jpennybags

Of course the money lost makes it's way into another's hands. Commissions are a fixed cost for winners and for losers alike. The commissions and fees varies from broker, exchange, and asset class. It's a very broad question, that may not be helpful to delve into. There have been many studies done on the effect of different trader types and market liquidity. The studies are available if you are willing to look for them. This study is one of the more interesting as it pertains to day traders and skill levels: http://faculty.haas.berkeley.edu/odean/papers/Day%20Traders/Day%20Trading%20Skill%20110523.pdf Note that the PDF is just the abstract...

Sure... it would be nice to have some person that understands you. The question that comes to mind... Why? This is a business where you are your own man (woman). It's always cool to find someone that "gets" you, but yeah dream on when it comes to trading. Nobody understands what you are doing but you. To explain yourself to someone (or, to try and understand someone else) is just a distraction from what is... And... "what is"...is trading. I say this as someone who is a "scalper". The only thing I give a damn about is order flow. It makes no difference to me what someone else thinks, because my time frame is so short. I really don't have time to talk (think) about it. And... even if I'm struggling... you are no fckin help... I'll work it out on my own. There may be things that I can learn from you, and it would be nice to have someone around during the day, but dang... I think you're just a hinderance. This may be different for those that trade in longer time frames, but i seriously doubt it. Everything is a distraction. I prefer to push my distractions out to the end of the day (not always accomplished, as I do so "love" distractions).

Eldad... we've all been there. I was into my third year before I turned the corner, and my trading found some positive consistency. The first year I lost money. The second year I broke even, but didn't cover living expenses. It was the second year that I struggled the most with feelings of discouragement. Whatever you should decide... it's a matter of finding fulfillment in your life. Trading is not for everyone, and there is no shame in deciding to move on to something else. Best of good fortune to you either way...

DbP offered up some sound advice... not sure you're listening though. That's alright, the market in real time is the best teacher. 1. Learn to cook and clean house. Your partner will feel better about your losing money during that first year if the household chores are done when they get home from a long day. You'll feel a little better about it too. 2. Don't talk "shop" with your partner... it's boring. 3. Exorcise any demons that you have floating in your head at the end of the trading day (reference #2). 4. Stay away from the booze. It may seem like it helps with #3, but it will catch up to you eventually.

Not to worry... I'm an equal opportunity basher. We create our own problems; it can't be helped we are but human. More correctly, I may have omitted the word "politics", as it just confuses the issue.

Trust your thoughts... Understand that it's more of a "feeling" than a "knowing". There is no "knowing" in this business... there is only opportunity and an understanding of the sentiment and actions of participants that leads to movement (up or down). It's a big question dude... there are no simple answers. Trust what you see...

Sustainable resources and population growth. Although, that's a problem that the planet will eventually solve on it's own. I might add: Entrenched ideologies and politics.

Sorry... you've worn me out. Cutting myself loose from the thread...

It may be possible that you've just answered your own question...

I have a mental disorder... I wake up on Sunday morning and wish it was Monday... 3 day weekends... dang. Time off is good... but I'd rather be trading. edit: Actually, I do think it's a little f*cked up, but "it is what it is"... Actually... edit again: we are all a little f*cked up. What's the actual question that you are asking? And... why?

As someone who is just starting, it's a good thing to explore everything. I realize that statement seems like not much help, but I think it's good to take it all in. You may want to consider how your mind works now. Are you more analytical, or more intuitive? The more analytical tend to be suited for longer time frames, while the more intuitive tend to be suited for the shorter time frames. You'll find there are no solid distinctions though. A trend technique, and at the other end of the spectrum, a scalping technique can be applied to any holding period. There are many ways to make money. The other thing I think is helpful, is just watching the market move and imagining how you may want to exploit price action. Any books that explain the auction process will be helpful. Study that, and then sit and watch and understand.

