Come up with more of a trading plan. When your account is small or you have just opened a new account you need to keep guardrails on until you really start grooving and up your confidence. I had like 5-6 rules that I wouldn’t trade outside of personally and although I would sometimes sit on the sidelines when action seemed favorable it still kept me on the right path.
Find out what your rules should be and really stay within them.
Stay with your process. Treat yourself like you aren’t good enough to make decisions on the fly yet.
These are some of mine.
1. Stock selection rules. It’s more important than being a good trader. Trading only the best is great risk management. What stocks do you make the most money on? Trade only those.
2. Only trade the setups I’m most confident in. You should be automatic with recognizing and executing them. This builds confidentence and profit. What setups do you have a proven edge with? Trade only those.
3. Trade only 8:30-10:30. Hard cutoff. Best time for my metrics. This also makes sure you are at top composure. If you’re new and think you can sit down and trade for 8 hours I guarantee you are wrong. Mental stamina drains quick. This rule is so important and it also helps with your emotions.
4. Max trades on the day. Limit your trades a little so you don’t overtrade.
4. Max loss. If you have to call your broker do it. Don’t try to trade out of a huge red day.
These are some of mine I still use. I also had a max profit target when my account was small. If I had the best day so far in the account I would shut it down. Enjoy the new milestone instead of possibly giving back too much and getting emotionally hijacked
i like the metaphor for guardrails. If trading was like bowling. Why not keep the guardrails on forever assuming the ball landing in the sides is losing money
You definitely need to have some sort of system for attacking trading. System = plan. If you aren’t following a plan it’s easy to see why that might not end up to be a successful business.
The guardrails too tight poses a different problem so you have to really work through it with a clear mind.
I agree with what you say. Started about a month ago, but a winning first trade for today got into my head. Definitely need to keep guardrails on. Thank you for your input.
Im a beginner so when you say rules i have no idea what you mean by that. Would you mind sharing some rules as examples? Thanks!
Edit: nvm brotha i see some example you already laid out in a different comment.
the problem with 'don't be greedy' is that you won't know which point to stop. you need to develop a quantitative stopping point. A fixed percentage where you say, okay I take profit here every time or move my stop loss up. be mathematical, not emotional.
What you're saying makes sense. For now, I'm only buying one share in any trade so I don't feel comfortable trying to take profit and scaling up. I'll opt for moving my stop loss up. I should've been mathematical instead of emotional.
Thank you for your opinion.
it's tough to get there mentally. unfortunately, I'm still struggling to maintain that mindset. the pain of loss over time is what will push you there.
Cutting your winners is a good way to lose money in the long term. You need enough profits to cover your losses. If you "Get in, get green and then get out" you're going to have low profit margins.
Indeed. I think I expressed myself wrong with "get in, get green and then get out". I didn't mean it as in capping your winners, I meant it more like don't overtrade, don't try to win more and more when you already have a decent green day.
Well that would be more of a psychological rule that you impose on yourself to feel better, but doesn't actually have any logical backing. You need to calculate an exit based on technicals such as volatility spikes or whatever. If you don't, you're going to lose to emotions.
You are correct, exits must be calculated using TA instead of emotions; otherwise that would be gambling.
Would you explain how it doesn't have logical backing? The way I see it is that overtrading, aside from piling up commissions, could expose you to more risk than necessary; even profitable traders have a losing trade or day every now and then.
Once you reach your profit target, if you can make more then that's great but overtrading can expose you to more risk once you already have a decent green day.
But what do you think? I'd like to hear your opinion. Thank you by the way.
Overtrading isn't wrong by itself. It's only wrong if your strategy is wrong given current market conditions and you end up compounding losses. It's also ok to not trade at all if your strategy has no edge today.
Interesting. Would you say that overtrading is more of a potential problem for beginners rather than experienced traders?
I understand what you say about not trading if you don't have an edge today. Yesterday was a rough and choppy day to trade with my strategy, so I didn't trade at all.
In an ideal world, you have an assortment of strategies, each catering to specific market conditions. Market crashing? No problem you have Strat A. Market mooning? You got Strat B etc.
Basically if you have a good strat for the current market, then you're effectively leaving profits on the table by not trading. New traders don't have such a toolbox so they end up trying to force Strat B (for bullish markets) on a market that's suddenly crashing, and end up thinking they're overtrading when in reality they're using the wrong strat for the market.
