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Daytrading is a fulltime job. Period.
I certainly agree with Tim. If I'm not prepared to follow my methodology
on every bar, then I just tell myself I'm not trading. No guilt in that. If
I'm ready to come to the screen, follow my methodology, then I'm ready to
do "battle."
And yep, the S&P IS the major league of trading. No doubt about it. I live
in Las Vegas, and there is nothing out here that even comes close (the high
rollers betting 100K a hand in baccarat aside). One must be mentally
prepared to the nth degree. And, obviously one has to have a methodology
that has a reasonable expectation of success with defined parameters.
Sure, an "upstairs" trader can make a living trading the S&P. But it is
not easy, nor will it ever be. And it can't be done part time. But what the
heck, it's easier to make money with all these nummies trading their
"systems" or "scalping" for a half a point than having to do battle with
floor every day.
Hehe.
Jim
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