Need Help Need Perspective!

longandshort said:
Once you realize that rules-based technical analysis doesn't work,
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I do already.
Doesn't work in intrady day scalp.
longandshort said:
Alternatively, you can not test your assumptions and continue to believe that with a simple chart and mouse, you too can be a market wizard
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Chart, mouse, edge and mentality.--I do.
 
volpri said:
Hello. Are you are polluting the thread with a lot of BS. I don't do none of that crap you are talking about. I don't need a large historical sample. Usually a few hours or minutes suffices. I don't need or care to devise an algorithm. I don't need to improve my speed (too old 67) and I don't care about my trading costs. I know what my commissions are up front and am willing to scalp for enough to keep the brokers eating. There is enough to go around. I just have to scalp large enough to cover brokers bread and butter and make me some money.
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yes with a few minutes every day you can scalp your way to riches! :rolleyes:
 
Leob said:
I do already.
Doesn't work in intrady day scalp.

Chart, mouse, edge and mentality.--I do.
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There's very little, if any evidence, that chart trading works. When you think about scalping you should understand what is creating the opportunity. I highly suggest reading into market anomalies and then spending your time to 1) analyze a handful and 2) find your own. For the past 60 years, people have been using statistical analysis on price and volume data, which is much more robust than anecdotal or visual analysis. Human brains are wired to see patterns (see: Thinking Fast and Slow) and are not prepared to think statistically. These biases can be lethal for traders, and helps explains why most fail.
 
longandshort said:
I'd suggest leveraging your background in software engineering to become a systematic trader. If you distill your trading rules into an algorithm you can backtest the results and see how they perform through a variety of situations. What you may find, ultimately, is that there are no trading rules that consistently generate returns, and with a decent sample (e.g. trades for a year) you may find that such an approach is losing.

Once you realize that rules-based technical analysis doesn't work, you can start the real work of trying to figure out what does. One way to do this is by conducting a historical analysis of price conditions (change, volatility, and volume) prior to a significant breakout and then building an algorithm that you can run on liquid securities to find them. High frequency trading is typically low edge high volume, so you'll need to improve your speed and trading costs, in order to generate enough margin for this to be worthwhile.

Alternatively, you can choose not test your assumptions and continue to believe that with a simple chart and mouse, you too can be a market wizard.
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This is a good advice @Leob

Leverage what you have that others don’t. Start with small automation...build on top of it..

This is an edge you have got...use it!
 
volpri said:
I am glad these days are in front of me. I can't hardly wait for the market to open and get my lazy carcass out of bed to start scalping. I occasionally trade NQ or YM but my preference is ES or it's smaller version MES. I like the competition. And I am 67. I would be bored sh$tless if I had to wait around for several months for some darn stock or two or three to go up. Scalping isn't for everyone but it suits my personality. I likes to be in the ACTION with guns ablazing.
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Seems to me that you trade as a hobby. And that's fine, too
 
zdreg said:
Who says you have to day trade 5 days a week?
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I don't believe anyone in this thread said that?

However, the point is if someone is exhausted after a few days of trading and needs to take days off, something is wrong.

Day trading is a performance based activity, so taking the day off if you're not on top of your game makes sense. However, if you need to do that as a routine, then something's off.
 
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