My DAYTRADER story

[Occam]

Quote from Rashid_G.:

Worth watching... Disciplined application of strategy IS the key.. Here is a pure GAMBLER that excels at it.. The odds ARE actually better in trading..

Perhaps for some subset of traders this is true, but discipline without edge is useless.

Human nature is such that many DIY traders are, with great discipline, grinding away the days/months/years (and capital) for nothing -- no otherwise-usable skills to show for it, likely a negative profit, and colossal amounts of time gone ("10000 hours of screen time" :eek: , etc., as some advise on these forums).

 

[davidcohenphd]

Quote from quantboy:


Now I make a good living, generally $500k a year trading pullbacks on a 5 min chart. If the price goes below the pivot low, I stop myself out.

In the past, I used to average down.

Pullbacks work fine for me, too. I don't mind averaging down in some situations, but I do this rarely.

But I like to keep my non-trading job. I think that's the best arrangement: to a have job (I am self-employed) and to trade on a side.

 

[logic_man]

Quote from Occam:

Perhaps for some subset of traders this is true, but discipline without edge is useless.

If you don't ultimately develop a positive expectancy strategy, I agree. Part of your discipline has to be the ability to formulate hypotheses about what works about your negative expectancy strategy and what doesn't, then iterate and refine. Even pretty bad traders have winning trades at least 20-25% of the time. If they could isolate factors that make those 20-25% winners and then identify other opportunities of the same type, while also identifying factors that make the 75-80% of their trades losers and eliminate them, you can mold something out of that that has a positive expectancy. Maybe!

Ultimately, I do think the market rewards creative, structured thinking.

 

[James]

Quote from davidcohenphd:

Pullbacks work fine for me, too. I don't mind averaging down in some situations, but I do this rarely.

But I like to keep my non-trading job. I think that's the best arrangement: to a have job (I am self-employed) and to trade on a side.

It is absolutely best to keep your job and live within your means based on that job whereas you don't need to trade to live...not because it is 'risky' but because there will be less stress involved...especially in your first few years of trading. If you are stressed out then it decreases your chances of being successful.

 

[stock777]

Good news is elitetrader is riddled and infested with HUGE winners. Just ready some of the posts.

 

[James]

Quote from Occam:

Perhaps for some subset of traders this is true, but discipline without edge is useless.

Human nature is such that many DIY traders are, with great discipline, grinding away the days/months/years (and capital) for nothing -- no otherwise-usable skills to show for it, likely a negative profit, and colossal amounts of time gone ("10000 hours of screen time" :eek: , etc., as some advise on these forums).

Yes sometimes great tenacity can lead to problems. But they are working towards what they want. If they are smart about it (have a good edge and good psychology) then they will succeed eventually. Sometimes they won't. And as you said...it would be a waste. But at least they tried. You can't accomplish something if you don't even try.

Edge is important, I agree.

 

[Lucias]

Sounds like Billy Walters was doing sports betting arbitrage. Very fascinating

 

[fxgator]

casino's don't offer margin.

True indeed. Sorry to hear what your life had become, before. Good for you that you have a better one now

 

[Humpy]

It's mainly about self discipline

Turning oneself into superman from.............total loser !!

work on it until perfection is achieved or in other words keep trying !!

 

[bwolinsky]

Quote from Humpy:

It's mainly about self discipline

Turning oneself into superman from.............total loser !!

work on it until perfection is achieved or in other words keep trying !!

Thread's pretty old, but not quite ancient.