agree with bighog. One can make money on small range day, the key is to adjust the profit target smaller. This surely takes some anticipation of the potential range. For example, after getting used to what's happening lately, one will tend to take profit too early today. It's a tradeoff.
Grinding it out, day after day
- Thread starter lescor
- Start date
I was in ES trades that went +4.25pts from entry Thursday and +8.5pts from entry on Friday.
Yes, it is technically possible to be profitable almost every day. It is humanly impossible to meet that performance goal every day. Doesn't happen... especially true for discretionary traders. Many or most days, sure. Every day? Only the pretenders and bald-face liars accomplish that on paper.
All I have to say about that subject has been said. No more comments from me, the points have been made and the truth is plain to see. My part in this topic was merely to note that lescor's performance includes win/loss days and weeks on his way to years' worth of noteworthy returns... past, present and future.
You are correct, and we are coming to the end or at the end of this small disagreement. I completly agree that it is possible to be profitable every day, why else would we be called daytraders? But it is not humanly impossible to meet that performance every day, unlikely, improbable yes.
No one said they never have losing days, i know it was not me because i have had my share in the past as well as anyone else. I fail to draw the explicit wording of such from my memory and have not read back in prior posts to confirm such wording. Surely others will refresh my memory if i am wrong, doubt it.
What we seem to have here is a mistaken conclusion which was incorrectly deciphered from my words about a good trader with a few years experience under their belt to perform with excellent results regardless of number of losses relative to wins. I completly understand where that would be scary for some to comprehend if they compare their own personal experiences. My trading record was atrocious in the beginning also.............i have an x-wife to prove it when she decided to fly the coup and say she needed some security and went and found a new fool.
I will say i firmly disagree with austinp's words above about "especially true for discretionary traders". In my trading with just simple TA based on specific tactics if A does this and if B does this then C will do this, etc, etc. Throw in intuition to supercede all of the above knowing you could be dead wrong and will need to adjust..........that will beat a system any day of the week. hahahaha Kidding aside, i fail to comprehend how a system based on pure directional trading can beat "thinking on the fly"..............the human brain can make faster and more accurate decisions from memory synoposis in a mili second. Computers can only make a decision about what to do when so and so happens and that is the extent of their ability to decision making. Directional traders can sit there and glance at the screen casually if desired while watching tv and visualize a graphic roadmap of the other traders minds and their own possible actions as we "ALL" follow the price on the screen. We can "ADJUST" with ever changing inputs, a computer can only follow code. How many brain cells do we have to work with?
I hope this puts the small disagreement to rest.
PS: I could be crazy as someone posted. That is very possible.
PSS: System traders need A to do as stated in code or B will never work. yes, many different strats can be coded..........but memory in the brain is better.
Perhaps you missed an earlier post I directed to you since you are an ES trader:
http://www.elitetrader.com/vb/showthread.php?s=&postid=2799215#post2799215
I was hoping for a comment on your part. If you did see that post and chose to ignore it, that's fine. I'm just bringing it to your attention again in the off chance that you may have missed it.
We all try to fool ourselves day trading is not a form of gambling, but in reality, day trading ES on average ATR 5 handles for retail traders are for fools. Ask yourself, will you go to casino to play blackjack on a 40:60 or less odds? Average retail traders pay $4:00 commissions RT, usually use stops so they lose a tick $12.50 on spread, and try to catch 2 handles worth $100. And you donât think going to a casino to play a game and every time you bet $100 and you have to pay $16.50 are not for fools?