Bottom line or goal for trading is "Making Money"
Period. The Market lets you do this a number of different
ways. Why its such a mental game. Once you find
something which works for you and make you money you trade it.
I have taken other systems and ideas which work for people but
some don't work for me because I mentally cannot think like they
do.
tell that to my friend who has made a very comfortable living
for the last 10 years day trading and scalping positions.
Obviously a lot of people do this with futures, but he does
this with stocks, he easily makes $500K a year and has done so for
the last 10 years consistently. he sells for 20 cent moves
etc, he's good at it, uses level 2 correlated with resistance
levels on a chart.
Obviously day trading isn't for you and doesn't fit your style
and there is nothing wrong with that, but some people do it well.
There is no one right way to trade, trade what works for you,
day trade, swing trade, etc, but to say that day trading doesn't
work is meaningless, it works well for a lot of people and not for
others, depends on what you do, how you do it etc. Now do I
think day trading is for the majority of the people? no, I think
most people probably fall into the swing trade camp, fast day
trading is a skill that most don't have, but to say it doesn't work
is meaningless
define what works for you and fits your personality.
Actually the best traders in the world are quit boring, they
trade the same way and same things, and situations over and over
again, they are NOT jacks of all trades, they find something that
works and then repeat it over and over to the nth degree.
Once they find something, they don't experiment with new
indicators and stuff, they just stay focused on what works for
them.
My point being daytrading (if it's systematic) is better to be
mechanical; therefore automated rather than manual (which is what
davidd seem to dabble in)
Also, often there's a scalability issue with day trading
strategies. Making 500K a year is fine. But the amount is all
relative. If someone has 100M, most likely he's not looking to make
500K a year. And the daytrading strategies is probably not so
profitable anymore. If many bloggers here dun trade large amount ,
that's fine. But if one trade real decent amount in these markets,
then one shld think harder on how much time to spend on what.
Another thing, the best traders in the world are most likely not
day traders. The odds are unlikely to be in their favor.
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good luck daytrading.... it's a
VXX
Posted by 88888 on 5th of Aug 2010 at 11:44 am
good luck daytrading.... it's a game for losers in the long run. Hope you will realize it soon enough.
Bottom line or goal for
Posted by cspirit on 5th of Aug 2010 at 11:51 am
Bottom line or goal for trading is "Making Money" Period. The Market lets you do this a number of different ways. Why its such a mental game. Once you find something which works for you and make you money you trade it.
I have taken other systems and ideas which work for people but some don't work for me because I mentally cannot think like they do.
tell that to my friend
Posted by matt on 5th of Aug 2010 at 11:48 am
tell that to my friend who has made a very comfortable living for the last 10 years day trading and scalping positions. Obviously a lot of people do this with futures, but he does this with stocks, he easily makes $500K a year and has done so for the last 10 years consistently. he sells for 20 cent moves etc, he's good at it, uses level 2 correlated with resistance levels on a chart.
Obviously day trading isn't for you and doesn't fit your style and there is nothing wrong with that, but some people do it well. There is no one right way to trade, trade what works for you, day trade, swing trade, etc, but to say that day trading doesn't work is meaningless, it works well for a lot of people and not for others, depends on what you do, how you do it etc. Now do I think day trading is for the majority of the people? no, I think most people probably fall into the swing trade camp, fast day trading is a skill that most don't have, but to say it doesn't work is meaningless
define what works for you and fits your personality.
Actually the best traders in the world are quit boring, they trade the same way and same things, and situations over and over again, they are NOT jacks of all trades, they find something that works and then repeat it over and over to the nth degree. Once they find something, they don't experiment with new indicators and stuff, they just stay focused on what works for them.
My point being daytrading (if
Posted by 88888 on 6th of Aug 2010 at 02:44 am
My point being daytrading (if it's systematic) is better to be mechanical; therefore automated rather than manual (which is what davidd seem to dabble in)
Also, often there's a scalability issue with day trading strategies. Making 500K a year is fine. But the amount is all relative. If someone has 100M, most likely he's not looking to make 500K a year. And the daytrading strategies is probably not so profitable anymore. If many bloggers here dun trade large amount , that's fine. But if one trade real decent amount in these markets, then one shld think harder on how much time to spend on what.
Another thing, the best traders in the world are most likely not day traders. The odds are unlikely to be in their favor.