Day traders pls quit while you can
- Thread starter Bear Trader
- Start date
Trading = Zero sum
Investing != Zero sum
Investing != Zero sum
Quote from Bear Trader:
Lol! No wonder I have made 6 - 7 figures year in year out swing trading
How many day traders make $400k profit on a single trade? Exactly!
What we are see are GREAT 2 - 5 day swings. Only newbies aka day traders cant see this and quit too early on a winning trade that if held would have made them 20x what they made. They win big one day and think they are God and then lose it back the next day. Most traders dont have the mental discipline to be successful. They are being killed just look at the the journals.
then show me the money.everybody making easy millions here,but i never seen any proof of it..you can see my example above(old one,made it for same reason-to show that it is possible to make stable money daytrading).i'm not saying that it's impossible, and i have no problem saying that i was unable to come up with stable,profitable automatic(not discretionary,with some vague defined rules,guts feelings etc) swing\long term system. and one of the reasons imo is the fact that the longer time frame-the more variables are involved.
Quote from Bear Trader:
Lol! No wonder I have made 6 - 7 figures year in year out swing trading
How many day traders make $400k profit on a single trade? Exactly!
What we are see are GREAT 2 - 5 day swings. Only newbies aka day traders cant see this and quit too early on a winning trade that if held would have made them 20x what they made. They win big one day and think they are God and then lose it back the next day. Most traders dont have the mental discipline to be successful. They are being killed just look at the the journals.
What size account did you trade to make $400K on a single swing trade over a few days? What was the instrument traded and the size of the trade? Was it a trade (stock trade) where you were at any risk of losing just as big or bigger in the event of a gap against you?
If you don't have the mental discipline to be successful as a day trader, how will you magically have the mental discipline to be a swing trader?
A day trader who wins big one day and loses it the next shouldn't even be mentioned for comparison purposes because that person is trading without a researched plan. What kind of day trading plan is based on a strategy that's no better than betting red or black on a roulette wheel? You'll lose just as easily swing trading that way.
How many swing traders can make a $400K annual income trading a couple lots of an instrument with a low to mid size 5-figure account?
I do not agree with this. Daytrading and swing trading are too different animals. I know swing traders who trade off quotes from newspapers using some esoteric method they have developed over the years. Of course older people.
Some people have failed as day traders and made it big time as position traders or trend followers.
I guess the opposite is true. It depends what you are made for. But one does not also exclude the other.
I trade 2 time frames. swing and position. I use the two to hedge out volatility of my equity, not that it has helped me much in the last 6 months, but c'est la vie.
I look for my position trades to be my homeruns and my swing trades to be my singles and doubles. I don't have the ability to churn out shares and grind money out like daytraders.
The only proposition I hate about daytrading is that you never ever let a good trade ride. When I'm on a good trade I always aim to press the shit out of it. Those feasting I use to tithe me over until the next meal comes.
I look forward to the day when I'm just collecting dividends.
I look for my position trades to be my homeruns and my swing trades to be my singles and doubles. I don't have the ability to churn out shares and grind money out like daytraders.
The only proposition I hate about daytrading is that you never ever let a good trade ride. When I'm on a good trade I always aim to press the shit out of it. Those feasting I use to tithe me over until the next meal comes.
I look forward to the day when I'm just collecting dividends.
I just wanted to point out something here. If you watch TV or whatever, everyone is screaming about how volatile this market is and there are pundits on both sides saying the market will tank or will soar.
Despite some large moves in between these days, lets look at some SPY values on given dates recently:
SPY close
Sept 16 - 121.52
Oct 17 - 120.23 (had been 121.99 open)
Nov 17 - 122.11 (had been 121.23 low)
Dec 16 - 121.59
That is remarkable stable prices for each month considering the moves that can go on in between. While these positions might have been scary, it would have been great for option sellers of the 122 range straddles, etc.
JJacksET4
Despite some large moves in between these days, lets look at some SPY values on given dates recently:
SPY close
Sept 16 - 121.52
Oct 17 - 120.23 (had been 121.99 open)
Nov 17 - 122.11 (had been 121.23 low)
Dec 16 - 121.59
That is remarkable stable prices for each month considering the moves that can go on in between. While these positions might have been scary, it would have been great for option sellers of the 122 range straddles, etc.
JJacksET4
The CL offered 1600+ cents one day this week and averages 600-800 cents offered on a regular basis . The intraday swings add up to more than the daily range of course.
The 2-3 day swings you refer to are catching the meat of the intramonth moves. So your aim is the same as mine except you wait longer in return for paying less comish. I don't wait as long for my moves but in return pay more commish .
Commish and slippage aren't a prob if you don't over trade in relation to the amount of swings presented on avg per day. Take 10%+ from the days intraday moves and you are on your way. . Buy up moves sell down moves.
The environment the past few months has been great for trading intraday regardless if a bot, paul, or harry took the otherside of my trade.
