Day Trading Follow Up

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So, it’s been about 7 months since I last wrote about Day Trading. Since then, I have read more than 15 books on the subject and countless internet articles. I opened an account with Trade Station who let me trade on a real-time simulator for practically free this entire time. I have yet to make a real live trade.

So, here’s the deal. To become a pattern day trader, I must fund my account with $35,000.00. I can trade futures for much less, but the trading will be pretty much the same.

Have I determined if I think I can make money. Yes I have, and yes, I believe I can. BUT, do I think I can make enough money to make it worth it. By “it”, I mean my time, my efforts, and my well being. Hmmm. I can see where I possibly could become a successful trader. But, for now, No!
Right now the market is soooo volatile that it is crazy to think a long term trade is worthwhile. That same volatility makes short and “active” trading very unpredictable. One day the trades win and do exactly what I think only to be slapped back down the next day.

Let’s say I did fund the account to $35k. I would only have to make an average of about $8.75 a day to make more than what I currently get on that money (fixed rate account.) But, is that worth sitting in front of that computer 5 days a week from 05:30 (gotta do pre and post-market) to 13:30 every day of the week?

At this point, I have to say no, it is not. I mean the thing is, that’s why I retired so I wouldn’t have to put in those hours.

My friend (and mentor) has been trading for several years now and he, along with everyone else I’ve talked to tell me that it’ll take a good year or more to become proficient enough to be consistently successful.

The thing is that if I worked at minimum wage for those same hours, with no investment (and possible losses,) I could make the wage and still make what I’m currently making on that fixed account.

Dam, I was hoping this may be my “lottery.” Maybe it still will be, but for now, it’s not.

Later,
Non-Day-Trading- Uncle R