How long did it take for you to be profitable in daytrading?

[nbates]

This is an interesting discussion and I wish there was something for me to contribute, but sadly I think that I've forgotten more than what I know and worse yet -> now find myself no longer young enough to know everything!

 

[Steelhead]

sdtrader,
welcome back to ET, ya gotta admit trading remotely its hard not to check in once and a while

 

[travelingtrader]

What do you trade sdtrader?

Quote from sdtrader:

Batman,

I understand you are more than likely just a child and this is just your form of "smack" to cause trouble and get a rise out of adults. So congrats, you are sitting behind your computer typing nonsense evoking responses.

Now on the off chance you are actually just a twit, who seriously believes what he is saying, I am going to come at you ONE last time.

To tell people who have been paying mortgages for years. Who have been successful intraday consistently for years, who have been paying taxes on income well into the 6 figures for YEARS, to come on this board and say you are a kid that knows it can't be done is just unadulterated idiocy.

Having unsubscribed to this thread, I am hopeful this will be my last response. I can't believe you are for real, but IF you are, I seriously suggest opening your eyes and taking things in before making such an ass of yourself.

 

[Batman28]

Quote from NZDSPeCIALISt:

q: (Traders Magazine Interview 2004) how do you handle distracting thoughts and emotions?

a: (The Worlds most Successful Trader - Paul Rotter - aka "the Eurex Flipper"): when it gets really bad - taking a cold shower or jumping in a cold swimming pool.

I think it would be difficult to just stick your ass in cold water - I think it is better to have a whole body shower in cold water. I usually kneel or crouch down when I have them because I can withstand the shock of cold water on the body - somehow the crouching position acts as an insulator against the pain of cold water. Two or three times a day is good. Good point you raised there Batman.

http://www.trading-naked.com/paul_rotter.htm

lol i told ya! haha that was funny it works!

Steve Tvardek, good post, i totally understand the 'aspiration' factor, i know it so well.. i actually try my best not to be totaly negative, but i think it's important for at least 1 person to say a little of the other side of the story.. read about the guy who's given up trading after 7 yrs and feels like shit in the other thread.. i know there are lot of great traders here whatever amount they make, but for others deciding, it's good to know not many people r successful at this day-thing. btw i didn't lie about having visited places, why would i lie.. anyways, there r lot of people here polluting how day-trading is profitable and everyone can do it if they try, and i think it's good to see the other 95% too. thanks

 

[Steve Tvardek]

I agree, I never would tell anyone that the success rate is high. I know how hard trading is, I do it everyday. But, on the flip side, the rewards to those who do and do it well, are tremendous. This is the draw of course. But, as long as you know that it will be tough to make it, all you can do is give it your best shot. Unfortunately, most people just want to make lots and lots of money fast and the market is not the place to fulfill those dreams if you arent willing to pay your dues and learn the game first.


BTW, if you want to see some daytraders that make money consistently, start following the P&L thread here. There are a bunch of guys who post everyday who make good consistent money.

Quote from Batman28:

lol i told ya! haha that was funny it works!

Steve Tvardek, good post, i totally understand the 'aspiration' factor, i know it so well.. i actually try my best not to be totaly negative, but i think it's important for at least 1 person to say a little of the other side of the story.. read about the guy who's given up trading after 7 yrs and feels like shit in the other thread.. i know there are lot of great traders here whatever amount they make, but for others deciding, it's good to know not many people r successful at this day-thing. btw i didn't lie about having visited places, why would i lie.. anyways, there r lot of people here polluting how day-trading is profitable and everyone can do it if they try, and i think it's good to see the other 95% too. thanks

 

[rateesquad]

My personal opinion is that you can make 1% a day by scalping.
so its lets say $250 a day due to initial $25,000 start, $1250 a week, thats around $65000 a year. I mean its not but if you live somewhere in OHIO or north Dakota, but if you live in NYC like me or LA, SF, etc. good luck with that one. $65000 is not bad though, if you would think that average family of four in US earns around $75000, and you would make 10000 just for yourself, not that bad, but if you are a mexican mother with 12 kids, well then you have to get second and third job. Good luck with this one, best of luck in trading.

 

[nononsense]

Quote from rateesquad:

My personal opinion is that you can make 1% a day by scalping.

As a matter of exercise, I have been trying for years to get people to dear to put an upperbound on your figure.

Is 10% a day feasable?
Is 20% a day feasable?
Is 20+% a day feasable?

Any takers?

I kind of feel that one can not say 1% is feasable without having some kind of an idea about an upper bound estimate.

 

[sdtrader]

Quote from nononsense:

As a matter of exercise, I have been trying for years to get people to dear to put an upperbound on your figure.

Is 10% a day feasible?
Is 20% a day feasible?
Is 20+% a day feasible?

Any takers?

I kind of feel that one can not say 1% is feasible without having some kind of an idea about an upper bound estimate.

Never know why people want to talk percentages. In my case, I only keep 10K in my account and sweep profits twice a month. Average month this year is 17,722. Upperbound, what is feasible? Hell, anything is feasible. I am very much on the lower end of the people I trade with. A couple guys are absolutely crushing me. So I don't know whats feasible, just as I would never answer a ROI question.

Steelhead, I am not back. I can't believe it everytime I log onto this site. I remember the last thread a couple years ago with that Mecro?? guy and some other dude that kept whining trading was dead. That was the last thread I bothered with. Until this one I guess....you are right. Trading remote, you do find things to fill the dead time. How you doing btw? OTL is coming up huh?

Travelingtrader- I am just a monkey on news/story stocks. Whatever is moving, I am trading. Just quick moves....but actually been working on holding my winners a little longer while adding size. Its a work in progress.

 

[Mike805]

Quote from Batman28:

lol i told ya! haha that was funny it works!

Steve Tvardek, good post, i totally understand the 'aspiration' factor, i know it so well.. i actually try my best not to be totaly negative, but i think it's important for at least 1 person to say a little of the other side of the story.. read about the guy who's given up trading after 7 yrs and feels like shit in the other thread.. i know there are lot of great traders here whatever amount they make, but for others deciding, it's good to know not many people r successful at this day-thing. btw i didn't lie about having visited places, why would i lie.. anyways, there r lot of people here polluting how day-trading is profitable and everyone can do it if they try, and i think it's good to see the other 95% too. thanks

How is the point you've just made any different from someone running a failing restaurant buisness? Or a guy in job about to be outsourced, etc...

I have heard numerous stories of failing entrepenuers in every buisness arena. I also personally know of many who dropped out of school, got fired becuase of incompetency, got laid off from a corporate job, etc.

There are winners and losers in every aspect of life. Trading is no different. While an argument could be made that perhaps trading is slightly more competitive due to the low entry barriers, but, somehow I think people who believe this argument are not taking the steps necessary to REMAIN competitive.

 

[Thunderdog]

Quote from sdtrader:

Never know why people want to talk percentages. In my case, I only keep 10K in my account and sweep profits twice a month. Average month this year is 17,722...

Just curious. Why not "sweep" less frequently and make more? I can appreciate the value of playing a conservative game by "sweeping," but with the kind of performance you are talking about, I would think that there is ample room to maneuver.

And if I may, I'd like to ask the usual questions of someone with your kind of stated performance. What do you trade, win/loss ratio and average $win/$loss?

(Damn! Am I the only one here who isn't tripling his account every month? )