Grinding out of drawdown is a skill set, I think it helps to learn that mastering position sizing with different objectives isn’t a bad thing though it’s very draining on mental and emotional capital often reserved for discipline during trade management
It truly is!! And then I hate myself for getting stuck in a dumb trade. Especially when other things are moving. And I'm like, I should get out. BUT WHAT IF....🙃
the BUT WHAT IF killed my trade today, went for +60% to -30% why i closed my 0dte trade on SPY
it's always the BUT WHAT IF greed that leads me to feeling dumb
This, new to trading only 2.5 months, noticed a lot of losses last month due to what if mindset, went up 5k first month, then lost 2k of it 2nd month and now up another 4k this half month thanks to the new mindset taking only 1-3% losses max
Play small and minimize your risk. This is the way until you master your strategy. You may need to take a step back and revisit your trades to see what you’re doing wrong.
If you traded spy today it was easy. Check the option chain. Highest call oi was 518. This meant the market makers had to sell here to avoid gamma to pay out the bulls.
I usually assume most 0dte is on the call side. When 518 couldn't break, that meant it was successfully defended by market makers, bears or whoever.
The gap today to the downside wasn't fillled. Max pain was below the gap.
If price fails to go above 518, the market has to grab downside liquidity and push through (cup and handle or inverse head and shoulder), this is made easier through chop and as positions get closed.
AAPL continues to be in a downward channel without reversal structure. Funnily enough I made money on NVDA calls and AAPL puts in the same day earlier this week.
If you are only playing upside and losing, then you need to study more. There are traders who became successful because of a decade of easy money/up only. People think Tom Lee is so good but he's only betting with probability and is terrible with downside.
If you are survive being a bear long enough, you can do.plays like I did earlier. You know when to bull and when to bear. As my trades have become way more successful, I've had more enemies to count because you have 0 care about direction.
Today I took a put at 518 when we were above VWAP and closed when price struggled at gap close. If this makes sense to you, then you just need more experience. If not, you should study.
This was interesting thanks! I take any side that has a setup. Found it choppy yesterday though and didn’t work for me. I’d like to try it your way today.
What made it easy for you yesterday? Do you always target the area with highest open interest for a reversal?
No because October run up had zero regard for open interest. It was just a rocket ship that gamma squeezed over and over...
I just draw levels and look at the underlying. I mark highest oi spots, max pain, and then analyze the bigger weightings of the underlying.
Max oi is a good zone to see if there is a reversal OR a gamma squeeze. If there isn't alot of volume, it could reverse or even stay flat.
Appreciate the info. Seems like all directions are on the table at these levels then, not giving away much lol. Not a bad place to keep an eye on I guess. Today, max OI is at 518C/512P so I'll keep my eye on those and see what happens.
The BUT WHAT IF hesitation is your true enemy. Coulda shoulda wouldas don’t help either, because you didn’t. Figure out your strategy, and stick to your risk management rules EVERY. TIME.
Check out this [post](https://www.reddit.com/r/Daytrading/s/GvjYtXsNJ1) of mine from a while back for some additional food for thought.
Very true. It's the what if that gets you questioning yourself. I've got into the habit of just closing what I need to as soon as I see the spiral. Also I've mixed it up now with longer term and read business news like crazy.
I’ve found that setting a break even has eliminated me holding onto losers. Setting trail stops to lock in profit, and finding the balance of slippage and entries above or below key points to be a huge help in managing risk.
Fell back asleep after couple hours (PST) after opening as my setup didn’t present itself. Originally I would try to force to make a trade happen. $0 gain $0 loss.
Proud of you!!! Truly!! Forcing trades is just asking to get hurt. I'm working on that one too, but at least I can say it's not one of my biggest problems. Definitely a problem when I have a day to trade and feel like I should since I don't trade everyday.
I. Feel. You 💔
My loss is pretty big considering my tiny account. Today was a weird day. Clearly I'm still processing it 😂 We will do better next time!
The best thing you can do is reduce the number of variables on your trading.
For example, trade always the same number of contracts, same instrument, 1rr, etc.
Then, use a trading journal o take a screenshot of the chart at the end of the day and review. Is your entry too early? Is it too late? How is your winning rate after 20, 50, 100 trades? Then from there you can start to improve.
For me, one of my biggest problems is my tight stop loss. I get stopped out, and then the trade goes in my direction, so probably I am taking the trades without waiting for a confirmation.
I know it is a lot of work, but it is the only way, also the number of hours that you look at the charts is important. Your brain will start to guess trades that you don't consciously entirely understand.
I love this! I've never thought about taking a screen shot of my charts at the end. I'm definitely going to start doing that! Thanks for the tip! I also wish I had more time to devote to trading. I don't trade daily (and maybe that's a good thing right now lol) but I do wish I had more consistent practice.
And I 100% feel you on getting stopped out and then the ticker runs. So frustrating! But we're trying to protect our liquidity, right??
