changing my mind on day trading

[Jdesey]

I did some day trades last week and went flat at the close, no open positions. What is very revealing is that I had no reason to keep up with things after hours, before market hours, overnight futures, etc.. In other words it is more like a regular job. Since I trade options (yes I changed on that ) the hours are 6:30 am till 1:00pm Pacific USA time.

When I am in an option on a stock, etf, etc.. I would watch like a hawk till 5 pm, and then watch the futures.

bottom line, I can see the better lifestyle from day trading and being flat at the close and open each day.

 

[Concinnity]

I did some day trades last week and went flat at the close, no open positions. What is very revealing is that I had no reason to keep up with things after hours, before market hours, overnight futures, etc.. In other words it is more like a regular job. Since I trade options (yes I changed on that ) the hours are 6:30 am till 1:00pm Pacific USA time.

When I am in an option on a stock, etf, etc.. I would watch like a hawk till 5 pm, and then watch the futures.

bottom line, I can see the better lifestyle from day trading and being flat at the close and open each day.

I think said you it perfectly. Not that I am a seasoned pro or extremely successful yet, because I am not but certainly improving a lot of every week. But for me I generally start looking at my charts like 9:00am - 9:25 am. What's happening overnight could care less.

Only exception is after extreme moves or on a Sunday night, if I clearly see a setup that looks high probability I will stay up to trade it, happens more now than it use too, but still not that often.

 

[Jdesey]

all true... but day trading gets such a bad reputation. I find alot to be said for it being good. As well we see these VERY short lived moves, both up and down. So, does swing trading really makes sense? especially when we are stuck in a range for the last 3 months...

 

[Concinnity]

all true... but day trading gets such a bad reputation. I find alot to be said for it being good. As well we see these VERY short lived moves, both up and down. So, does swing trading really makes sense? especially when we are stuck in a range for the last 3 months...

They both make sense, but depends on your style and capital. Some people in the ES thread we're swinging pretty effectively. There's been plenty of opportunities for both on the long and short side. I just prefer to be flat EOD. Don't have the capital to swing this wide of stops and even if I did I personally would still just day trade it anyways.

 

[Sprout]

I did some day trades last week and went flat at the close, no open positions. What is very revealing is that I had no reason to keep up with things after hours, before market hours, overnight futures, etc.. In other words it is more like a regular job. Since I trade options (yes I changed on that ) the hours are 6:30 am till 1:00pm Pacific USA time.

When I am in an option on a stock, etf, etc.. I would watch like a hawk till 5 pm, and then watch the futures.

bottom line, I can see the better lifestyle from day trading and being flat at the close and open each day.

Only futile traders will attempt to change your mind by their inability to achieve success.

 

[Jdesey]

interesting- try searching for anything like "why day trading is great" and all you come up with are negative articles of why day trading is bad. I see those articles are mostly referring to the traditional scalping of 20-40 trades per day. I am doing 2-3, so I will call that "low volume" day trading.

 

[M.W.]

What does that even mean? I take advice from anyone who can constructively challenge me and help me improve or change my mind about something that I had blinders on. Good traders are always open to be corrected (with facts) and challenged that is why every successful hedge fund trader constantly communicates and listens to other fellow traders in the community. That is why investment banks or money funds hire fresh blood because after a long time in this business you develop tunnel vision. As much as I disagree with you on cryptos but if you have something to say that disagrees with my approach I am more than open and willing to listen to anything you might have to say. Feeling that we are settled and being closed minded about other approaches that may run counter our approaches to trading is often a sign of arrogance and arrogance is often times the mind set right before downfall.

Only futile traders will attempt to change your mind by their inability to achieve success.

 

[Jdesey]

What does that even mean? I take advice from anyone who can constructively challenge me and help me improve or change my mind about something that I had blinders on. Good traders are always open to be corrected (with facts) and challenged that is why every successful hedge fund trader constantly communicates and listens to other fellow traders in the community. That is why investment banks or money funds hire fresh blood because after a long time in this business you develop tunnel vision. As much as I disagree with you on cryptos but if you have something to say that disagrees with my approach I am more than open and willing to listen to anything you might have to say. Feeling that we are settled and being closed minded about other approaches that may run counter our approaches to trading is often a sign of arrogance and arrogance is often times the mind set right before downfall.

I will agree with M.W. and this is not meant to turn into a message war. BUT, it is one particular trader who turned me around on day trading. He is very successful and has been making his living day trading now for over 7 years. He got me to take an honest look at things. Thank god I have kept detailed spreadsheets of every trade now for 18 months. I was able to see that my short term trades were far more successful than my swing trades or longer. I am very grateful that I came across this trader and was open minded.

 

[themickey]

I was able to see that my short term trades were far more successful than my swing trades or longer. I am very grateful that I came across this trader and was open minded.

I probably agree with you, but for the sake of debate, may I suggest an alternate opinion.
Shorter term = more work load, more decisions, more mistakes, higher stress.
If you were to calculate profit/hour of money vs labour spent, are you really better off?
The shorter the term, less allowance allowed for distraction.

I'll add this, if fairly well automated, yes, if not automated, then possible no advantage.

 

[Jdesey]

I probably agree with you, but for the sake of debate, may I suggest an alternate opinion.
Shorter term = more work load, more decisions, more mistakes, higher stress.
If you were to calculate profit/hour of money vs labour spent, are you really better off?

I'll add this, if fairly well automated, yes, if not automated, then possible no advantage.

that is a fair question. Mu hours are much less for day trading than swing trading. Now this is on me,,, I cannot just leave it be after the market is closed. I will check prices in both the after hours and premarket. If I am in an index or Crude trade I will be checking futures, even in the middle of the night. So, when I do not exit at day's end I have added at least 6 hours or more of monitoring time, even though these are options and I could not sell if I wanted to.