How Do DayTraders Make Money in the Futures Market?

[timsk]

Could listening regularly to Amy W have the opposite effect?? [grin]

Hi Stuart,
I'll take your word for it that your wife is a drop dead gorgeous babe and, if listening to the likes of Enya and Ms. Dion have helped to land her so to speak, then good on ya! Actually, I confess that I have CD's by both artists - which I guess makes me something of a hypocrite although, in my defense, I never play them.

On a more serious note, I'm confused by your blog/website - some of the links don't appear to be working. I can't work out if you're selling a software package, a subsription to a chat room, a trading methodology or a combination of the above? However, I admit to being totally clueless about technology, so your "who da thunk" comment earlier is entirely apposite.
Tim.

 

[mechanicaldaytrader]

Enya to Amy W...wow, you are a true cultural behometh!!

links don't work?? Tim, I have no problema here (I'm in Costa Rica presently)...I've tested the streaming demos from YouTube, they work fine also...the videos have still screen shots of the DR software in action. check those out at the shopping cart on the upper right of the home page.

I have two demo streaming videos (showing an entire day of trading and the typical trading range daily in the Dow -- (WOW!)... below -- these run on a "screencast" server and are only 5 minutes each and they are tested fine today as well.




I pride myself on my IT skills, so I have a complete, turnkey solution -- the biggest gripe I would have of any software or trading guru is TRAINING & SUPPORT. It's gotta be there, it needs to be clear, concise, on demand or available on short notice. I have my own FTP Server, so training videos and videos of weekly meetings are uploaded weekly. So, the subscribers can download the stuff and playback as needed. If they get stuck somewhere, they can Skype or email or IM me in the eChat room for a private GoToMeeting session. Unlimited timely support is always there, unless I'm on vacation for a few days (I take about a 5 day vacation every 90 days and take the Christmas New Years off annually..Friday afternoons I'm gone also - such is the life!).

The biggest drawback to learning anyone's method of training is there has to 'repetition of the basics' -- daytrading requires memorization of basic setups of risk/reward...My biggest gripe with Tradestation (as a developer for ten years) was the lack of repetitive setups to take basic reversals. That's why I switched platforms and use some really cool cycle analysis (that is visual) which instantly tells the user the probability involved and direction of the trade (and the profit objectives if successful).

There are about 18 reversals every single day in the Mini Dow Session One of 6 hours 45 minutes.
The methodology is completely revealed upon subscription pymt, so I get pymt up front (ergo the guarantee on the methodology)...If I miss or hesitate on the reversal, I can just set my watch, come back to the screen and catch the next likely reversal, within a few minutes accuracy 18 times a day.

So, once somebody jumps into this, they need consistent hand holding and repetition of basic trades to keep them focused on winning....most traders go off into destructive tangents that hurt their profitability...I know, I've been there...

My website rests on Google servers, so they're most always up 99.9% of the time...

Regards,

Stuart

 

[timsk]

Hi Stuart,
I don't doubt your IT skills for one minute, where as mine are non existent. That said, when I click on the links in your post, all I get is the page opening up in a fresh window - but no videos. In other words, I can't see anything other than what's already shown on your homepage. I notice that Paul (Trader333) made a comment along these lines on page 1 of your thread - and, unlike me, he's no slouch when it comes to techie stuff. I'll try and access them tomorrow on my wife's computer which is only a year old and of a good spec' - just in case it's an issue with my machine. However, old and slow as my PC is, I've not had any particular problem with it that I'm aware of.
I'll get back to you tomorrow - cheers for now,
Tim.

 

[mechanicaldaytrader]

Hi Stuart,
I don't doubt your IT skills for one minute, where as mine are non existent. That said, when I click on the links in your post, all I get is the page opening up in a fresh window - but no videos. In other words, I can't see anything other than what's already shown on your homepage. I notice that Paul (Trader333) made a comment along these lines on page 1 of your thread - and, unlike me, he's no slouch when it comes to techie stuff. I'll try and access them tomorrow on my wife's computer which is only a year old and of a good spec' - just in case it's an issue with my machine. However, old and slow as my PC is, I've not had any particular problem with it that I'm aware of.
I'll get back to you tomorrow - cheers for now,
Tim.

ahhhhh...so THAT'S what is happening....The "screencast" streaming videos use java; you also will need a good high speed connection and a relatively fast PC, otherwise, even if your java is up to date, the browser page will have a tendency to "hang" and likely time out.

