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Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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The following user says Thank You to Big Mike for this post:
If you do a Google search on Day trading Profitability, research, PDF you will find a lot more. The papers seem to pretty much confirm what the traders on this forum will tell you. Most people lose money and the ones that stick with it and survive make pretty good money, but they are in the slim minority.
I have read a lot of commits from newcomers that are frustrated and just don't believe it is possible. No one said it was probable, just possible....
I think the research here is a good reality check for individuals considering taking up trading, but also a good encouragement for those that don't believe it is possible.
I found a quote from one of the research papers humerous as it rings so painfully true, "In aggregate and on average, trading is hazardous to one’s wealth".
I have been at this for over 1.5 years, and I am still just a babe in the woods, but I do see the light at the end of the tunnel as my trading has improved the longer and harder I work at it. Hopefully, I will become consistant and be in that top 2-5% one day. As I have friends that support their family's via Trading I know it is possible with hard work, determination, proper sef-reflection, and most importatly sound risk management and position sizing relative to your account balance (I also factor in volatity). I'll repeat that, sound money management! I have to repeat that to myself often..... If you cannot swing proper risk and position sizing with your account trading futures move to spot forex. If you can't swing that on spot forex, get a job or quite trading because you will lose everything without proper money management. Goog luck to all.
The following 4 users say Thank You to AuburnTrader for this post:
Taiwan has lots of day traders (97% of day traders are individuals, not institutional); day traders are about 20% of the daily volume. Some of these day traders are intense, as 1% of the day traders account for half of the day trading volume. More than 80% lose money, but a small group persistently outperform. The outperformers make about 62 basis points a day (gross), which is enough to cover trading costs.
The following 3 users say Thank You to bijeremiad for this post: