Consistently Profitable Day Traders

The first three months of my trading career I lost money. The next three I broke even. That was huge. Since then, I have never had a down week in three years.

I almost quit at an intermediate peak in my trading career when I was "just making money." I began to get burnt out and was terribly bored. The thing that saved it for me was when I realized that I could combine my skill as a programmer with my trading. I am now having a blast and my equity curve is as steep as it has ever been without losing any of the consistency.

Asumming I am having this much fun and still growing my account, I can't imagine I will be doing anything else in ten years. But who knows, we are all complex and our "needs" change.

I think that most people quit not becase they can't make money, but because trading is mostly boring to those that are not used to the kind of focus and dedication that it requires. I really believe that the key to longevity is more than money. Knowing how to have that Yang side by side with the Ying is the key IMO.

nitro
 
jeez, this is like sitting in bar with a bunch of drunks where one story is more outrageous than last. Now, we got one lot wonder Nitro claiming no losing weeks in 3 years. U mean that holy grail u been developing for 20 years has been deployed? U still have time to make a tick by tick commentary in the ET chat room without losing one week in three years?

Mr. Zen
 
I haven't lost a trade since 1984.

I average 9% returns per month. sometimes, 15%, and when I have a stinker, it's only about 5%.

If you guys don't get those kind of returns, I feel sorry. why are you even trading?

 
Quote from Anseld:

I haven't lost a trade since 1984.

I average 9% returns per month. sometimes, 15%, and when I have a stinker, it's only about 5%.

If you guys don't get those kind of returns, I feel sorry. why are you even trading?
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A daytrader without a losing trade in over ten years. How many positions do you put on every day?
 
Quote from Anseld:

I haven't lost a trade since 1984.

I average 9% returns per month. sometimes, 15%, and when I have a stinker, it's only about 5%.

If you guys don't get those kind of returns, I feel sorry. why are you even trading?
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Wow. That's pretty impressive. In fact 9% average per month for 20 years on starting capital of $1.00 equals $960 million bucks!

Oh, I know, you had to live on lots of that lovely money, so you couldn't possibly just compound it all. But, I still think you're pretty much completely full of Docusate.

 
Quote from nitro:


I think that most people quit not becase they can't make money, but because trading is mostly boring to those that are not used to the kind of focus and dedication that it requires. I really believe that the key to longevity is more than money. Knowing how to have that Yang side by side with the Ying is the key IMO.

nitro
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Thanx for this statement. It really says it all. Boredom is a real problem.

Sundog
 
Quote from Norm:

Because of luck or favorable market conditions, many people can trade profitably for a period of time.

I would like to know if there are very many people who are consistently profitable. That is, they are capable of earning a living year-after-year, through bear markets, bull markets, and sideways markets.

I've seen people come and go at prop shops and day trading schools. But, the scope of my vision is certainly limited and I'd just like to know the reality of day trading for the long term.
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Yes there are those who make money consistently. Pick up Jack D. Schwagers "Market Wizards" books, he interviews some of the best in the business. But just like any other hyper-competitive profession, very few make it to the big leagues.

I'm assuming by your question that you have'nt been trading longer than a few years. My suggestion, fwiw, is for you to first find yourself, then find a good mentor, then find your edge.

Trading correctly is an artform that comes with disciplined practice. If you want it bad enough and are willing to put in time, it will happen. I also highly recommend Sun Tzus "The art of War". A lot of what he writes is directly applicable to trading. Good luck.
 
Good post...

Quote from joeyata1:

in 15 years i've gone threw many cycles. right now i'm focusing on options and futures. from 1998-2003 i traded an avg of 200k shares a day. got burned out big time and am postioning big time for days weeks and months. like resently i had almost $1 million in leap puts of sbux ebay and ups. i don't ever look at an average risk capital. i have 7 figures in all my accounts combined and will use if all or use little of it it depends on the trades out there. like fi they run this market a few more weeks i'll go to a large leap put postion again. i've hd 7 figure years and years wer e i made little. i've never had a losing year and overall i've done very well. one thing i will tell all is its a long road to become good at this as one msut take there bumps. i've had many 100k losing months and had a 100k losing day before. i held a stock for a few weeks 10 years ago called media vision. i keep averaging down and had a 9 k position on a $20 plus stock. they halted it after the close and said they'd have news in the morning. they warned huge it crated $11.50 ont he open i sold without blinking an eye. 5 months alter it was zero as it was all fraud. sure it hurt but i bounced back and refused to give up or get depressed. 90% of trading is attitude and feeling excited. anyway i'm not interested in trading 200k shares a day anymore as i think its counterproductive over time and it take so much out of you over time
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Quote from mhashe:


Trading correctly is an artform that comes with disciplined practice. If you want it bad enough and are willing to put in time, it will happen. I also highly recommend Sun Tzus "The art of War". A lot of what he writes is directly applicable to trading. Good luck.
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But some says trading is "simple" in the sense that as long as one have systems/rules with an edge and follow them with maximum discipline one would be consistently profitable.

What is your view on this?
 
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