I wouldn't call consistently making money 'useless', it's the objective isn't it?
Daytrading might not work for you and that's fine, but it's not that way for everyone I can assure you. One man's noise can be another man's opportunity.
I still have to know a daytrader who makes money in the long run...
- Thread starter crgarcia
- Start date
I wouldn't call consistently making money 'useless', it's the objective isn't it?
Daytrading might not work for you and that's fine, but it's not that way for everyone I can assure you. One man's noise can be another man's opportunity.
I am a tape reader and my method lends itself well to high momentum markets like the current one. I believe Reminiscences... spells it out right. I average better than 7 out of 10, but in effect what I am doing in trying to catch the fluctuations is grinding for a living.
Since Livermore's day, commissions have decreased and the tape no longer lags and is in real-time. Executions are not perfectly instantaneous but it sure is damn close - and we have the internet to thank for that. It's probably very similar to how it was trading out of a bucket shop.
At the same time though, I would be myopic if I didn't concern myself with the bigger swings where big money is made - albeit at an immediate slower pace.
What I am trying to say is... daytrading is profitable and can make you money in the long run - however, I'm willing to bet many short-term traders have moved onto larger time frames as their capital increased and no longer scaled (ie. moving markets with their trades). When you hit that point it is only natural to play for bigger swings, so they might not daytrade as much anymore.
Since Livermore's day, commissions have decreased and the tape no longer lags and is in real-time. Executions are not perfectly instantaneous but it sure is damn close - and we have the internet to thank for that. It's probably very similar to how it was trading out of a bucket shop.
At the same time though, I would be myopic if I didn't concern myself with the bigger swings where big money is made - albeit at an immediate slower pace.
What I am trying to say is... daytrading is profitable and can make you money in the long run - however, I'm willing to bet many short-term traders have moved onto larger time frames as their capital increased and no longer scaled (ie. moving markets with their trades). When you hit that point it is only natural to play for bigger swings, so they might not daytrade as much anymore.
Happy to hear it. I hope you see continued success.
Who said i blame the market??
I said 9 years i have been active in the market. Trading actively on and off for 4 years total. Daytrading was about 2 of that (and that was where the real learning took place to be honest).
You can churn the crap out of your life in this thing and all you gain is money. That's what I'm referring to.
The same concept can be and is applied to daytrading on a continual basis.
Just because you don't understand how to do something doesn't mean that it doesn't work.
Side question: Where do they get these people from, and why do they always come here?
Just because you've not been successful don't assume everyone else is in the same boat. I've traded 12+ years and am still going, doing fairly well and making more than if I'd stayed in my corporate job. It takes work like any endeavor in life.
Most people can't play scratch golf --- shooting near par. But that doesn't mean it's a near impossible. Just as with trading I taught myself (golf) and was able to play scratch in 3 years.
I've been very profitable day trading throughout 2008. Your statement about it being "useless" and only profitable during the bubble is laughable. I've made money every year since 1996 when I went full time. Some years were better than others and some were admittedly less than desirable. But overall trading, both day trading and swing trading, has been very rewarding.
just because you have no talent for something doesnt mean other people are the same
No, you can gain a lot more than that. You gain freedom. Time ...... and for me that time is spent volunteering at an inner city school a couple days a week. That was something that was not an option when I worked a corporate job. Having an opportunity to give back is more rewarding than $$$$$.
Like I say, isn't making money the objective of trading? It's that opportunity to make money when you want which allows you the freedom to live life as opposed to just exist working a 9-5, well that's been my experience anyway.
I enjoy trading, it's the only occupation I've come across which doesn't have the shackles of a more conventional job....and the pay is infinitely better!
The only thing I worry about is that one day I'll wake up and my smoke-and-mirrors won't work any more, I'm not sure how I've got away with it this long because I'm nothing special when it comes to trading :eek: