Being that I started long term stocks, I had a long time to study charting and backtesting, did have luck of the Reagan years. Experience shows me that Scalping is trading noise, reversion to the mean for 2-3 ticks, as easy as that sounds, most would give right arm to pull that out handful of times of intense concentration, but to get to where you can do this, much more than 10,000 hours. And how about quality of life, you are wasting all this time when you can be with your family enjoying life. Long term you get all the gaps and even when they bad gaps, trend trading is where you will see your account to become best than shorter term. Cause you don't miss too often good trades and the bonus if you can do so with limited risk using options, whereas not cost effective when day trading, risk is almost unlimited in day trading "when" another fat finger happens or something gets blown up and exchanges closes down, guessing many don't ever think of the day when you can't get out and opens a week later at $5,000 in hole. Few ever discuss huge costs of day trading retail where many need 100-150% just to break even for the year. I could stay in a stock 5 years and not have to pay more commissions, day trading you can have 100 trades per week and pay up wazoo on fees. I think the Wizards made their money more on the floor in the pits as there seem to be more volume then. There is limited volume in futures not that most could exceed limits, but there are times you can't get out or what started as day trade, you locked limit down, whereas in stocks, you can get out.
You have all evening to think about the trade for next day, you usually have few seconds to think on Scalp trade, You don't have to become expert at long term, at Scalping you just breath for next trade, Short term trading has same risks as for long term trading, why cheat yourself of possible more money?
Quality of Life, working at a different profession doing what you love generates more income everyday and allows you not to become a hermit, trading a stock is kept as a way to make a future and not depend on funds right now. Day trading, unless you working different hours, you HAVE to make money to exist, and if you lose, that much more you have to make up. Way too many think in a month they be trading away, they most likely will be trading away their funds day trading. I only know of a few who trade for bigger profits day trading and do very well, I am not one of them as I couldn't find most likely due to my personality, your methods have to jive with your personality. You look at America's most wealthy, they did long term for most part and often times invested in their dreams and their companies.
Wish all Happy Thanksgiving...
