Day Trading is a pipedream.

Most professional daytraders will trade only from the DOM, which is in contrast to the losing traders who draw lines on a chart and use indicators.
 
Hey im just trying to help out and give info that should help out im not an expert. We all like trading and we all can learn from each other.
 
Quote from guy990opl:

Just wanted to write that, in case anyone has any doubts.

Never met a day trader who can make money consistently...there must be a reason.
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Don't be an idiot. I have yet to see a "consistent" investor either. They all screw up as well, except they're pussies to get out of their losing trades since their modus operandi is LOCK-AND-HOLD TO ETERNITY, BABY!

The real losers are those who refuse to cut their mounting losses, not whether you're a daytrader or a position trader, you silly ass!
 
Never said that investing for the long term is better than day trading. Personally I think they are both scams. Still, it is easier to meet people who made money by investing for the long term, than a day trader. If you need to insult to make your point, you have no point.
 
Quote from simpletrade:

Do you sometimes get confused and wonder if you are making the correct trading decisions? Here are some simple rules that will help you trade smarter.


(1)

Never base your trades on a correlation to company news or fundamentals. It's a losing battle. The best indicator of a stock's potential price movement is the current price movement itself.


(2)

Always let the market, make your buying decisions for you. Allowing a stock's own price movement to trigger the purchase of a stock will be more accurate over the long run than your gut feeling of where you should buy. Control your entries through use of a buy-stop limit order or a limit order at the specified trigger price.


(3)

Be very selective about where you take your trades. After getting a buy signal, only go long on a stock just above its 5-day moving average and only short a stock just below its 5-day moving average.


(4)

Never trust a stock further than you can throw a grand piano. At no time should you own a stock and not have a standing Good-'til-Canceled sell order in place. i.e. Stop-Loss. Don't expose your account to catastrophic loss.


(5)

Never average down or add to a losing trade. Only add to a position when you have an open gain. In other words you only want to build positions in stocks that are moving powerfully in your favor.


(6)

Don't overtrade. Quit looking for your trades everyday and stop attempting to scan thousands of stocks for trades tomorrow. Methodically build your watch list like a spider builds its web - and let your trades come to you.


(7)

Don't over-diversify. This means don't trade more than one or two stocks at a time. Diversification leads to excess stress, management headaches, increased trading commissions and mediocre results. It also makes it harder to liquidate your positions quickly and go to cash when necessary.


(8)

Stop trying so hard to make money. Instead make your primary goal to get to a break-even position on each trade. As soon as you can, convert your protective stop-loss to a break-even stop-loss (Your Buy Price + the amount to cover your commissions) The market will do the rest for you.


(9)

Always trade the correct side of the market. Simply put - Trade with the trend. If a stock is in an uptrend - trade Long. If a stock is in a downtrend - trade Short (or don't trade). Avoid the bias of always thinking you can only make money if a stock goes up.


(10)

Never lose any of your original capital from trading. Always provide risk money before taking a trade based on your potential stop-loss exposure for a trade. If you start with $10,000 in your account you should have $10,000 in your account 6 months later, no matter how much you trade. If you don't have risk money to send in to your account - stop trading until you do.


-

Summary: Being a successful Short-Term Stock Trader requires adherence to a sensible regimented plan. Emotions, gut-feelings, wishful thinking or over-analysis have no part in attaining profitability in the markets. Protect your original capital at all costs and take your time... the stock market will be here tomorrow
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Not a bad list, its a good disciplinary start I could do without the indicator talk. You might want to suggest 9 to the poor bastards in the ES Journal, lot of people there been shorting the uptrend since the march lows.
 
Quote from guy990opl:

Never said that investing for the long term is better than day trading. Personally I think they are both scams. I did however met people who made a lot of money by investing for the long term, never a day trader. That's all. If you need to insult to make your point maybe you have no point.
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So sorry if I came across that way but you conveniently forget that the title of this thread wasn't exactly inviting towards daytraders.

If you find both daytrading and investing as scams, just what the hell is your point? Do you even trade?

Just what is your definition of "consistent" anyway? Do you even have a barometer to measure whether one is consistently successful?

Have I misunderstood your otherwise good intentions? If so, reply to the above questions first.
 
Quote from guy990opl:

and let's not forget...turn $5000 in $50.000 quit their job to trade from home ( or the beach )...it's a pipedream.
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"You can if you think you can" It just took me 10 years.
 
If you approach trading strictly as a business and have the time, the proper risk management in place, along with.... and this is so important the correct attitude, you can make it. Keep your overhead costs low. And please TURN OFF THE NEWS!
 
There are so many people attracted to the markets by the lure of easy money. They think they can get rich quick by trading. You can get rich in an accelerated manner by trading, but it will still likely take years of hard work. Trading isn't a get rich quick, those still at this game years later realize it wasn't what they first though it would be. It might take someone with no experience 5 years before they make decent coin at the game. In that time they could've built up a business or rose through the ranks in a career. Ideally, trading is done as a hobby and a personal challenge. Not as a sole source of income or primary means to gain wealth.
 
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