Daytrading, Impossible Quest???

I believe in papertrading. It allows you to verify your trading ideas, practice real time pattern recognition, and develop a decision-making skills without risking a dollar. Fills don't matter in papertrading; they are not the purpose - practice is. Constant practice enhances your self confidence, reduces your response time to ever-changing market conditions, improves your performance level. Swing traders have much more time to think, analyse, etc... Daytraders, especially futures traders have to react fast.

Just my $0.02
 
arky,

Day trading is a lot more difficult now than it was a couple years ago. The golden era has passed. Even back then it was a difficult game to learn. It took months to master the game when the market was much better. You have a long, long way to go in this tougher market.

Regarding Jea, although I do not participate in his chat room, I have been observing his methods for a couple years. In fact, I just received his weekly e-mail. His strategies are becoming more complex all the time. Hardly where the beginner wants to be. My own strategies are far more simple, and I earn more than the UT followers. You don't ever have to look at the Futures to be a successful day trader.

If you really want to be a trader, you have a very steep learning curve ahead of you. Keep trying, and understand that success does not come quickly, if it happens at all. Many good traders disappeared after the crash of 2000. The market is a much different place now.
 
I have taught traders for quite some time and if you search this site you will see my name as an honest and straight forward guy.
For newer traders here are some thoughts:
1. Dont overtrade
2. Develop a trading plan that is realistic
3. Make sure your trading plan, if carried out to the letter, would be profitable over time and in any market
4. Dont blindly follow anyone, understand calls that people take and why they do what they do.
5. Focus just as hard on the mental aspects of trading as you do on the technical points, it as important if not more.
 
Arky,

Figure out exactly what it is that you want to do. What are your goals? Write it down. When you have spent some time with that, next move on to how are you going to do it? Specifics. What patterns will you trade? Which markets will you trade. What markets will you avoid? How are you going to keep motivated, healthy, happy etc. At night after the close, go over everything. What did you do right, were did you screw up? What can you do better tomorrow. What did you do today that you can learn from to be a better trader tomorrow?

Good Luck,
Brandon
 
from Hitman: "Or may I suggest look into one of the prop/prof firms in your area, professional traders have triple the chance of homers making it (30% versus 10%)."


Why do you think so Hitman?



Lojze
 
Originally posted by arky

"...
I would also like to comment on paper trading. It is pretty much a waste of time. When real money is on the line, well I can't even explain the feeling. Something like INTENSE!!!!!WOW!!!
..."

maybe this is one of the main reasons why so many traders start losing as soon as they start trading with real money - after they paper traded for a while. when paper trading one is cool and relaxed - has his plan (hopefully) - and watches his market(s) - sees "his" setups day by day - and gains confidence.

then switches to real trading - and what happens - he is nervous - feels great pressure - WANTS TO MAKE IT - NOW!! he does not want do let pass by all the great setups any longer without taking advantage of them.

and that's the point - after you have finished your paper trading and start real trading - your emotions should stay the same. this means - if you paper traded with a great sense of seriousness - and didn't fool yourself too much - maybe there is no bigger trap than getting nervous when trading with real money.

hope this makes sense ...
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This is why starting with low shares and working your way up is a must. Start with 100 shares, yes you will feel nervous, when that nervousness has gone away, and you have the same confidence and results you had when paper trading, move up to the next size and so on. Jumping from paper trading to large size, in my opinion, is a recipe for disaster.
 
Originally posted by Hitman
If you are breaking even after two and half months, assuming you take at least 5 shots a day, you have to be doing SOMETHING right.
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so true

And by the way, scalping is pretty much dead, especially when you are paying retail commissions.

PS - why do people always say "don't overtrade"?

what does that mean? don't take the bad trades? du-h okay...

my advice : OVERTRADE! (with cheap commissions, mind you - none of this $9.95 shit)

only after you scrape the bottom will you actually learn.

oh and get lots of rest too. if you find yourself waking up thinking about trades in the middle of the night, take a break and rest up. the learning process for trading saps a lot out of you. also, keep some good books in the bathroom...read up while you go poddy, because the rest of the time you should be too busy trading and the evenings should be spent looking for trades for tomorrow.

hope this helps
 
Originally posted by bungrider



oh and get lots of rest too. if you find yourself waking up thinking about trades in the middle of the night, take a break and rest up.
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Some of my best trades are in my dreams.:p
 
Originally posted by bungrider

oh and get lots of rest too. if you find yourself waking up thinking about trades in the middle of the night, take a break and rest up.
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Glad to see this happens to other people too. I was beginning to wonder if i was nuts because I find myself thinking about my trading all the time and sometimes i dream about it too.
 
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