Is day trading worth it?

[k p]

Wrong. You cannot deconstruct a bar chart into its constituent tick-data. It's derived, but not expressed (as tick data).

If what you mean is that you cannot take a bar of a 1 minute chart and produce the individual tick data from this then of course I understand. But a 1 minute bar is certainly made up of all the ticks.

Edit: Its like taking a 20 megapixel image and resizing it down to 1 mp. You cannot then go back up to 20 megapixels... the individual pixel info for all 20 megapixels is gone.

 

[Grandluxe]

Look I'm a scalper. I could've held my initial long trade until the end of the day and had one winning trade. But then on days without a nicely defined trend I'd make nothing or lose money. I scalp small intraday price swings based on favorable odds of a scalpable move based on intensive research of price action patterns in varying environments. That works for me, it's comfortable for me, it's easy for me to focus on one instrument especially when that instrument offers so many opportunities each day.

Take the breakout pullback setup and put it to the test with various methods of entry/management.

Also take the 1-min strong trend continuation setup I illustrated in the first three charts posted on my "Difficult" thread and study that in strong trending conditions.

http://www.elitetrader.com/vb/showthread.php?t=281746
.

Thanks NoDoji.

You are the best.

 

[RedTankEra]

You guys talk about positive expectancy as if it was something nearly impossible to research.

Here, enough of these will satisfy any hunger, and yes, it's positive expectancy is well above marginal.

If you got enough knowledge of price action, it speaks for itself but then again if you are disbeliever you would not find gold at the tip of your nose if it was there.

Now, please continue, it has been quite entertaining!

 

[NoDoji]

the difference is my posts are real. yes, there is ego in there certainly; but remember i did not create p/l thread..

what i am trying to do is keep some reality here at ET. her remarks are head spinning...these guys (DB, nodogi) clearly are trying to protect some kind of cult following for less than honest reasons...imo.

Blotters and statements might be real and may or may not be from a real account and may or may not be the whole picture (many traders have multiple accounts).

A method that you can apply to any day's price action in real time at the hard right edge and see positive expectancy with your own eyes is real.

There's no dishonest reasons for wanting to shine the light amidst so much darkness. I realize, though, that it's a waste of time to continue to shine the light when most people have made it clear that they prefer to work in the dark.

 

[drownpruf]

If what you mean is that you cannot take a bar of a 1 minute chart and produce the individual tick data from this then of course I understand. But a 1 minute bar is certainly made up of all the ticks.

Edit: Its like taking a 20 megapixel image and resizing it down to 1 mp. You cannot then go back up to 20 megapixels... the individual pixel info for all 20 megapixels is gone.

Absolutely not true. For example, Some services (and DMA front-ends) use a lookback to derive the OHLC as opposed to using a true tick-construction.

 

[dbphoenix]

Wrong. You cannot deconstruct a bar chart into its constituent tick-data. It's derived, but not expressed (as tick data).

If you have the tick data, you can create a bar out of it of any duration. Just determine a beginning point and an ending point.

 

[dbphoenix]

There's no dishonest reasons for wanting to shine the light amidst so much darkness. I realize, though, that it's a waste of time to continue to shine the light when most people have made it clear that they prefer to work in the dark.

Someone put it a slightly different way today, that trading exposes one's personality/character flaws. Those who can't stand that, quit.

Or as Jack Nicholson would put it . . .

 

[drownpruf]

If you have the tick data, you can create a bar out of it of any duration. Just determine a beginning point and an ending point.

That's the point. You can't deconstruct a bar (chart) into tick-data, and the complete tick-series is not a necessity in the production of a OHLC bar.

 

[k p]

Absolutely not true. For example, Some services (and DMA front-ends) use a lookback to derive the OHLC as opposed to using a true tick-construction.

But we aren't talking about services here, we are talking a static picture of bars on a white screen. I am saying when I look at a bar on my chart I cannot from this bar construct the tick data, but if you give me 100 ticks of data and tell me to make you a chart with bars that are 10 ticks each, I can make you 10 very lovely bars with opens and closes and highs and lows.

I have no idea what a DMA is, but this shouldn't matter to the argument that you can take ticks and make a bar, but you cannot take a bar and somehow create the ticks that it took to form that bar if you only have the bar to look at.

 

[drownpruf]

But we aren't talking about services here, we are talking a static picture of bars on a white screen. I am saying when I look at a bar on my chart I cannot from this bar construct the tick data, but if you give me 100 ticks of data and tell me to make you a chart with bars that are 10 ticks each, I can make you 10 very lovely bars with opens and closes and highs and lows.

I have no idea what a DMA is, but this shouldn't matter to the argument that you can take ticks and make a bar, but you cannot take a bar and somehow create the ticks that it took to form that bar if you only have the bar to look at.

I am stating, again, that the granularity is not necessary to produce the chart. Maybe we're simply not being clear.