Please point your browser to java.com: Java + You - the geeks at Sun will tell you if your java code is up to date (do I have Java?), likely it is not. Just accept the download offered and apply the update - typical downloads are about 110 MB. You can also go to your Add/Remove Programs in the CONTROL PANEL and delete all Java updates (likely way out of date) - all you need is the most current update in Add/Remove Programs and your browsers will get all this cool java stuff that my website requires.

I use GoToMeeting and WebEx for my online web conferences, these are also java intensive applications. If you are using Windows XP/Vista, dual processor and 2+ GB of Ram, all should be fine. Slower PC's should be taken out and shot, with prejudice, imo.

Cheers as well. VIEWER CONTENT WARNING: All my videos contain my !@$#%^ voice, something Java nor any future Windows Update can ever fix....

Stuart

 

[timsk]

Hi Stuart,
Okay, I've downloaded the latest java update and I can see most of the videos now with the exception of the one with the 'sell' and 'buy' key graphic. No joy there.
Allow me to offer some constructive criticism - if I may . . .
Your homepage is really quite confusing which is offputting to prospective purchasers. Given the sums of money that you're asking for your product, you really need a professionally designed site. At the moment I'm thinking to myself 'this site is a mess - the product may be a mess as well, so I won't pursue it any further'. If I think that, chances are that other people think it as well. You've got videos on all manor of things that 'muddy' your sales message, including one that suggests you're not a great fan of your new president! You are - of course - entitled to your views but, expressing them openly on your homepage probably isn't doing you any favours at all! Anyway, I hope you take my comments in the spirit that they are intended - which is to be helpful!
Cheers,
Tim.

 

[mechanicaldaytrader]

Hey Tim,

thx for the input; the graphic you are having problems displaying is a mere jpg I believe...and it is not that large of a jpg at that ...????

The website is set up as a "blog" everything is grouped by topic;
obviously people would start with
Training and Demonstration Videos (6)

then

$$$$ shopping cart (2)

then

testimonials (1)

for thorough overviews of specific trading setups there are 32 posts in the DayRaider 1.1 subsection.

....it is very organized in that regard (imo) and extremely timely

The streaming videos show ACTUAL screen setups for trades and in one case, an ENTIRE trading day. Tons and tons of disclosure and due diligence, I think unrivaled anywhere else (there may be better but I haven't found it).

Daytraders that want to learn a clear, concise methodology need to be flexible, humble and teachable. If prospective subscribers want to hold on to their old unsuccessful bad habits, I encourage them to go somewhere else and won't take them as a client. The Market is Boss, any trader MUST have deep respect for the market and it's technical behaviors at all times. There is NO ROOM for anyone to have a big ego...humility and trading with a minimum of emotion is required. Take the mathematical trade setups and trade them with pretty tight stops and known profit objectives all the time.

If people think $1,500 or $2,400 is a lot of money, then they need to move on..that is chicken change in daytrading bro. Just about all my past clients have suffered 5 figure losses in the past and are pretty much blown away after I show them a Live Online Demonstration and I pick several reversals in 45 minutes or so we watch the market together..All the reversals should net 30 to 100 points within a short period of time (also).

I show at the end of the Fundamentals seminar how using my simple 3 reversal rules for buys and 3 reversal rules for sells would net 1,000+ mini Dow points trading only 2 contracts from one specific trading day (that I actually daytraded) with the last trade exiting at 1:30 ET, about 6 continuous hours of trading net.

And..yes the blog works cuz I've had a nice steady traffic of subscribers (for months) and coming in weekly that have previous trading experience (mostly losses) and they totally throw out their old, destructive trading habits and replace them with clear, 70% mechanical trade entries that occur daily several times a day, have low risk, high profit objectives and the trades occur within a certain number of minutes of the trade setup (every single time).

I'm a daytrader/developer not a salesman; don't care if people buy or not, I make my dinero trading a few months a year, otherwise I'm in semi-retirement and talking shop with my subscribers fills my time here on planet Earth.

Cheers back Tim!

Stuart K.

 

[timsk]

Hi Stuart,
I guess I got the wrong end of the stick and tender my apologies accordingly. Having been around this forum for quite a while now, I'm used to vendors starting a thread with a title like yours in the hope of attracting some new business. Unlike a lot of other members, I don't have any particular problem with this, so long as the vendor complies with forum rules. Speaking personally, I find much of your message interesting and appealing but, unfortunately, the medium by which it's conveyed doesn't work for me. But hey, if your site works the way you want it to and you've got all the subscribers you can handle, then by all means treat my comments with the contempt they probably deserve!

