Once I found out that you couldn't get a fair shake from the market makers, I realized that I had to succeed in two ways:
1) Develop a daytrading strategy which is profitable while papertrading; and
2) Determine whether this system will be profitable in the 'real world'.
Why papertrade? Well, I can assure you that a system that loses money papertrading is destined to lose even more money in 'real' trading. Why waste money by testing a system using real money? The goal is to conserve your capital until you have the knowledge and experience to be profitable.
For me, it took many, many months to develop a profitable system. I feel fortunate that I lost somewhat less that 20% of my trading account before turning the corner. Since then, I feel fortunate to have been consistently profitable. Despite this, I have been working the past three months to develop a second successful system. After numberous false starts, I have yet to implement another successful system (although, I'm on another optimistic start of a new system now).
Anyway, I began "Trading for a Living" full time this month, after resigning from my former engineering career effective March 5th. Daytrading is a very exciting profession, but stability is not one of its strong points. I am happy to report that my daytrading career has been successful (so far) and that success is a realistic hope. However, recognize that everyone is not made to be a daytrader and that most 'jobs' do not include the risk of losing money.
Be very careful and cautious before you jump in.
Good luck,
-Eric
P.S. Let's get this thread back on track and help each other learn and be successful! |
