Is day trading worth it?

helmholtz said:
For the love of god, Noobs!!! PLEASE don't follow these charlatans who blind your eyes via rhetoric, chart art, and ridiculous success claims. Their ways will lead to the destruction of your account. If you like this game, trade the TST combine and/or join a prop firm OR be mentored by someone who is a proven entity in the business if you are fortunate to find such a person. This way you can prove to yourself what works in real conditions with parameters-- far better than following dubious aliases. It is crystal clear to those who really trade that the way these folks describe what they do simply does not work with the accuracy claimed if profitable at all. Please take this advice, your account will thank you!
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I'm a PA trader and I trade within channels, and I'm the EDGE. Because only I can control my profits and my losses.

What is your general strategy?
 
NoDoji said:
Darn, Helmholtz' post about how real traders know my methods are worthless just disappeared when I went to quote it. The mods are kickin' butt tonight!

Let's see, the trend line breakout pullback method produced four setups in CL during the pit session today (trend lines drawn on 5-min chart, eastern times referenced on 1-min chart for entries; MFE's are favorable price move prior to break of 5-min price bar in opposite direction):

9:25-9:30am MAE = 5; MFE = 16

11:26-11:29am MAE = 0; MFE = 64

12:26-12:33pm MAE = 6; MFE = 25

1:43-1:48pm MAE = 4; MFE = 26

10-tick scalpers captured $400/contract

15-tick scalpers captured $600/contract

20-tick scalpers captured $600/contract

:cool:
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ND, (I'm speaking constructively here)
I gotta say. I'm impressed that you used MAE/MFE. You are doing more testing than I thought. :)

At a quick glance at that system there: It seems what would be most critical to success is that you can hang on to winners or you get eaten by comm/slipp/stops in the longrun. You seem pretty clear on how to get on the train. But how do you define when to get off?

Just throwing thoughts out there..
 
ktmtrader said:
I'm a PA trader and I trade within channels, and I'm the EDGE. Because only I can control my profits and my losses.

What is your general strategy?
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I use multiple strategies depending on the market conditions. If you made random entries, but controlled your profits and losses--- wouldn't you still make profits?

The way I see it is that you are making entries into a random system therefore it doesn't matter if you "think" they are not random to you or not. Thanks!
 
helmholtz said:
I use multiple strategies depending on the market conditions. If you made random entries, but controlled your profits and losses--- wouldn't you still make profits?

The way I see it is that you are making entries into a random system therefore it doesn't matter if you "think" they are not random to you or not. Thanks!
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Price Drivers were just that: random entries? :D

Sorry, couldn't resist. All in fun as you know I have nothing personal against you. :)
 
helmholtz said:
For the love of god, Noobs!!! PLEASE don't follow these charlatans who blind your eyes via rhetoric, chart art, and ridiculous success claims. Their ways will lead to the destruction of your account. If you like this game, trade the TST combine and/or join a prop firm OR be mentored by someone who is a proven entity in the business if you are fortunate to find such a person. This way you can prove to yourself what works in real conditions with parameters-- far better than following dubious aliases. It is crystal clear to those who really trade that the way these folks describe what they do simply does not work with the accuracy claimed if profitable at all. Please take this advice, your account will thank you!
More...

Are you offering your services? You sound like a guru to me.
 
helmholtz said:
I use multiple strategies depending on the market conditions. If you made random entries, but controlled your profits and losses--- wouldn't you still make profits?

The way I see it is that you are making entries into a random system therefore it doesn't matter if you "think" they are not random to you or not. Thanks!
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Therein lies the truth about trading.

What you see on the chart or your analysis is meaningless, the market exists outside of the trader's mind. All entries are then random, and only the trader through strict discipline and risk parameters can control winners and losses.
 
helmholtz said:
If you made random entries, but controlled your profits and losses--- wouldn't you still make profits?
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You know the answer is "no" as this is the umpteenth time you make this claim.

Please go away now.
 
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