Quote from dv4632:
Long time, first time here as well. Also bored out of my mind with this. 
My favorite tidbit from here: "I trade by exception only".
I still do somewhat of a double-take when people say they "have no secrets" as I always thought making money trading had to be a secret. But a couple of other successful day traders have told me the same thing. When I question them on it they tell me wait until you get really good at this, then try and teach it to someone else... then you'll understand. lol
---------------
Yea; go figure, eh?
Beginning trader instructions: 'Only trade in the direction of 2 higher timeframes than your primary timeframe. In addition, only take the 1st short-term pullback after you have confirmed 2 higher timeframes are actually trending.
If you spend 4 hours per day watching 3 markets you may only get 1-3 entries per day; high quality entries with better than 1 to 2 risk:reward 'positive expectancy' setups.
You will be out of the market 85%+ of the time. The vast majority of the time you will be bored out of your <del>fucking</del> mind and sitting in a chair like some kind of slacker-loser 'office worker.'
However, you are in complete control of your actions and your inventory 'base in $$$' (trade sequences) will slowly build over time if you follow a rule-based business plan.
No secret here: 97.9% of new daytraders/business owners will FAIL to make money for at least 3 consecutive years if given this general job description.
Disclosure: When I was in my early 30's I visited 4+broker offices AFTER HOURS and hung out with 'junior brokers.' I SAW the account 'runs.' My % calculation(preceeding paragraph) is based on that. Yep, less than 2% of retail traders string together 3+ years of consecutive profits.
This is DAYTRADING. Now, of those 2% how many of them are trading size? Guess--go ahead. I'll let anyone know if they are interested.
Greed and the lure of 'easy money' along with weak-ass discipline waylay them; it is human nature.
Good quote: Consistent daytrading risk specialists are WINNING (by exception only). So not only do I trade by exception only; because of this rigid discipline I win {we keep score} as an exception to the vast majority.
Consistency w/ respectable size year after year/month after month/week after week is more satisfying than being a huge trader and trying to make more and win more without any perspective. This is my opinion.
The rest merely provide liquidity and a way to keep score while taking the other side of pro's trades.
Nearing a short week of vacation for me {worked all business days and 2 holidays since Jan 9th}. However, that is a 3.5 hour workday for daytrading and 90 minutes for swingtrading--so I am nowhere near not complaining!
I knew that for me daytrading would be the most challenging endeavor I ever undertook professionally. Swingtrading is grade school compared to the graduate-level intensity of daytrading.
Again, I am referring to consistency over time (years). 27+ years; my 'ego' has been wiped out when trading; it is basically a 'void.'
For those that really wonder (maybe) why my personal life is such a beautiful disintegration of illicit substances and young skanky tramps and misguided girls--it is because it is an avocational psychological RELEASE from the chains of my professional obsessive and compulsive involvement in trading derivatives.
peace
hedvig
p.s. Laissez Faire, I'll answer your reply later tonight. I need to get the fuck out of the office. A HUGE swingtrading week as several targets were reached (6E @1.2375 CL @88.25-88.50 ES @1297 GC bottoming {basis August 1532}.
Intraday trading; yes--this week has been volatile and I have 'grinded' with actually very low roi% thus far of less than 4% thus far on the week.
