Advantages and Disadvantages of Being a Day Trader

forex day trading ( after 10 years of learning and still learning) is currently my only income, with a mortgage and young kids but I could easily go back to engineering project work if things turned to shit.. did Take a lot more than I thought and I can see why now many struggle , my particular style of trading relies heavily on understanding the order flow and I often take day trades based off the daily or longer term time frames..
Gain the knowledge and test your setups or what you've learned through historical and live charts , implement by opening lives trade and the quality of your decisions or what you've learned and tested will reflect in your results.
 
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Handle123 said:
I think most people get into day trading cause lack of funds and dreams of grandeur, I have poured half of my life into learning how to day trade and it still ongoing but very much less time now. I started in stocks and learned by hand, they much easier to eventually to learn that less is better and trade off weeklies, use option to hedge and only now doing more credit spreads and learning how to use debit spreads for short term counter-trend moves so I don't have to get out of original position. Using dividend stocks even better.

I never thought suicide even at lowest areas of day trading learning, but I knew what or why I was losing, laziness plain and simple- just didn't want to learn to program. I found programing much tougher than learning patterns, but you can't test money management rules by just looking at 300 sample size. Day trading truly is what you put into you will reap, but the biggest problem is discovering what doesn't work for you. There many struggles in learning how to pull money out of your computer, if it was easy, ....

But what is truly funny is in day trading, less time doing it is better for me, I think back of 18-20 hours of day trading currencies, Indexes, overseas, what a waste. Get real good at 1-2 signals, build up your account slowly in beginning, every 2 months add shares or lots, get consistent make anything each day, really learn what you do by studying why something makes some move, do it yourself, don't buy into chat rooms or systems, just 1-2 signals. S/R and a trend trade which is either retracement back to moving ave or fibs, That's it and then back test to fill in the rest. And the hardest part is not changing anything during the session.

But 75% of what I have accumulated has been long term stocks/commodities. If you can't sleep at night, learn to hedge.
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yes you are a trader Handle, great stuff .. I agree stay away from chat rooms and other influences and master your process
 
Autodidact said:
Always retail, personal cash, took scars like everyone until I recognized I needed an edge to survive and then the real hard work began, easily 20000+ hours of real time study between US trading hours and Forex at night; plus countless years of statistical number crunching with the help of data and computers.

A solid edge is invaluable, this is why it is a given that all vendors are selling shit.
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I know a couple of pro traders as well as trade myself, they trade for their income and have helped me at no cost
 
Trading can be extremely rewarding and beneficial to the trader

Day Trading is primarily for the lazy, uneducated, and impatient. Sure there are some that are good, but the vast majority that try their hand at it will fail entirely.
 
Advantage over my old J.O.B. - Being finished before lunch time
Disadvantage over my old J.O.B. - Being able to dig myself into a financial hole.
 
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