Quote from Bombardier:
I don't have a particular goal .... I don't feel the urgent need to trade full-time, because most who dream about it here don't make it in the end... came to my senses early enough as this has lead me nowhere. Only resulted in emotional trading ...
You can trade shorter time frames, though I am of the impression that the shorter the time frame, the more randomness and ranges will emerge... I would get severely frustrated, I would perhaps abandon trading altogether if the only way was to day trade. Thankfully, I found what fits me for the time being. Perhaps I am missing out on the large move down now, I may have been able to simply short somewhere during the range, but I will wait for a real opportunity to come.
Well, to each his own. As always you must do what you're comfortable with. It seems you are a bit of a pessimist, don't take that the wrong way.
I guess this is where we differ. I have definite goals, this helps keep my head on straight and thinking logically. You shouldn't group yourself with others, everyone is unique. Actually the fact that most people lose actually encourages me to trade, because that tells me there is more than enough $ to make it's way to me. I also know I'm in the top 5%, most every statistic about me has proven it. You are right, you should never trade emotionally, and avoid what makes you do it. You helped me get through my emotional trading when you told me that you found your trading didn't interfere with your day job. I used to let it and I was really depressed because I was always like, "I can't believe I'm here working for $180/day when there is trillions exchanging hands in the markets!" Now I realize my day job shouldn't stop me from being a good trader.
Yes there likely more noise on shorter time frames, but that's where a stop outside the noise comes into play. Again, if you find yourself frustrated, it's best to stop. There comes a point where a great trader realizes this, you have no doubt saved yourself a lot of time and money by realizing this and sticking to it. I've cut off my nose to spite my face many times on this one. Finding something that fits you is very important, and one of the most important steps in trading I've read.
The part that will always boggle me is the "waiting for opportunity." You can't say there isn't opportunity every day. I think you already know what I think about this so I'll just add, be careful about being rigid. Though there is a very sound base for your entry and exit style you've proven, I've read numerous posts on here about sticking rigidly to systems. One example I can recall was a trader saying he had a system that had done beautifully for a year or so but when 2008 came around, things "would have been disastrous." This wouldn't likely happen to you with your style, but remember the market is ever evolving, and so, you must recognize this and be able to adapt.
Even though you are sitting out, which is stopping you from risking anything, there are other costs, I'm sure you are aware of: loss of any profits, as well as the most important: experience.
