Trade For A Living - Day Trading

[Handle123]

The knowledge and tools needed to learn to trade are in the public domain. But a person needs more than mere knowledge.

Skills and experience are also necessary. A person gets those by doing; specifically, doing successfully.

This is where most people trip and fail and risk damaging their minds permanently by repeated failure. Examples of people with permanently damaged minds can be observed on this site.

In reference to the topic of this thread, trading for a living through day trading, it is a rehash of the eternal small dream of the modern working stiff seeking an escape.

Anyone who has been trading for a while knows he doesn’t need to trade for a living. The markets exist to transfer money into your accounts set up to collect across various market fractals.

Day trading futures is a lifestyle choice. Day trading for a living is for people who are barely making it.

I went into scalping after I was doing well first in long term stocks for 14 years, then long term commodities for 2 years. Took ten years before I was at confident in scalping.

I have developed "Holy Grails" and one is scalping and another in day trading, four are options. By end of year I will only be trading long term commodities and options.

I use to recommend intraday trading, but not any more, takes way too much time to get very good to make better than average living. Plus, if you older than 55yo, between body and memory losses, gets tougher.

Long term commodities and learning to hedge has made most for me, getting risk near zero and not having to to check every tick. Same with options, wait for limit entries/exits.

Day trading/scalping, life goes by and you are sitting staring at a screen. Really lose our own life.

 

[Jordan_Andy]

I went into scalping after I was doing well first in long term stocks for 14 years, then long term commodities for 2 years. Took ten years before I was at confident in scalping.

I have developed "Holy Grails" and one is scalping and another in day trading, four are options. By end of year I will only be trading long term commodities and options.

I use to recommend intraday trading, but not any more, takes way too much time to get very good to make better than average living. Plus, if you older than 55yo, between body and memory losses, gets tougher.

Long term commodities and learning to hedge has made most for me, getting risk near zero and not having to to check every tick. Same with options, wait for limit entries/exits.

Day trading/scalping, life goes by and you are sitting staring at a screen. Really lose our own life.

Totally agree! I am not a big fan of scalping neither because you have to be better then 50% on your trades and that's very, very tough. Much better to go for a 3:1 or even 5:1 ratio in my opinion.

 

[Jordan_Andy]

Long trade in CL after making it over the night session high. $1,120

 

[Jordan_Andy]

And just got kicked out of a long ES trade: $675
ES just made it back to the opening level but could not make it much higher (at least not fast enough for my taste) - unfortunately.

Done for now!

 

[tiddlywinks]

Totally agree! I am not a big fan of scalping neither because you have to be better then 50% on your trades and that's very, very tough. Much better to go for a 3:1 or even 5:1 ratio in my opinion.

The title of the thread is "Trade For A Living - Day Trading"

So I guess I don't know your definition of "Day Trading".
To/for me, day trading means flat at EOD.
Swing trading encompasses overnight holds spanning at least 2 trading days but less than a long-term holding period as defined by an official authority of the country overseeing trading activities. So, you are swing trading for a living in my view.

Day trading/scalping, life goes by and you are sitting staring at a screen. Really lose our own life.

How does this differ from a 9 to 5 job, or a 20 hour a day non-trading entrepreneurial pursuit?

 

[Jordan_Andy]

The title of the thread is "Trade For A Living - Day Trading"

So I guess I don't know your definition of "Day Trading".
To/for me, day trading means flat at EOD.

So I guess you just don't know how to read! No one said anything different!

 

[Jordan_Andy]

The title of the thread is "Trade For A Living - Day Trading"

How does this differ from a 9 to 5 job, or a 20 hour a day non-trading entrepreneurial pursuit?

Simple: it depend on how many hours you "stare" at your screen. ;-)

 

[tiddlywinks]

How does this differ from a 9 to 5 job, or a 20 hour a day non-trading entrepreneurial pursuit?

Simple: it depend on how many hours you "stare" at your screen. ;-)

Totally agree! I am not a big fan of scalping neither because you have to be better then 50% on your trades and that's very, very tough. Much better to go for a 3:1 or even 5:1 ratio in my opinion.

Well, YOU "totally agree!" with what @Handle said, INCLUDING...

Day trading/scalping, life goes by and you are sitting staring at a screen. Really lose our own life.

No one mentions the benefits of "day trading".

So I guess you just don't know how to read!

Don't be a dick, Jordan.

 

[Millionaire]

Are all the 'trades' on this thread going to be hindsight trades?

Are you going to make any calls in real time?

 

[Jordan_Andy]

I am afraid, this is not the right place to do real time calls. I try to publish trading ideas in the spread thread because these trades have not be taken in a hurry. But with short term trades I think this is an real issue. I could give trades on a Telegram group but then I could not do my own trades. Or I would need an assistant. Hahaha