Is it really possible?

Hmmmm, we keep getting asked this question under a number of guises, YES, it is possible to make a living living out of day trading, I have been day trading 14 years, 8 full time. I'm neither old or bold or greedy, but have a set plan which sees me trades a maximum of 4 trades a day. Why do people think you cannot make a living out of day trading, perhaps they have blown their accounts or simply cannot day trade. With discipline, a concise, clear set of rules which enable entry, exit and stop loss, its not very difficult to make a comfortable living from day trading. I "work" from 7.30am to 12.30pm each day and then finish trading and am free to do as I wish. If you want to be greedy and get every single point available, then greed will probably get you in the end, however, to target a modest pip count for each day leveraged sensibly with clear cut stop and limit orders, day trading is easy, before I start the day, I already know what my maximum potential loss can be and conversely what my maximum profit can be. Add to that discipline, together with a clearly defined trading plan, which has being rigourously backed tested and statiscally assessed to form a trading plan, you should win. Surely you wouldn't trade without a plan would you??, if your plan says, your set up is wrong, again, you wouldn't trade it. If the results say you have a system that works, your trade per say and record the details of every trade taken, the entry, exit and stop criteria should be match your trading plan on every trade, if not, your not trading as you should, I need to know the outcome of every trade I place so I can record the trade, honestly good or bad and form statistical database of my trading. I can tweak/change or adapt any part of the plan as the statistics identify to ensure the outcome is in my favour. Boringly, say you run a 75% success rate by sticking 100% to a plan, simply maths says you are running a 3:1 winning ratio, conversely if the fugure is the other way around, your system clearly isn't working and you will become one of the statistics if you don't adapt. IMHO, KISS, trading is easy, its the trader who makes it difficult, makes your decisions on trading by yourself, unfortunately I have being around long enough to see traders from these boards come on with yet another "fantastic" set up, only to bring another to the boards a few months later, makes your own decisions, make your own plan, trade your own decisions and don't let anyone tell you you are doing it wrong, you will know yourself by the results whether youe are doing it right or wrong.

I rarely visit these boards these days, I have no need, I'm comfortable with my life as a trader, and I would go as far and say, these forums can be bad for you as a trader, as you perhaps doubt yourself when you read of others "success", be honest with yourself, be disciplined, be patience and if your set up is correct, you to can stop visiting these sites, makes money and a living and indulge your spare time in something away from trading.....Just my thoughts, off to do something more interesting now, non "work" related.

Thanks for letting us know

yes, if you can visualize it. Everybody knocks daytrading, but the truth is most people don't have the knowledge nor the cajunas to do it. What do you think the guys in the nymex pit do all day. trade in and out of contracts somedays there up huge some days they lose. Eric Boling was in the pits and I can promise you he is a millionaire.

Possibly.

The question should read: "I'm wondering if it is actually possible for me to consistently make good money Day-trading."

I expect you can answer that yourself.

Is it possible to become a World champion F1 driver in 23 years?

I'm a consistent, good-money day trader and it didn't take anything like 23 years... The problem is you can't just use a strategy, you really need to know whats going on, so it takes a lot of learning, persistance, determination, thoughts of lacking ability. But if you persist you'll make it, some take a month or 6, some take 5-10 years.

The main problem of people who start trading new is that they have a misconception of what day trading is - i saw up the page someone said these guys make a huge amount one day and lose it all the next ... Thats not true, they are just consistant, they trade relatively small amounts of a huge account to definately and unriskly make money. Ultimately the point with day trading is, its not a quick adrenaline rush as you try to gain £1000 today... its about monthly profits.

unfortunately, Taylor, I've seen it all before!

Surely you borrow a million quid and clean up quick time?