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Can Day Trading be profitable for retail?

  #52 (permalink)

New York, New Jersey/USA
 
Trading Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: Futures
 
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Posts: 160 since Jan 2013
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michaelleemoore View Post
I am a discretionary trader. I trader support/resistance, and take short-term trades at well-known areas such as the D-High, Y-low, VWAP, the daily opening price, etc. I expect short-terms reactions at those places, and my trades are successful at about an 80% rate. I have short targets, tight stops, and trade 3-5 contracts per trade, in general.

I trade in practically the same style as Michael. Basically I trade harmonic rotations around S/R, High, Low, VWAP, previous OHLC, 20 EMA, 800 EMA etc. I also have easily reached daily profit targets which with the exception of occasional debacles I achieve practically daily. The daily targets allow me to have a very smooth equity curve at the sacrifice of greater profits which is fine with me because I rather trade a few hours a day and be done instead of staring at a computer monitor for 6 hours a day. My "expenses" commission etc. " run about 3% of profits

My point is that with a relatively simple strategy, no profiling, no DOM, just some lines on a chart (which did take about 5 years of following the market tick by tick to master) I am able to be consistently profitable strictly day trading.

I just can't wrap my head around the appeal of retail HFT with co-location, exchange seats, 3000 trades a day (I average 5). There are so many simpler ways to make money trading. I guess the promise of automated riches is it.

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