Am I Wasting My Time?

[comagnum]

It takes a lot of persistence but it can be done. In summer I back of my trading significantly, trading only the last hour, on most days I am done inside of 10-30 minutes. Fall to spring I am trading much more aggressively with far more size - both equities & futures night & day. Summer time is minimalist mode for me.

These are small gains, summer is my tread water period - aiming for small base hits each day. The point being is become somewhat consistent is possible.

This acct is my small acct, less than 1% of my capital. No trading done in first week of July, had company visiting. Trading mainly the NQ, & a few ES trades.

 

[TheFoot]

It takes a lot of persistence but it can be done. In summer I back of my trading significantly, trading only the last hour, on most days I am done inside of 10-30 minutes.

These are small gains deliberately done so. The point being is not spectacular gains, they are small - the point is you can become somewhat consistent.

This acct is my small acct, less than 1% of my capital. No trading done in first week of July, had company visiting. Trading mainly the NQ, & a few ES trades.
View attachment 236263

Whop there it is

 

[ironchef]

If you are not a quant, you have next to zero chance of making it as a trader. Drawdown is your enemy. Only quants can get a handle on calculating max DD, and controlling trade size to maintain acceptable levels of DD without hurting returns, which is the sweet spot. Most daytraders are morons. Intelligence is mandatory, but not out of reach.

fractalize,

No disrespect to you and that is a good post

Are you 100% sure you are accurate on this statement? This is a very powerful and influential statement you are making that could really lead an inexperienced trader down the wrong path.

Perhaps you want to re-state this statement beginning with In My Opinion..........

I agree with @SimpleMeLike, I don't think you need to be a quant to have a chance. There are many profitable day traders here and they are not morons or quants.

It takes all kinds, there are many big institutional traders here but many amateur mom & pop retails too. Some are good at day trade, some swing, some use TA, some fundamental, some trade forex, some equity some options some futures, some commodities...

The most important thing for an individual is we need to pick what fits us, don't trade like a quant if you only understand high school math for example.

 

[Handle123]

In my opinion you really need to experience about 1,000 sessions hours minimum (approx 8,000 hours) of live screen time as well in addition to all the other stuff people are mentioning.
Practice trading, live trading as well as backtesting - keeping detailed journals daily. It takes alot of hours and work to acquire all the elements needed to be consistently successful and disciplined trader.

The road is extremely difficult, if you doing it for the money, takes longer. Better to have jobs to go and off time for challenges. Of course, this was my direction and slowly paid off, it is better to trade profitable first before trying to program, saves years.

 

[Tradex]

It takes a lot of persistence but it can be done.

By the way Comagnum, Robert Carver mentioned you in his last book (Leveraged Trading: a professional approach to trading FX, stocks on margin, CFD's, spread bets and futures for all traders, page 67).

 

[comagnum]

Keep in mind that streak of winning days was just 'variance'. I have had as many losing days in a row back in the day. That is why I called it amusing.

 

[shfly]

I wanted to post this question here. Might be a stupid question, but just trying to look at this from a realistic perspective.

Am I wasting my time chasing the "trade for a living" dream?

Thanks!

1. Keep a day job until consistently profitable.
2. Trade around your job...930am to 11am, or 2-4pm, eventually including pre/post market.
3. Trade what makes sense...to YOU...breakouts (long/short), pullbacks etc. etc.
4. Don’t worry about HFT’s, algo’s etc., you’re worrying about the wrong things.
5. Wait for the setup, if none, don’t trade.

Good luck.

 

[SimpleMeLike]

1. Keep a day job until consistently profitable.
2. Trade around your job...930am to 11am, or 2-4pm, eventually including pre/post market.
3. Trade what makes sense...to YOU...breakouts (long/short), pullbacks etc. etc.
4. Don’t worry about HFT’s, algo’s etc., you’re worrying about the wrong things.
5. Wait for the setup, if none, don’t trade.

Good luck.

This is marvelous advice here and it's exactly what I do. Great advice.

Trading needs to be a side hustle if you don't have edge.

 

[StockTrader100k]

In my opinion this is good advice. One problem with trading is definitely information overload.
Narrow down and simplify and dont worry about what others do. There are literally a million+ different ways to make money in the markets, all you have to do is concentrate on 1 way that you feel comfortable with and focus on becoming an expert in that 1 strategy and make sure to keep an ongoing detailed written journal and notes on your trading

create daily trade plan
keep track of results
keep track of what you are doing right
keep track of what are you doing wrong
create and adjust a plan to correct mistakes and get better

Rinse/Repeat

This is marvelous advice here and it's exactly what I do. Great advice.

Trading needs to be a side hustle if you don't have edge.

 

[ironchef]

In my opinion this is good advice. One problem with trading is definitely information overload.
Narrow down and simplify and dont worry about what others do. There are literally a million+ different ways to make money in the markets, all you have to do is concentrate on 1 way that you feel comfortable with and focus on becoming an expert in that 1 strategy and make sure to keep an ongoing detailed written journal and notes on your trading

create daily trade plan
keep track of results
keep track of what you are doing right
keep track of what are you doing wrong
create and adjust a plan to correct mistakes and get better

Rinse/Repeat

A one trick pony is often better than Jack of all trades.