Does anybody Day trade for a living?

J

JohnsonMFC

Member
I have been learning for around 10 years investing 1000s of hours but can I hell get consistent at it.

Does anybody do this successfully who could point me in the right direction, with a consistent strategy, video, course etc.


I need to get out of this rat race, i'v been hoping this is the ticket for a long time! ........... without success (YET) :devilish:
 
I remember in the 80's talking to a guy who wanted out of the rat race.

He thought the answer lay in analysing score draws on the Pools Coupon.
He had manually produced a spreadsheet over many years showing the numbers which had given the most score draws.
He followed the system

He never gave up work

Others never used that system, got lucky, got rich
 
JohnsonMFC said:
I know it's not easy mate, my last 10 years is testament to that, not everybody is willing to put the sort in that I have though. I'm close ...... Just interested on other peoples views.
Click to expand...
I do wish you luck fella
Have you got Ashtead and Ferguson on your radar?
 
It's not a consistent 'system' , it's not fomulaic. So you shouldn't expect that of your trades.
I know that 'fears' over this over that n the other is enough to deplete any market/holding
whilst 'hopes' over this that n the other never moved 1 share up 1 point ever.
 
JohnsonMFC said:
I have been learning for around 10 years investing 1000s of hours but can I hell get consistent at it.

Does anybody do this successfully who could point me in the right direction, with a consistent strategy, video, course etc.


I need to get out of this rat race, i'v been hoping this is the ticket for a long time! ........... without success (YET) :devilish:
Click to expand...
If you are genuinely interested in this look at sports trading.

It's cheaper with hundreds of opportunities every day.

You would need to invest in a licence for either geek toys or beta gel. Neither is very expensive.

Have a look at betangel.com

If you have been trying for 10 years you are doing something fundamentally wrong.

It took me 6 months to go from break even - commission to profitable.

For clarity I don't do it for a living but make a very good second income
 
JohnsonMFC said:
I have been learning for around 10 years investing 1000s of hours but can I hell get consistent at it.

Does anybody do this successfully who could point me in the right direction, with a consistent strategy, video, course etc.


I need to get out of this rat race, i'v been hoping this is the ticket for a long time! ........... without success (YET) :devilish:
Click to expand...
I do, Nasdaq 100. Mostly scalping. Been doing it for a year/18 months and have taken out all my original money and trading with profit now.

Of course had some losses in that period - knowing your weaknesses and avoiding them is an integral part in succeeding - I'm still working on it.

I use 8cap as my broker.

Happy to swap ideas if you want to message me with an email and I'll let you know my set up and strategy.
 
Working on Wall Street or with London‘s market makers is like going over to the enemy.

Day trading is really just being a professional gambler.
The quality you need most is sheer nerve. To make real money you have to take risks that mean you can always make losses. It is always you against them and NO trading method is foolproof.
 
Lottowyn said:
Working on Wall Street or with London‘s market makers is like going over to the enemy.

Day trading is really just being a professional gambler.
The quality you need most is sheer nerve. To make real money you have to take risks that mean you can always make losses. It is always you against them and NO trading method is foolproof.
Click to expand...
Disagree with the first point, 75% of people lose money but the market is not the enemy - the enemy is within.

Yes I can see why you think it's like being a gambler but the difference is that there isn't a book making the odds.

Sheer nerve is not an asset but a recipe for failure. To make money you have to realise that you cannot predict the market but you can assess probabilities and devise a strategy that gives you a chance to profit within certain parameters.

Nothing is foolproof and knowing when to, and being able to, take a loss is a necessary attribute.
 
Millbrook said:
Disagree with the first point, 75% of people lose money but the market is not the enemy - the enemy is within.

Yes I can see why you think it's like being a gambler but the difference is that there isn't a book making the odds.

Sheer nerve is not an asset but a recipe for failure. To make money you have to realise that you cannot predict the market but you can assess probabilities and devise a strategy that gives you a chance to profit within certain parameters.

