I am opening this thread to discuss the degree of difficulty in finding or developing a daytrading method with an edge strong enough to use.
After years of effort in the game, I am sure there are setups giving edges to traders to win.
In daytrading, the game is tougher that trading in higher timeframes. In daytrading, the trader has to keep watching the screen many hours a day. The spread cost is much higher in comparison, let alone other real time reaction and execution issues.
My ideal daytrading method is one which can offer a few setups on average within a 9-hours session when trading a few pairs, with positive expectency a few times higher than the spread/commission cost.
My experience is that after spending a long time to develop or adapting a method, it seems the market behaviour change a bit and the method is no longer so effective after a while. Also, the frequency of occurance of the setup is getting fewer.
I am interested in hearing from someone who have already been successful in using a daytrading method. I want to know how hard is it in their opinion. On one extreme, someone think they can easily find one on a forum, and as far as they train their discipline hard enough they can win with it. While on the other extreme, someone don't believe there exist a daytrading method in the world can win in the long run.
I know that psychology plays an important role in trading, but I am not talking about how to control emotion here in order to fully utilize a trading method. Here, I would like to discuss as if one had completely got rid of emotion.
Please don't drive this discussion to my trading ability or my own personal life. This is a objective and impersonal discussion. If you think this kind of discussion are meaningless or a waste of time, that is ok, and you don't need to participate here.
After years of effort in the game, I am sure there are setups giving edges to traders to win.
In daytrading, the game is tougher that trading in higher timeframes. In daytrading, the trader has to keep watching the screen many hours a day. The spread cost is much higher in comparison, let alone other real time reaction and execution issues.
My ideal daytrading method is one which can offer a few setups on average within a 9-hours session when trading a few pairs, with positive expectency a few times higher than the spread/commission cost.
My experience is that after spending a long time to develop or adapting a method, it seems the market behaviour change a bit and the method is no longer so effective after a while. Also, the frequency of occurance of the setup is getting fewer.
I am interested in hearing from someone who have already been successful in using a daytrading method. I want to know how hard is it in their opinion. On one extreme, someone think they can easily find one on a forum, and as far as they train their discipline hard enough they can win with it. While on the other extreme, someone don't believe there exist a daytrading method in the world can win in the long run.
I know that psychology plays an important role in trading, but I am not talking about how to control emotion here in order to fully utilize a trading method. Here, I would like to discuss as if one had completely got rid of emotion.
Please don't drive this discussion to my trading ability or my own personal life. This is a objective and impersonal discussion. If you think this kind of discussion are meaningless or a waste of time, that is ok, and you don't need to participate here.