No day trader on this planet can make yearly profits

Actually I got my first signal of the day, unfortunately I was getting ready for the run. Here is the setup

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Both short term MA's on my entry tf and the next higher (4500t) were expanding and price pulled back to close above the 9 ema, the takeout of the low of the high bar was what I call a 930 short
 
imjohn said:
This anti-day trading thread has morphed into a solid tutorial, courtesy of Speedo.

I think usually it's the other way around - a decent trading tutorial thread transforming into an anti trading thread.
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:D
 
teewoods said:
Been in this game for over 25years and yes we made money day trading back in the 90's but that was as a floor trader seeing real life bid offer in the pits . We scalped and won because we could see the big orders coming through from the brokers on the phone.

In todays world Day traders might have a lucky year and show a net positive result in a year but year on year they will lose. Fact is no day trader can sustain profits year on year. I have seen traders who have a had a few year lucky streaks only to lose everything they had amassed over the year and some more in a year.

Unless you are a bot you are NOT going to beat the market day trading.

If you are a day trader stop the gambling today and either go long term or if you still fill like gambling then go to Vegas where you will have more success.
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You can still make money consistently trading, I have also been day trading for over 20 years. Bottom line anyone who trades based on intra day charts and such will probably get wiped out over time.

Just trade the story stocks in the first 2 hours of the day long or short depending on the news . There is so much noise that happens during the day, back in the 90’s early 2000's we traded against actual people now its mostly high-frequency algo’s. I remember when you could look at a Level 2 screen and actually have some idea of how the stock might move. Forget about that now as most of the major market makers are just hiding behind Ecn’s and big trades go off in the dark pools. The bottom line is traders must adapt, the markets now are more like a casino than ever before.
 
So, if it's impossible, how is Speedo winning. Speedo, do you think you will have to leave the futures one day because it will be impossible?
 
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