Greatest Daytrader(s) in the world

This thread stinks.

The older "Greatest Trader" threads sucked too, but I'd much prefer to pick up the conversations on some of those rather than listen to this one...

Self-gratification, fictional "I know a guy" stories, and retarded Noobs claiming to be winners (even thought it's more transparent than the oxygen base of an air guitar that they don't have the first damn clue) aren't very interesting things to discuss...

TooLs


I'm starting a boycott of stupid threads, starting with this one, who's with me?


If you plan on supporting my boycott, check out the poll on the Trading thread called Boycotting Stupidity

http://www.elitetrader.com/vb/showthread.php?threadid=71562


O-ST&P-Bs
 
I will say it too..i dont know anyone...nobody... successful that is strictly a daytrader.

jess livermore said it best "i made my money witting tight...sitting tight i tell you!"

you have to let the winners run... closing at the end of the day kills that.
 
I will say it too..i dont know anyone...nobody... successful that is strictly a daytrader.

jess livermore said it best "i made my money sitting tight...sitting tight i tell you!"

you have to let the winners run... closing at the end of the day kills that.
 
I will say it too..i dont know anyone...nobody... successful that is strictly a daytrader.

jesse livermore said it best "i made my money sitting tight...sitting tight i tell you!"

you have to let the winners run... closing at the end of the day kills that.
 
Quote from AkbarTrader:

Everyday 20k, it is hard to believe. No loosing, only winning.

:D

Playing to open-close price: is it useful or not?

Any advice....

A.T. :)
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I think the figure should be an average.
It couldn't be so stable!

Playing open-close relationship?
This may be a crude but good idea.

When it's a bull market, buy at open sell at close.
When it's a bear market, sell at open buy at close.

May lead you to some profits overall, but not big.

PS: The above is just a guess. I have never used this strategy to trade.
 
Quote from WmWaster:


What I usually do is if I lose more than a specific percentage, I will force myself to stop trading.


Hope this helps a bit. :)
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I want to quote this so I can remember to discipline myself next time it happens. This is useful. I have done it before so I know it is useful.
 
Good Lord. Alot of things are annoying in trading. But this is up there. Right next to a) explaining what you do to your friends b) explaining trading to people far too eager to daytrade with their "tight risk management"/obsession with indicators--Its awful of me, but i would be much more sympathetic/understanding once someone had already taken the plunge.

I don't believe I'm actually irritated enough to post this; i'd like it if ET were more user friendly/less bashing.

But you and I should switch handles. I don't believe you trade, because I'm still very green, and yet, you are posting this stuff? (why do I think this. Because i haven't read anything, been "trained"/whatever. If I think something, its because I tried it/did it.

(if you're looking for advice, take the plunge and put your balls out there. For example, overnights are foreign to me. My 1st experience trading was about as far opposite from overnights as possible (rebates). But I'm not coming on here asking how to play it. I started a thread saying, "hey, this is what I did" and other people say what kind of overnights they had. I'm not like, "please tell me what I did wrong/right/how to improve." If something is so glaringly obviously wrong, somebody would probably flame whatever outrageous decision I made. Here, I'll give you some advice. Try something live, see if anybody will post some thoughts. If you want to pair trade, then just do it. Don't sit on your ass thinking, "man, I need to know every last detail before I pair trade" and then never pull the trigger. Just do it. If you lose on it, thats just tough shit. You don't have to lose, but you certainly have to "do".

please. at least be green for a few months before giving advice. It would be so easy as someone who is green their first few months to feel arrogant/cocky. But I'm not so bold/lack that much respect for the market to think I was in a position to give advice, to anyone. You my friend...stop asking what the temperature is and just go outside, see for yourself. Then come back and maybe we'll have something to talk about.

good luck.


Quote from WmWaster:

Sorry to say, but that's an example of poor money management.

You shouldn't give so much back to the market.

What I usually do is if I lose more than a specific percentage, I will force myself to stop trading.

There must be something wrong in your trading, so you need to stop and find out the problems first before the problems become too large to slaughter you.

Money you gained from the market ARE your money. You should treat your profits as seriously as your initial capital.

Hope this helps a bit. :)
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I consider the greatest day traders as system traders who combine a mechanical approach along with formation example if the system says buy and simultaneously a right angled triangle is also broken on upside they take a buy position.

I have seen them making good profits. I know of traders who play only on crossover of 9 and 18 days and they make very good profits. They just buy a call when in buy and buy a put when in sell.
 
Quote from dac8555:


you have to let the winners run... closing at the end of the day kills that.
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I believe you're alluding to gaps. To argue that a position trader only BENEFITS from gaps is silly. Many a trader has been killed by gap opens.

A better approach, IMHO, would be a trend following approach that capitalizes on gaps without exposure to being on the wrong side of them.

Thus far, again IMHO, Marc Fisher's ACD method comes closest. His approach, aside from the statistical significance of the opening range, is based upon locking everyone in a room who is on the wrong side of a gap and charging them to get out. Therefore, he'd rather buy the S&P when it opens up 8 handles as opposed to 4.
 
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