Tim.

 

[mechanicaldaytrader]

No problem Tim...I think if people have reservations about this they can see the Live Demo with me talking real time - which is best seen just as New York opens....there they can see how Europe finishes up the cycles they created in the previous evening and how New York mechanical systems complete their overnight trades from the previous afternoon Session 1.

Then, they can stick their toes in the water by taking the Fundamentals of Futures Trading seminar (class size of one) - then they can actually backtest the streaming videos of previous trades on my website and know that DayRaider 1.1 works.

The first thing I tell them after they subscribe is to backtest the One Minute Methodology as far back as they want on the datafeed/charting I give them. If they find it doesn't work a particular day (they won't) they can submit a claim for a refund against my One Minute Methodology Guarantee (500 pts per 5 days trading week). The Mini Dow is doing 300-400 points a day, so 100 points a day is a snap.

No bull, and I don't scalp the market..I want 20 to 30 points minimum in my reversals and I want 90% of the uptrend or downtrend when it occurs (usually there are 2 daytrading trends per day).

no contempt..I can take just about anything since my older brother was 6 yrs my senior and minimum of 5 inches taller!

Regards,

Stuart

 

[trendie]

just had a re-review of your site, MDT.

100 pips NET a day, from the Dow, off 1-mins. Seriously?
and each trade being about 30 pips?

how many trades per day?
is the stop-loss variable, or a fixed amount? if so, how much?
what average losing trade worth?

( I would have been lucky to make 45 pips off Dow today, from 7 trades. )

 

[mechanicaldaytrader]

just had a re-review of your site, MDT.

100 pips NET a day, from the Dow, off 1-mins. Seriously?
and each trade being about 30 pips?

how many trades per day?
is the stop-loss variable, or a fixed amount? if so, how much?
what average losing trade worth?

( I would have been lucky to make 45 pips off Dow today, from 7 trades. )

There are 4 mechanical trades the One Minute Methodology uses
DRUP downtrend reversal up
DOWN the highest short position that occurs repetitively thru a downtrend (every DRUP & URUP features one DOWN between retracements down)
RDOWN reversal down (perpetuates the downtrend, from a lower point in the Downtrend)
URUP uptrend reversal up
UC continuation of reversal up (long entry > URUP occurs - also this is opposite logic of RDOWN)

"kindergarten" trades are textbook trades the subscriber can take the very first week of paper/live trading - very simple trading rules apply

today's trades;
#1] close out the short at the second downtrend reversal up (DRUP) from the opening short - 40 points

#2] the URUP was a timed reversal up, 60 pts exit at the #3 reversal down rule (subscribers only)
optional - ride the short down about 40 pts

#3] "kindergarten" (these are basic trades) long at 11:30 ET net almost 100 pts,

#4] "kindergarten" short from near dow cash 8000 (see my blog entry update - dow cash 8000 is to be treated as resistance, note the time of the blog entry update) here net 120 pts ; short exit at the kindergarten short covering signal

#5] URUP at reversal up rule #4 (subscribers only), net 120 points up, exit at reversal rule #1 (subscribers only)

#6] DOWN a few minutes later per DayRaider 1.1 (DR's custom stochastic says SELL BABY! reversal rule #1 critieria previously met) -- this is a trading range short 55 points, exit at 1600 ET MOC.

net points today (you trade even # of contracts, 1st half of contracts are out at 2nd time DayRaider hits "100" , 2nd half of contracts at end of trend if it occurs)

2nd half of contracts should net around 520 mini dow points for the entire day today...total movement of the Mini Dow today was near 700 points from open to close - One Minute Methodology nailed more 80% of all movement.

Stops are around 10 ticks on the shorts, a few less ticks on the longs - experienced subscribers enter at limit orders, newbies enter at markets and have 50% bigger stops typically, cuz they tend to hesitate .

Trade entry methodology can be backtested ad finitum and paper tested realtime once subscriber has paid his subscription. It takes about 48 hours to get all the platforms and stuff set up and the initial training of how to move around the software..



Stuart

POSTSCRIPT: today was a slam easy day of trading...

MARKET OPEN QUIZ: what are the ONLY two possible outcomes for a Gap Down Open?

