Look chubby, you need to wake up and live in the real world. No one cares about you making 20% or 36% on your $5000. 36% on 5k in a year is $1800 dollars. You probably spend 2000 hours a year doing this. You are making less than ONE DOLLAR an hour!
$1800 profit in a WEEK is a respectable sum ... actually a fellow poster called schizo made that this week from day trading one contract of the ES mini. Let's say he has $5k. His 1.8k profit represents 36% in a WEEK. If he keeps that up, over 50 weeks, he makes 18x his money. That's 90k. Respectable.
Your 36% on $5k...don't hold your breath for investors to come beating a path to your door.
This is what you actually wrote. You should reread these 11 points every morning and every night. Your mentor was spot on with all 11 points.
Especially point #3 which is what I have been saying over and over and over to you.....
Visaria
My mentor strongly disapproves of day trading. I met up with him last week. Here is some of his objections (but written in my words):
1) waste of life in terms of energy and time taken
2) market is going to go where it wants to , you have no control, therefore how does watching a screen do anything for you?
3) the big money is almost always made over longer periods simply because bigger moves take more than a day to take place.
4) quality of intraday signals is weak
5) day trading is a blue collar occupation sort of like working in mcdonalds or in a factory...you're working for the market rather than letting the market, capitalism, the system, call it what you will, work for you.
6) day trading is generally entertainment focused rather than profit focussed.
7) the costs of trading distort the risk reward ratio adversely when looking for small moves.
8) daytraders are competing with algos , hft and supercomputers. good luck with outsmarting them!
9) about 5 in a 1000 (yes a thousand) day traders make serious money. some make a bit of money, but they never make it to the 5 in a thousand, the rest lose.
10) your eyes, brain and penis will eventually cease to operate if you keep staring at a screen.
11) there is no need to day trade to make money or to become wealthy
