Here is a great article about Marc Greenspoon a "world class" day trader.
Brett Steenbarger's blog is always great but this post is magnificent. A rare insight into what it takes to "make millions of dollars a year, Not just one year or two, but year after year."
Some of the gems in the article,
Of the most Liquid contract out there!He doesn't trade with a mechanical system, and he doesn't trade with quantitative research. Nor does he manage a portfolio. He trades with his mouse and his computer, accounting for several percent of the day's total volume all by himself.
6 Mil round trips. thats atleast 6 mil of brokerage per year! Holyconservatively say Marc trades 60 times per day with an average of 400 contracts per trade. That's 24,000 contracts per day. It's also about 6,000,000 contracts per year
Ha! Love it this from a trading Psychologist!aggressive competitors who wear their emotions on their sleeves..............If non-emotionality were a necessary ingredient of trading success, Marc would have gone belly up long ago.
...you need the drive to continually adapt to changing market conditions; and you need enough capital. I have never met a successful trader who makes money by doubling his or her money every year. Their success is measured in their consistency, not in their ability to make occasional big scores.Marc studies himself as diligently as he studies markets. His daily journals, religiously kept, go back years in notebooks that are always at his side................Marc studies himself as diligently as he studies markets. His daily journals, religiously kept, go back years in notebooks that are always at his sideWho would of thought keeping records of your actions would help you to learn. Have a read its educational and motivatingQuite simply, he's reviewed so many more of his performances than other traders that he's learned more than others. He is a one-man study in implicit learning. And it's all driven by his desire to improve.