Why Daytrade????

Quote from n00b7r4d3r:

I think this is very true for me. I must say I do think of the market as being like a game where you have to figure out how to beat it.

Before I started trading a used to play a game called World of Warcraft. I played prety much every day (had 3 lvl 60 chars) and I had thousands of gold.

What I found most fun about the game was not the killing mosters or fighting dragons but trading. Thats right trading. The game had its own auction house where real players could go to buy and sell items. I used to watch it all day and when i saw a nexus crystal come up for a price cheaper that it should have been i would buy it and scalp it.

I must say day trading in world of warcraft was ALOT easier than it is in the markets I made quite a few thousand gold but in my real trading I havent been able to turn a profit yet :(

It was prety fun having all of that power of being able to buy all of one comodity and then make the price jump and watch as people have to pay it.

After a while I realized that I had to grow up and start working on my real life fortune. I knew that people would pay real money for in game gold so i wrote a bot that played the game for me (fishing stonescale eels) I made several thousand gold at this but unfortunately they caught onto me and told me to stop or your banned. I had big plans for that bot .. i was going to turn it lose in the auction house and get it to do statistics on the prices but i never got that far. I tryed to sell my remaining gold but got scammed out of 4000 (about 400 dollars worth).

Thats when i got into trading.
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very cool. good story, thanks!!

surf
 
noob... That is funny.. underlines the fact that online games don't risk real money.. when real money is at stake things get A LOT more competitive..

I suppose in the same way I see Daytraders there are those buy and holders that see swing trading as daft.. Whatever works for you...

Key though is to realise if you are not making it trading one time frame you may do better in another.. BUT most fortunes made trading the markets were not made daytrading but in longer time frames... So if you are good daytrading probably a good idea to tinker with some longer holds..
 
Even been to CME or CBOT? Those locals who are top performers made fortunes and they where/are your classic day traders. Some 10 yr and 30 years traders made 2m to 10m each year for the last decade

You just need to find liquid markets where you can trade size and not have that overnight even risk.

A "Real Trader" will trade the best time frame per the best market environment ( day scalp, day swing. multi day swing, weekly swing, long term trend follower).

Time Frame is not static and one with a flexible plan and good money management and risk limits backed up by a solid option background to limit the risk, will make money and can make big money in any market environment.

The Secret: Emotions and self discipline
 
Yeah I have heard the stories, been to CME and seen te 10M traders, but....

As someone who trades in the same manner as 45, I don't see any consistant trends in time frames under an hour.

if the trends only last 20 minutes or less (not counting trend days) what is the trading plan to that video game, er day trading??
 
Quote from retire45:

The key point is this: How can one daytrade without the big picture in mind? And why daytrade knowing the big picture?
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So what's the big picture? Break it down for those of us who aren't sure.
 
Quote from austinp:

What if a good intraday trader can turn $5k to $40k in one month? Is that an acceptable exchange for time spent versus swing trading?

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A most excellent question.
 
Quote from hbiawos:

So what's the big picture? Break it down for those of us who aren't sure.
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Just stare at weekly, daily, and hourly charts its all there !

Thats the big picture
 
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