Is day trading worth it?

NoDoji said:
If a swing trader with an average holding time of around two weeks who managed around 6 trades a month claimed to have no losing quarters, would that seem outrageous to you?

Experienced intraday scalpers rarely have losing days. When I first compiled stats for my trade ideas, I found that day after day the result was positive. It seemed impossible. So I PM'd the person who'd got me on the right track in the first place, someone who seemed to be a long time experienced day trader, and came right out and told him that my analyses see to indicate no losing days and I asked if that was possible. He replied that he had only one losing day so far that year and it was negligible.

The Trader Ed guy that was discussed here recently seems to have no losing days; he's a scalper.

Now I don't have the P/L of sellindexvol and downpruf because the techniques I use are not hugely scalable. If I was trading like them I'm sure I'd having losing days/weeks.

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:)

RN
 
NoDoji said:
I would venture that the gap between live trading and testing/hindsight/potential gold mine is why this guy thinks you will most likely fail.

It's also why sharing price action day trading methods (that are the same things that have been shared here, in books, and in webinars for years) poses no major risk to the person sharing.

The odds of someone using the information shared to come up with their own plan and then to be able to actually trade it in real time without second-guessing and micro-managing trades are miniscule.
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Actually, this guy thinks charts are mostly crap and laughs at people who's painting on them. I couldn't trade without a chart though.

Regarding psychology, he thinks it's basically an excuse for not having a trading plan or market understanding and I fully agree.

If you had a system, with 100% objective rules that's running almost automatic and mechanically with a (very) positive expetancy, you would NEVER give it away on ET.

I dare say this approach is a level above drawing straight lines and scratching failed trend line breaks. :)
 
Laissez Faire said:
If you had a system, with 100% objective rules that's running almost automatic and mechanically with a (very) positive expetancy, you would NEVER give it away on ET.
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Few would. But then not many understand the concept of leaving something behind. Or they do but think it's nonsense.
 
Grandluxe said:
TraderEd? That's the jaguar trading guy isn't it? I looked at his website.

But the thing is he doesn't trade everyday or rather he doesn't trade the same symbols every day..He is spreading out across several futures instruments. Crude, Natty, ES,etc. He doesn't seem to be taking that many trades as well. He just makes one scalping trade for say, ES. And that's it, he's done for that contract.

What is incredible is that you are finding 6++ opportunities every single day in the same instrument.

How many setups do you have in your repertoire?
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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

If you find something of value, see if you have the mental fortitude to trade it day after day. If you do, you're day trading material; if you don't, you're not.

If you find nothing of value, look elsewhere.

I don't think there's much else I can add to these conversations.
 
Laissez Faire said:
Actually, this guy thinks charts are mostly crap and laughs at people who's painting on them. I couldn't trade without a chart though.
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Charts are graphic illustrations of numerical data. Whether you have a computer crunch it for you and trade based on the patterns or whether you learn to see the patterns with your eyes and trade manually seems irrelevant to me.
 
sellindexvol66 said:
here is a different approach/ curiosity issue:

why do you constantly pat yourself on the back in every response?

to clarify i ask you..why can't you just say "i know you are a successful trader" and leave it at that objective reality?

why you go on to post your self described superior trading abilities over and over and over is as strange as any of the "strange" i see here daily..if not more strange.
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She does it for the same reason you post your pnl.

to pump that ego
 
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