 

[mechanicaldaytrader]

I reread your post Trendie, and added some comments about the charting used:

I don't use the Dow Cash 1 min exclusively BTW...I have a futures chart that nails the cycles in the futures market, when the two charts agree, the subscriber pulls the trade...uptrend, downtrend, trading range are instantly analyzed in the futures chart, whereas in the Dow it's not that critical....there are a couple "games" that are played in the futures contract that need to be weeded out by DayRaider also; there are "auto sell" and "auto buy" numbers generated in DayRaider that give ideal limit orders on future retracements....if the market lines up and the methodology is humming on the 1 min, you take the trade..

Stuart

 

[timsk]

Hi Stuart,
Part of the 'confusion' that I refered to in an earlier post is that I'm unclear about the weighting of the mechanical part of your approach Vs the discretionary element? Perhaps you could outline what DayRaider1.1 is? Does it generate specific buy / sell signals, or is it some sort of bespoke indicator that then requires some discretionary interpretation on the part of the trader etc.? Looking at your comments, there appears to be inconsistencies, e.g. "The Mini Dow is doing 300-400 points a day, so 100 points a day is a snap" followed by, "...I want 90% of the uptrend or downtrend when it occurs (usually there are 2 daytrading trends per day)." Like anyone, I like the sound of +100 points per day, but I'm confused about how that's achieved. Also, to be honest, I'm mindful of the old addage 'if it sounds too good to be true...'
I'm happy to concede that I may well have misunderstood or misinterpreted what you're saying. But, to me, it's a muddled message, with pop videos and a dash of politics thrown in for good measure!
Tim.
P.S. Your quiz: what are the ONLY two possible outcomes for a Gap Down Open?
1. The gap is filled.
2. The gap is not filled.

 

[mechanicaldaytrader]

Good questions Tim...let me break it down from my perspective..

Part of the 'confusion' that I refered to in an earlier post is that I'm unclear about the weighting of the mechanical part of your approach Vs the discretionary element? Perhaps you could outline what DayRaider1.1 is?

I trade cycles in the futures market. There are three elements to cycles, one time, the other price. The third component to trading is knowing WHO YOU ARE TRADING AGAINST - That being "institutions". The institutions have computer programs. The computer programs trade a varying portfolio of mechanical systems. Each system trades a set period of time/price cycles. At certain points within these "time/price cycles" the net/net of the mechanicals is a "reversal" or a "trend", at least from a daytrading perspective. (yes, I can trade 'counter-trend' and still make money).

When the Mechanicals reverse upward the market ends the "oversold condition" and the market exhibits one of two "speeds" in reversing upward. I teach the 4 different ways the oversold condition can end (all technical trading rules) and the two speeds that the market can "leave" the oversold condition, for example.

DayRaider does the "math", all the user has to do is recognize one of the 4 reversal rules is in play + the mechanical rule in the Dow Cash (for kindergarten trades) - DayRaider will have already generated a "auto buy" number in the market previously, the trader puts a limit order in near that number and is either filled or not filled. Newbies tend to hesitate (they don't believe the dang thing is that accurate! lol) so they may chase the market a little by finally entering at the market above the "auto buy" price.

The opposite logic for shorts, with a couple tweaks of course. (Prices fall differently than they rise in the markets I've studied)

Does it generate specific buy / sell signals, or is it some sort of bespoke indicator that then requires some discretionary interpretation on the part of the trader etc.?

Pretty much answered that above. There are 6 'Dow Behaviors' that ONLY occur in the Dow..and it takes a couple weeks of study and backtesting to understand and take advantage of them. They are hard and fast numbers and times, with about 10% discretion of an 'exact' number.

Looking at your comments, there appears to be inconsistencies, e.g. "The Mini Dow is doing 300-400 points a day, so 100 points a day is a snap" followed by, "...I want 90% of the uptrend or downtrend when it occurs (usually there are 2 daytrading trends per day)." Like anyone, I like the sound of +100 points per day, but I'm confused about how that's achieved. Also, to be honest, I'm mindful of the old addage 'if it sounds too good to be true...'

Watch this video link, ("First Streaming Video") it basically outlines what a P & L of the MiniDow can look like:

The Mechanical Day Trader: DayRaider 1.1 Demonstration Videos

Daytrading is a business of numbers; The Dow is a rubber band, it can only stretch so far (trend) then it comes back (retracement) - speaking of the Dow in a daytrading environment only here.

