Quote from Lonely trader:
Day Trading don't work
I been trading for a few years, I have read all the books, seminars, Spent hours and hours and I mean hours!!!!..Spent 16 hours on weekends studying testing. Today got me thinking, my account is down 50% I've blown 2 accounts in the past, I don't want to blow a third, this is my last chance.
I use stops
I don't over trade
I stick to my rules. Yes, I know what you are going to say, its my method, "well back testing it works great," but every time I trade for real it don't go to plan, I've read all the books but it seems I still do not know how to develop a sound trading plan...or maybe I do, but day trading is so hard most do fail.
I have bought or sold, and been right in the direction which I thought it would go ... but I still lost money on the trade? ... Today I felt depressed and felt like giving it all up and keep what little money I have left. $7500 in my account after the close tonight, I lost $1525 in one day...NOT GOOD FEELING. I feel sick with the thought of trading tomorrow, I may have a day off.
To anyone who is looking to trade full time, take it from me it's tough I've been trading full time for 1 year. with 4 years of study. I'm writing this to warn others how hard it is.
Im giving it till December, if my account don't show any improvement I will knock it on the head and will not look back. I will do something else far less stressful than day trading ES & ER2.
Then you get the rainbow merchants who sell you the dream of making money day trading for Just $1,000 or $299 a month...I asks these so called Gurus if you so good, why do you want our money. The whole day trading game, is a corn, even your broker will tell you there are people making money from day trading/scalping, They only say this to make commission off you.
Had to get it of my chest and tell someone.
Bill
