Day Trading is Dumb

This is a discussion on Day Trading is Dumb within the Indices forums, part of the Markets category; you do not have a "boring" system that you honestly believe will give you an edge then don't even start. ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Oct 13, 2004, 2:25pm   #16
TWI
 
TWI's Avatar
Joined Jan 2004
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.
__________________
"I refuse to tiptoe quietly through life
only to arrive safely at death"
TWI is offline   Reply With Quote
Old Oct 13, 2004, 2:34pm   #17
 
Hooya's Avatar
Joined Nov 2003
of course they lost more but my point was that its not easy to find an edge with out trading
Hooya is offline   Reply With Quote
Old Oct 13, 2004, 2:58pm   #18
 
sidinuk's Avatar
Joined Dec 2002
Quote:
Like sidinuk trying to look smart, in saying hope you maths is better than your English, and i hope you trading is better than you personality
OK that was a flippant comment but it is a serious point. Making a profit from day trading is extremely difficult. As twalker says it is about finding an edge, building a system to exploit that edge and then trading that system day in, day out to let the edge play out. Any edge you have in your trading system will be small - this is a very competitive business. Putting together a trading plan that has an edge and is future proof is a very tough job, it requires a good understanding of probabilities and the maths can get complicated. Small errors in the plan can more than offset any edge you may think you have found.

That is my point. If you are unable to write a sentence without a grammatical error then I hope you can write a trading plan without a mathematical error. If not, then the edge you thought you had won't be real.

Perhaps English is not your first language, for which I apologise if I have caused any offence.
sidinuk is offline   Reply With Quote
Old Oct 13, 2004, 3:02pm   #19
 
Hooya's Avatar
Joined Nov 2003
I bet you spell checked that post a few times :-)
Hooya is offline   Reply With Quote
Old Oct 13, 2004, 3:09pm   #20
Joined Dec 2003
Sun,
Your grammar is just fine in fact it 'sounds' like you might have a 'grammar twin' already on these boards ... you'll work it out (your trading)
__________________
Distance = Perspective
chump is offline   Reply With Quote
Old Oct 13, 2004, 3:45pm   #21
 
Hooya's Avatar
Joined Nov 2003
well my spelling,grammar and typing are all shocking and I can tell you it doesn't effect my trading one bit.
Hooya is offline   Reply With Quote
Old Oct 13, 2004, 4:26pm   #22
 
7 Posts
Joined Sep 2004
I agree with sidinuk, I am currently building / testing various systems, I have been testing on a years worth of intra-day forex data, by moving the stop loss 10 points, the back-tested results went from losing 2,743 pips to a gain of 4,200, this does not mean I have found good system or that it will work, it just demonstrates the sensitivity / difficulty of trying to find an edge.
Pennt is offline   Reply With Quote
Old Oct 13, 2004, 5:34pm   #23
 
sidinuk's Avatar
Joined Dec 2002
To be fair, I'm sure everyone takes more care over their trading than they do with posting comments on a forum. I was just trying to identify why Sun may not be making a profit - It just struck me that he was probably more of a 'big thinker' and perhaps a little careless with the detail. Anyway, I'm going to stop digging this hole now - before someone picks up on my far from perfect English.

Pennt, that is quite a huge difference that just moving the stop loss 10 pts makes - Can you share any more details?
sidinuk is offline   Reply With Quote
Old Oct 13, 2004, 5:44pm   #24
 
donaldduke's Avatar
Joined Jan 2004
Sun,

You havent figured the game out yet. you need to work harder,
trade more, read as many books about trading as you can get your hands on,
read everything you can find on the internet. Perhaps attend a few day trading courses etc.

Youll get there in the end but you might need to lose another 10K to get there. Keep your positions
small so the 10K doesnt but become another 25K down the hole.
donaldduke is offline   Reply With Quote
Old Oct 13, 2004, 5:57pm   #25
Joined Aug 2004
Quote:
Originally Posted by sidinuk
Perhaps English is not your first language, for which I apologise if I have caused any offence.
Whenever I say anything like the contents of your post (which I do all too often, in another place), they always turn out to have dyslexia, which leaves me dreadfully embarrassed. Not that I'm suggesting a defence for him, you understand ...
Roberto is offline   Reply With Quote
Old Oct 13, 2004, 6:48pm   #26
Joined Nov 2003
cj12 started this thread
Quote:
Originally Posted by Roberto
Whenever I say anything like the contents of your post (which I do all too often, in another place), they always turn out to have dyslexia, which leaves me dreadfully embarrassed. Not that I'm suggesting a defence for him, you understand ...

you all on about my enlish pleeesas pooint thiis out to me thakcs.

sun

ps i ,made money today
cj12 is offline   Reply With Quote
Old Oct 13, 2004, 6:55pm   #27
Joined Aug 2004
Quote:
Originally Posted by sun123
ps i ,made money today
wel dun mait so did i i manidged to sel the mayja indicees clows to the daiz topp, will leev u in piece now
Roberto is offline   Reply With Quote
Old Oct 13, 2004, 9:52pm   #28
Joined Oct 2004
How many of us have systems or strategies that stand up under scrutiny? It reminds me of a very short joke. "Man sends a telegram to his relatives - System working send more funds."
LION63 is offline   Reply With Quote
Old Oct 13, 2004, 10:44pm   #29
Joined Nov 2003
cj12 started this thread .

Last edited by cj12; Aug 21, 2005 at 6:22pm.
cj12 is offline   Reply With Quote
Old Oct 13, 2004, 11:02pm   #30
 
6 Posts
Joined Apr 2004
Hello everyone.I rarely post being somewhat slow and useless with a keyboard but I am moved to congratulate those who have expressed themselves so honestly on this thread.I trade full time and for me the only vehicle is intra-day index scalping.I have found the real time volume charts available on www.marketvolume.com especially useful.I make a very modest living which has got a little better since conquering my own weakness for trading whipsaw phases in the indices.Keep cool,keep clinical and do not allow your emotions to drive your trades.
karnak is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
If you spend your trading day alone, does your mind slow down? JTrader Home Trader 51 Jun 25, 2012 11:05am
Day to Day life of a trader. lususnaturae Trading Firms 8 Apr 15, 2011 12:37pm
Day to Day life of a trader lususnaturae Home Trader 7 Mar 12, 2011 8:47pm
Intra Day Dow Trading lurkerlurker Trading Systems 9 Jun 24, 2010 9:31pm
Day Trading Broker Nonameo Discretionary Trading 5 Nov 11, 2008 9:38pm

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)