I finally Quit Daytrading after 5 years

Anyone who can day trade discretionary (ie not automated) for years on end has my utmost respect.

Day trading is the most intense type of trading there is, you have to be at the top of your game every day.

I cant do it, i automate my day trading rules.

I doubt there are many profitable discretionary day traders on ET, not ones that have lasted for more than 5 years anyway.

The brokers love day traders though. Win or lose, the broker always makes a good profit from day traders.
 
Quote from thesniper:

The first 2 years were unprofitable the last 3 years were profitable but I'm stuck in an 18 month long drawdown. I'm just too demoralized and tired of the stress to continue.
The money I can easily make back but all the time wasted impulsively gambling and all the life wasted from the stress - that I will never regain. No regrets, however - I learned lots about myself and the market. And fortunately, I have more than enough money to make it as a swing trader and investor so I will try that path the reminder of the year.
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To all small traders! Think real hard if you want to pursue trading.

More than 90% of small traders lose in a "Spectacular Fashion." They just lose!!
 
yeah i think you'll feel better for it. Day rading....self empoyed gambler..what kind of life is that?

You want to create a passive business......Anything that needs you there to make money isn't the way to do it.
 
Quote from intradaybill:

Quiting daytrading and stop fighting the robots and at the same time increasing your timeframe is the right step in the evolution of a trader. These are the steps:

1. Beginner: technical day trading, which leads to
2. emotional day trading, which leads to
3. position and swing trading for larger avg. win, which leads to
4. trend following, the method of the masters

Your move proves you are on the right path. I am level 3 now and I hope soon to migrate to level 4.
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Wait, so you know the formula for success?? Why don't you just move to #4 then and become a master?
 
Quote from intradaybill:

Quiting daytrading and stop fighting the robots and at the same time increasing your timeframe is the right step in the evolution of a trader. These are the steps:

1. Beginner: technical day trading, which leads to
2. emotional day trading, which leads to
3. position and swing trading for larger avg. win, which leads to
4. trend following, the method of the masters

Your move proves you are on the right path. I am level 3 now and I hope soon to migrate to level 4.
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Unfortunately, there are more levels to the game. And a lot of people know the steps involved. But, most don't have the passion and persistence required for the proper execution.

Good luck.. .at least somebody is on the right track.
 
The reason people fail at day trading is the same reason people fail in life. They have no discipline and expect it to be easy. They aren't willing to put the hard work in and have no game plan.

If you want to learn this game. I suggest you get a mentor as the pit falls are everywhere. Knowing how to avoid them is invaluable.

The steady stream of people who come here and tell anyone willing to listen that it can't be done are wrong. Is it easy, Hell no. Is it possible, Hell yes. They simply weren't cut out for it. Their personalities are more suited to different time frames.

I have been day trading for 12 years. My personality is suited towards it. Sadly, I make a shitty swing trader, as I am not a big fan of overnight risk. Doesn't mean swing trading is a waste of other people's time.

People with rigid opinions (and this site is full of them) aren't likely to succeed in this business on any time frame.

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In 2009, I was up 175k up to dec. Then in dec I lost 100k from the HW mark. In 2010 I only made 15k. Anyway I'm not bitter and have no regrets. I'm Happier than ever since I quit. And I'm excited to not waste the next five years of my life as I build up my portfolio management skills. There are tons of jobs for PMs and none for DTs. PM is hugely scaleable whereas DT is not. And I have had lots of people ask me to manage money because they are sick of the negative return on cash for most of the past decade. PM ain't easy bit you can't go wrong buying the fucking dip (BTFD).
Markets already provide investors a 10% return on average per year for doing nothing. So all a skillful BTFD trader has to do is add a few more % to this return by successfully hedging (raising cash) during periods of market turmoil and uncertainty. Any trader that can consistently beat the S&P even by a few points with lower volatility will have an extremely valuable skill that will always be in high demand.

I know why guys DT - they have very little cash and they're trying to make a living off 5-10k of cash and so they have no choice but to DT as a way to aggressively build up the bankroll. This is fine but as soon as you get a couple of hundred k saved to have to stop DT IMO. Then start trading a portfolio of options and futures and build that account and then move on to equities and then OPM. You have to plan decades into the future.

The only DT that are really sucessfull are the MMs - market makers. If you look at red ink and lessor - these guys are MMs basically. They do like 500000 shares a day on 10-20 different stocks and try to net a penny/share over the long run. Most hedge funds that DT trade the same way but which faster tools. So if you want to DT you have to be an MM or forget about it. Trading direction on a single stock or futures contract will never work in the long run. You may make good money but who is gonna pay you for that kind of a limited unscalable skill?

My only regret was trying to trade direction in one stock or in one futures contract at a time instead of being an MM like lescor.
My only advice to DT is: just trade like an MM - that is the classical intraday strategy that's been around a long time. Also once you make good money, learn how to invest because that is a way more valuable, scalable, and marketable skill.
 
See the ball...BE the ball!

caddyshack_be_the_ball_small.jpg
 
I did custumers 18 to 11 years ago on the side; I swore never again in my life would I ever do that again ... whatever happened to me ... NEVER !
 
Quote from Magic8:



2011 to 2025... wow! you can predict *14 YEARS* into the future!
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Isn't it my point (hindsight)???

Due to a lack of intelligence, you managed to miss the point completely!

This board is full of idiots!

Day trading? Don't even dream of it, you idiots, you are not the materials.

Only special people succeed in day trading.
 
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