I just want to get away from the get rich quick mentality. Which makes it more difficult to just sit there and grind. While I dont disagree that one should be thinking like that, especially with 20:1 leverage.
Leverage actually is a myth when trading futures. True, the initial margin needed to trade a certain amount of cars is far less that the notional amount of the cars BUT.........A BIG BUT......... once filled the notional value and leverage used is not on the front burner of your mind, actually it is totally forgotten as soon as you decided to trade a margined product. Your immediate worry is the target/stop placements. Once filled, the fun begins, how you handle yourself counts a bunch. It is the in-between entry/exit where you have skills or not. The traders that get to that area of expertise are the ones that are self-automated between the ears (discretion) rather than the dreamers that imagine trading on the beach being fully automated and making a lot. I know, I know, many know a bunch of millionaire traders who have done it...........could that also be another myth? :eek:
Wanna bet? Did Jessica Watson at the prime age of 16 just slop together a tiny boat with no pre-conditions of both the boat and herself to be alone on the whole planet and just let the prevailing winds carry her without any courage and tons of preparations? http://www.youtube.com/watch?v=w0BUQ9eFigM http://www.youtube.com/watch?v=sJS9k6EXZMY
I think the key thing in my post is not whether or not one should daytrade, or its possible, or what the best technique is, etc. If someone is smart enough to daytrade well then that same person can definitely do 100x better starting a business. I would argue making millions starting a business (and with less word) is a better route than daytrading. Could I be wrong? Of course. it's just my experience both from daytrading, running businesses, and funding and looking at 100s of traders.