Is day trading worth it?

drownpruf said:
So no answer to the fact that you made no call to short the NQ until posting the chart after the drop and after the close? I am referring specifically to this post, which was posted 80 minutes after the close, with no trade reco that preceded it.

http://elitetrader.com/vb/showthread.php?t=280889&page=73
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You're not linking to a post; you're linking to a page.

But quickie course in auction market theory. You short at the upper limit of a trend channel. You hold until you reach the lower limit of the trend channel. Price fell from the upper limit of the trend channel to the mean of that channel on Friday. All this was posted Friday and Saturday. Those who understood the chart were ready to short on Monday and did so, covering when price reached the lower limit of the trend channel.

If you didn't trade any of this, that's unfortunate. I suggest you read up on AMT.

But now it's dinner time. It's been real.
 
dbphoenix said:
Again, this link is for yesterday.

If and when you are ever able to navigate your way through a thread to a particular date, you'll note -- if you understand auction market theory -- that AMT tells you where to go short and where to go long and how long to hold onto the trade, similar to ND's price targets.

Those who are interested are welcome to peruse this pdf.
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So no answer to the fact that you made no call to short the NQ until posting the chart after the drop and after the close? I am referring specifically to this post, which was posted 80 minutes after the close, with no trade reco that preceded it.

http://elitetrader.com/vb/showpost.php?p=3955539&postcount=433

80 minutes after the close. After the move. No mention of any short prior to the above post.
 
This is not the same as simply not offering proof. Here he takes credit for an 80 point move and claims above that he posted the trade in advance, and said where he called it, and turns out he posted nothing in advance. Just a hindsight chart after the close.

Not to mention his dig at LF for not taking someone else's offer of a bet (says to Game: "you won without even breaking a sweat"), and then he turns around and refuses a bet himself.

LOL

This reminds me of that guy Xspert who was busted last year..... who claimed he could take a newb trader and have him turn 10k into 1 million in a year scalping in an IB account. Eventually he dug his own hole and wasnt able to keep his stories straight. Or JH and his 6x daily ATR each day or MFBreakout and his 200 ticks a day. Same type of online persona. I think these types have put a lot of effort into studying the markets but their ego won't allow them to post as any other regular person trying to learn to trade....... they have to be The Guru and have their followers.
 
Schaefer said:
Downpruf, does have a point. I think, the kind of proof he's looking for only exists in the "ES Journal". These guys post their orders in advance with stops, and profit targets.

Schaefer
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Since you've been at this for at least ten years, you know that that doesn't constitute proof and it's not intended as such. Drownpruf, for example, posted a short on Wednesday at 50something. This after price had already plunged 18pts and was still falling. But he provided no evidence that the short was actually taken or that it wasn't just sim. Nor was he able to provide any evidence that he covered when he said he did or made the profit he claims to have made. And as far as I can tell, he made no trades at all on Monday. Do I care? Not in the least. I bring it up only to point out, again, that the only proof is tax returns. Nothing else is sufficient, including a note from one's mother.

As for my charts, the chart in question was posted on Saturday, long before Monday's open. Those who have studied the material knew exactly what to do on Monday morning and we did it. Those who haven't read the material, much less studied it, will likely have no idea what was done or why. This is not my concern.

If anybody wants to learn anything about "calling" trades, study ammo, not drownpruf. While I may not agree with ammo's methodology, at least he has one, and it's there for anyone who cares to do so to examine, like NoDoji's and like mine.
 
dbphoenix said:
Since you've been at this for at least ten years, you know that that doesn't constitute proof and it's not intended as such. Drownpruf, for example, posted a short on Wednesday at 50something. This after price had already plunged 18pts and was still falling. But he provided no evidence that the short was actually taken or that it wasn't just sim. Nor was he able to provide any evidence that he covered when he said he did or made the profit he claims to have made. And as far as I can tell, he made no trades at all on Monday. Do I care? Not in the least. I bring it up only to point out, again, that the only proof is tax returns. Nothing else is sufficient, including a note from one's mother.

As for my charts, the chart in question was posted on Saturday, long before Monday's open. Those who have studied the material knew exactly what to do on Monday morning and we did it. Those who haven't read the material, much less studied it, will likely have no idea what was done or why. This is not my concern.

If anybody wants to learn anything about "calling" trades, study ammo, not drownpruf. While I may not agree with ammo's methodology, at least he has one, and it's there for anyone who cares to do so to examine, like NoDoji's and like mine.
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You posted the chart on the 21st which was Friday, at 5:21 pm Eastern. Fully one hour and twenty one minutes after the NDX close.

If you want to login to my account and see the ES and GOOG trades in question, then allow me to do the same with your NQ short. I have no problem with that.
 
Laissez Faire said:
As a swing trader, I took roughy $5000 to $35 000 in a year before I had read a single book on trading. I withdrew most of it.You can read it here:

http://www.elitetrader.com/vb/showthread.php?t=278064&highlight=fortune&page=5

As a day trader, I started out losing on my first shot at trading. At this point, I had read over 100 books, done a lot of testing, but not enough simulator trading. I was also using too much leverage.

Stopped what I was doing, did a massive amount of backtesting and simulator trading. Re-wrote my trading plan.

Came back and made a killing as a one lot trader for a good period. Sized up and took huge losses in a short period of time.

My story is longer than that, but the point is, there's a difference between being profitable in a short time period, having some winning trades and being consistently profitable year after year. It's much harder than what the gurus are telling you.

While some people may perceive me as being negative in this thread, I would rather call it being realistic and I'm actually sincere in my postings, since I don't want people to get their hopes and dreams too high and I hate people who's bullshitting others.

All I'm asking is a little transparency and honesty.
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So why did you switch to daytrading if you were making 600% returns from swing trading ?
 
dbphoenix said:
See the Ghost thread for Friday and Monday.
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wtf hallucinogens are you on? There is no trade there. Nothing. NDX closed down what, 40 on Monday and you take credit for the full peak to trough move, in hindsight?! Friday's chart after the close and you take credit for that as well?
 
dbphoenix said:
If you like.

BTW, did you catch that 80pt plunge in the NQ on Monday?
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Please show us the post in which you entered short and booked anything of the move, let alone the entire peak to trough move. I will apologize, buy your book and leave ET for good.
 
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