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Old Jul 12, 2017, 7:09am   #1
Joined Jul 2017
Hello

Hi everyone!

I want to become a career day trader in order to gain freedom from the 9-5, have those days where I make my daily goal in 15 minutes, and learn a skill that will always be a respectable way to earn money.

The first and only book I have read is "How to Day Trade For A Living" 3rd Edition by Andrew Aziz and it was a dose of reality, risk management lessons and trading strategies like VWAP, Moving Average, and Opening Range Breakout.

I intend to spend hours reading through top posts on this forum to guide myself into becoming a day trader who earns a comfortable living by trading only.

For the time being, I am using TD Ameritrade, thinkorswim (just paper for now), and the vancouver-traders chatroom/webinar set up by the author of the book.

I intend to switch to Interactive Brokers, DAS and purchase a subscription to the Trade-Ideas tool after I spend a few weeks to months grinding in thinkorswim, to see if this holds my interest and watch myself become consistently profitable.

I have woke up for the opening bell only four days now, but today I was the most excited to get out of bed. I prep my omelette the night before and put it in the fridge in a bowl covered in saran wrap so breakfast is quick and easy.

I hope to see you around and make some friends on this forum!

Last edited by TheWinningAttitude; Jul 13, 2017 at 1:58am.
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Old Jul 13, 2017, 12:08pm   #2
Joined Apr 2014
Minimum Requirements For Trading Success Long-Term

Hi TWA,

Welcome to T2W! Good place to do research and ask questions. Some very good AND helpful Traders here. As you are starting out and beginning your research into the Trading career pathways, let me highlight and alert you to some important "heads up" observations below.

A. Daytrading is a tough career to build Wealth and to generate Income Daily, Wkly. You will be more susceptible to intraday price Volatility spikes generated by the algos. It is estimated that algo trading is > 70% of intraday Volume and Volatility.
B. Stick to highly liquid securities, ETFs, futures, Indices. Consider giving FX a try - you get v good intraday liquidity and excellent Leverage (which can be very damaging if not handled well).
C. Focus on trading systems and plans that can be coded. Focus on plans w positive Expectation (Edge). Use available technologies to help setup your Alerts. Look at highly flexible automation platforms like Ninja Trader, TradeStation, etc (I am not affiliated nor compensated by both). You will NEED automation if you are serious at making $100K annually from trading.
D. Use Automated Alerts services that provide clear Signals and Campaign Management Alerts.

Note: C and D above help to make it extremely efficient for daytrading - your eyes, Mindset, will not be saturated and overwhelmed day in and day out in daytrading.

E. You MUST have sufficient Bankroll. You will have to KNOW your Trading Plan's Performance statistics and then work through to find reasonable betting schedules. You will have to allow for Account Equity Drawdown of at least 2x the Trading Plan's Max Drawdown.

F. You MUST understand your Plan's freq of trades per day, wk, month. Plus know the Avg $ Won vs Avg $ Loss - and then work back to determine more precisely how much Bankroll will be required based on trading freq and Avg $ Profit

G. Don't lock yourself into thinking and believing to trade ONLY ONE WAY. Read the Market Wizards series - you MUST learn and establish your internal References: (1) How profit can be reasonably achieved by the Trading Plan and allocated Bankroll? (2) Are you capable of putting in the time, $$$, passion, and discipline (ability to execute flawlessly regardless...) like the Market Wizards? (3) Toughest Question here = Are you WILLING to DO WHATEVER IT TAKES to succeed in Trading?

H. Alternative Strategies to daytrading: (1) Nicholas Darvas $10K to $2.5M in 18 months on avg of 5-6 Campaigns per year; (2) Jesse Stine $46K to $6.6M in 28 months on avg 8 Campaigns per year (and primarily using Wkly charts).

Again, H above please shown to help you expand to THINK and consider beyond ONLY DAYTRADING.

I. Critical Trader Personality Traits. (1) Building Wealth is in TOP 5 of Values including Saving & Investing >> NOT SPENDING. (2) The SKILL to apply Leverage and Compounding over long term. (3) Have Income and/or Savings to fund Daily, Wkly, Monthly Living Expenses OTHER THAN from Trading Income. Warren Buffett, George Soros, Paul Tudor Jones, Peter Lynch, etc - they ALL had Incomes entirely separate from Trading Income.

J. Anticipate at least 1 yr to learn - and then another 2-3 yrs to achieve Break Even or better.

Trading and its Learning Curve requires Patience and Intense Focus on your long term Vision. Do you have this SKILL?

K. Last but not least - you MUST Learn and Condition your Trading Mindset! It takes conditioning and training and practicing and visualizing - repeatedly Daily - to develop Winning Habits and Winning Beliefs! Study books by Mark Douglas and Ari Kiev.

Consider participating in Trader Mindset Development training like from Van Tharp (IITM), SRP (Immersion). Not affiliated nor compensated by both.

Lengthy message here - but at least hopefully will help you to better FOCUS on your research into the Trading pathways!

Good luck and don't hesitate to keep asking here at T2W!

WklyOptions
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Thanks! The following members like this post: IceMan , TheWinningAttitude , tomorton , Lee Shepherd
Old Jul 13, 2017, 12:10pm   #3
Joined Apr 2014
Hi TWA,

Forgot to add ----> great Call Sign!

Now time to see if you can FOCUS and COMMIT per your Call Sign!

WklyOptions
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Old Jul 18, 2017, 4:18am   #4
Joined Apr 2016
There are few points like day trading in your post, which are very meaningful and well explained. Good post.
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Old Jul 18, 2017, 5:01am   #5
Joined Jul 2017
TheWinningAttitude started this thread Thanks for your wisdom Wkly.

If this was easy, everyone would do it. Only those with the desire, patience and dedication thrive trading. Swing trading, options and forex are of interest too. I made some random swing trades and option purchases in the past when I was taking trading less seriously. I'll look more into the automation softwares. If they are what I think they are, they sound too good to be true.

I also have programming background with Java and some web scripting languages like JavaScript and PHP.

At the end of each day, I know what matters is that I traded well and followed my rules, not whether or not I made money. I believe if I trade well and follow the rules, the money will come. I'm excited and will use my patience for benefit.
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Old Jul 18, 2017, 8:31am   #6
Joined Feb 2002
This is good attitude TWA, what you say about following your own rules is on the money. Bearing in mind that trading is a probability game, you have to expect that maybe 40% of your trades will fail. If a trade hits your stop, was it a bad trade, a mistake, were you cheated by the broker? No, not if you followed your own rules - it was just an inevitable statistic.
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Old Jul 23, 2017, 2:53pm   #7
 
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Joined Jul 2017
Let me give you another option to consider: why not trade a longer time frame and try to automate the trading, so you won't have to stare at monitors all day long, personally for me it was like switching one 9-5 job for another and as Warren Buffett once said: "If you don't find a way to make money while you sleep, you will work until you die."
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"If you don't find a way to make money while you sleep, you will work until you die." Warren Buffett, CEO of Berkshire Hathaway.

My number 1 trading rule: EDUCATE YOURSELF!

Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.
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Thanks! The following members like this post: alextrader79
Old Aug 5, 2017, 8:23am   #8
Joined Jul 2017
TheWinningAttitude started this thread Are there any computers you guys would recommend I get? I'd like to use three twenty-four inch 1920x1080 screens simultaneously. I don't want to go over $600
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