Thanks for your comments. I have heard other traders on here mention the same thing. IMO day trading futures would not be worth the effort or time for 10-20% annual returns. Just curious if other consistently profitable day traders concur with that.
I have also heard about "blowing up a trading account". I come from more of fundamental investing background and have never experience that. Just seems reckless to me, because a what point does someone say hey I need to re-think my strategy? BTW I have lost money on trades but I have usually been able at least work my way back to cost basis with options.
I am trader for almost a decade now. I have tried many approaches to trading an analyzing the markets.
Like most of the beginners I started by reading the classical technical analysis book by Edwards and Maggie, even though the book covers the approach in great detail, like a novice I only saw what I wanted to see, and made some rash decision in the market.
And that's where my journey into the world of technical analysis began. I started jumping from one approach to another, one book to another, one trading method to another.
I tried all the indicators, black box systems, and the like, usually with predictable results, losing money and learning something new every time, adding to the long list of Dont's, as I had not started making money yet.
But then I started to understand that trading is not only about indicators, it is as much about your understanding of yourself as it is about understanding the markets.
Gradually i came across more advanced approaches like Elliott Waves, VSA, Market Profile, Neowave, Wyckoff, etc. My understanding of the markets and myself have expanded since then, and things like losing trades, which used to frustrate me, now I understand that it is all part and parcel of the game.
I have incorporated money management techniques along with some strong risk management principles to make my trading safer. And learned trade management to ensure I don't jump the gun, against my analysis, because of some temporary adverse movements in the markets.
I have joined futures.io with an agenda of learning from its members while contributing in whichever way possible from my side.
Looking forward to some great insightful interactions.