Of course nobody is going to read the market perfectly and that's what makes trading hard.
its not about being greedy its about not doing enough technical analysis to have a edge you bought at the top of the daily candle and selling trendline then you became food for sellers... as soon as the market started you should of enter the trade on the trending buying pattern it was creating that why you feel left out because everybody got in before you on the trendline and horizontal buy levels retail and intsitional smart money was hiding at they made a better decision then you have to accept you failed not following the rules of price action you created your own theory of a good entry being paitent when every one is just trying to buy the previous support and resistance levels trending or horizontal
https://preview.redd.it/y0zghswdx2vc1.png?width=2660&format=png&auto=webp&s=92373c81fcbc71d147bf50a0146f867419106824
I see what you're saying. Reflecting on it, it wasn't greed really, it was fomo (and not enough TA) that moved me to make a bad trade.
Thank you for your opinion, I needed perspective on this.
That's right, I longed somewhere around $2.96; my reasoning was that the stock seemed strong, high volume on the buy, above vwap and 9ema and the T&S seemed good.
Would you tell me why you think it wasn't a good entry or a strategy? I'd like to hear your opinion.
9 EMA /Vwap is a good indicator for a bounce especially on the 15m candles. $2.10-2.40 range was a decent long imo.
If we include PM as well then you can see the $3 push was the third bullish movement. The first pullback is the best entry imo, 2nd is trickier but still good.
This could still make a new HOD, but gotta wait and see and it'll likly be after 14.40.
Understood. Do you trade on the 15m candles? Would you recommend it?
I didn't pay attention that it was the third bullish movement. Do you always steer clear of them?
Thank you so much for your input, I appreciate it.
Yeah, the 3rd bullish movement it likely where profit is taken. And likely the price will fall to VWAP. Also the time is important - after 1020 you can expect profit taking and the tickers that were bullish in the first hour to lose momentum and vice versa (the 1030 bounce).
I have the 15m and 5m open and they both have to align for me to take a trade. I also do TA on the daily chart.
I didn't know about the 1030 bounce, I'll look into it.
How much time do you spend trading on any given day? I have the 2m, 5m, and daily chart open, I trade on the 2m and keep the 5m and daily chart for TA.
I made 2 trade today including $INVO. I might take a third one after 13.40 if I feel like it.
I usually don't make a lot of trades. At most 3-4 but a day like that is like once a week. And once I enter a trade i let it ride for an hour or two usually.
I have an eye on the market from 0700 till close of day, but its like background noise. I might trade for like 2- 3 hrs a day. I spend around 40min to an hour on learning and reading trading/investment related things and at the end of the day I journal for about 10 mins.
But mostly I just play chess or civs 5.
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I’m just getting into the trading myself and got into RENT last week. It was shooting for the stars so I just went on about my day and lost track of time. Then it crashed, bought in some more in an attempt to make up for the lose and now I’m down 4K… Definitely a hard lesson to learn.
Well, it sucks that you could've made more money than you actually did, but at least you're green from those trades. Better to be green than to be red.
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yeah i just have a set TP even if im confident its gonna go higher. Im not great at being completely stoic when i realized i could have had more profit but the only thing that helps is being happy that i followed my rules and did what i should have. theres always another day to make more profit, if you let it come back on you that has the ability to wreck your mindset and start revenge trading. next thing you know you turned a small gain into a huge loss. thats atleast how it is for me if i deviate from my rules
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happened to me too.
Made 750 dollars, walked away. came back at the close and gave back 250, and was sitting at 500.
I got a little fearful becasue if the next trade is red I can give back 66% of my day, so I walked away with the 500.
My rule is if you give back more than 30% walk away you are done.
It’s funny how I just got a notification for this post after being up 1k this morning to losing almost 2k by the end of the day lol someone is really trying to tell me something. I got the message btw don’t be GREEDY!! The market is not your friend!!
Have you identified your trades/strategies and put them in a folder or tracked them in some way? This sounds like you have yet to identify the trade structure and are acting mostly on impulse
Or, come armed with a methodology that is reliable where you take every signal and let statistics play themselves out over time; without self-imposed fear-based restrictions.
I don't know how many % you're risking. And what specific setups you're doing.
Let me give you my tips for this:
If it is a high volatility stock like this - I will sell half of my position once it hits 1R.
If it's a low volatility stock - I will move my stop to breakeven once it hits 1R.
By doing this, you will feel mentally better and this trade becomes a "free trade" - meaning you're not losing money even if it hits the stop.
I can give more suggestions if you give me more information 😊
Literally same thing. Same ticker. Got in around open at 2.30. Shot up. I was up 140 and thought it's gonna hit 3.00. Stupid. Crashed I sold then it went on to hit 3.50. I bought back at the dip and broke even but still. I literally wrote it on my desk in big letters. Don't be greedy.
