Most people who are great at something like it or love it on some level, passionlessly just focusing on money is not enough.
How to day trade for a living?
- Thread starter JoshLowe005
- Start date
Most people who are great at something like it or love it on some level, passionlessly just focusing on money is not enough.
The blue highlighted text are your positive yet your greatest weakness is in red......meaning you still don't know.
I never recommend to anyone any more to day trade, it is going to be a horrible way to learn all the worst emotions, thought processes, doubting yourself even after you have made seven figures for a few years. You will learn that time stands still, markets don't care who you, you control your own destiny and no one can teach you how to trade and reason for that is cause you are your own worst enemy. We grow as babies and most parents do their best to encourage you and tell you will do better, LOL, day trading is learning to lose and lose often in the beginnings and for 99% of new traders, you get very very good at losing, so much so, you go onto few years of just plain losing. And all the advanced education you had in school is not going to help at all, LOL. If married, you might not stay married, years will go by and your favorite saying will be "I am so close", for many that will be written on their gravestone.
I quit my "day job" in 1999, I live off my trading and other entities on trading. Started long ago doing long term stocks, wish I never ventured into day trading although took me seven years to "finally get it", all the losing years really put me behind on what I should have made in long term stocks. I have given up much to get good at what I do from poor health to failed relationships, smart enough to not get married or let them move in with me. I always thought I was smart enough to be able to say "I wouldn't allow something to happen to me", it is funny what we subconsciously allow to happen.
Reasons of my errors: LAZY LAZY LAZY I didn't want to learn how to program and program well so I could back test enough and beyond. If you don't have minimum of 3,000 sample size over at least five years, you just asking for it. Your eyes and your brain lies to you, unless you have cold hard facts, don't trust yourself. Make a Trading Plan you can only change after back testing, something that been working past six months, most likely never worked past ten years. You are always giving up the edge in one way or another, if you targeting handful of ticks you need to have low losing percentages, and if you going for homerun profits, your losing percentages will be much higher. Whichever=don't get married to it, think in terms of the trade is high priced call girl and you paying by every 15 seconds. Time is my "edge", it equals money, discover how much time to get to breakeven plus one tick.
Long term trading has always been greatest accumulation of wealth in stock and commodities. Real Estate best way overall I believe to get Wealth, put down 15% and let others pay the other 85%, start out buying one rental each year, then 2 ... so 30 years plus you can be sitting with almost 100 houses. Working 40 hours a week is for folks who will forever be working 40 hours a week, nothing wrong with getting 2nd job to cover the 15%. Don't have partners, they never work as hard as you and seldom have more education than you, being your won boss, nothing better.
Day Trading, considering how much risk and fees (for many it is a monthly mortgage payment) in any one day and how much walk away, for many in the hole. If you are a smart kid, learn options and hold from few days to couple months, options are like a banana, decaying product- get into it and get out before rotten.
I quit my "day job" in 1999, I live off my trading and other entities on trading. Started long ago doing long term stocks, wish I never ventured into day trading although took me seven years to "finally get it", all the losing years really put me behind on what I should have made in long term stocks. I have given up much to get good at what I do from poor health to failed relationships, smart enough to not get married or let them move in with me. I always thought I was smart enough to be able to say "I wouldn't allow something to happen to me", it is funny what we subconsciously allow to happen.
Reasons of my errors: LAZY LAZY LAZY I didn't want to learn how to program and program well so I could back test enough and beyond. If you don't have minimum of 3,000 sample size over at least five years, you just asking for it. Your eyes and your brain lies to you, unless you have cold hard facts, don't trust yourself. Make a Trading Plan you can only change after back testing, something that been working past six months, most likely never worked past ten years. You are always giving up the edge in one way or another, if you targeting handful of ticks you need to have low losing percentages, and if you going for homerun profits, your losing percentages will be much higher. Whichever=don't get married to it, think in terms of the trade is high priced call girl and you paying by every 15 seconds. Time is my "edge", it equals money, discover how much time to get to breakeven plus one tick.
Long term trading has always been greatest accumulation of wealth in stock and commodities. Real Estate best way overall I believe to get Wealth, put down 15% and let others pay the other 85%, start out buying one rental each year, then 2 ... so 30 years plus you can be sitting with almost 100 houses. Working 40 hours a week is for folks who will forever be working 40 hours a week, nothing wrong with getting 2nd job to cover the 15%. Don't have partners, they never work as hard as you and seldom have more education than you, being your won boss, nothing better.
Day Trading, considering how much risk and fees (for many it is a monthly mortgage payment) in any one day and how much walk away, for many in the hole. If you are a smart kid, learn options and hold from few days to couple months, options are like a banana, decaying product- get into it and get out before rotten.
In my honest opinion, forget automation. Profitable automation requires expensive hardware, internet connection and a proper expertise in mathematics and computer science. Just forget it.
Now it's all about being calm. If you need to trade in order to pay the bills, you must have enough money to pay the bills for at least one year. This is the only way to trade with a cool mindset and deal with losses without panicking.
Trading for a living is like starting your own company. You need working capital, you need to account for when you get sick, you need proper equipment (stuff like a no-break), etc.
It's perfectly possible but emotional stability is the key.
Now it's all about being calm. If you need to trade in order to pay the bills, you must have enough money to pay the bills for at least one year. This is the only way to trade with a cool mindset and deal with losses without panicking.
Trading for a living is like starting your own company. You need working capital, you need to account for when you get sick, you need proper equipment (stuff like a no-break), etc.
It's perfectly possible but emotional stability is the key.
Day trading successfully.., is an ultimate test (one of the very few I will add)..., and testament - to one's ability to manage self
Trading longer terms - one still must - but is afforded a buffer of time to do so
In either arena - some can..., some eventually do..., some never will
A certain in all endeavors..., save for the most mundane..., undoubtedly
==============
Is one easier / harder than the other?
Truly a question best left for each to answer..., to their self
================
When I gaze in a mirror (or chart) oh what do I see..., well I'll be damn - I'm completely at peace with the one (and whats) staring back at me
Choose your friend(s) wisely if you wish to pursue trading..., of any sort
RN
If you make that $150+ per day regularly while using stop losses when trading and you don't move them further away when a trade runs against you and you don't average down when a trade runs against you, then it's very likely you can make a lot more trading full time.
If you do any of those things above to earn your daily $150+, then it's very likely that full-time trading and/or the extra capital/leverage you get as a prop trader will lead to financial ruin, maybe sooner, maybe later, but once the snowball starts rolling, probably very quickly.
Thanks for the advice! Are you trading full time? Also what would you suggest as the best way for me to start?
do not ask, do not hope, do not wait (c)....
frankly i am very suspicious of people asking public advice about day-trading
you want to day-trade - day-trade...
how? -- you have to figure out...
why do you to ask public - if majority of the public either never attempted or failed to succeed in something you want to do?
of-course one beaten one worth two unbeaten ones
but if you believe you have it what most other people do not have (an therefore fail) then you should be capable to make it on your own, and figure everything out...
on top of that, why do you assume people who made (if you can find them) will help you? for your nice eyes? why some one should help potential competitor?
if you would want to start production of soft beverage, would you write a letter to Coca-Cola, asking them to help you with recipe? probably not because you would know where and how far they will send you ...
business is business
i like the fact that you 20 and thinking about trading, but i would like even more if you realize that tyou are on your own