A few words from the golf coach and instructor Harvey Pennick. I think most traders would relate to these wise words: No matter how poorly you play, there is always someone you can beat. No matter how well you play, there is always someone who can beat you. You can hook a drive into the tall grass and then turn it into a par if you dig it out with a lofted club and follow with a good pitch or chip and putt. But if you muff a pitch or chip, you have lost a stroke nearly every time. Yoga is the study of breathing. As I grow older, I reflect on how we take breathing for granted. Proper deep breathing is a joy, it calms your mind. Deep breathing is wonderful on the golf course as a provider of oxygen and strength throughout your body. I’ll bet on a deep breather any time, over a player who just breathes to stay alive. The point of the swing is to hit a spot. Harry Vardon was a master. He knew you must hit what you swing at. If you have a good grip and you can see the shot clearly in your mind and use the muscles picture of Clip The Tee or Brush The Grass, your swing will work- unless you start to doubt it. Good players have the power to think while they are competing. Most golfers are not thinking, even when they believe they are. They are only worrying. Rather than worry, be mindful of the shot at hand and go ahead and play it as if you are going to hit the best shot of your life. You really might do it. Supreme concentration is the peak experience of the golf swing. A good grip, good balance and a good attitude make you a winner. Nobody ever promised you life would be fair. To change your life you have to change the way you think. When I ask you to Take Dead Aim, I mean that for a few seconds, you should be calm but aware, putting all your best attention into the moment at hand. You make what I think of as the sweet calculations of the wind and weather and distance. See a sharp picture of your ball striking your target in your mind. Bobby Fischer, the chess champion, said that when it was his turn to play, he considered only one move- the right one. You take out the club your mind tells your muscles is the right one to swing. At this point your imagination is stronger than your willpower. Your body will do what your mind tells it to do. You have no doubt, no fear. For those few seconds you are what you think. That’s Taking Dead Aim. Trust yourself. Practicing your short game will help your long game in every way, but practicing your long game won’t help your short game at all. It seems to me that confidence is the feeling we want to have in playing golf. But we can’t dismiss the value of faith either. I think faith is in the heart, and confidence is in the mind. The ability to concentrate is good, but thinking too much about how you are doing what you are doing is disastrous. Trust your muscles and hit the ball in the hole. Keep it simple. You don’t lose your swing between the ninth green and the tenth tee, and you don’t lose your swing from one day to the next. If you think you do, something is going on that you don’t understand. A diary might help explain it to you. Golf is played in the present. If you can wash your mind clean each time while walking to your next shot, you have the makings of a champion. Unless you have a reasonably good grip and stance, anything you read about the golf swing is useless. Golf has probably kept more people sane than psychiatrists have. Life consists of a lot of minor annoyances and a few matters of real consequence. Use the swing God had blessed you with, and go play golf. Just let it happen. Don’t try and hit the ball far. Instead develop a feeling that the ball is going to go a long way without your really trying. And sure enough, it will. I call it The Feeling of Far. Don’t listen too hard to the sound of the world. If I tell you to Take Dead Aim you might think I’m being simpleminded. But Taking Dead Aim means blanking out the sounds of the world. It can be an advantage to be a little deaf. A golfer rarely needs to hit a spectacular shot unless the one that precedes it was pretty bad. A tournament champion is a winner on the golf course. A person of honor is a winner everywhere.

There is much to be said about "living in the moment" regardless of what game you are playing. Where your eyes go, your head goes too... it is a subtle difference that effects outcomes.

I would have to go with golf too... because of the mental aspect. edit: My broker would be very pleased if I took 120 strokes to get through a trading session.

So, what has changed between "now" and what was "then"? Hope is eternal... best of good fortune to you.

In a similar vein... if it's working for you, don't pay any attention to me.

