Is manual day trading dead?

d08 said:
It does the entry but I usually prefer sending the order myself. I'm not good enough of a programmer to ensure there won't be any errors. Full auto-traders who don't even monitor are brave, I can't do it - there's just too much that can go wrong. For all practical purposes I'm an auto-trader though. IB also charges more for API orders and I'm a cheap bastard.
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Gotcha :)
 
Hello,

I have been trading manual for about 3 years now. Its not dead at all. I am not as sucessful as I want to be, but that is my own fault. I believe if you have a well back tested strategy, you can trade manual. Besides who has the money for automation trading. I prefer manual systematic trading.
 
SimpleMeLike said:
Hello,

I have been trading manual for about 3 years now. Its not dead at all. I am not as sucessful as I want to be, but that is my own fault. I believe if you have a well back tested strategy, you can trade manual. Besides who has the money for automation trading. I prefer manual systematic trading.
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You don't have to have any more money for automation if you teach yourself how to code.
 
algofy said:
You don't have to have any more money for automation if you teach yourself how to code.
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Algofy,

And that is exactly what I am doing. Teaching myself to code what I believe will make me money trading futures. This way i can backtest a strategy then trade it manually or automation wise if I choose knowing the chances of it working.
 
SimpleMeLike said:
Algofy,

And that is exactly what I am doing. Teaching myself to code what I believe will make me money trading futures. This way i can backtest a strategy then trade it manually or automation wise if I choose knowing the chances of it working.
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That's all it's about.
 
Mtrader said:
If you add up the daily potential profits you can make, you will beat by far the potential of medium long term and long term trading. There is only 1 condition: you should have the needed qualifications for daytrading. And most (99%) of traders don’t have these qualifications.

These traders have problems and say: You get better profitability with longer period weekly swings.

What they actually mean but cannot say because of their ego is: I am too stupid to daytrade.

The only reason for trading longer then 1 day is because of the size of your position. This size is smaller in daytrading as it would be in trading longer timeframes. But as most people here trade micro accounts, they will never bump into size problems when daytrading.


If you get better profitability with longer period weekly swings, it means that you don’t have the qualifications to daytrade.
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Or, they trade on the side and their work schedule won't permit them to day trade. Or, a person's preferences may not be to day trade. In my own case, I was knocking it out of the park day trading but I hated the amount of time that I had to devote to it and figured that holding for a few days is a better method for me.
 
d08 said:
I have never put on a "manual" trade. Yes, I press the transmit button often but there is no discretionary bias, I never skip anything.
Will give discretionary trading a try in the future with a small account, just to see how I do.
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Discretionary vs auto trading is an opportunity cost, ideal scenario is some one doing a bit of both.
 
777 said:
I have been away from day trading for many years

... as I look around all I hear is "algos, Quants, high frequency"

.. prop firms going down, Shoenfeld fired people in droves.

What is the truth about trading in today's googly fast machines environment?
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No, but it's like everything in life, it trends. Currently that trend is tech and micro, the alternate is discretionary and macro. Given that tech always leaves an exposure point, you just need to identify that and exploit when it comes online. Unfortunately you also need a level of perfection to find that exploitation point few have the skills or tech for, hence why the floor traders became non-existent. Basically you can use tech plus discretionary to trade against tech, the mind is many times more powerful at contextual analysis than a computer, so you use the opposite method, slow and sure instead of fast and furious. It's gone underground, because the reward from discretionary these days is not something you want to float around too often, people become very upset.
 
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