I Am The Jello
Repeat after me; "I may never hold dominion over great men but I shall forever remain master over this one."
These are words every daytrader, or anyone for that matter who wants to take control of their future, needs to understand and live by.
I have had many occupations in my 40 plus years, but daytrading and studying how markets work have been the most rewarding, and one i plan on doing for the rest of my life. it does not matter how old you are, as long as you have an internet connection, a good trading platform, a good set of commission rates, you can may a living doing this. unlike working for the man, or starting your own business, one principle remains a constant... cash in and cash out. the problem in my view, is the cost axssociated with jst going to a day job, is and can be very costly. while there tends to be security showing up for a 9-5, it is not without risk. risk it very hard to control when you put the fate of your lively hood in the hands of others and the actions of othrs that you very little control over. i cant name one firm or business that offers a retirement plan that once you put your 20 years in will still be around in the next 20 years, yes of course you can always move your 401k to the next place of employment, but so many unforseen factors can force you to eat into that savings at any given time, with or without your consent. in addition, consider the cost of just going to work each week, add up the fuel costs, the lunch budget, the clothin expence , and the its your turn to buy lunch aspects of just walking out the door every day to go put everything you have into making someone else get richer while you get only the expectation that oneday you might just get that raise or promotion, and on the way home you get broadsided by a texting teen, putting your car out of commission, and god forbid your life at risk. now what you need to rent a car, insurance hoes up, and you've missed a day or a few days of work putting all the pieces back together. what a horrible existence, and one we have all done because as some point we were all conditioned to believe that trading in the stock market is too risky an endevour to bet our future on. I call bullshit on that philosophy. one further observation, say you want to go into business for your self, have you considered the risks involved with opening, funding, and managing a business? once again way too many variables for me you consider thata smart investment for my future. the point im trying to make here at the heart of all of this is everything we do in life involves risk, but a well managed plan and defining your goals and learning to become an active daytrader in the big scheme of things offers a lot less risk than the forementioned .
Lather... Rinse... Repeat... We here this phrase all the time, and when something works why would you not keep doing it when the results are consistent. Trading requires a strategy, and once you nail one down keep using it and learn how to profit from it. Rules base trading is the only way you can become profitable in this business. Like any business you need a plan with specific goals and a roadmap to achieve the desired results you want. my strategy is simple, and up until recently I was like a lot of traders trying to find something that would give me an edge, and once i found it, a light went off, and I thought to my self BOOM THATS IT! For me it was identifying specific price levels that would, with a high probability rate, retrace to predefined levels. These specific target levels are deviations from VWAP the volume weighted average price of a stock, and depending on the periocity revese to these preveously deturmined levels and considering the overal momentum of the market and the trades tend to work close to 85% of the time.