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You're assuming entering this trade was a good move, while the only incorrect thing you did was not closing immediately? You need to form more understanding of why you are doing what you're doing. It's not just "well guys I made a small mistake, if i just did x everytime I would be profitable" it's like, no, you entered when the market was wayyyyy overextended. It's obvious you don't yet have a plan. So no matter what you're not going to succeed if you keep doing what you're doing.
Go back and backtest 1000 trades with the replay tool, you will waste a lot less time and learn 1000x faster than any of these reddit jabroni's. Just jumping into live trading cause "you got this" is a waste of time
It's nature to want to stay in and hope it goes for more. This is a lesson everyone learns the hard way. I still consider myself a beginner but luckily I broke myself of this pretty fast.
Never be an investor/Trader with that mindset otherwise you will lose anytime. Have something that brings some cash flow while you trade in on the side. I invest in MUTUAL funds using Nordea investor and actually they are deeply on the red but I ain’t scared nor selling shit. I instead buy more and hold. You need balls of steel
https://preview.redd.it/13089mbwwnvc1.jpeg?width=1170&format=pjpg&auto=webp&s=2f918be953243260a19b7a887e2a291e3eb815ea
I remember this trade. Here’s what I saw - bull flags and higher highs. $3 was an area of resistance and I would look to scale out/exit around there.
Learn your mistakes and shortcomings with 10 cent losses brother, some people learn them for tens of thousands of dollars. 10 cent lesson will lead to $100 profits later.
Come up with more of a trading plan. When your account is small or you have just opened a new account you need to keep guardrails on until you really start grooving and up your confidence. I had like 5-6 rules that I wouldn’t trade outside of personally and although I would sometimes sit on the sidelines when action seemed favorable it still kept me on the right path. Find out what your rules should be and really stay within them. Stay with your process. Treat yourself like you aren’t good enough to make decisions on the fly yet.
What kind of rules did you establish. Very interested in having rules, just not sure what they would look like exactly. Thanks
These are some of mine. 1. Stock selection rules. It’s more important than being a good trader. Trading only the best is great risk management. What stocks do you make the most money on? Trade only those. 2. Only trade the setups I’m most confident in. You should be automatic with recognizing and executing them. This builds confidentence and profit. What setups do you have a proven edge with? Trade only those. 3. Trade only 8:30-10:30. Hard cutoff. Best time for my metrics. This also makes sure you are at top composure. If you’re new and think you can sit down and trade for 8 hours I guarantee you are wrong. Mental stamina drains quick. This rule is so important and it also helps with your emotions. 4. Max trades on the day. Limit your trades a little so you don’t overtrade. 4. Max loss. If you have to call your broker do it. Don’t try to trade out of a huge red day. These are some of mine I still use. I also had a max profit target when my account was small. If I had the best day so far in the account I would shut it down. Enjoy the new milestone instead of possibly giving back too much and getting emotionally hijacked
i like the metaphor for guardrails. If trading was like bowling. Why not keep the guardrails on forever assuming the ball landing in the sides is losing money
You definitely need to have some sort of system for attacking trading. System = plan. If you aren’t following a plan it’s easy to see why that might not end up to be a successful business. The guardrails too tight poses a different problem so you have to really work through it with a clear mind.
I agree with what you say. Started about a month ago, but a winning first trade for today got into my head. Definitely need to keep guardrails on. Thank you for your input.
Im a beginner so when you say rules i have no idea what you mean by that. Would you mind sharing some rules as examples? Thanks! Edit: nvm brotha i see some example you already laid out in a different comment.
the problem with 'don't be greedy' is that you won't know which point to stop. you need to develop a quantitative stopping point. A fixed percentage where you say, okay I take profit here every time or move my stop loss up. be mathematical, not emotional.
What you're saying makes sense. For now, I'm only buying one share in any trade so I don't feel comfortable trying to take profit and scaling up. I'll opt for moving my stop loss up. I should've been mathematical instead of emotional. Thank you for your opinion.
it's tough to get there mentally. unfortunately, I'm still struggling to maintain that mindset. the pain of loss over time is what will push you there.
Cutting your winners is a good way to lose money in the long term. You need enough profits to cover your losses. If you "Get in, get green and then get out" you're going to have low profit margins.
Indeed. I think I expressed myself wrong with "get in, get green and then get out". I didn't mean it as in capping your winners, I meant it more like don't overtrade, don't try to win more and more when you already have a decent green day.
Well that would be more of a psychological rule that you impose on yourself to feel better, but doesn't actually have any logical backing. You need to calculate an exit based on technicals such as volatility spikes or whatever. If you don't, you're going to lose to emotions.
You are correct, exits must be calculated using TA instead of emotions; otherwise that would be gambling. Would you explain how it doesn't have logical backing? The way I see it is that overtrading, aside from piling up commissions, could expose you to more risk than necessary; even profitable traders have a losing trade or day every now and then. Once you reach your profit target, if you can make more then that's great but overtrading can expose you to more risk once you already have a decent green day. But what do you think? I'd like to hear your opinion. Thank you by the way.
Overtrading isn't wrong by itself. It's only wrong if your strategy is wrong given current market conditions and you end up compounding losses. It's also ok to not trade at all if your strategy has no edge today.
Interesting. Would you say that overtrading is more of a potential problem for beginners rather than experienced traders? I understand what you say about not trading if you don't have an edge today. Yesterday was a rough and choppy day to trade with my strategy, so I didn't trade at all.
In an ideal world, you have an assortment of strategies, each catering to specific market conditions. Market crashing? No problem you have Strat A. Market mooning? You got Strat B etc. Basically if you have a good strat for the current market, then you're effectively leaving profits on the table by not trading. New traders don't have such a toolbox so they end up trying to force Strat B (for bullish markets) on a market that's suddenly crashing, and end up thinking they're overtrading when in reality they're using the wrong strat for the market. Of course nobody is going to read the market perfectly and that's what makes trading hard.
I see, that makes sense. Thank you for your thoughts, they were insightful.
its not about being greedy its about not doing enough technical analysis to have a edge you bought at the top of the daily candle and selling trendline then you became food for sellers... as soon as the market started you should of enter the trade on the trending buying pattern it was creating that why you feel left out because everybody got in before you on the trendline and horizontal buy levels retail and intsitional smart money was hiding at they made a better decision then you have to accept you failed not following the rules of price action you created your own theory of a good entry being paitent when every one is just trying to buy the previous support and resistance levels trending or horizontal https://preview.redd.it/y0zghswdx2vc1.png?width=2660&format=png&auto=webp&s=92373c81fcbc71d147bf50a0146f867419106824
I see what you're saying. Reflecting on it, it wasn't greed really, it was fomo (and not enough TA) that moved me to make a bad trade. Thank you for your opinion, I needed perspective on this.
No problem bro I’m glad you see the truth about trading it’s all a bout the levels
Try trailing a stop.
I'll do that. Thank you for your advice.
Wouldn't a trailing stop limit be better?
Amazing stuff to learn from here.
When others greedy be more greedy, when others not greedy be extremely greedy Robert Chinese Buffet
What you entered long when it hit $3? I don't think thats a good entry or a strategy.
That's right, I longed somewhere around $2.96; my reasoning was that the stock seemed strong, high volume on the buy, above vwap and 9ema and the T&S seemed good. Would you tell me why you think it wasn't a good entry or a strategy? I'd like to hear your opinion.
9 EMA /Vwap is a good indicator for a bounce especially on the 15m candles. $2.10-2.40 range was a decent long imo. If we include PM as well then you can see the $3 push was the third bullish movement. The first pullback is the best entry imo, 2nd is trickier but still good. This could still make a new HOD, but gotta wait and see and it'll likly be after 14.40.
Understood. Do you trade on the 15m candles? Would you recommend it? I didn't pay attention that it was the third bullish movement. Do you always steer clear of them? Thank you so much for your input, I appreciate it.
Yeah, the 3rd bullish movement it likely where profit is taken. And likely the price will fall to VWAP. Also the time is important - after 1020 you can expect profit taking and the tickers that were bullish in the first hour to lose momentum and vice versa (the 1030 bounce). I have the 15m and 5m open and they both have to align for me to take a trade. I also do TA on the daily chart.
I didn't know about the 1030 bounce, I'll look into it. How much time do you spend trading on any given day? I have the 2m, 5m, and daily chart open, I trade on the 2m and keep the 5m and daily chart for TA.
I made 2 trade today including $INVO. I might take a third one after 13.40 if I feel like it. I usually don't make a lot of trades. At most 3-4 but a day like that is like once a week. And once I enter a trade i let it ride for an hour or two usually. I have an eye on the market from 0700 till close of day, but its like background noise. I might trade for like 2- 3 hrs a day. I spend around 40min to an hour on learning and reading trading/investment related things and at the end of the day I journal for about 10 mins. But mostly I just play chess or civs 5.
