Steve,
Things sound so bad maybe we should all go out and slit our wrists. It seems like you always post this message when you are looking for new customers. How do you know only 1 in 30 daytraders is successful? Is there a database some place I can access that shows me this?
The reality is that the world is changing. Yes, the information age is finally here! The difference between now and, say five years ago, is that the consumer now has information he/she didn't have and they can now react to that information without all of the middlemen. Sure, there will always be some kind of middleman, but the days of the middleman who eat into your profits is over.
In addition, this new information age means one can perform a multitude of trading systems. Maybe daytrading is too hectic or monotonous (depending on viewpoint) for some traders, so they could be 3-5 day traders. The key point, is you don't necessarily need a broker, in the traditional sense of the word. I work at home, have zero to little overhead and hey, guess what, a few successful trades a day and I'm doing very well!
You are right about your listed items of being a successful daytrader. If you can't live by rules similar to those, then try something else. But, please don't suggest it isn't possible, because I believe it is very possible to be successful; remembering my level (overhead, etc.) of what it takes to be successful is much lower than some MM.
And, we're just in the infancy of the information age and the power the consumer will have. It will only get better!!!!!
Brent
P.S. I do like your comments in general and you are very helpful on this thread, and believe that some people will still want and need some type of (non-internet) broker. However, there will be a huge number who want the freedom and power to be their own broker and they will be successful!
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