", rather than the results of any individual trade. Good trading to all! Mike
Hydroblunt: Your constant whining is getting old. You need to get out of trading, because you obviously have issues making money and being satisfied in life. It is not healthy to constantly trade with scared money, hoping to eke out a meager living when you don't have your monthly bills covered with savings. You are only adding to your clearing firm's bottom line and not your own. If you need to work another job in a pizza shop and are wasting your life away popping into some cheese dick prop shop to scalp, get your priorities straight. There are plenty of ways to make good money in business, maybe take some time off from trading, re-evaluate, save some cash, then get back in the game. As much as you hate to admit it, there are good traders, making good money out there.
LOL, Sit next to one of them, no doubt he blows you away. Was top 3 in my group today till I took a stupid hit in the last hour which put me down to 4th. Either way, May was a very tough month, what's so f**king wrong about acknowledging it. Did I even say anything bitchy until the Hydro/mschey idiotic argument started? Regardless, I can whine & bitch all I want, if you don't like it don't read the thread & put me on ignore. Otherwise, STFU cause you're making idiotic & negative assumptions about my performance (you're WAY off, BTW). It just shows what a spiteful prick you are. Some people have standards & expectations beyond a simple living and have every right to be dissapointed when conditions constantly deteriorate.
Once again I ask you, if things are bad and deteriorating every month, why do you come in every morning and beat your head against the same wall? Did you sign an agreement saying you can only scalp listed stocks forever? You've mentioned how great things are for currency traders, is there something that prevents you from joining them? Oil and bond traders probably aren't complaining either. And listed trading has so many facets that you are completely missing out on. Yet you don't give any indication of doing anything to change your situation, all you do is complain about it and say how good it was in the past.
If conditions "constantly deteriorate" (for you) why not make changes? Most business owners will adapt to changing conditions in their respective fields. If I'm a ballplayer that can consistently hit a fastball and pitchers suddenly start throwing curveballs I need to adapt and learn how to hit the curveball. I can't complain that I'm not getting my pitch. And if I hit .300 instead of .250 I'll likely make more $$$.
Hey: I want to mention something here before I close out for the day. I notice that a lot of folks downloaded my chart of the report trade. Thats nice. What I want to mention is that report trading is not for everyone. If you get stuck on the wrong side of a price spike, you are going to get hurt. So I hope that before anyone tries to trade reports, they will make sure they have the ability to get in and out of the market on a timely basis (you need to have your act together). Also you have to manage risk by controlling position size. and finally you have to be properly capitalized. Please, if you are a retail trader, don't try this at home until you have done your homework and have your ducks in a row. Ok then I feel better now. I'm out Lefty.
Every couple weeks I lurk around for a good laugh. Never disappoints. Didn't really bother researching the history of the pissing match going on with a few people. But wanted to add my two cents. Anyone on this site calling out mschey or lescor for not being profitable traders are LOL funny. They are without question in the top percentile of posters here and I haven't a clue why they waste their time arguing with a bunch of jag offs who do nothing but bitch and complain. Seriously guys...why in the hell do you post here? Comparing them to the "big" traders who were killing it back in the day, but no longer trade or are struggling. You are just proving that they are good traders. Being consistent low to mid 6 figure years over the past 5 years is nothing to slam or belittle. All these "big" traders who are no longer...they were just monkeys with balls who banged away at a winning strategy. But when it dried up, they realized they didn't know crap and couldn't hack it in a grind. And whoever made the comment about how easy it was in 2000-2003. You would have never had known it if you were reading this site. Every freakn thread was about how the market sucked, day trading was dead, and everyone was blowing up and quitting. Seriously, if you feel the need to insult and belittle another trader, you aren't worth the time. A winner doesn't ever need to go there...just something to think about.
I have 2 other trading accounts, cash.( go ahead make a joke like "is it a whole 50 bucks") I come in a lot less than I used to and I already shifted my focus from NYSE toward a business venture. And I've started dabbling with some Nasdaq & ETFs. If you think I've been losing money on a consistent basis, you're crazy cause I would shoot myself before I let the listed market take even 5% of what I have earned from them. But WTF do you even care? Don't like what I post, don't read it or put me on ignore. Maybe I'm getting off on the whining, does it matter to you that much? This thread was turned into idiotic nonsense like 6 pages ago so why you and other still adding more to the fire. That's some great points, I'm still trying to figure that one out. Can't forget mschey bombing me with PMs even after I was being as rude as possible to him. Hilarious. Hey Mschey, take note of that. Remember the Nov thread where you started this sh*t? LOL, thanks for proving once again that even someone with money and making money can still be a miserable little prick. and SDTRADER I never meant to compare him to the traders of back then that got knocked out, It was to point out how much easier it was and the obvious "free money", 3+ years of which he got to trade through. He acts like the hottest sh*t on the planet and refuses to admit the huge edge those years give over someone that started let's say 1-2 years ago. Takes twice the work and twice the skill to turn profitable now than it did even a year ago. Big props to whoever is turning the corner now. I would not have been able to do it.
Lefty, I want to say that your contributions are timeless and of great value here. Keep up the good work. I personally know that you enjoy helping others. I am very happy that May was a blockbuster. I wish you unbounded prosperity and fulfillment as you progress. Best of luck, FT71