Small time Daytraders - what is a good return?

Quote from central park:

good points, wutang.

the worst thing about daytrading business are the skills are not transferable to anything else. market changes, lose your edge, and you lose your livelihood.

good return is not losing everything.


CPW
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When you lose your edge, just research and find another one.
 
Quote from ninety:

for small time traders, what is your expectation and actual experience?
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when you say "small time daytraders"...is that with a $1,000, $2,000 to $4,000 account?
 
I always see people use the word "edge". In all seriousness what in the world do you mean. I don't think I have an edge. But I make money. I just look at the chart and I take notice of the PA at S&R levels in conjunction with Pivot Points and I decide who has control of the market for the time being. I don't feel like this is an edge though. And i hardly believe it is going to disappear. I'm just interpreting the human nature of markets. So my question is, whats wrong with this? Why do people view this as a scummy profession? I see myself as a psychologist of sorts. And as far as having trouble scaling??? Just switch over to the ES. I don't think you'd have any trouble getting orders filled there. By the time you are having trouble getting filled you are rich about a thousand times over. So again. Why is day trading bad?
 
Here's a system that I use to grade myself on a daily basis:

Let's suppose the daily range of the S&P eMini (ES) had a range of 20 points for the day. Now I divide 20 by 4 to obtain a quartile (eg. 20, 15, 10, 5), which I will use as a scoring system to grade myself:

20 or greater = A+
15 to 20 = A
10 to 15 = B
5 to 10 = C
1 to 5 = D
0 or below = F

Had I finished the day with a profit of 12 points, that would earn me a grade of "B" for the day.
 
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