Hi Tim
Thank you for explaining everything to me. As you know I haven't posted for some while and I'm not up to speed with everything that goes on. So thank you for enlightening me.
For those that don't know I have been trading for a living for the last ten years, ran my own trading floor in the city, worked with arguably two of the best day traders in the US and although I trade lots of other different styles day trading is my thing.
I sometimes do live day trading events for companies to show how this style of trading works. I've done three in the last few weeks in the UK and Ireland.
With day trading there are different styles, different platforms and different markets. If I do a live day trading seminar in Ireland I'll be showing how the guys there how they can make things work with the tools they have available if I'm in New York obviously I'll be showing how to make day trading work with the tools they have available which will be direct access.
Direct access can be used online by anyone anywhere in the world you just need a broker to supply it. Some platforms are better than others.
The guys who trade fast and quick and are scalping are using direct access. That is why they can get very fast moves and how those scalpers make very good money. One of the things that platform does is allow them to day trade without paying a spread, which obviously helps them when they are scalping.
However other platforms are good enough but you just have to change your style to fit the platform you have available.
With day trading you tend to take advantage of the crowd so naturally enough many, many times you won't be doing the things that others wish you were doing. Consequently good day trading can mean you are a little at odds at times with everyone else.
There are some brilliant day traders around and I've had the pleasure of meeting so many of them. Yes the good ones do earn many, many thousands a month, more than you would think was possible. They have discipline, good trading skills and they stay focused on what they do.
I trade lots of different styles and one of my favourite styles is intra day momentum. You make a lot of money very quickly and pack up for the day. When I made 1600 points in 59 seconds, I had everything set up for the move, I had a plan if it worked, a plan if it failed. I knew the move I was waiting for and I had to wait half hour for it. When it came all I did was carry out the plan. The hardest part was the waiting.
Alan
