Is DayTrading Stocks Even Worth it Anymore?

Quote from mdl060374:[

I just started daytrading this week, (I have previous expereince as a market maker so I am not a total novice) and have 2 questions for you:
1. how do you keep track of 75 stocks all at once? I assume it is using alerts that sound off when certain technical prices are hit?

2. on your second point, how big are you playing (% of capital ) in your positions if you can survive on 4-5 days of gains? Not that I am questioning the validity of your statement, but you must be taking huge risks?

thanks in advance for your reply [/B]
More...


1. 95% of my trades are NASDAQ so my quote screen consists of several technology groups, big cap tech, internet, software, semiconductors, storage, wireless telecom, networking, video game makers, biotech, and whatever stocks are showing volatility based on recent news events. I do not use alerts, I am just watching for stocks or sectors showing strength or weakness versus the market. I am in front of my screen from 6:00 AM to 3:00 PM PST, so I am constantly watching everything.

2. My position sizes average between $5,000 to $20,000 (30-40k acct using 4x BP) depending on the volatility of the stock. A good day for me is $2000. I realize I am not getting rich doing this, but if I average $10000 a month I can pay my bills and hopefully build up some equity for larger plays in the future.
 
easy question..

u hear a lot that it can't be done. but it's all from the people who can't do it. and as you know, most people can't. so of course the most responses are going to be that it can't be done and it may seem impossible. but tell that to the few who ARE doing it. they'll just laugh at you.

all u gotta do is ask yourself if u can lose money. aside from slippage and commissions, of course. if u can lose it, someone else can make it...learn how to become that person. i'm not saying it's easy, but i don't think it is impossible.

imo, the biggest problem is yourself. i lost money no matter what i tried...and it's because even when i knew what mistakes not to make, i still made them. and that's what all us losers do, admit it. the real traders are the ones who can control themselves over and over. the best winners are the ones who make the least amount of newbie mistakes.

i also think that you can really make it big if you're smart enough. i'm talking about the guys that have real edges and know exactly what they're doing. you probably can make money just by controlling your risk and not letting losers run away...but to really make a killing you probably need some type of edge.

believe me, trading pisses me off as much as anyone. sometimes it makes me absolutely miserable. but you have to look at the big picture. just remind yourself that the winners are the ones who don't quit. and if you quit now, what are you going to do next? try something else and then when that gets hard, too, quit that? you'll never really accomplish anything great being that way. the key is to stick at it even when it's the hardest. cuz it's at those same tough times that everyone else is quitting...but you're not.

now i'm not saying there is never a time to quit and move on. it depends on if it is really what you want. if you really just don't have an interest in trading anymore, then moving on is fine. BUT, if you really have an interest, but just can't do it yet, then i would not suggest quitting. but you don't need me to tell you this. we can all think for ourselves and make our own decisions. who knows you better than yourself?
 
Do I make money consistently? or Do I make over 30 pts. consistently? What is consistently? Each Day?


You are probably asking the most impossible out the all the above. Which is to say, am I making that much or just about the much every day in the market.... uh, ...... NO.


Some days I of course cannot squeeze that many points out of the market. However, each day I don't have a Pt. goal either.

Although I can share with you a close one hit wonder.

12-4-02
PST

8:33 L 1070
8:34 S 1067 -3.00

8:36 S 1065.50
8:40 C 1065.50 - 0

8:45 S 1067 +5.5
8:57 C 1061.50

9:03 S 1065.50
9:18 C 1055.00 +10.5

10:27 L 1059
10:38 S 1057 -2.0

10:40 L 1058
11:01 S 1065 +7.0

11:13 L 1062.50
11:22 S 1066 +4.5

11:25 S 1066
11:31 C 1067 -1.0

11:59 L 1065.50
12:08 S 1069 +3.5

13:44 L 1076
13:55 S 1080.50 +4.5

13:58 S 1080
14:06 C 1077 +3.0

14:07 L 1077
14:15 S 1082 +5.0

14:43 S 1075
15:01 C 1073 +2.0


__________________


39.5 pts.

1-contract traded = $790 before taxes and comms.

That was a *ucking awesome day.

too bad I wasn't trading the 5-contracts that my mentor trades...



-momo




Quote from thunderbolt:



Do you do that consistently or was that a one hit wonder?
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Quote from momotrdr:



39.5 pts.

1-contract traded = $790 before taxes and comms.

That was a *ucking awesome day.

too bad I wasn't trading the 5-contracts that my mentor trades...



-momo
More...

Excellent work momo... keep this up and your 1 contract trading will take you to six figures for the year...
 
Quote from momotrdr:

Do I make money consistently? or Do I make over 30 pts. consistently? What is consistently? Each Day?


You are probably asking the most impossible out the all the above. Which is to say, am I making that much or just about the much every day in the market.... uh, ...... NO.


