Nothing wrong with being a trader, be it full time or part time. The problem is when aspiring traders start buying the hype that you could become an overnight millionaire trading a $1,000 or even less account, imagining how they can spend their millions in their heads. Learn to be a good trader first, taking care of risk management and protecting your capital, no matter the amount. Self-discipline, traders need to learn, pick and choose the stocks you get into.
It is better not to be a full time trader, less is more in trading...
- Thread starter HolyGrailSeeker
- Start date
%%
Good points;
but sometimes it pays to trade/investors in cons like B Maddoff were better getting out early.
I agree mostly but just because i have not made millions market making/specialists. [daytrading] does not mean no one should make markets/millions daytrading............................................................Wisdom is profitable to direct
The problem is lack of discipline. You trade all the good setups and pass on the marginal ones. That dictates how much you trade. Not absolute number of trades.
But if you lack the discipline, then by all means trade less. That will just mean a slower burn down.
I consider myself a full time trader. I fund my lifestyle by trading. I only spend at the most an hour a day trading. I'm a swing trader and I let the market take me in and out of trades.
I've day traded and found I make about the same returns when I swing trade. In that respect I agree less is more.
I've day traded and found I make about the same returns when I swing trade. In that respect I agree less is more.
Seems like you have suffered huge losses in forex. Is it so or any other reason for disliking trading buddy?
There is a simple rule of thumb: trade according to plan. And what should I do on days when I see a loss? I have a daily stop loss. I just stop trading. And the next day I start all over again. I just start the day over as if nothing happened yesterday. I have a plan, and I repeat it in cold blood every day, as if nothing had happened. If I lose several days in a row, I rest. And then I carry out my plan again, as if nothing had happened.
Hats off to your dedication buddy!
Thank you virtusa, this lovely stated.No. A daytrader should trade the moves of the day. Some days it is 1 move, some days 2, some days 3...
A daytrader should focus on the opportunity to catch the waves, not on the number of trades. That's productivity. Not trading is also trading.
According to you trading 1 time a day is always more profitable than 2 times a day? Do you really mean that?
No. I see every day at least 1 profitable opportunity. And even if I should see nothing for one, or even several days, that's no problem. Like I said:Not trading is also trading.
Of course it is not more profitable for you. Everybody can read above why. Have you ever tried to daytrade profitable? And how long? Maybe you are not qualified... One opinion is not relevant and it makes no sense to make statements on that one experience.
