Is Daytrading dangerous?

Agilent · #41 13th December 2006, 10:30 PM

Quote:

Originally Posted by CreditViolet

Hey KG
You miss the irony

, I was just kidding with the post.

I maintain that daytrading is the most relaxing, easy and the best way to participate in the markets and make money.All those who keep talking about how difficult and impossible it just makes me chuckle.

Rgds
CV

CV
Saw this today ... and find it v interesting

You seem to have had a consistently high win/loss ratio. Maybe u can share with us how (from yr earliest days when the ratio may have been adverse), you devised yr winning strategy

And also ... how u are able to cope in these days when the market turns so unexpectedly from bullish to bearish and vice versa... even intraday

( Me ? ... never did daytrading , but wd like to learn ... seriously)

AGILENT

CreditViolet · #42 13th December 2006, 11:34 PM

Quote:

Originally Posted by Agilent

You seem to have had a consistently high win/loss ratio. Maybe u can share with us how (from yr earliest days when the ratio may have been adverse), you devised yr winning strategy

I started out as a daytrader, but consistency took some time. The most important thing that has contributed to my consistency is the understanding that there are periods of non-randomness in terms of identifiable patterns, rest of the time you have to SIT ON YOUR HANDS doing nothing.Most traders are chasing prices, they want to trade every up and down probably because they have no method in the first place

Quote:

Originally Posted by Agilent

And also ... how u are able to cope in these days when the market turns so unexpectedly from bullish to bearish and vice versa... even intraday

As traders, you are trading patterns not turns. I am as happy as a trader trading upmoves as well as down moves. Money is made in ranges not direction.

Quote:

Originally Posted by Agilent

( Me ? ... never did daytrading , but wd like to learn ... seriously)

For most people learning to trade is like a trip to Hell. The Devil Market will torture you in every concievable way, searching out every weakness, stretching every nerve to its breaking point. It will throw you an occasional bone to lure you deeper into the abyss only to strip off more flesh until you are a quivering shell of your former self. Once you get past that stage its a lot of fun

Rgds
CV

Agilent · #43 13th December 2006, 11:44 PM

Quote:

Originally Posted by CreditViolet

As traders, you are trading patterns not turns. I am as happy as a trader trading upmoves as well as down moves. Money is made in ranges not direction.

For most people learning to trade is like a trip to Hell. The Devil Market will torture you in every concievable way, searching out every weakness, stretching every nerve to its breaking point. It will throw you an occasional bone to lure you deeper into the abyss only to strip off more flesh until you are a quivering shell of your former self. Once you get past that stage its a lot of fun

Rgds
CV

Most insightful... honestly

I think u shd go a step forward and give a few examples... preferably from real life , abt some patterns in recent days ... which day traders could have fruitfully exploited (with the underlying arithmetic of bid/offer spreads and brokerage) .

Can I suggest today's intraday moves ?.... or whatever charts u may wish to show

AGILENT
(To me it appears that its v difficult to spot an intraday pattern early enough ... maybe u can show how u do it )

CreditViolet · #44 14th December 2006, 12:01 AM

Quote:

Originally Posted by Agilent

Most insightful... honestly

I think u shd go a step forward and give a few examples... preferably from real life , abt some patterns in recent days ... which day traders could have fruitfully exploited (with the underlying arithmetic of bid/offer spreads and brokerage) .

Can I suggest today's intraday moves ?.... or whatever charts u may wish to show

Sorry but I cant talk in specifics, hope you understand. It takes one considerable work to find anything 'working', cant give it away

Quote:

Originally Posted by Agilent

(To me it appears that its v difficult to spot an intraday pattern early enough ... maybe u can show how u do it )

Its all about how much you have trained your eyes to spot a pattern. Most of the time I can 'feel' something is going to happen even before the pattern is complete.Actually I like to compete and overrun my systems, it keeps me alert.

CV

CreditViolet · #45 14th December 2006, 12:17 AM

Quote:

Originally Posted by Agilent

(To me it appears that its v difficult to spot an intraday pattern early enough ... maybe u can show how u do it )

b/w one thing, I have coded all the patterns I look for so that makes spotting easy. I also have an intrinsic pattern stop loss for each and know the probable % move that can result based on various permutations like Time of Day, Index Correlation etc.

