more thoughts
don't trade options; period, end of story
day trade a certain fixed amount; this may be 10k, or 50k or 500k, it varies for each person
take all gains over that amount and put them in a position trading account, or longer term, or an Index Fund, or bonds, whatever
you can only trade just so much in a day with out overtrading which is the kiss of death
paper trading is maybe 50% of reality for reasons too many to go nito here; it is a way to learn to a degree but not like the real thing
>>>One could argue that it is virtually impossible to lose money selling covered calls
hmm, what happens when the underlying stock drops 10-50% ?
>>>a consistent 1-3k per day would be delightful
some/many do this
but if you are new, try this; try to make $100 a day profit, no more, no less, for 18 of the next 20 days
then look back and see if you think a consist $X000K a day is reasonable for you
>>>we have all done the margin thing & sometimes putting money on a credit card etc .. these can really work well
puke!
do this and become a Greeter at WalMart
day trading does not mean you HAVE to trade every day; although most of us do
actually we would be far better of trading just the "right" 2-3 days a week
do not confuse "full time trading" with 100% pure day trading as most on SI define it
>>>And I find that more of my income is from short term position trades than day trading and I did try "pure" daytrading for a while.
I could not agree more
position trades pay the the bills and the future
day trades are for fun, added incremental profit, competition, addiction feeding (at least for me)
and over the long term
but, there are days, weeks, and even months (like the past few) where damn near every day is winner; nail those when they are there, know when they are not
>>In other words, do day traders provide a useful service and is this a profession in which to be proud?
nope
it's to make money, nothing more
if you look at it in any other way you will lose over the long term
cold? yup. reality? 100%
>>>If you want to truly make a difference on this planet, take some time away from work & do some quality volunteering in your community
right on
and with some $'s and time freedom you can do it |
