If you draw out 50% of your profits each month and be able to pay all you bills times five, and be able to do that for two years, very possible you have made it in day trading. What many traders do each month is try to build up there accounts without taking money out and then they get sloppy. Another topic not covered is making very good profits ending in December, then losing in next three months of the next year, and if you have not taken money out to cover the taxes for preceding year, your account might have to be closed out to pay the taxes. Don't need any surprises at the end of the year.
It is much easier to make money when markets are trending nicely without huge volatility, but you can't survive on this to happen each month, week, day. You can't rely having one method to play the game. You need rules to tell you when not to play the game at all and other methods when there are many 2-3 tic bars. I recall all the trend traders cried when markets got tight cause they need bigger swings to get there profits, but to become an all around day trader, you have to be able to adapt to average range days and very tight range days, and staying away from hugely range bar days, then it is just guessing where the market is going.
I agree with "the1" of the two books he recommends.
Also one must do exercise each day as well. Day trading puts huge stress on the mind and especially the body.
Day trading is about many aspects because of the speed. One has to learn to ACCEPT, accept your rules which have been backtested well, and then have the nerves of steel to follow your rules no matter what. Some days I have taken 30 trades and all I can get is 1 tic per trade, to some it was a bad day, but to me it was an outstanding day, I have learned to accept what the market is willing to give me. You gain much confidence thru the years in learning your craft well, where upon you just wake up knowing you will be profitable each day.
Long term trading is like landing a Piper 4 seater with a 3 mile landing strip, day trading is landing in the middle of a moonless night on a aircraft carrier. You have to trade like the Pros or you will crash and burn.
It is much easier to make money when markets are trending nicely without huge volatility, but you can't survive on this to happen each month, week, day. You can't rely having one method to play the game. You need rules to tell you when not to play the game at all and other methods when there are many 2-3 tic bars. I recall all the trend traders cried when markets got tight cause they need bigger swings to get there profits, but to become an all around day trader, you have to be able to adapt to average range days and very tight range days, and staying away from hugely range bar days, then it is just guessing where the market is going.
I agree with "the1" of the two books he recommends.
Also one must do exercise each day as well. Day trading puts huge stress on the mind and especially the body.
Day trading is about many aspects because of the speed. One has to learn to ACCEPT, accept your rules which have been backtested well, and then have the nerves of steel to follow your rules no matter what. Some days I have taken 30 trades and all I can get is 1 tic per trade, to some it was a bad day, but to me it was an outstanding day, I have learned to accept what the market is willing to give me. You gain much confidence thru the years in learning your craft well, where upon you just wake up knowing you will be profitable each day.
Long term trading is like landing a Piper 4 seater with a 3 mile landing strip, day trading is landing in the middle of a moonless night on a aircraft carrier. You have to trade like the Pros or you will crash and burn.
