Serious question: What makes a successful daytrader? Is it consistent daily wins, or more wins?

Steven W said:
What makes a successful daytrader? Is it consistent daily wins, or more wins than losses at the end of the month? When is it time to call it quits?
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I'm not sure why you said what's highlighted in blue ? Either your feeling poor in that moment and had a little rant which is fine from time to time or your trading mindset needs time to mature ?
But onto what makes a dt successful:
It IS this, "daily wins NOT big but small and then compounding these small wins".
It is said that only 3% of futures traders are profitable, this was quoted from an institutional trader contact of mine who has seen 00's of accounts.
He then asked me,"what would you rather make 200.00/day, day in day out or 000's up 000's down overall neg for the year"
Of course ... we all know this answer, but amazingly the point will not sink in to many that read it !
1The journey is long for those with discipline and patience issues.
2The journey is short for those with discipline and patience.
Combine experience, risk management and process with 2 and you might just make your dream come true.
"Good traders know the markets Great traders know themselves"
 
Steven W said:
What makes a successful daytrader? Is it consistent daily wins, or more wins than losses at the end of the month? When is it time to call it quits?
I was up 11k this week, only to lose it all and then some shorting today. My year to date profit chart looks like a heart rate chart, some days I'll be up 2k, then lose it the next day.
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You need to reevaluate what you're doing...if you've been in this game for two years and you're completely stagnant. o_O
Have logic and reasoning -- instead of just winging it or gambling.
...and quite frankly, if the answer hasn't popped up yet on your radar...i'm not sure this world is for you. :confused:
Great traders are natural, inquisitive learners and observers.

trading.jpg

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Think about the two sides of the market that are fighting for direction
 
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That's bullshit.

Can we assume being a sucker ?
If we end up consistently, day over day, with a profit ?
No ... So you are a successful trader in that case.
However it tells you nothing more than ...
That to be a winner. You got to win.
Such a bold tautology.
That you don't get.
You're a sucker.

More wins ?
... Do the math.
Design an experiment.
No need to ask to find that :
1+1+1+1+1+1+1+1+1-10 = -1

Anything else ?

Ps: I'll be nice with you. In that game,
You better know how to avoid being a sucker.
 
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What makes a successful day trader?

Concentration + patience IMHO.

Look hard at not just last week's trading but the last several months. I would bet a lot of money your problems are because a) you're not concentrating enough, and/or b) you're not patient enough.

As for you trying to buy highs and lows, those are obviously the best places to buy (with hindsight) but to me they're often 'hero trades' where a trader is psychologically trying to be more of a hero than a money maker ("look everyone I bought the low"). I have had this problem in the past but I sorted it out (although it tries to come back, just have to fight the urge). However, trading throws us curve balls every day so sometimes it IS right to target buying those lows and selling the highs. The right time is normally when you can work out where others have already tried to buy the low (or sell the high) and are getting stopped out.

Patience really is a thing of beauty and it can lead to mega profits. I'm continually amazed that almost every day (in the short term trading world) that if you just wait, wait some more if needed, and then even more if again needed a peach of a trade sets up. But that's not easy because like Vegas with all the twinkly lights and action the market tries to suck us all in and we end up forcing a trade which will normally do either one of these - lose us money or force us to manage a so-so trade. Either one means we'll also probably miss the peach of a trade that is setting up around that time.

So get to work, look at your recent trading and see if concentration + patience is where the problem lies, ie not enough of both. Then realise that's a problem and problems are there to be solved, SO SOLVE THEM.
 
I'd just like to add that sometimes I have problems but when I look at the market after the close and where I went wrong guess where what my problems are related to - either not concentrating enough or not patient enough.

EVERYDAY we have to work at concentration and patience, it doesn't get easier (perhaps a touch less hard) because of the bright lights and noises in the Casino, they are always going to be there to try and distract us.
 
Its about consistency. Focus on consistency and slowly growing your trading size. Absolutely no point making 10k then losing 8k then making 2k then dropping 5k. You cant grow sensibly like that.

Focus on making 2-300 a day and slowly add up as you go. I probably average 500-1000 a day and i seem like a minnow compared to the other guys at the firm I trade with smashing out 10k+ days. But, i probably make money 18/20 trading days a month and end up with a similar total on the month with far less grey hairs.
 
ETcallhome said:
just because I am up 11k on THU doesn't mean I may not lose it all or more on Fri. That's what it is there for. To trade. If you don't want to trade, just take an 11k profit and quit trading for the week? Then what?
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When you're up 4 days in a row, the 5th day maybe a down day. ARe you familiar with elliot wave theory ?
 
Daily consistency as a winner and zero losing days. If you can't accomplish that, then at least your losing days (which shouldn't be many) needs to be few and small.

I know it's an assumption on ET that losing days and losing is part of being a winner - but is that really true?

I'm now working of the assumption that it's not true. :)
 
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