Some days I of course cannot squeeze that many points out of the market. However, each day I don't have a Pt. goal either.

Although I can share with you a close one hit wonder.

12-4-02
PST

8:33 L 1070
8:34 S 1067 -3.00

8:36 S 1065.50
8:40 C 1065.50 - 0

8:45 S 1067 +5.5
8:57 C 1061.50

9:03 S 1065.50
9:18 C 1055.00 +10.5

10:27 L 1059
10:38 S 1057 -2.0

10:40 L 1058
11:01 S 1065 +7.0

11:13 L 1062.50
11:22 S 1066 +4.5

11:25 S 1066
11:31 C 1067 -1.0

11:59 L 1065.50
12:08 S 1069 +3.5

13:44 L 1076
13:55 S 1080.50 +4.5

13:58 S 1080
14:06 C 1077 +3.0

14:07 L 1077
14:15 S 1082 +5.0

14:43 S 1075
15:01 C 1073 +2.0


__________________


39.5 pts.

1-contract traded = $790 before taxes and comms.

That was a *ucking awesome day.

too bad I wasn't trading the 5-contracts that my mentor trades...



-momo
More...

Nice work! But the topic of the thread is trading stocks not futures, no?
 
Quote from momotrdr:


too bad I wasn't trading the 5-contracts that my mentor trades...



-momo




[/B]
More...


Who's your mentor if you don't mind me asking? Are you working for a prop firm? If so, which one?
 
Quote from momotrdr:

Do I make money consistently? or Do I make over 30 pts. consistently? What is consistently? Each Day?


You are probably asking the most impossible out the all the above. Which is to say, am I making that much or just about the much every day in the market.... uh, ...... NO.


Some days I of course cannot squeeze that many points out of the market. However, each day I don't have a Pt. goal either.

Although I can share with you a close one hit wonder.

12-4-02
PST

8:33 L 1070
8:34 S 1067 -3.00

8:36 S 1065.50
8:40 C 1065.50 - 0

8:45 S 1067 +5.5
8:57 C 1061.50

9:03 S 1065.50
9:18 C 1055.00 +10.5

10:27 L 1059
10:38 S 1057 -2.0

10:40 L 1058
11:01 S 1065 +7.0

11:13 L 1062.50
11:22 S 1066 +4.5

11:25 S 1066
11:31 C 1067 -1.0

11:59 L 1065.50
12:08 S 1069 +3.5

13:44 L 1076
13:55 S 1080.50 +4.5

13:58 S 1080
14:06 C 1077 +3.0

14:07 L 1077
14:15 S 1082 +5.0

14:43 S 1075
15:01 C 1073 +2.0


__________________


39.5 pts.

1-contract traded = $790 before taxes and comms.

That was a *ucking awesome day.

too bad I wasn't trading the 5-contracts that my mentor trades...



-momo
More...

When a trader refers to "consistency" that means many more times than not a trader is pulling down a good profit. So, are you over a years time frame profitable with that plan? 100K a year? 50K? Once I know that, I'll know the former answer to my own question.
 
Quote from JORGE:



1. 95% of my trades are NASDAQ so my quote screen consists of several technology groups, big cap tech, internet, software, semiconductors, storage, wireless telecom, networking, video game makers, biotech, and whatever stocks are showing volatility based on recent news events. I do not use alerts, I am just watching for stocks or sectors showing strength or weakness versus the market. I am in front of my screen from 6:00 AM to 3:00 PM PST, so I am constantly watching everything.

2. My position sizes average between $5,000 to $20,000 (30-40k acct using 4x BP) depending on the volatility of the stock. A good day for me is $2000. I realize I am not getting rich doing this, but if I average $10000 a month I can pay my bills and hopefully build up some equity for larger plays in the future.
More...


Thanks for your reply. I am adjusting to the "information overload" from trying to find opportunities in the NASDAQ universe. I have multiple Level II's set up, as well as multiple charts, and am trying a trial memebrship for a technical analysis morning e:mail that send me possible breakout/breakdowns/chart patterns that are of interest. I dont follow these verbatim, but use them to as a starting point to set up possible trades.
I would be happy starting off if I could make $2000/week, that was my initial goal, but costs of commission are adding up faster than I thought..
 
Quote from mdl060374:




Thanks for your reply. I am adjusting to the "information overload" from trying to find opportunities in the NASDAQ universe. I have multiple Level II's set up, as well as multiple charts, and am trying a trial memebrship for a technical analysis morning e:mail that send me possible breakout/breakdowns/chart patterns that are of interest. I dont follow these verbatim, but use them to as a starting point to set up possible trades.
I would be happy starting off if I could make $2000/week, that was my initial goal, but costs of commission are adding up faster than I thought..
More...

I started off with a daily profit goal of 2K. However, that never came to fruition.
 
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