forgot to mention, you must have other strategies as well, cannot always rely on one strategy. Good guy, knows what he's talking about.
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Haggerty Entries
- Thread starter Maverick1
- Start date
1-2-3 Works well. You must come with good mental discipline. Playing with top and bottom is rough but can be done by the mentally strong. It is all in the head........... respect the losing trades and avoid the pain. If we bat 50/50 the risk to reward will make us money.
Quote from dottom:
To add-on to that (my estimates):
1. 95% of users on ET don't even average one trade per day. Lots of wannabe's who may never get2be.
2. of the remaining 5%, 80% are not profitable. Lots of pretenders. I figure "80%" instead of higher # to make allowances for those who are "break even".
3. of the remaining 1%, 80% do not make a living solely from trading profits (i.e. no other income).
4. of the remaining 0.2%, 80% are lurkers with less than 100 posts.
So, based on 16,603 members, that means ET has 6 profitable day traders, who make their living solely from trading, who are regular posters.
I may be off plus or minus a few % points, but you get the cynical picture...
I agree with the gist of your remarks, but I must contend point 1... implicit in that point is an assumption that if you are not averaging more than 1 trade a day, you are not profitable... looking back at my records over the years, in some of my best trading periods ever, I averaged around 1 trade a day during some very profitable times -- bubble periods mainly --- admittedly of late, 3-4 a day seems about average, and a 15 trade day occasionally rears its head... much depends on market conditions and choice of trading methodology/methodologies... volume and profitability are not necessarily inversely related since then, by taking the argument to its extreme, you would be suggesting that the scalpers are the most profitable bunch of traders...