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Daytrader Struggling to Make a Living

I am now a free man day-trading for a living. Attempting to, at least. Got more time on my hands than I've had since preschool age. The freedom and extra time are wonderful while the daytrading is a struggle. I'm confident once I begin executing UIC trades (in uptrending commodity futures consistently) trading and financial success will be wonderful!

I've just completed my first week of (serious) day trading and have made a grand total of 7-trades. Had I taken all of my good signals, I might have averaged 7-trades per day. and I'd have made a good deal of money for a week's "work." The S&P market is intimidating to the newcomer and I'm not ashamed to admit it. My last trade was my best one in that I entered, took a small loss, and then reentered about 2-minutes later and that caught the top. By best, I mean most difficult psychologically. I mustered the courage and "got right back on the bucking horse!"

It was a week that reinforced the validity of my signals, but was riddled with my indecisiveness to trade them. I expect daytrading the S&P will take some adjusting to, to an extent I would not have previously believed. Being too hard on myself is not the thing to do while facing all the facts most definitely is. Decisive action and/or consistent execution is really where it's at, providing your entry and exit signals are truly valid

Another thing that didn't help was the very slow reporting of my offset orders. Can you believe having to wait as long as 18-minutes to get an offsetting fill price from your broker? (Rather, order taker.) The S&P market can move $1,000 or more per contract in 10-minutes. I may have to search out another brokerage firm. These order takers tell me that the more experienced traders use at-the-market orders for both entry and exit of their positions. By doing so they say you then will get a "flash-fill" and will thus not have to hang up the phone before getting your fill price. Well . . . already I've seen where they cannot supply these flash fills in a fast-moving market. Makes good advertising copy though.

I complained about slow reporting of my fills and got moved to another trading desk, but I'm not sure there's been any improvement. I found out if I did a lot of trading, I might be able to place my orders directly to the floor. There the order taker gives the trader in the pit your order with hand signals. Of course, if you buy a seat on the exchange, then I expect there's more angles to placing an order than you could shake a stick at! And, your commissions would drop to a very low (I forget exactly) 2-3 dollars per trade. I am sure this would vary from exchange to exchange?

Here are some quotations I think are pertinent to trading the markets. I got them from a notebook filled with quotations I have taken from reading all kinds of books over a period of many years. The reason I went to this notebook was to try and find some answers to why I was not trading my signals. Actually, the answers have to be found in me and my UIC System, I think with time I will discover them.

• "If we believe absurdities, we shall commit atrocities." - Voltaire



• "The greatest victory a man can win is victory over himself." - Pestalozzi



• "What is more mortifying than to feel that you have missed the plum for want of courage to shake the tree?" - Logan P. Smith



• "He had the power of certainty. " - Ayn Rand



• "I tried and failed, I tried again and again, and succeeded." - (Epitaph of Gail Borden, inventor of condensed milk.)



• "When someone referred to his 'Godlike genius' Edison snorted, "Godlike nothing! Sticking to it is the genius!"



• "Winston Churchill was once asked how he accomplished so much in so many varied fields-from painting to politics. His answer was, "Audacity is the only ticket." - Bernice Fitz-Gibbons



• "It takes a wise man to discover a wise man." - Diogenes Laertius



• "Resolution in adversity is always half the battle for salvation." - Pestalozzi



• "Writing, when properly managed (as you may be sure I think mine is) is but a different name for conversation." - Laurence Sterne

Since trading and studying the markets has been said, rightly, to be a rather lonely business (for many, at least) I believe newsletters affords the reclusive trader a means to "socialize at a distance."