CanOz
Home runs feel good, but base hits pay bills!
- Joined
- 11 July 2006
- Posts
- 11,543
- Reactions
- 519
After a solid attempt at Intra-day trading I'm going on the record as officially throwing in the towel.
The reasons are all the ones you've all seen on here before, plus a few new ones likely....
The number one reason however, is the bottom line....I cannot produce consistent profits from Intra-day trading. I had good days but they were few and far between. Even after focusing on one primary market, one setup, i realize this is just not for me.
I'm already in the middle of putting together plan to trade futures EOD, starting with the e-minis (no index futures). I'll paper trade my ideas for a while first though to gain confidence. I still have gained an enormous amount of knowledge on the futures markets which will be indispensable trading longer time frames. I'll also start to learn calendar spreading, first in the grains.
My losses for the month, while not devastating were not breakeven, my goal for the month. At a little over 2k it was enough for me to feel uncomfortable. Rather than lose a 50k account, I'd rather admit now what has become clearly obvious to me.
I hope new people starting out with a desire to be an intra-day trader, will first consider going with a Prop Firm in order to make use of the resources and experience offered there. To do this from home under one's own guidance is extremely difficult. While likely not totally impossible, as pointed out many times recently, the drag on profitability by costs and taxes will make this very close to impossible for almost all that try. I truly believe the most consistent profits made in this industry (other than Prop) are made by those marketing the software, indicators, systems and advice....and the brokers.
I have the time and knowledge to put together and test a solid method for trading the markets with a longer term view in mind. This, while still a daunting task, should be achievable.
I can also now use my time study and gain a qualification in Technical Analysis, something I've always wanted to do, as Waza has.
Good luck to all those still trying to make it, Boofis, Havianna, etc...
If there is anything i can ever do to help your journey, please don't hesitate to ask.
Cheers,
CanOz
The reasons are all the ones you've all seen on here before, plus a few new ones likely....
The number one reason however, is the bottom line....I cannot produce consistent profits from Intra-day trading. I had good days but they were few and far between. Even after focusing on one primary market, one setup, i realize this is just not for me.
I'm already in the middle of putting together plan to trade futures EOD, starting with the e-minis (no index futures). I'll paper trade my ideas for a while first though to gain confidence. I still have gained an enormous amount of knowledge on the futures markets which will be indispensable trading longer time frames. I'll also start to learn calendar spreading, first in the grains.
My losses for the month, while not devastating were not breakeven, my goal for the month. At a little over 2k it was enough for me to feel uncomfortable. Rather than lose a 50k account, I'd rather admit now what has become clearly obvious to me.
I hope new people starting out with a desire to be an intra-day trader, will first consider going with a Prop Firm in order to make use of the resources and experience offered there. To do this from home under one's own guidance is extremely difficult. While likely not totally impossible, as pointed out many times recently, the drag on profitability by costs and taxes will make this very close to impossible for almost all that try. I truly believe the most consistent profits made in this industry (other than Prop) are made by those marketing the software, indicators, systems and advice....and the brokers.
I have the time and knowledge to put together and test a solid method for trading the markets with a longer term view in mind. This, while still a daunting task, should be achievable.
I can also now use my time study and gain a qualification in Technical Analysis, something I've always wanted to do, as Waza has.
Good luck to all those still trying to make it, Boofis, Havianna, etc...
If there is anything i can ever do to help your journey, please don't hesitate to ask.
Cheers,
CanOz