Is day trading worth it?

[Scaleout.Scalper]

Pigsky: "I've never shared my rules on ET. I spent thousands of hours getting to a consistently profitable day trading plan. I wouldn't share my written plan with anyone, nor would I sell it (I've had a few offers). "

Again, I've never shared my rules nor my plan on ET.

I've never formally mentored anyone. I've informally mentored people. I consider informal mentoring to be spending chart time with someone and explaining my core setups and how to enter. Several people got to the point of understanding this; almost none could bring themselves to trade these setups. One woman claimed to be consistently profitable trading my "ATM" setup (which I've shared at length on ET), but we've been out of touch since that claim and I have no idea what she's up to.

I consider formal mentoring to be either a paid situation or a situation where a student watches a trader trade each day while learning the details of the trading method. I have no interest in such.

As far as I know, I've only shared valuable information with regard to high probability trading setups and I've even shared the entry methods I use.

As far as I know, I've never caused anyone harm through my logical demonstrations and illustrations of high probability, low risk price action scalping setups and methods, which anyone can study and test at length.

Yet a pack of rabid ET-ers continue to follow me around and insult me, ET-ers who, by the way, have offered us NO DETAILED TRADING INFORMATION WHATSOEVER TO WHICH WE CAN APPLY STATISTICAL ANALYSES.

No, instead these rude members spew personal opinions, misinterpret plain English and spin it to fit their overwhelming need to convince everyone that there are no edges in the market that an ordinary person can exploit, and most of them haven't even provided evidence that they've been profitable for any length of time.

As always, ET never fails to astound!

The problem is you respond to the nonsense posts, if you see someone taking the time to formulate an intelligent question and present it in a clear fashion, if possible with charts and annotations. those type of people merit a reply. Everyone else doing a half ass job, should learn how to ask questions to a professional, everything else, including insults and persecution, should be ignored. You have nothing to prove, anyone who is consistent with the use of TA can smell others of its kind and you my Lady, stink from a mile away

 

[Aj2014]

People fail because (if) they have an edge but lack the stamina to trade it with discipline.

Then couldn't one just automate it? (take stamina, discipline and emotion out of the equation)
A good programmer could automate some of the strategies being alluded too in next to no-time

 

[Aj2014]

Here was my TA today on the Dax.
Negative 29 ticks which is better than I did on Friday.

I marked one trade I'd like comment on in the blue square.
I saw it as a pullback to a trendline breakout. Stopped me out. How dare they. Bad trade?

 

[wrbtrader]

Here was my TA today on the Dax.
Negative 29 ticks which is better than I did on Friday.

I marked one trade I'd like comment on in the blue square.
I saw it as a pullback to a trendline breakout. Stopped me out. How dare they. Bad trade?

I recommend you start your own thread and continue it for many months if you need help or you want to show that day trading is worth it.

Trade Journal threads @ http://www.elitetrader.com/vb/forumdisplay.php?f=29

 

[NoDoji]

You have nothing to prove, anyone who is consistent with the use of TA can smell others of its kind and you my Lady, stink from a mile away

LMAO!

 

[NoDoji]

I marked one trade I'd like comment on in the blue square.
I saw it as a pullback to a trendline breakout. Stopped me out. How dare they. Bad trade?

The advantage of anticipating that the breakout zone will hold as support during the pullback is that you get a real bargain entry when it works and a very small stop loss when it doesn't.

The disadvantage to this anticipatory entry method is that it fails more often than a "confirmed" hook entry method.

The price action environment surrounding this trade was not a well-defined trend, it was a wide channeling range. Because the previous low that led to the eventual UTL breakout was pretty much a double bottom, it looks like range. If it looks like a range, it's more likely than not to trade like a range, meaning any initial break out of the range is more likely than not to fail, which is what ended up happening.

So I don't think your trade was bad, but the context in which it was taken invited using a hook entry off the pullback. When price pulls back to the UTL, you trail a buy stop just above the close of each bar. That pattern sets up the "picture perfect" breakout pullback hook (which, like any setup can fail, but is less likely to). That entry method never triggered a long trade.

 

[dbphoenix]

The advantage of anticipating that the breakout zone will hold as support during the pullback is that you get a real bargain entry when it works and a very small stop loss when it doesn't.

The disadvantage to this anticipatory entry method is that it fails more often than a "confirmed" hook entry method.

The price action environment surrounding this trade was not a well-defined trend, it was a wide channeling range. Because the previous low that led to the eventual UTL breakout was pretty much a double bottom, it looks like range. If it looks like a range, it's more likely than not to trade like a range, meaning any initial break out of the range is more likely than not to fail, which is what ended up happening.

So I don't think your trade was bad, but the context in which it was taken invited using a hook entry off the pullback. When price pulls back to the UTL, you trail a buy stop just above the close of each bar. That pattern sets up the "picture perfect" breakout pullback hook (which, like any setup can fail, but is less likely to).

Oh but Donna, you silly goose, that's all hindsight. What would Surfer say?

Couldn't help it. Sorry.

 

[NoDoji]

Then couldn't one just automate it? (take stamina, discipline and emotion out of the equation)
A good programmer could automate some of the strategies being alluded too in next to no-time

Yes! It's not that easy to automate a scalping strategy, but it definitely increases the ability to trade every valid setup (no bathroom breaks, snack breaks, getting distracted by ET, etc.)

 

[NoDoji]

Oh but Donna, you silly goose, that's all hindsight. What would Surfer say?

Couldn't help it. Sorry.

Well, Deebee, at the close of a nicely profitable trade a newbie once asked me, "How did you know it was going to that?" and the only answer I for him was, "I didn't."

 

[dbphoenix]

Well, Deebee, at the close of a nicely profitable trade a newbie once asked me, "How did you know it was going to that?" and the only answer I for him was, "I didn't."

Yeah. That's why I reposted your Douglas quote. Anyone who doesn't understand it will have a long row to hoe.