Giving up on day trading?

B

Badeco

Hello traders,

I've been day trading full time for over 3 years now.
At this point in time I have experimented with multiple different models and strategies.

I've experimented with manual, semi-automated and fully automated trading systems for entering and exiting positions. I've traded stocks, options and futures and used different time frames for analysis.

I have to admit though that after over 3 years trying very hard, I am still unable to consistently win the day trading game. A system can work in some occasions but then in exactly the same setup it will fail and give back the gains. All in all, over time I've found it very difficult to generate revenues that would cover commissions and other costs and still generate profits.

From my first days trading I never thought that trading would be an easy adventure, I knew that it would take a lot of losses, stress, humility and patience. But after over 3 years full time I would have expected that I would have "graduated" on trading and would be able to generate consistent profits, but that is not yet the case...

I would appreciate hearing from experienced traders, in particular those that have been on this business for a longer period of time and I know they aren't many, whether it has been for them such a hardship to succeed in trading or maybe it is simply that you can not really consistently win the trading game?

Thanks for your comments.
 
Likewise, I been trading for over 3 years as well, it seems to me the only ones making any kind of consistent money are the brokers and the trading schools. I have yet to hear any one trader made any kind of consistent money over time, and there millions of traders out there, not one. The really good traders supposedly the ones can do no wrong they all went into teaching or selling some trading programs, they don't even trade. So.. does that tell you something about trading?
 
You have a hard time focusing – I would surmise

May I respectfully suggest you give it an earnest attempt


-------------------------------------------------------------------------------------------------------------------------------------------------------------


I also find what you expect to be BS – please explain what gives you the right to expect this…


You that good…, that egotistical…, or that delusional…. (2 of these 3 will absolutely cause you to fail)



Not bustin on you Sir… but I find a healthy dose of reality now and again – a good thing

Regards
RN
 
Well, I don't know if you want to hear from me. I am not an experienced day trader. In fact, I have never really tried day trading. I have read a lot about it, and from my reading and backtesting, I have never seen any clear way to make money at it. I am NOT saying that it cannot be done--just that from my studies, I don't see how to do it.

But, have you ever considered becoming a 'week trader' or a 'month trader'? In my opinion, it is vastly easier to make money this way. There are many momentum and trend following techniques that work well over longer time frames. Probably also some swing trading techniques that work well, if that suits your style better. You will not become rich overnight, but perhaps that is okay. Do you think it could be in your nature to try to be a tortoise rather than a hare?
 
you just admitting in public you suck at daytrading.

most daytrading at hedge funds is done by automated trading systems these days.





Quote from Badeco:

Hello traders,

I've been day trading full time for over 3 years now.
At this point in time I have experimented with multiple different models and strategies.

I've experimented with manual, semi-automated and fully automated trading systems for entering and exiting positions. I've traded stocks, options and futures and used different time frames for analysis.

I have to admit though that after over 3 years trying very hard, I am still unable to consistently win the day trading game. A system can work in some occasions but then in exactly the same setup it will fail and give back the gains. All in all, over time I've found it very difficult to generate revenues that would cover commissions and other costs and still generate profits.

From my first days trading I never thought that trading would be an easy adventure, I knew that it would take a lot of losses, stress, humility and patience. But after over 3 years full time I would have expected that I would have "graduated" on trading and would be able to generate consistent profits, but that is not yet the case...

I would appreciate hearing from experienced traders, in particular those that have been on this business for a longer period of time and I know they aren't many, whether it has been for them such a hardship to succeed in trading or maybe it is simply that you can not really consistently win the trading game?

Thanks for your comments.
More...
 
Quote from drcha:

Do you think it could be in your nature to try to be a tortoise rather than a hare?
More...

Agree, problem is many (if not most) prop shops want you to be a hare at all costs. They really dislike tortoises. It's not part of their business model.

Majority of new guys don't have the capital & discipline to trade the longer time frames.

Another funny thing with daytrading is that the newbies will always find either somebody (on the internet) who either has been around a while and encourages them to perservere (as they have) and other newbies who are temporarily on a winning streek and cheer them on to go the distance, try harder, success is around the corner, etc, etc.

After all, the ones who washed up are no longer around. They're back at their 9 to 5 either earning for another stake or have sworn off trading completely.

Fact is, for new people, I believe the current conditions suck for daytrading. There's no momentum to carry you during the day.
 
Quote from Badeco:

Hello traders,

I've been day trading full time for over 3 years now.
At this point in time I have experimented with multiple different models and strategies.

I've experimented with manual, semi-automated and fully automated trading systems for entering and exiting positions. I've traded stocks, options and futures and used different time frames for analysis.

I have to admit though that after over 3 years trying very hard, I am still unable to consistently win the day trading game. A system can work in some occasions but then in exactly the same setup it will fail and give back the gains. All in all, over time I've found it very difficult to generate revenues that would cover commissions and other costs and still generate profits...
More...

I notice you, like so many others before you, when you talk about failure you only talk about you trade method (entry to exit) that's arguably not the most important tool in a successful trader's trading plan.

Simply, trade method is just one chapter in the book whereas other chapters are market experience, psychology of the trader, discipline, money management, proper capitalization, position size management, proper broker platform, proper trade workstation, proper trade environment, cost (expenses) of trading et cetera...

Together known as one's trading plan.

It would be interesting to know more about the trading plans of losing traders versus profitable traders along with info about their personalities.

Mark
 
1) There is nothing that is going to win 100% of the time. Market are sometimes random, they also trend, and also range. So you need to try to determine what type of day it is, and realize a RTM system will not work during a trend day.

2) Obviously, besides coming up with an edge which means the ability to generate profits based on a setup, you need to develop money management and not over trade.

3) There is not much good education since many mentors and books are done by people who can't trade, however, there are those that do trade and some are on ET.
 
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