What is the average daily range of the Mini Dow (a "set" of numbers)? How many points comprise retracements within this set of numbers (each retracement is a subset)? How many points does the Dow typically move, as a maximum from the farthest point yesterday to the farthest point away today (a superset of numbers)?

My "Yesterday's Trade" methodology explains this and actually tells the subscriber which direction the Mechanical Trading Systems are pointed at the first tick of the Dow open.

So the subscriber can trade WITH the Overnight Mechanical Systems until the Mechanicals reach their objective (sometimes the market "opens" at an objective). Once the Mechanicals reach their overnight objective (in the current Session 1 of the Dow) the subscriber then measures if the market has ended it's Oversold or Overbought condition (pretty nondiscretionary - all hard math there) and exits their existing position (if they took it) and enters a reversal using one of the 4 reversal rules (which tell the trader what support/resistance # to use).

I'm happy to concede that I may well have misunderstood or misinterpreted what you're saying. But, to me, it's a muddled message, with pop videos and a dash of politics thrown in for good measure!

I love to tweak people...and I don't need the dinero, it all goes to taxes!....I trace it all back to my childhood when I could never figure out how to defend myself from my Big Brother who could beat me up or humiliate me at will. haha

I want 90% of the uptrend or downtrend when it occurs (usually there are 2 daytrading trends per day)."

I want to enter slightly above S2 of an uptend and exit somewhere between R1 to R3 at the end of an uptrend. It is very realistic to get 85% to 90% of a trend. Do the math. (of course you have to know what the h?ll S2 and R2 are, don't ya? I teach that).

I made a heckuva lot of money in the 90's back when the Nasdaq was fun to trade; when I switched markets and started trading the S&P I would sit back with my Tradestation 4.0 or 2000i and figure out why I did not get all the money I saw I could have gotten from a trade. It took years, but I can explain 5 hours out of 6 1/2 hours of the Dow market most every day. Trading Ranges are sometimes frustrating but the Dow doesn't stay in them very long, cuz futures traders don't make a lot of money in TR's. The low hanging fruit is trends and there are several of them a day. (definition of trend = 2 or more consecutive trade entries in the same direction after the oversold or overbought condition has ended).

Daytrading is a business...I seek to extract as much as possible using a low risk methodology that can explain 80% or more of all the reversals that occur in Session 1 (and the 8:30 announcement during the Globex premarket).

Thanks for the questions, Tim, they're good; all stuff I've explained 1 on 1 with people but it's nice to be able to put it writing.

Regards,

Stuart

 

[mechanicaldaytrader]

Regarding the two outcomes of the Gap Down - I was referring to "how to trade" them...
My answers as follows using One Minute Methodology lingo:

a) You sell the DOWN mechanical trade that follows the first or second DRUP to ride the downtrend (may or may not be a kindergarten trade)

b) You buy the second DRUP and/or the resulting URUP (of the second DRUP) to ride the uptrend (both kindergarten trades)

 

[Venture Travel]

I confess to being new to Spread Betting, and have made some losses. I came here to see if there is any way to make money from this business.

I read this thread with interest, and wonder that if this system is so good, why if you are making a fortune yourself - you are bothering to sell the system to others?

I think that the big money in day trading is selling something to the unfortunate losers!!

 

[timsk]

Hi V_T,
Welcome to T2W.
It's a question that's often asked - and rightly so - of vendors in this game. However, my experience (considerable - when it comes to this specific topic) is that for the most part, they have plausible and very well polished answers which vary little from one vendor to the next. At the end of the day, you're either open to the idea that someone else has something that might benefit you that's worth paying for, or you're a stubborn mule that refuses to pay for such services as a matter of principle, regardless of how well recommended they may be. I don't bother asking the question any more as I already know that I'm in the former category. All that matters to me is whether the product / service 'fits' with me, my style and my trading objectives. Then it's just a question of money which is tricky because, as Stuart has already pointed out, it's reasonable that something that's 'guaranteed' to produce a profit costs a lot of money - you get what you pay for etc. In your particular case, if you decide you want to pay for some training, given that you're completely new to trading, I wouldn't have thought that this is the best place to start. I dare say Stuart will disagree!

Tim.

 

[Venture Travel]

Hi timsk,

I suspected that a response such as yours might be forthcoming - thanks anyway.

I might add that I am not a sceptic to any 'paid for solution', as this would be just blatantly stupid, I just want to know if there is any future for me in this trade. Maybe there are free trials of trading software that I may try. Then, obviously pay for if I wish to keep using it. I know a lot of software these days has a free trial element to it.

