Can we talk about day trading?

Businessman · Nov 30, 2022

hipster ned said:
100% pure ego

When trading liquid markets, you can risk $10,000 or $1000 or $100 on a trade. (In some really liquid markets like the ES you can easily risk $100,000+ on a single day trade)

As day traders we can decide to take 5 to 50 day trades a month risking $10,000 on each trade, or we could take 100 to 1000+ trades in a month risking $100 on each.

One approach makes it a lot easier to make a decent amount of money than the other.

When i have had $100K winning months from day trading, i wasn't risking just $1000 on each trade.

SimpleMeLike · Nov 30, 2022

Businessman said:
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.

Good Morning Businessman,

Yes. I am very thankful for the CME futures board/businessmen as well. They can have all the fees money they desire. Everyone has to get paid. I am just happy I can click buy and sell daily. That is all.

hilmy83 · Nov 30, 2022

Laissez Faire said:
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.

It was around 20k to 200k. Had a trade explorer on forexfactory. Not sure why it's gone now. But I lost most of it. Pure adrenaline trading eurusd. No way sustainable. Algo trading takes the emotion out of it. I really do enjoy it cause everything just boils down to stats ( none of these mentality psychology bullshit)

You make your rules and let the Algo execute it. If it doesn't make you money, it's because your strategy sucks, not because you're greedy or too much of a pussy to hold on to trades or something like that

SimpleMeLike · Nov 30, 2022

hilmy83 said:
It was around 20k to 200k.

Hello hilmy83,

You did a good job sir trading.

Laissez Faire · Nov 30, 2022

hilmy83 said:
It was around 20k to 200k. Had a trade explorer on forexfactory. Not sure why it's gone now. But I lost most of it. Pure adrenaline trading eurusd. No way sustainable. Algo trading takes the emotion out of it. I really do enjoy it cause everything just boils down to stats ( none of these mentality psychology bullshit)

You make your rules and let the Algo execute it. If it doesn't make you money, it's because your strategy sucks, not because you're greedy or too much of a pussy to hold on to trades or something like that

That you were trading NQ futures in your journal here?

Algorithmic trading sounds ideal, but I imagine it's a lot of work and possibly constant tweaking to make it work/adapt.

Regardless, I think some rules/objectivity is vital for any trading methodology. Pure discretion is not likely to work for most or all people.

schizo · Nov 30, 2022

hilmy83 said:
You make your rules and let the Algo execute it. If it doesn't make you money, it's because your strategy sucks, not because you're greedy or too much of a pussy to hold on to trades or something like that

Easier said then done though. I've had my share of coding up strategies and they ain't easy. In fact, I would say 97% of them will eventually fail, just as in the real world where 97% of daytraders will fail (although it's more like 99%).

Laissez Faire said:
Algorithmic trading sounds ideal, but I imagine it's a lot of work and possibly constant tweaking to make it work/adapt.

And you ultimately run into curve-fitting, which will come back to bite you in the ass later.

hilmy83 · Nov 30, 2022

Laissez Faire said:
That you were trading NQ futures in your journal here?

Algorithmic trading sounds ideal, but I imagine it's a lot of work and possibly constant tweaking to make it work/adapt.

Regardless, I think some rules/objectivity is vital for any trading methodology. Pure discretion is not likely to work for most or all people.

Yea that was another journal here on ET from 10k to about 100k trading just nq. That was again stupid and reckless. Those were pre micro days. Micro futures the best thing to happen to degenerates in futures lol

hilmy83 · Nov 30, 2022

schizo said:
Easier said then done though. I've had my share of coding up strategies and they ain't easy. In fact, I would say 97% of them will eventually fail, just as in the real world where 97% of daytraders will fail (although it's more like 99%).

And you ultimately run into curve-fitting, which will come back to bite you in the ass later.

Can't argue with that. At least you eliminate one variable with algo

schizo · Nov 30, 2022

hilmy83 said:
Micro futures the best thing to happen to degenerates in futures lol

So true

Laissez Faire · Nov 30, 2022

hilmy83 said:
Yea that was another journal here on ET from 10k to about 100k trading just nq. That was again stupid and reckless. Those were pre micro days. Micro futures the best thing to happen to degenerates in futures lol

Hell of a run, though.

The stupid part was losing it...