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I suspect you'll find that those who make a living day trading, do so rather
quietly without posting their trades or specifics regarding methodology -
the hot shots crash and burn. I'm an S&P trader using discretionary
methodology based upon pivots, channels, and patterns and I do a lot of
intermarket analysis - an approach not easily passed on to others. I tried
the systems and indicator route for years and it just did not work for me.
I spend 4 days x 6.5 hours trading an average of 2-3 times per day, although
some days I'll go without any trades at all. For prep I spend an hour before
markets open, a couple of hours in evening and 6 hours or so on weekend - in
total about 45 hours per week. My trades are generally of short duration:
5-10 minutes or less for losers and under 60 minutes for winners. There are
periods during the day, particularly during 10-12 (mountain) when I set
alarms on my charts and do other things including e-mail, reading, and
systems development - sometimes I just walk out on my deck and take a break.
I have no compulsion for action and I never, ever take a trade I don't like.
My trading is performed entirely on-line in small lots using relatively
light leverage i.e. nowhere near exchange minimums.
Looking over October, 60% of my trades have been losers - majority at 0-.5
points, none more than 2 points; however the other 40% allowed me to exceed
my monthly day trade point budget by the middle of last week. Throw in a
couple of good position trades and it's already been a very nice month. It
took many years of failure, study, and preparation to get here and I've
still got a lot to learn. Most would-be traders don't make it because they
run out of trading capital for lack of sound money management, they run out
of living capital for lack of time to learn to trade, or they never acquire
the required psychological capital.
Earl
-----Original Message-----
From: Jeff Caplan <jeffwcbs@xxxxxxxxx>
To: omega-list@xxxxxxxxxx <omega-list@xxxxxxxxxx>
Date: Saturday, October 24, 1998 3:50 AM
Subject: Who makes money?
>I'm starting to seriously wonder whether trading leads not to profits, but
>to bitterness, and a lot of free time for cranky message writing.
>
>So I'll ask again on the newbie's behalf:
>
>Is anybody making their *primary* living daytrading? (Not designing/selling
> futures related products/services while trading)
>How do you pass the time during the day while trading?
>To what do you attribute your success?
>Is your trading mechanical or discretionary?
>Do you think you're one-in-a-million, or can your success be emulated?
>
>Thanks for any responses. They're greatly appreciated...
>
>Jeff
> ( ( * ) )
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> |X|
> |X|
> |X| Jeff Caplan WCBS Newsradio 88, New York
> |X| http://www.newsradio88.com/behindmic/jeffpat.html
>
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