I finally Quit Daytrading after 5 years

Quote from thesniper:

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.
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Shut up! Don't give advices, because you are clueless.

Jesus, you are full of ignorance and trying to give advices!

Are you going to write a book on trading?

So the natural path is: Losers in trading==>book writers (Van Tharp, Oliver Velez, Mark Douglas, etc.)
 
Quote from thesniper:


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.

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It is unfortunate that you have moved from sharing your experiences to making assumptions about what others are doing, or have done, or should do.

Your experience is yours alone. It doesn't qualify you to trash the benefits of intraday trading for those who work in that environment.

You say "The money I can easily make back but all the time wasted impulsively gambling...."

Right there is the source of your failure.

Intraday trading should never equate to gambling. When done is a very systematic way with solid discipline, it can be a rewarding enterprise.
 
Quote from Notes123:

Shut up! Don't give advices, because you are clueless.

Jesus, you are full of ignorance and trying to give advices!

Are you going to write a book on trading?

So the natural path is: Losers in trading==>book writers (Van Tharp, Oliver Velez, Mark Douglas, etc.)
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Jesus, why don't you STFU! Somenone comes on here, gives an honest account of his experiences (good and bad) then tries to offer what I'd consider some pretty sound advice.

You don't have to agree, but instead of bashing the guy , why don't you go pick up a book on english and how to fucking write so at least you don't have to insult people using 4th grade grammar.
 
What's the psychology behind a person starting this kind of thread?

Is the OP looking for sympathy?

Does he want to be encouraged to continue to day trade?

Does he want to warn others of the chances for losses in day trading?

What?
 
Quote from clacy:

Wait, so you know the formula for success?? Why don't you just move to #4 then and become a master?
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Just go to a dojo and ask the master to give you a black belt right away because you know that is where you want to be.

It is not a formula of success. It is a path to success. Try to understand the difference before it is too late for you.
 
Quote from BSAM:

What's the psychology behind a person starting this kind of thread?

Is the OP looking for sympathy?

Does he want to be encouraged to continue to day trade?

Does he want to warn others of the chances for losses in day trading?

What?
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BSAM, good question.

Please allow me to offer my interpreation:

He is trying to poison the mind of day traders, he is working for GS and other institutions, they are losing money to day traders. They hate day traders.
 
Quote from Notes123:

BSAM, good question.

Please allow me to offer my interpreation:

He is trying to poison the mind of day traders, he is working for GS and other institutions, they are losing money to day traders. They hate day traders.
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Congratulations - You've just won "most ridiculous post of the day" award....
 
Quote from Notes123:

BSAM, good question.

Please allow me to offer my interpreation:

He is trying to poison the mind of day traders, he is working for GS and other institutions, they are losing money to day traders. They hate day traders.
More...

Isn't the whole point of a forum to share?

Guys like you make this board ridiculous.
 
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