Patrick; I think the discipline thing gets most fledging day traders. Making quick and accurate decisions is key, and controlling emotions and making objective decisions is hard in real time. Also money management, knowing when to throw in the hand is tough, as you point out. OTOH, position traders get a whole evening with the market closed to do technical analysis and make decisions, all after a single time bar. Making 260,000 on 1 1/2 pt trades I feel would be extremely difficult, and if one were a little slower, held losing positions a little longer, or had more slippage then that could easily turn into a loss. I wonder how his subscribers do, given he was mainly scalping 1 1/2 pt returns?
From last May, simple buy and hold would net around 50,000 to now. From end of July, if one entered there, over 150,000. I believe a good position player like GZ, playing both long and short, could possibly approach Temples results or at least get a respectable return in a much more relaxed manner.
Given all that - if it works for you that is great. Certainly being flat at the end of the day has its attractions... |
