Is day trading worth it?

Visaria · Mar 22, 2015

iuecon99 said:
Well, it seems most people are only in front of the terminal for 6.5 hours that the market is open per day, 5 days per week. And most of them are making 10% per month or as much as 100%. They're rich so they can really maximize the remaining 133.5 hours per week that they're not in front of the terminal. I was always told 99% of traders either lose their shirt or at least don't match the market indexes, but that was until I came here and saw the fantastic results being posted by each and every member of this site.

I do not think 32.5 hours per week in front of the computer to make millions of dollars is that bad of a deal.

welcome to the site.

no idea where you saw all these fantastic results!

the reality is of course that most, say 90+% of the members here lose money.

I'm losing money right now, have been in a drawdown for about 6 weeks now, hence my active posting on here! Drawdowns happen to the best traders, fact of life.

Futures Track · Mar 22, 2015

You need a money management plan. For instance, if you lose on 2 days in a row go back to simulation until you get 3 days profit in a row before you go back to real money. Follow the plan, whatever it is, religiously. No exceptions.

Buy1Sell2 · Mar 22, 2015

Futures Track said:
You need a money management plan. For instance, if you lose on 2 days in a row go back to simulation until you get 3 days profit in a row before you go back to real money. Follow the plan, whatever it is, religiously. No exceptions.

I agree with the money management idea. However, simply going back to sim after 2 days of losing is not the answer. But using a plan that loses no less than 2% of TLNW on any one trade/idea and letting your winners run, will keep your toes tapping and make money over the long haul. Day 3 could have the winning trades that more than offset day 1 and 2 losses. Learn to be wrong and be ok with it in the real market.

BSAM · Mar 22, 2015

Futures Track said:
You need a money management plan. For instance, if you lose on 2 days in a row go back to simulation until you get 3 days profit in a row before you go back to real money. Follow the plan, whatever it is, religiously. No exceptions.

Really?

BSAM · Mar 22, 2015

Buy1Sell2 said:
I agree with the money management idea. However, simply going back to sim after 2 days of losing is not the answer. But using a plan that loses no less than 2% of TLNW on any one trade/idea and letting your winners run, will keep your toes tapping and make money over the long haul. Day 3 could have the winning trades that more than offset day 1 and 2 losses. Learn to be wrong and be ok with it in the real market.

(I didn't even see your post until I had already offered my "really" comment.)

Buy1Sell2 · Mar 22, 2015

BSAM said:
(I didn't even see your post until I had already offered my "really" comment.)

That's ok. Thanks for weighing in.

Visaria · Mar 23, 2015

Futures Track said:
You need a money management plan. For instance, if you lose on 2 days in a row go back to simulation until you get 3 days profit in a row before you go back to real money. Follow the plan, whatever it is, religiously. No exceptions.

lol, strangest money management plan i've ever seen!

Sweaty · Mar 23, 2015

May be its boring to spend so many hours in front of computor but good income will make feel really happy.

Laissez Faire · Mar 23, 2015

I'm getting back to the ES soon.

Maybe it's ironic that I plan to fund my day trading account with my swing trading profits. Maybe I should re-think it.

Buy1Sell2 · Mar 23, 2015

Laissez Faire said:
Since it doesn't matter if a mentor is profitable or not, I'm now considering entering the mentoring business for struggling traders.

Let me know if you're interested.

I'm not interested in being mentored at the present time. There are however numerous people here who are interested, and who are currently being mentored by individuals who do not demonstrate profitability or actually anything at all. Present company excluded.