Consistently Profitable Day Traders

Quote from mhashe:

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.
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Oh yes, lots of info in Market Wizards about "...the reality of day trading for the long term".
 
Quote from Sundog:

Thanx for this statement. It really says it all. Boredom is a real problem.
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Definitely, definitely. If it wasn't for the boredom, we'd all be billionaires.
 
Quote from spect8or:

Good luck to EricP. Nothing against EricP at all, but personally, I choose not to believe such claims. Maybe he's for real. But I've been taken before by others who post their achievements in a similar cold, detached, non-bragging way, only to later find out they were FOS. Once bitten twice shy.
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Not that I can vouch for his returns, but I talk to Eric almost daily and he's for real. Top 1% of ET traders no doubt.

And, to add to the thread...I'm on my 6th straight winning year. A coule years were "lean", but I was always able to make a living...sometimes much more.
 
I just think that there's a limit to compounding your capital while daytrading. If you had a system that makes 0.25% daily ( for example) on 10000 shares of a stock that trades 500000 shares a day, if you increase size, you are going to affect the market.. A possible solution would be the e-mini market where i think that up to 500 or even 1000 contracts would not change the entry price that much...
Admit that even Marty Schwartz who's one of the best day traders around, hasn't compunded his capital to billions..
A successful daytrader IMO should methodically withdraw part of his profits and put them in bonds or savings account, so that if he starts losing, he can still have some savings and will be a winner in this game..
 
Quote from Dustin:

Not that I can vouch for his returns, but I talk to Eric almost daily and he's for real. Top 1% of ET traders no doubt.

And, to add to the thread...I'm on my 6th straight winning year. A coule years were "lean", but I was always able to make a living...sometimes much more.
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Congrats on your 6th straight winning year!

I think those who question successful traders here on ET (and it's obvious who they are) are either incredible insecure and/or failed traders. It's not all that tough to weed out the imposters from those who are truly successful. I know Eric from back on SI where he posted a lot on Day Trading Fundamentals thread. I'm in my 9th year of full time trading; my returns are not as good as Eric's but good enough to support my lifestyle. Sadly, oftentimes when one tries to help newbies here on ET all the naysayers come crawling out of the woodwork questioning those who have worked hard to succeed.
 
Quote from Random.Capital:

I can't verify or disprove Eric's claims, nor do I even care too. What would give me pause is his history of "vending" and his close association with an awful lot of mentor/vendor types. Let's be blunt: not exactly a crowd of ethical distinction, and his SI boards are littered with such acquaintances.

http://www.siliconinvestor.com/subject.aspx?subjectid=28734
http://www.siliconinvestor.com/readmsg.aspx?msgid=11265666

I mean...Pristine Day Trading? Oy.

Ah well, each to their own.
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Obviously you haven't participated on the SI Daytrading Fundamentals thread. No more need be said ... that thread was a great opportunity for a lot of people to share ideas, methods and a lot more. Perhaps if you read the thread you might actually learn something.
 
Quote from DHOHHI:

Obviously you haven't participated on the SI Daytrading Fundamentals thread. No more need be said ... that thread was a great opportunity for a lot of people to share ideas, methods and a lot more. Perhaps if you read the thread you might actually learn something.
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Agreed...back in the "good ol' days" that thread was the most complete collection of daytrading info on the web.
 
Pristine? Well, that's one big red flag right there.

Dustin and DHOIOI, you probably don't care, but if I'm in your shoes, and I value my credibility, I distance myself from this.
 
Answer to the original question -

There are many successful day trader, but not a lot.

I say successful because -

1. they can make a living
2. they run it like a business

and most important of all,

3. they are anonymous

One of the best thing about being an independent trader may not necessarily be rich and famous, that can also be just comfortable living and having time to do whatever they want to do.
 
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