I read quite a few blogs and occasionally comment on a few. All in all here is the impression I get from the blogosphere. A big percentage of traders fall into the day trader category. Here's another impression I get from reading the blogs. Most of these traders are losing money. I'll tell you right now I followed the same path when I started trading. Day trading is exciting. You get a sense of doing something. However after several years of watching my account slowly dwindle down I was forced to make a realistic judgement that my trading methods were not working. I'm sure we all rationalize it as just a string of bad luck and it's all going to turn around on the next trade. Unfortunately it never does. If you keep using the same methods is it any wonder that you keep getting the same results. I liken it to watching a rat in a maze that just keeps going to the same dead end. Humans fortunately are a bit more intelligent than rodents...or are we? Sometimes I have to wonder when I see otherwise intelligent people continue to do the same thing over and over and still become amazed and disappointed that they don't get the result they are looking for. The sooner you can come to grips with the fact that what you are doing isn't working and try something different the quicker you can get down to the business of making money.
Of course for the investors that have found a trading style that is consistently making money, I say if it's not broke don't fix it.
Market Direction Change
2 weeks ago