Very thoughtful response.
Why do you say forget trading 1 contract and sizing up gradually? I trade intraday with 1 contract. I are you suggesting trading 1 contract and gradually going up in contract size delays the big money earning?
So, if recently discovered "edges" lose their edge...
- Thread starter Saltynuts
- Start date
Why do you say forget trading 1 contract and sizing up gradually? I trade intraday with 1 contract. I are you suggesting trading 1 contract and gradually going up in contract size delays the big money earning?
Pretty sure you can daytrade, with the automation, ie use it to your advantage.
Millionaires and Billionaires likely have good life styles they aren't poor, sat at home, bored shitless so might aswell be daytrading there asses off in the hope of being less poor.
If I was a millionaire I'd be at 1 of my other homes, likely in Tenerife this time of year not putting up with rain and fog and cold
This is like having a speaker in the room without any audience. Only way your edge will work is when others follow it (or possibly precede it) to allow the edge to pan out.
look you can trade 1 lots and make 1k a day if you are really skilled. Stop looking for anwers from DOZU or this board. pick a time frame anyone you want. if you want to work a lot and trade a lot all day everyday then pick a short time frame. if you want relax a little more pick a longer time frame. watch what the market does all day every day all the time and at night look back at other days and keep watching and watching and trading. pick 1 or 2 indicators and leave them alone. watch what the market does with those indicators. do not change them. you need a baseline for your own trading. later when you are making money consistently you can start sizing up but until then stop searching and believe in yourself and your own ability as a man as a trader as crusader in the electronic world of trading. isn't that what you are after. I did it all on my own. all of it every last fucking penny and im better for it. yeah i could have learned faster in this environment of everyone posting screen shots of trades and all the information but that is life right. it used to take hours to find a song at the store and now you can you tube it an wallah you have it. JUST pay attention to the mkt. there is no secret sauce and no one is hiding anything from you. just look at the mkt and play with it or against it but YOU need to figure out what works for you. KNOW THIS lots of people make money in the market and there are millions of dollars in it everyday waiting for someone smarter faster better and with more balls to just reach out and grab it. peace.
no.. we are talking about different things here..
what I am talking about is a trader taking advantage of the money flow from main street... imagine if you are the 1 and only trader (short term speculator) and you find this pattern by the mom and pop say there are 200 of them out there, and you can buy at $1.01 and sell at $1.99, with a stop at $0.75.... sometime it works, some time not, but over all you make money.
now imagine there are 100 traders doing the same thing, not only you are competing for that $1.01 and $1.99 price, which means many of the traders will get worse fills, but also that $0.75 stop becomes questionable as so many people want to exit there you get also worse fill.... there is only so much profit from the 200 mom/pops, now that competition is fierce your chance of success is reduced.
not only that, now that there are 100 people doing this, they are now as dumb as the 200 mom/pops and there can come another group of traders who figure out if they can poke the price below $0.75 a bunch of these 100 people will exit in panic... now THIS become a new edge...
this is basically what's going on in the retail trading world... so many people think they can just get a computer and program something and make money... the reality is they swing constantly from 1 pattern to another, only to see all these patterns self defeat, so in the long run they are basically break-even traders at best.
I understand your argument... sure this 100 traders going on the same pattern can produce a self-fulfilling effect, but there is no benefit for you, because you are not guaranteed to be the first in line to get the $1.01 and $1.99 and the $0.75 stop, therefore a self-fulfilling sequence is NOT an edge.... it can only be if you can guarantee to be the fastest to the punch, hence in the HFT world there is all this hardware war.
trustedsource,
Thank you trustedsource. It is always good to read a balance of comments from all types of traders. very good post you provided.
However, what you said there really inspire me to stick to my own lane and Believe in my own trading skills. I am sticking to my 1 lot and how I trade as I like it this way. Currently, the biggest challenge is figuring out what works for me and my capabilities.
Thank you,
Last edited:
Pretty sure you can daytrade, with the automation, ie use it to your advantage.
Millionaires and Billionaires likely have good life styles they aren't poor, sat at home, bored shitless so might aswell be daytrading there asses off in the hope of being less poor.
If I was a millionaire I'd be at 1 of my other homes, likely in Tenerife this time of year not putting up with rain and fog and cold
99% of what is done is automation for me, 1% is something new am developing. I am bored shitless, don't have a family or kids cause I spent so much time playing the game. Not complaining, but it is what it is.
Problem with being too rich, you have to hire people to protect you and build huge mansions which in a way become self contained prison. Ask Gates, Buffet, etc...
Other than scalping/day trading, I have positive expantentcy of outcome when trades put on or they don't be put on, that expantentcy changes after entry. Scalping/day trading, every trade is negative expantentcy from the start, too expensive to buy insurance, but huge believer that one's knowledge causes positive luck from "noise".
Only if others know you are too rich. When no one knows, you don't have this problem.
There are > 1 million millionaires, >150 known billionaires in California. Most are anonymous.
You are so right and stay humble, where else in world we have so many opportunities to excel?
Yea, bet California loves them to stay....
I don't know if I ever thank you for some of your posts that helped made me a better trader. If not, my sincere thanks.
My bet is most will stay. Why move to save some state taxes when you can afford to pay and still have plenty left over for whatever you want to spend. Contributing to help the less fortunate and to maintain the infrastructures that make California attractive is a reasonable price to pay.
In case you wonder, I am a lifelong SoCal Republican.
Best wishes and happy holiday to you sir.