Day-Trading Futures and Stocks
To be a successful day-trader you have to learn how it works and not run out of money before you learn what you need to know to be profitable.
You also have to be able to handle the emotional ups and downs of trading, and not get too caught up in the fear/greed of it all.
I went to Texas to learn how to day-trade because that's where a lot of very profitable traders where. While I was there I found out they were very willing to help me learn how to day-trade.
One day I happen to be sitting next to a guy who made just over $100,000 for the day, he never traded more than 1000 shares at a time, always limited his risk and just caught some good moves and rode them during the day.
The next day he came in and as the market opened he bought a stock then a few minutes later he sold it for a $40 profit. I was shocked, I wanted to watch him make another $100,000 and he clearly wasn't going to do it going after a $40 trade.
I asked him what he was doing?
He said "That's all there was in the trade, when there is a $100,000 profit, I take it,
when there is a $40 profit I take that and then look for the next opportunity."
It took me years to realize that each day in the market is different and you have to be able to adjust and work with what is there.
Unfortunately I am way to greedy to be able to make that switch, even just watching someone else trade I had a lot of trouble with that $40 trade, I wanted to see another $100,000 or more, and it wasn't even my money.
