Quote from trader198:
most possible results is you will lose $500/day.
I will not discourage you. that is the fact. technically and theoretically it is realistic and doable. but hard facts will tell you it is not doable if you are a single hand small retail trader.
why?
1. make money is not a trading idea
2. when you think about this additional money you will get in each day, you will be very excited to conclude: better than an ordninary 9-5 job, you will be eager to put a trade on and make this $500 bucks. emtionally/intelligently you will be clouded by this $500money.
3. a day is short, when you did not make the $500 how about the morning, or you lost $500 because you did not notice something unusal, then you may hurry up in the afternoon, try to catch up,... or what ever strange thoughts will drive you to do some "does not make any sense" trades for the sake of "make $500". if you mess a day, maybe ok. no bog deal, but you mess two days or weeks,....since each trading session is short!
to me, I will not put myself into a coerced situation, if that happens, I often stumble. since in a coerced situation, all judgements are emtional or not trading related.
make $500 a day in trade is a hassle. it forces you to take you trades you may not judge clearly. no one can judge the market correctly each day. I trade the indexs using a very simple method, get in the opening, then out at closing. I do not use stop loss. just like gamble. I just bet three results: red bar, green or no-red/green bar.
in a up trend market, I buy morning dip, sell at 3:30 or vice versa.
even in a nicely trending market, there is 30%-40% time of red-bars sandwiched with the strong bull market. plus some red-bar are big. average speaking, make some gains. but I can not declare I can borrow in each day $500. that is a day dream.
so I forget about day trading and do overnight swing trades.