CV

rangarajan · #46 14th December 2006, 09:46 PM

Dear Credit,
Can we use RSI as a reliable indicator for daytrading esp its divergence to the spot price & also its chart pattern.If yes,could it be used as a stand alone indicator & may be in conjunction with the price chart pattern.If NOT,how reliable is it.
ranga

Agilent · #47 14th December 2006, 10:52 PM

Quote:

Originally Posted by CreditViolet

Sorry but I cant talk in specifics, hope you understand. It takes one considerable work to find anything 'working', cant give it away

CV

What a pity ... i was hoping to learn something from u ... surely many others wd have gained too

Just some thoughts from me....

You have a bowl of soup, and feel like sharing with another ... yr share gets cut to half ... a nice, selfless gesture

You have knowhow in something (e.g. daytrading ) ... you share it with 10 others, and yet your share of the knowhow (and of the money u make from daytrading) remains unchanged .... again a nice selfless gesture ... a strange win-win situation of sorts , right ?

U get my point ?

So what is holding u back from sharing yr knowhow, C'mon now, lets see a little bit of give and take ... thats what this site is all about, I thought !

AGILENT

CreditViolet · #48 15th December 2006, 01:09 AM

Quote:

Originally Posted by rangarajan

Dear Credit,
Can we use RSI as a reliable indicator for daytrading esp its divergence to the spot price & also its chart pattern.If yes,could it be used as a stand alone indicator & may be in conjunction with the price chart pattern.If NOT,how reliable is it.
ranga

Yes, you can trade some characteristics of the RSI ( as you mention divergence) but do not expect to trade all types of days with it.Its even better with a pattern but you have to be disciplined that you dont venture outside your expertise.

To daytrade successfully you have to get a feel for the price action i.e how thick is volume, how is price trading at S/R, sector correlation, index correlation, overall market sentiment etc.

CV

CreditViolet · #49 15th December 2006, 01:39 AM

Quote:

Originally Posted by Agilent

What a pity ... i was hoping to learn something from u ... surely many others wd have gained too

Just some thoughts from me....

You have a bowl of soup, and feel like sharing with another ... yr share gets cut to half ... a nice, selfless gesture

You have knowhow in something (e.g. daytrading ) ... you share it with 10 others, and yet your share of the knowhow (and of the money u make from daytrading) remains unchanged .... again a nice selfless gesture ... a strange win-win situation of sorts , right ?

U get my point ?

So what is holding u back from sharing yr knowhow, C'mon now, lets see a little bit of give and take ... thats what this site is all about, I thought !

First of all I am not selfless or altruistic, I am a trader in all things and believe that one has to put in the work for everything that one desires. There are no free lunches and especially in trading, definitely the most competitive business anywhere.

That said I have helped several guys over the years, have answered innumerable PM's here and at Elitetrader and have posted what I think is genuinely helpful. Last year I even trained couple of guys for the firm babysitting them for three months. For me its all about the questions that people ask, and I wont hesitate revealing my entire methodology to someone who asks the right questions but rarely anyone does.

Even though I mite not post a 'working' method, I am willing to post a few example trades and talk about what is important and what is fluff in daytrading perhaps with execution logs for the benefit of 'I Cant Do it So it Cant be Done' Club.

Rgds
CV

Agilent · #50 15th December 2006, 08:20 AM

Quote:

Originally Posted by CreditViolet

First of all I am not selfless or altruistic, I am a trader in all things and believe that one has to put in the work for everything that one desires. There are no free lunches and especially in trading, definitely the most competitive business anywhere.

That said I have helped several guys over the years, have answered innumerable PM's here and at Elitetrader and have posted what I think is genuinely helpful. Last year I even trained couple of guys for the firm babysitting them for three months. For me its all about the questions that people ask, and I wont hesitate revealing my entire methodology to someone who asks the right questions but rarely anyone does.

Even though I mite not post a 'working' method, I am willing to post a few example trades and talk about what is important and what is fluff in daytrading perhaps with execution logs for the benefit of 'I Cant Do it So it Cant be Done' Club.

Rgds
CV

Precisely ... thats what we are looking for ..

And if u have the supporting charts ready, that will be just great

Looking forward ! And thanks for your generosity

AGILENT

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