Nothing is foolproof and knowing when to, and being able to, take a loss is a necessary attribute.
Click to expand...
Knowing when to take a loss is the single biggest lesson to learn. It's also the hardest
 
The stock market is very efficient. You don't have an edge against the market unless you are insider trading, which is illegal. In reality it is nothing but gambling and you should stick to low cost passive investment. Some people make money, and others lose. There is no foolproof strategy, just people that have been lucky.

www.investopedia.com

Efficient Market Hypothesis (EMH): Definition and Critique

The Efficient Market Hypothesis (EMH) is an investment theory stating that share prices reflect all information and consistent alpha generation is impossible.
www.investopedia.com www.investopedia.com

The only way to be guarantee being successful is to work for a hedge fund type business where you are gambling with other people's money.
 
Nano said:
The stock market is very efficient. You don't have an edge against the market unless you are insider trading, which is illegal. In reality it is nothing but gambling and you should stick to low cost passive investment. Some people make money, and others lose. There is no foolproof strategy, just people that have been lucky.

www.investopedia.com

Efficient Market Hypothesis (EMH): Definition and Critique

The Efficient Market Hypothesis (EMH) is an investment theory stating that share prices reflect all information and consistent alpha generation is impossible.
www.investopedia.com www.investopedia.com

The only way to be guarantee being successful is to work for a hedge fund type business where you are gambling with other people's money.
Click to expand...
I think your last sentence is a none sequitur Nano.

There is no guarantee of success working for a hedge fund - you can lose other peoples money as easily as your own.

I have made some bad decisions and lost some big trades but am overall in profit because my underlying strategy works.
My losses occured when I was slow to recognise times when the market conditions did not suit my strategy and failed to bail out.

As Laughing said above 'Knowing when to take a loss is the single biggest lesson to learn. It's also the hardest.'
 
JohnsonMFC said:
I have been learning for around 10 years investing 1000s of hours but can I hell get consistent at it.

Does anybody do this successfully who could point me in the right direction, with a consistent strategy, video, course etc.


I need to get out of this rat race, i'v been hoping this is the ticket for a long time! ........... without success (YET) :devilish:
Click to expand...
Do you mean on stocks? Isn't this meant to be extremely dangerous, as you basically get killed by the margins and fees, being small-time, the margins and fees which don't apply to the big firms which win big doing this?

Also, the big firms have massive teams full of analysts, and all sorts of computer models/ machine learning etc, you're unlikely to spot something which they don't, and when you do you will win small, the other times you'll lose big.

The easiest way to win on stocks is long term, on massively diversified portfolios or funds, but you need a big chunk in, to cover a wage, and those things are better left in to gain on the compound interest etc, that's where the big win is.

Have a look on eTorro maybe, there's loads of guys on there making like 40% per year in the good years, and you can copy their trades, most of them have been hammered like 30% in the last year mind. The way to do that is follow a few when the going is good, and then just get out when things start to look like they're going bad.

As daft as it sounds, you might be better looking at professional gambling, but more the trading side/ betfair etc, but you need to really know your market, only specialise in one market, ensure you have the fastest access to streams, stats and news etc. Also, you will need to practice, with pretend money to get up to speed, and then try it with a small amount and only end up trading 1-2% of your investment each time (it's not what you're winning, it's proving you can win, and beat variance over time), not doing daft things like betting small values, which are massive % of the investment, as that is just gambling, and you'll get battered by variance. Once you know you're happy and you can do it, use more money, but still only betting 1-2% of your pot etc.

Betfair will take a cut of course, on the exchange, but it's not that hard to beat the cut, and the market by a small percentage.

I used to do trading with Tennis and Cricket, it's easier on sports which are longer, which give you time to correct mistakes, and get out of trouble. NFL looks like it would be quite good too, not many in the UK know much about yet, and there's plenty of money going on it, loads of people betting on it with massively delayed streams, which is insane. There's software you can use to speed up the betting, and make things easier, miles better than using an app or website etc.

As with anything like trading stock or trading sports, every day is a learning day, even when you lose, and the best way to learn is to lose, providing you do actually learn from the mistakes. Don't go chasing massive wins, or chasing losses, small but consistent wins is the best way.
 
You must log in or register to reply here.
Back
Top