Good evening Chuzz, RE: Making money day trading. I think that perhaps we might have a definitional problem here. If by day-trading we are talking about folks who absolutely do not hold any equity positions even over night, then I think I would have to agree with you that there is a very small likelihood of making $ in the long run. However, I believe many people, including many on this thread are not really day-traders, but rather short-term investors, who have no qualms about holding for days, weeks and even months. IMO these folks spend a fair amount of time doing some real research into the companies they are buying, predetermine their entry and exit points and stay mainly in stocks they wouldn't mind holding long term if the price suddenly goes south on them. It is these more disciplined traders who I believe can and do make money. The pressure to buy and sell in ultra-short time frames is, IMO, lethal to one's capital. It also pre-supposes an extraordinary ability to time not just the market, but individual stocks, something I find quite improbable.
Also, day-traders do not have the luxury of what I find to be THE SINGLE MOST IMPORTANT FACTOR in trading, namely PATIENCE. The patience to "sit on your hands" and wait for the price to come to you is invaluable. This subject cries out for more examination and I invite all on the thread to join in the discussion. I really would like to hear the opinions and experiences of the other folks on this thread. We are blessed with a variety of smart, knowledgeable, experienced and friendly contributors to this thread and I relish the thought of "picking our collective brains". Regards and aloha. |
