Day Trading is Dumb

This is a discussion on Day Trading is Dumb within the Indices forums, part of the Markets category; I suspect there are more self employed traders earning their living from primarily day trading than anything else. It is ...

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Old Oct 13, 2004, 1:14pm   #9
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I suspect there are more self employed traders earning their living from primarily day trading than anything else. It is all about methodology and discipline. If you do not have a "boring" system that you honestly believe will give you an edge then don't even start.
Same goes for any type of trading whether tick chart or monthly chart. You have to have an edge somewhere.
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Old Oct 13, 2004, 1:31pm   #10
 
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you do not have a "boring" system that you honestly believe will give you an edge then don't even start.


easier said than done. I would expect that the % of sucessful traders that waited until they found their edge to start trading is very small.
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Old Oct 13, 2004, 1:33pm   #11
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cj12 started this thread Who Copy's

Last edited by cj12; Aug 21, 2005 at 6:20pm.
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Old Oct 13, 2004, 1:38pm   #12
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Quote:
Originally Posted by twalker
I suspect there are more self employed traders earning their living from primarily day trading than anything else.
I feel as certain as I can that (contrary to the sometimes strongly voiced views of the ill-informed, opinionated minority) this is correct; yes indeed.
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Old Oct 13, 2004, 1:44pm   #13
 
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might sound stupid Sun but have you thought about going back to work for a year and trade as you did before..if you continue your previous success analyse your trades. Then you could give up work again a return to full time trading. The only thing is you will have to make sure you dont fall into the " if I can make x amount f money trading part time I can make twice as much full time" your profit reflects your entry and exit not your time!
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Old Oct 13, 2004, 1:45pm   #14
 
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I think most try to see if they can trade (possibly in roughly the same basic way) over various time frames.Try to get hold of someone you can share ideas with and make sure you understand the maths behind any indicators you use,if you do.Better still go for 'indicators' based on how the market works.
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Old Oct 13, 2004, 1:48pm   #15
 
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a natural process of learning to trade imo
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Old Oct 13, 2004, 2:25pm   #16
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Quote:
you do not have a "boring" system that you honestly believe will give you an edge then don't even start.

easier said than done. I would expect that the % of successful traders that waited until they found their edge to start trading is very small.
I suspect the % who didn't have an edge lost a lot if not all their money trying to find one.
It is the only way I am sure of it.
Only way to get to be consistently profitable, by that I mean the point where you make a living from it, is to learn a lot before you put cash down. Either you are lucky and know people who can teach you personally or you need to learn by filtering out the useful information available on the net and in books. Neither way will be quick, research never is, but in the long run you will then have a chance of survival.
I found that the edge is actually very simple but took me a long time to figure that out. Patience and discipline.
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