I beleive that if they are not forthcoming with a free trial, then they are not selling a genuine product.

Any offers - anyone?

 

[timsk]

. . .That must REALLY seem like a lot of money to Tim!

It's more than I earned last year!

Thanks for your earlier extended response Stuart, although I'm starting to get a little worried about your relationship with your older brother. I'm doing a counselling course next month, at the end of which I'll be wanting to practice my new found skills. Knowing how enthusiastic many Americans are about psychotherapy and related skills, perhaps we can come to a mutually beneficial arrangement: counselling in return for DayRaider 2.0? Now isn't that just the best offer you've had in a long, long, time?
:cheesy:
Tim.

 

[timsk]

Hi V_T,
I'm thinking of writing an article for the K'Lab as there is so much confusion about vendors. Your short post raises a lot of pertinent issues . . .

. . .I might add that I am not a sceptic to any 'paid for solution', as this would be just blatantly stupid . . .

The two attitudes that I refered to in my reply to your first post are equally valid. In spite of what you might think, there are many people here on T2W who believe with a passion that any 'paid for solution' is indeed 'blatantly stupid'. They will argue that trading cannot be taught (beyond the known mechanics of the industry) and that all good traders are much like good musicians or artists. That is to say, while they may be influenced by their contemporaries and predecessors, they manage to fashion something that's unique to them. This leaves the people that try and copy them. The best that can be said of any such artist is that their work is 'in the school of' (Titian - or whoever). To my knowledge, no artist has ever equalled - let alone bettered - another artist by copying them. If we apply this to Stuart and his offering, the critics will say that he may well have a great product / strategy that's hugely profitable for him, but there's no way it'll be hugely profitable for you or me. Furthermore, because it is largely mechanical, even if it does work now, it's highly unlikely to work next month or next year because the markets are dynamic and forever changing. Lastly, subscribers to such services aren't 'real' traders and don't understand the markets. If they did, they wouldn't need the products / services of the vendor. When the system fails, or the vendor goes out of business, the subscribers are left floundering, unsure what to do next. Naturally, Stuart will argue that this will never happen! On this last point, prospective customers have to make up their own minds.

I just want to know if there is any future for me in this trade.

IMO, your best way of answering that question is to immerse yourself in this forum for a week. If, at the end of it, you wonder where the time has gone and why all the food in the fridge has gone off and the post remains unopened, then you have your answer. Jumping into any course in the early days isn't the answer.

Maybe there are free trials of trading software that I may try. Then, obviously pay for if I wish to keep using it. I know a lot of software these days has a free trial element to it.

Indeed there are. The problem you face is that actually there's loads and loads of them out there and, until you have some idea as to what to look for and what to avoid (that's well over 90% of them) you're going to be pisssing in the wind. You'll probably try one or two - they won't work - and then you'll conclude that trading isn't for you. I did this, only I wasn't smart enough to go for the free trial; I got out my credit card on the first day. I soon abandoned the system that I'd payed for, but stuck with learning to trade because I wanted to recoup the money I'd foolishly paid out.

I beleive that if they are not forthcoming with a free trial, then they are not selling a genuine product.

Most vendors offer some kind of a free trial or a guarantee. In Stuart's case, it's clear that some training is required in the use of his software as well as instruction about the strategy as a whole. He can't offer a free trial as he would waste countless hours with people who wouldn't then become subscribers. It simply wouldn't work as a business model; hence his guarantee.

If nothing else, I hope that this post offers some insight that trading is a large and complex field, there are many issues to address if you're going to be successful at it. It looks so beguilingly simple: you buy, you sell; you win or you lose. The old adage sums it up perfectly: 'trading is simple but it isn't easy'. Ain't that the truth.
Tim.

 

[Venture Travel]

Hi Tim,

Your post is very interesting. I realise that I am right in thinking that the majority of the money to be made in day trading is by the vendors of 'solutions'. I get the feeling that professional traders are in the minority, and they possess a talent for technical/market analysis that other less talented people cannot learn. Like any talent - you either have it, or you don't.

Having only been day trading using spread betting for a week, I have learnt a lot, and find that using forex is easier than other instruments, as it adhears to patterns and trends more than any other (I could be wrong). I have had some success at predicting movements, using analysis of support, and resistance, but not enough to warrant thinking this is a great business.

It would be nice to hear from traders who do make money.