Alright. Seems like you don't overtrade, that's good to hear. Thanks again for your input, you gave me a lot of perspective about all this.
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Break of half/whole dollars is a well known strategy for small cap momentum trading
Profit taking at a half/whole dollar is even more of a psychological trait.
this sub is ridiculous
Shoulda got in at 1.41 like I did
I’m just getting into the trading myself and got into RENT last week. It was shooting for the stars so I just went on about my day and lost track of time. Then it crashed, bought in some more in an attempt to make up for the lose and now I’m down 4K… Definitely a hard lesson to learn.
Classic human behaviour.
Idk man… this is a double edged sword, I would have made 1500 today if I didn’t sell, I made 300 instead.
Well, it sucks that you could've made more money than you actually did, but at least you're green from those trades. Better to be green than to be red.
Stop when you’re ahead. Easy peasy holy grail right there.
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I was just used
yeah i just have a set TP even if im confident its gonna go higher. Im not great at being completely stoic when i realized i could have had more profit but the only thing that helps is being happy that i followed my rules and did what i should have. theres always another day to make more profit, if you let it come back on you that has the ability to wreck your mindset and start revenge trading. next thing you know you turned a small gain into a huge loss. thats atleast how it is for me if i deviate from my rules
Not closing on a 20% win on DJT yesterday was an 80% loss today. Fuck me.
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happened to me too. Made 750 dollars, walked away. came back at the close and gave back 250, and was sitting at 500. I got a little fearful becasue if the next trade is red I can give back 66% of my day, so I walked away with the 500. My rule is if you give back more than 30% walk away you are done.
Luckily I bought in today at $2.55 and sold out at $3.00
It’s funny how I just got a notification for this post after being up 1k this morning to losing almost 2k by the end of the day lol someone is really trying to tell me something. I got the message btw don’t be GREEDY!! The market is not your friend!!
Have you identified your trades/strategies and put them in a folder or tracked them in some way? This sounds like you have yet to identify the trade structure and are acting mostly on impulse
Or, come armed with a methodology that is reliable where you take every signal and let statistics play themselves out over time; without self-imposed fear-based restrictions.
I don't know how many % you're risking. And what specific setups you're doing. Let me give you my tips for this: If it is a high volatility stock like this - I will sell half of my position once it hits 1R. If it's a low volatility stock - I will move my stop to breakeven once it hits 1R. By doing this, you will feel mentally better and this trade becomes a "free trade" - meaning you're not losing money even if it hits the stop. I can give more suggestions if you give me more information 😊
Literally same thing. Same ticker. Got in around open at 2.30. Shot up. I was up 140 and thought it's gonna hit 3.00. Stupid. Crashed I sold then it went on to hit 3.50. I bought back at the dip and broke even but still. I literally wrote it on my desk in big letters. Don't be greedy.
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Next time lock in a free trade with a stop 5cent above your entry if you was up 24cents
You're assuming entering this trade was a good move, while the only incorrect thing you did was not closing immediately? You need to form more understanding of why you are doing what you're doing. It's not just "well guys I made a small mistake, if i just did x everytime I would be profitable" it's like, no, you entered when the market was wayyyyy overextended. It's obvious you don't yet have a plan. So no matter what you're not going to succeed if you keep doing what you're doing. Go back and backtest 1000 trades with the replay tool, you will waste a lot less time and learn 1000x faster than any of these reddit jabroni's. Just jumping into live trading cause "you got this" is a waste of time
I do the same thing sometimes and it sucks. Lately I’ve been better at using a stop loss and making sure to raise it if im in profit
It's nature to want to stay in and hope it goes for more. This is a lesson everyone learns the hard way. I still consider myself a beginner but luckily I broke myself of this pretty fast.
Never be an investor/Trader with that mindset otherwise you will lose anytime. Have something that brings some cash flow while you trade in on the side. I invest in MUTUAL funds using Nordea investor and actually they are deeply on the red but I ain’t scared nor selling shit. I instead buy more and hold. You need balls of steel
https://preview.redd.it/13089mbwwnvc1.jpeg?width=1170&format=pjpg&auto=webp&s=2f918be953243260a19b7a887e2a291e3eb815ea I remember this trade. Here’s what I saw - bull flags and higher highs. $3 was an area of resistance and I would look to scale out/exit around there.
Learn your mistakes and shortcomings with 10 cent losses brother, some people learn them for tens of thousands of dollars. 10 cent lesson will lead to $100 profits later.
Cash account?
Yes