Never is the easy answer... It depends a great deal on how much you trust their advice, and the reason for why you would want to. I mean... if you don't currently have the skills to make your own decisions, following the advice of others is probably not wise. How can you discern the good from the bad if you don't know yourself? If you are considering the notions that are broadcast on CNBC or some other venue... everyone talks their own book... not much help. If on the other hand, you have a trading buddy or someone who understands how you trade, then it's probably not a bad thing to get some feedback on trading decisions (can't hurt). Ultimately, the decision is yours though. I would never take a trade unless it made sense to me, regardless of whom ever put the notion in my head. Often times, if you are looking for someone to agree with you about a trading decision before acting on it, you aren't asking the right questions of yourself (and the trade). Keep that in mind, and always seek out the reasons for not taking a trade before acting on it.

If you had provided a "don't know" button for the poll I may have participated. That may sound like a cop out, but it is what it is... I don't know. There are a great many agents who make predictions: they are "wrong" until they are "right"; many get carried out on their shields. Personally, I don't see anything "actionable" that would indicate a recession, or a market correction of any great scale is due. It's above my pay grade, as they say... An article from zero hedge posted today: http://www.zerohedge.com/news/2015-01-01/mania-manias

This is an excellent book for anyone who desires to learn the principals of trading price action. Bob Volman's writing is straight forward and the book is well organized. From Amazon: Understanding Price Action is a must read for both the aspiring and professional trader who seek to obtain a deeper understanding of what is commonly referred to as "trading from the naked chart". With hundreds of examples commented on in great detail, Volman convincingly points out that only a handful of price action principles are responsible for the bulk of fluctuations in any market session—and that it takes common sense, much more than mastery, to put these essentials to one's benefit in the trading game. The power of the book lies in the exceptional transparency with which the concepts and trading techniques are put forth. Besides offering the reader a comprehensive study on price action mechanics, included within is a series of six months of consecutive sessions of the eur/usd 5-minute. Containing nearly 400 fully annotated charts, this section alone harbors a massive database of intraday analysis, not found in any other trading guide. Written with a razor-sharp eye for practical detail, yet in a highly absorbable manner, Understanding Price Action breathes quality from every page and is bound to become a classic in the library of any trader who is serious about his education.

Once you understand the task at hand and the tools used for the job... sure, go live (in a small way). As a teaching device... nothing like losing a little skin. Trading in simulation is a good way to gain an understanding of the task at hand and the tools involved, but a person can hang out there too long... that I would agree.

zdo... Don't you mean "goner"... a person that is doomed or can not be saved. HA! I've grown weary of pissing on noobs for trading live accounts... given up. Let them have at it.

Today (17th) will be my last trading day... hope to catch some wild FOMC action. I always take off a week before Christmas. Not because of anything market related, but because I can. I love giving gifts but I hate shopping, so I tend to put it off until the last week. Merry Christmas to you... hope it's been a good year. JP

The most important thing to learn in scalping is how to manage a trade. Crisp entries are important too, but developing a feel for when to scrub a trade (or take profits) is something that takes a lot of screen time. It's a mind set that must be developed, and that's up to you... it's not knowledge that can be easily transferred. I don't have any experience in trading Heiken-Ashi charts... if it works for you; good enough. I would suggest experimenting with a standard tick chart. I say that because I think the standard tick chart provides a better read on price action. Spend a good deal of time in understanding how channels develop and progress, and how price turns to break out of a channel. This too is something that is better observed than instructed. "Mastered It"... are you kidding?

Read up on the requirements and mechanism of shorting stock... you'll understand. Successful day traders make money on the YM or NQ. It may be that you just don't recognize the opportunities as yet. Look into all brokers. You don't know enough yet to pick apart trading platforms... NT is fine. Automated trading... don't know.

If you are studying Al Brooks, you may also want to explore Bob Volman. Both authors offer up good information concerning price action. Bob Volman is easier to read and understand (personal opinion). If you learn to trade price action, you can trade anything... Some stocks are more volatile than others, as some futures markets are more volatile than others. Exploring markets to find a proper fit for yourself will take some time, but I would focus my learning on trading the less volatile vehicles as a beginner. Day trading stocks will require a much larger account balance (25K minimum, but you will need much more than that). Shorting stocks is more difficult than shorting futures. There is also a tax advantage with trading futures. I've traded both... my preference is futures.