profitable daytrading is possible, but probably not worth the effort

Quote from david Lee:

Form robbie380's top25 efficiency post, I think they are using the same automatic scalping strategy (their unique G8 platform) provided by the firm. The difference is the different stock candidate each trader selected to scalp and pre-program into the computer in the morning.

If everybody traded the same stock, traders are competing to each other within the firm.
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lol you have no clue what you are talking about. did you just make that up and decide to run with it? it's not g8... the trading platform we have is gr8trade. it's just like any other trading platform.

let's see here are my "auto-scalp" big free money winnarzzz today.

long 5000 etn 85.25 on the open ...made 3/4s
long 10000 nly from bernanke midday made 28 cents
long 2400 itg around 42 made about a point...i chumped it bad
short 3400 21 avg ths on the block trade at 20.50...made almost 40 cents
flipped 6000 spy on the bernanke for 16 cents
long 1000 axp (missed my fill on the other 2000 at the bottom where the big bid was at cause i am slow) made 80 cents
long 900 cnh made 60 cents
flipped 2000 iyr off bernanke for a dime...got back long 2000 at 60 and i am still long
long 2000 gnk sold 1000 for 85 cents still long 1000 from 41.10
i am also still long 2000 dia from 127.70


my biggest loser today was tcn that i tried to hold since it was the only brazil telecom that didn't run at the close like the others. so i tried to hold it...lost 20 cents on 1000
lost a nickel on 2000 hun
flatted 2000 mw
flatted 2000 ttm

bernanke speech time
 
Quote from rcanfiel:

a surgeon or lawyer can put in the time to complete the coursework and requirements and graduate. Then they can expect to attract a good salaray and job. In fact, over 90% of medical students at many universities complete the curriculum ONCE THEY HAVE GOTTEN THROUGH THE ONEROUS ENTRY REQUIREMENTS.

Those who undertake day traders can go through all the screen time, and still are not that likely to succeed. They are apples and oranges.
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there are med/law students who have gone to all the classes, but don't graduate. Same thing.

"Learning without thought is labor lost; thought without learning is perilous."
 
Quote from rcanfiel:

a surgeon or lawyer can put in the time to complete the coursework and requirements and graduate. Then they can expect to attract a good salaray and job. In fact, over 90% of medical students at many universities complete the curriculum ONCE THEY HAVE GOTTEN THROUGH THE ONEROUS ENTRY REQUIREMENTS.

Those who undertake day traders can go through all the screen time, and still are not that likely to succeed. They are apples and oranges.
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you have a comprehension problem.

I am referring to daytrading as a job, no different from doctors or lawyers.

You are referring to the learning process to become a daytrader. Apples and oranges.
 
Quote from rcanfiel:

that is a crock. Little money at charities "goes to owners." Legitimate charities have no "owners." Some $$$ is used to raise funds (like for Salv Army, they pay the bellringers about 20% or so). Most of the money at decent charities goes to the cause. There are easily available statistics about how much is used. It is more likely that you are a cheap bastard, hiding behind your own delusional fabrication of charities.
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http://www.newsobserver.com/104/story/517014.html

http://money.cnn.com/magazines/moneymag/moneymag_archive/1993/10/01/88323/index.htm

or just look it up.... 10 cents on the dollar is not that far from any of the stats you may find.

$1/day, $365/year, 100% goes to the needy, that is equivalent of donating $3650/year to some rip-off charity.

it's not cheap, it's effective.
 
Most of these stocks are very thinly traded. Although you claim last quarter you have 53% win rate. But the win is only 25c and the loss is -12c on avg per contract. a stop order can easily cost 5ticks spread or even more on these stocks. I think you have to try very hard to exit on limit order for the losing trades. Maybe stop orders are never used.

If your machine is not "auto-scalping" over there, I think you still need it to generate good picks (easy to scalp) during the day.

Quote from robbie380:

lol you have no clue what you are talking about. did you just make that up and decide to run with it? it's not g8... the trading platform we have is gr8trade. it's just like any other trading platform.

let's see here are my "auto-scalp" big free money winnarzzz today.

long 5000 etn 85.25 on the open ...made 3/4s
long 10000 nly from bernanke midday made 28 cents
long 2400 itg around 42 made about a point...i chumped it bad
short 3400 21 avg ths on the block trade at 20.50...made almost 40 cents
flipped 6000 spy on the bernanke for 16 cents
long 1000 axp (missed my fill on the other 2000 at the bottom where the big bid was at cause i am slow) made 80 cents
long 900 cnh made 60 cents
flipped 2000 iyr off bernanke for a dime...got back long 2000 at 60 and i am still long
long 2000 gnk sold 1000 for 85 cents still long 1000 from 41.10
i am also still long 2000 dia from 127.70


my biggest loser today was tcn that i tried to hold since it was the only brazil telecom that didn't run at the close like the others. so i tried to hold it...lost 20 cents on 1000
lost a nickel on 2000 hun
flatted 2000 mw
flatted 2000 ttm

bernanke speech time
More...
 
Quote from robbie380:

if you are only making .0015/share then you just aren't a good trader. not sure where you got the idea that is a great efficiency.
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.0015 seems to be a typo even for a black box trader
 
Quote from NYOBScalper:

robbie380,

If you are indeed making the number you say you are, congratulations. You are a superstar daytrader beyond all reason and have incredible, godlike efficiency. For me, if I can average $500/day over a month trading 30,000 shares, I am quite content with my performance. Regardless, of all the profitable daytraders I know, only maybe one makes more than .0015/share and he trades crazy high priced stocks.

While you may be capable of producing far more, the reality of the business is if you're making .0015 consistently you're a superstar daytrader. Look at trader P/L 2007 or trader P/L 2008. See the guys who post the biggest numbers and look at their volume. Many of the top guys are below .0015. [/QUOTE

.0015 is too low even for most black box traders. you probably meant .015.
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Quote from robbie380:

last quarter i averaged 70,500 shares a day

attached is the quarter stats
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What I find interesting is that your wednesdays lag significantly behind the other days of the week. What's the reason for this? Do you get hammered every tuesday night :) ?
 
I don't understand.

Sure day trading is a job, that i get. But, you can make as much or more using much longer time frames and much less work.

Why do you want to work so much, when you don't have to?

For example, I look at my computer for trading purposes for 30-40 min per day; in fact my entire trading day could be completed in 60 min. I use one monitor to place orders on my brokers platform and software to help make decisions. I spend the next 23:20 doing whatever the fk i want. QED

Last year I tripled my account, and thats comparable with previous years (same capital at the start of every year).

All power to those who want to live infront of 4 LCD's and track every tick, but i have more important things to do.
 
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