Day trading a suckers game?

[avatar-ds]

7 digit trader.

What does this mean? Returns, daily turnover, trading funds?

 

[notagain]

SMB is just as overpriced as Anton.

 

[ironchef]

@BearTrades,

There are a large # of day traders hanging around here some of them must be successful or they won't be around too much longer. Me? I failed as a day trader: Not skillful or smart enough.

A good friend day traded for a living for a couple of decades by now. Since 2012 his specialty was day trading TQQQ and SQQQ. Gave me his recipe and I watched him traded. There were judgements required that could not be written down in the recipe. I couldn't duplicate his successes.

 

[dozu888]

https://bbs.wenxuecity.com/tzlc/1366439.html

posts like this are all over this forum... this guy has about $7.5m net..

yeah 1% of traders make enough for a living, but how many get to that kind of net worth.

for the amount of time and sweat needed to reach success, yeah day trading is for suckers..

https://thecollegeinvestor.com/11300/90-percent-worlds-millionaires-do-this/

there is no question where the path of the least resistance is.

 

[Nobert]

I don't think I have ever seen them post a live trade. But they sure do talk a lot.

Plus - they charge a lot.

25k for a trip. That's business in itself.

40 noobs per year - = 1 $$$ $$$...

They shared, some, past - killing - trades, with SPY(VOO?), but all that i saw :

,,veteran trader" took long , next to 10 yrs trend line, tho they spoke about it in circles (never revealing), as if it was some miracle.

And still i buy into idea, that there could be lots to learn with them.

 

[nooby_mcnoob]

Yeah, I only use the free stuff from SMB. It's good enough for me. Though I did buy the playbook.

 

[SteveH]

No it isn't, its just extremely hard.

- Need nothing distracting in your external life.
- Need nothing distracting health wise.
- Need to eat very minimally.
- Need to monitor markets 24/6.
- Need to have disposable funds where you can take immense leverage.
- Daily returns need to compensate for lack of returns some days.
- Need to monitor your internal state of 'model' creation in reference to market behavior.
- Need previous multi year history of pattern recognition/screen time.
- Need good understanding of external scheduled events and how they played out in the past.
- Need charting reference points/pivots/lines/levels/support/resistance/ema's... to reaffirm your model.

After a few days of doing this, you will lose 5-7 pounds. You will see past most everything, your brain even when not looking at screens will be replaying price action. Main thing is to aline your existing model built in your head with market behavior, than you can predict the next set of ticks as they happen.

Regards,
Chris

Everyone is different I guess. Once I stopped looking at sheet like the ES and focused on something that MOVES

No it isn't, its just extremely hard.

- Need nothing distracting in your external life.
- Need nothing distracting health wise.
- Need to eat very minimally.
- Need to monitor markets 24/6.
- Need to have disposable funds where you can take immense leverage.
- Daily returns need to compensate for lack of returns some days.
- Need to monitor your internal state of 'model' creation in reference to market behavior.
- Need previous multi year history of pattern recognition/screen time.
- Need good understanding of external scheduled events and how they played out in the past.
- Need charting reference points/pivots/lines/levels/support/resistance/ema's... to reaffirm your model.

After a few days of doing this, you will lose 5-7 pounds. You will see past most everything, your brain even when not looking at screens will be replaying price action. Main thing is to aline your existing model built in your head with market behavior, than you can predict the next set of ticks as they happen.

Regards,
Chris

Takes 1-2 hours of NQ morning trading make a nice living. Takes 2 minutes prep to get the lay of the land for the day. Five contracts isn't super high leverage. When you get more experience, you can make that 5 contracts at 2-3 places in a good trend as it continues to go your way. Enjoy the moment. Time is not related to specific money amounts and that's a gift, not something to stress over.

Trading is not a grind. It's endless opportunity.

 

[Real Money]

Time is not related to specific money amounts and that's a gift

This is one of the coolest things about trading. It can free you from the 9-5 slave system. Some people aren't just in it for the riches...

 

[MarkBrown]

This is one of the coolest things about trading. It can free you from the 9-5 slave system. Some people aren't just in it for the riches...

right if it was a job i would quit. it's an intellectual challenge far beyond any higher learning.

 

[Pkay]

[QUOTE="notagain, post: 4984369, Heiken Ashi daily bars green follows green 70% of the time.
Badly broken trendline signals to stop trading.[/QUOTE]
Heikin Ashi bars are something I've been looking at. As you say they do seem too show a trend well. So you use them much and what other indicators do you use with them?

For example, do they work with moving averages?