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Day trading - Considering throwing in the towel for good.
I never said I was successful or ultra succesful. My first post on this thread was as honest as it could be.
Trading part-time while holding a full time job is obviously far from ideal, but with a remote work solution and limiting my trading hours it should work out at least in theory. Further, I've been at this for a long time including full time on multiple occasions, so I have my system worked out. As such, my only job in the week is to execute my system and keep up to speed with the market.
I was mostly writing this thread as therapy. Maybe it could warn some others just starting out. Maybe I'd get some replies from people who once was in the same situation, pushed on and came out out of it successful.
In your OP you mentioned you have stuck with same approach for long time.
I think, that along with the feeling I get from reading this thread is that you actually don't enjoy the process.
You enjoy making money sure, but not necessarily daily grind.
This makes it obvious that you have no edge and you don't enjoy trying to find edge either, you may have made money on and off, but blowing it off was only natural here, I think you are right about moving on to something else, you gave your passion a shot but the process to be successful at it is not for you, not a judgment from me but your self admission.
Don't change your mind about quitting, you will regret it, opportunity cost is real if your only other alternative is active day job.
Another thing, swing trading is not a bad thing, I don't know why ppl think its comparatively less lucrative than dray trading, its not. But you do need good capital for that. That also requires edge or at least ability to understand some basics about business, you can only be lucky for so long.
To be in that very niche 1-3%, you not only need edge but also ability to develop one again and again.
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What thing you are right about?
"Most if not all social media claimed successful traders are probably just stroking their ego's (if not selling something), if I was making big bucks trading I would make sure no body knew about it."
This is also a reason I mostly ignore such claims, I only look for info that may be helpful in my own process.
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So full discretion, don't take this as criticism from someone seating on the high ground, I'm not. I'm not a guru, nor am I making consistent money, but I sure as hell enjoy the process and have ample semi-passive income sources.
Interesting thread, of course. I've hardly been online here for the last 2-3 months (been ill, long story, not worth repeating and not relevant anyway), but am recently back and have just read the whole thread all in one go (just explaining why I didn't comment earlier!).
I must say, this is exactly what I found myself thinking, quite strongly, as I read each page.
I'm also not sure it's worthwhile, but it's definitely what I'd be thinking about, in your situation.
I think it takes a lot of care, thought, research and planning (perhaps especially in the light of one or two recent events in the industry), but I strongly suspect that it can - with appropriate care - be worthwhile, and from all you've said, I think it's what I'd be considering in your situation, rather than considering throwing in the towel.
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,742 since Nov 2014
Thanks Given: 3,438
Thanks Received: 3,012
Your focus seems to be on winning 'days'. You may have other performance metrics like RR, PF, MAE, MFE but have not shared yet. I would say those boring stats are far far more useful than ego boosting 'winning days'. I am glad that you are shifting your focus on the 'winners' and letting them run. That became the game changer for me.
Take my suggestions with a pinch of salt as I became profitable only 2 years ago after trying partime for 7+ years. I am yet to cross 10k annual profit barrier (but has >50k passive income and a 6 figure regular job).
My inspiration came from widely followed @GFIs1 thread in this site. Main take aways for me are
1. Day-trading does NOT have to be over-trading.
2. End of the day or fixed time targets can be very profitable.
3. Most important one is 'Losers should be smaller (often much smaller) than winners.
