Day trading a suckers game?

[speedo]

Hello speedo,
What do you mean by "I have set targets based on MFE within formations in my time frames"?

When I back test and forward test, I track MFE to determine how much potential profit I could have made per trade before getting stopped. I also track how much potential profit could have been made once I exited at my predefined profit target.

Thanks

I track the same, my targets lie in the sweet spot in average MFE. I don't hit home runs but that's OK as my W/L percentage and proportional size result in profit.....and profit is the final arbiter.

 

[schizo]

Why don't you find someone who is making a "good living" trading ES with a $50k account. Anyone can post nonsense on a message board...the key is to seek out someone who is doing what you aspire to do and then deconstruct how they do it.

"Those who know don’t talk. Those who talk don’t know."

― Tao Te Ching

 

[SimpleMeLike]

I track the same, my targets lie in the sweet spot in average MFE. I don't hit home runs but that's OK as my W/L percentage and proportional size result in profit.....and profit is the final arbiter.

Thank you speedo for the response.

I am leaving the "let the winner run" and "wait for the big winner" day trading mindset and I would like to take the small profits and frequently. However I still record the results of a trail stop winner daily for data collection. I want to get more comfortable with taking the profits and preparing for another setup to see if this fits my personality and mindset.

It is good to see we track the same thing.

 

[speedo]

Thank you speedo for the response.

I am leaving the "let the winner run" and "wait for the big winner" day trading mindset and I would like to take the small profits and frequently. However I still record the results of a trail stop winner daily for data collection. I want to get more comfortable with taking the profits and preparing for another setup to see if this fits my personality and mindset.

It is good to see we track the same thing.

Everyone is different and have different levels of patience, discipline etc. I don't have the best trade plan in the world but it works for me. Everyone has to find what works for them.

 

[SimpleMeLike]

Everyone is different and have different levels of patience, discipline etc. I don't have the best trade plan in the world but it works for me. Everyone has to find what works for them.

Thanks speedo,

Yes, that is something I am slowly learning about myself. BUT the catch is, i would never know what works for me if I do not take the time to try.

 

[MercForHire]

It's definitely a suckers game if you trade manually without a strict mechanical decision making system.

 

[ma_trader]

I have day traded in the past but i ended up transitioning into swing trading because it fit my personality much better and I got much better results. Today i saw an interesting video from Anton Kreil, and an ex Goldman Sachs trader in that video stated that "anyone who tells you to trade intraday is either and idiot or a conman" It starts at 1:40 in the video. Any consistently profitable day traders here?

It works, if one learns to swing trade successfully first, i feel day trading should not be done in isolation, it should be done with swing trading.