Is day trading worth it?

Many say trading is not worth it and obviously that's highly debatable.

I think daytrading is not worth the time commitment, but swing trading definitely is.
 
For me the biggest advantage of day trading is no overnight surprises to wake up to (or have to hedge against). Also, I find that the most profitable moves occur during the first 3 hours of the RTH sessions, leaving me free for the rest of the day if desired.

Day trading is also the most difficult sort of trading because decisions have to be made far more quickly than with swing trading, you have to be able to clear the slate immediately upon the close of a trade and be prepared to trade again without the baggage of previous trades or current P/L, and you have to be good at staying very focused during price action that can feel like Chinese water torture at times. :p

Is it worth it? If you have a good trading plan and the ability to trade it, it's absolutely worth it, IMHO.
 
Most get tired of me saying the same thing, BUT, cause I lost so much cause I was lazy, if you don't backtest and in my case over 3,000 sample size on tick data going back ten years, I will not even consider it to be viable. In order to do this, you end up either becoming a very good programmer or hiring very good programmers. But this is only half of the coin, the other half is the YEARS of learning what you see on the screen and sometimes even what the DOME is saying. And this has nothing to do with your emotions which is an entire different battle within itself, to trade what you just developed.

I have not day traded since January, health going downhill made me too slow, past Friday was first day I day traded for an hour in Gold, wow, felt like a newbie, forgotten half my rules, So have day traded Monday and today, getting a little better, but am so off from the old me. For past fifteen years, I would go over trades on weekends, holidays and vacations, it is just so time consuming to stay on top of the game. I ekked out small profits in each day trading one lots, but it might be months before I get to the speed needed to trade size.

So is day trading worth it? If my son came to me and wanted to learn, I would steer him to long term stocks and commodities spreads. Still have to do backtesting and develop method, but the reward to risk is much higher, much less time involved to do.
 
Quote from WS_MJH:

A trading background along with quantitative studies should make you very competitive for funds and other asset managers. Go in that direction. The real money in trading is managing other people's money.
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+1

The most money in a gold rush is made in selling picks and shovels especially if you indirectly use HFT to do it.
 
In my opinion--- NO.

Even if you can get into the 1% who are profitable, you will have to make a LOT of money to compensate yourself for all the stress, uncertainty, lack of benefits, lack of access to credit, years of unprofitability before you "made it", etc. Not to mention all the continued effort to stay in that 1% year after year after year.

I think this idea of an average person daytrading from home for a living is an internet urban legend.

If you're already wealthy, or if you have sources of passive income, or if you work a job outside of market hours, or if you have a wife who earns well and provides you with benefits from her job--- maybe then you could realistically look at having some of your income come from trading.

Otherwise stay in your job or look into starting a business, ditch the videogamer stuff and trade longer term while earning a living elsewhere. If really interested in daytrading then at least get affiliated with a firm, or learn programming and get into HFT, just stay away from the retail education side of things, nothing but snake oil there.
 
Quote from Ol' Yella:

.........

I think this idea of an average person daytrading from home for a living is an internet urban legend.

If you're already wealthy, or if you have sources of passive income, or if you work a job outside of market hours, or if you have a wife who earns well and provides you with benefits from her job--- maybe then you could realistically look at having some of your income come from trading.

............
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These comments could have been written by Jesse Livermore. He came close to writing this same concept when he thought about who was feeding him the money and why.
 
Quote from Ol' Yella:

I think this idea of an average person daytrading from home for a living is an internet urban legend.
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Since the average person doesn't understand probabilities, I agree with you on this one.
 
OP,

Just do what you did,only do it WITHIN RTH this time,not OUTSIDE.This game is structured for the big hitters,not for low life scalpers or unsuspected trend followers.
 
I think all come down to who you're, the psychological makeup, and adaptability. swing trader can't pretend to be a scalper for not so long. spending energy in uncomfortable zone is like burning candle at both ends, then one can become doubtful of one's method and ability. so go with the inner peace. just like many other professions, great traders are born!
 
Thanks for your 2 cents, David. ;)

Quote from Ol' Yella:

In my opinion--- NO.

Even if you can get into the 1% who are profitable, you will have to make a LOT of money to compensate yourself for all the stress, uncertainty, lack of benefits, lack of access to credit, years of unprofitability before you "made it", etc. Not to mention all the continued effort to stay in that 1% year after year after year.

I think this idea of an average person daytrading from home for a living is an internet urban legend.

If you're already wealthy, or if you have sources of passive income, or if you work a job outside of market hours, or if you have a wife who earns well and provides you with benefits from her job--- maybe then you could realistically look at having some of your income come from trading.

Otherwise stay in your job or look into starting a business, ditch the videogamer stuff and trade longer term while earning a living elsewhere. If really interested in daytrading then at least get affiliated with a firm, or learn programming and get into HFT, just stay away from the retail education side of things, nothing but snake oil there.
More...
 
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