Can we talk about day trading?

[Rams Fan]

Don't vent your anger about the Rams not making the playoffs this year on me. I'm on your side, man! I wanted to see the Rams in the SBowl again, really did! Alas!

3-8 and on a five-game skid. I'm gutted.

Now shut up and let the grown ups talk.

 

[VicBee]

I think for most it is a passing fascination:

1) I can make easy money.
2) Look how easy it is to buy and sell.
3) I can make xxx PER DAY.

turns into

1) This is a lot of work day in and day out.
2) Buying and selling is too easy, but when to buy and sell is not so easy.
3) I can only lose XXXX per day.

It reminds me of the Weed-Marijuana business. Everyone thinks, after taking a big hit, it is easy money, but don't take into account the skills and infrastructure requirements. They just think of the things the understand: Smoking, buying and selling*.

Day trading is a business. Treat it as anything else and your business will fail within 1-2 years, usually from capital drains. You have to learn all the things you DON'T understand, not just tweak the things you do understand.

*FWIW: Can you imagine trying to cut complex business deals with people who are chronically high?

No but I can imagine Mexican cartels coming to your door for a friendly deal.

 

[Laissez Faire]

I personally think discretionary trading is a load of bullshit. Follow your rules, or have an algo execute them.

You took $10K to $100K in a very short period of time (a month?) in your old journal.

Was that discretionary trading?

I see that you now seem to have abandoned your old methodology in favor of algorithmic trading.

 

[Real Money]

Day trading is hard. You get the most leverage, but your own fear and greed will destroy you.

By the time you figure out what's working, it stops working...

 

[Fiotrader]

Day trading is hard. You get the most leverage, but your own fear and greed will destroy you.

By the time you figure out what's working, it stops working...

Yes, I agree with you that day trading is hard, as it involves actively buying and selling securities within the same day.

 

[Sekiyo]

Yes, I agree with you that day trading is hard, as it involves actively buying and selling securities within the same day.

No Shit Sherlock.
Pressing buttons is hard.
Especially if you have real fat fingers.

I bought weight fingers dumbbells,
Now they’re getting skinnier and stronger.

Maybe you should try some.

 

[Scholias Hod]

Day trading is hard. You get the most leverage, but your own fear and greed will destroy you.

By the time you figure out what's working, it stops working...

Absolutely, I’ve lost big on a few occasions just because I couldn’t figure out the right time to enter and exit the trades. That has been a big problem for me in the past. Now, it’s a tad better I would say

 

[SimpleMeLike]

Other than a few tidbits here and there, and they're usually very basic knowledge, I don't think I've ever seen a thread solely dedicated to day trading.

Some of the things I believe worth discussing here (in no order of importance): market psychology, self-discipline, traps, entry/exit (eg. timing), and risk control.

Anyone care to spin the bottle?

Good Morning schizo,

Great post.

I just want to say for me, something that is not talked about enough in trading is, Gratitude.

For me, and I hope others, but it is an extreme blessing to be able to turn my computer on daily and compete in a fair game in the ES futures market to make large sums of money. I am very bless and thank God daily for this opportunity. Really a great feeling to compete amongst the best traders and algos in the world.

 

[toucan]

Other than a few tidbits here and there, and they're usually very basic knowledge, I don't think I've ever seen a thread solely dedicated to day trading.

Some of the things I believe worth discussing here (in no order of importance): market psychology, self-discipline, traps, entry/exit (eg. timing), and risk control.

Anyone care to spin the bottle?

i sent you a PM
thanks
toucan

 

[Businessman]

I am very bless and thank God daily for this opportunity.

Your Thanksgiving turkey may have come from god, but your ES profits are man made.

As retail day traders (trading CME futures) we don't need to send thanks to the CME either, even though they do a very good job for sure, we send them more enough $$$$$ in fees.