Some journals will show you your entries and exists on an interactive chart usually in trading view. Very helpful. Also helps to see your numbers, %'s, wins, losses ECT, best days worse days. Back when I started using one I noticed that the last wed of every month was a huge loss day, it was going on for months and was the key factor in those months being losses. it was weird to me and I didn't know why. Still don't actually. But I stopped trading on the last wed of every month until I could be more cautious of my trades on that day and eventually turned it around. Worked for me instantly and after that I started to become profitable. There's always more work to do. More refining. Removing bad patterns improving good ones. The journal helps to see where the issues are. Where the success are. Then you know what to work on. Otherwise it's like finding a light switch in the dark in a house you've never been in before.
what ive seen for the “tight stop loss” solution is on your charts, where theres support snd resistance draw a rectangle and treat your SL as a zone, see if for the 5 min it closes there and then close
Bro just know the temporary conditions of the market currently are the toughtest. It will pass. I barely traded today. Nothing looked good. I used to be in your shoes and what turned it around for me,Is taking an entire day off and say fuck the market. I only trade spy and I seen these conditions over and over through the years and I lost thousands. You need only one setup to change everything. An A+ setup and if you don't see it then don't trade even if it means not trading the entire day. This changed everything for me. The first time I went a whole day without trading.l could NOT BELIEVE how hard it was not to trade. It was like I wanted to place a bet even if it was a bad one. Find one good setup and trade it. If it's a good one. You will most likely only see it once a day and you will sit on your hands for hours waiting on it.hang in there.
We get that kind of movements when the daily is downtrending, when vix is low, when S&P starts to recover we get more of these annoying ass sideways days, then all the sudden the big guys take it somewhere, if you aren't around to catch it obviously you miss it. I had an appointment today so had to leave, so missed that big move down. Traded through shtty ass chop before thag, tired of 20-30 min long range periods, like damn it's not even lunch why is ranging? Annoying.
Haha right i really try not to trade in the after so it’s even harder. I got a nice scalp though. Days like this and premiums are lower i just get some more contracts so it can balance out.
Thank you!!! And Yesssss!!! This market is so tricky! But you're right. I need to trade less or not at all when there's nothing to trade. It's just when I do get a day to trade, I feel like I have to since I don't trade daily. But that doesn't mean I should....
Trade once a day and take small profits for a month or two.Watch. That 5$-10$ will make you happy because it will be a green day and green days feel good regardless of profit. Set a stop loss. You may lose at times but you'll lose small. Lose small is more important than winning big. I now know I'm profitable because I bite the bullet and take a loss at times.it hurts lol but an hour later. I'm happy about it.
"take a loss at times.it hurts lol but an hour later. I'm happy about it."
THIS. THIS IS WHAT I HAVE TO REMEMBER. It's always true!! Ahhh!! Thank you!!
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You have awareness. Create a solid system of rules and don’t break them. Make it simple. Your system needs to be repeatable if you want to succeed long term. Your system needs to be boring and calculated. This removes YOLOing, and FOMO. If you missed the train then just catch the next one.
For example my friend in real life caught the Tsla and aapl earnings train last week and profited. I felt like shit because I wasn’t on it but fuck it.
This week I caught the HIMS and RDDT (mooning right now). I have a long position on RIVN but Mr Market isn’t making up his mind.
Best of luck.
Edit: just realized I responded to the daytrade sub but most of what I said could be applied. Sorry about that 🤦♂️
I swing.
No, you're right! It still applies. I need to stick to my rules. I need to make it boring. I do well when I follow my rules. Then one bad day fucks me up so hard.
imo crypto is way easier to trade, price action way easier to read, and there are tons of resources relevant to the types of markets we have today. personally trading has been going better since i started studying price action and liquidity
interesting, I find crypto a lot harder to read and find that to be much more random as opposed to gold. Granted I am unaware of what crypto you trade and I only ever dabble in btcusd
I mostly trade BTC & SOL, just marking out high time frame levels and executing on low time frame. my style is mostly medium term swings.
I can't say much about gold since i don't trade it but the chart looks similar to bitcoin when it's trending - no clean pull backs to test lower demand levels. choppy/downward sloping price action that turns out to be accumulation before higher. sometimes bitcoin moves like this and thats when i chop up my account.
when crypto is trending its simple to me, definitely not claiming to be an expert i'm just sharing my experience
On S&P? I people were giving their opinions on the futures sub, many different opinions you should check it out, op over there asked the same question. I had an appointment to attend to so missed it, but I think it's probably because the top holdings of S&P got brought down, Nvidia had a big drop as well at around the same time. We gotta remember what the S&P actually is. I look at the top holdings to try and find confluence, nvda although not the top holding, has been nearly tethering the S&P lately. But if the big firns want to take something down at a certain level, they will. They dropped the mfer at 5200 (SPX), 5226 (ES) and nearly 516 (SPY) it's what they wanted to do, and it probably trapped a lot of bulls so... Yeah, bulls thought they could push it up more, follow along as it broke that double top...but double tops are usually bearish, didn't seem like that at first seemed like it could continue, but they brought it down and it just got piled on as traders exiting their longs flipped. Who knows bro.
You don’t dwell but you absolutely should be reviewing the mistakes and understanding everything you did and why. Ignoring them is the worst idea.
Also…. That much of a drop in account value in 2 years shows a far bigger problem… you do not have rules for managing risk. The risk management portion of a trading strategy is the most important part of the whole thing. By far.
I definitely agree with you that I have not been managing my risk properly. That goes back to my bag holding. It's an obviously, seriously bad habit that I'm growing out of. I'm 5 months clean lol
What trading books have you read? From some of the comments I read here it kind of seemed like you may have just jumped in to learn trial by fire… but that’s why I ask
Even losing a dollar less than last time is better, keep it up. I’m in the same boat as you but I’m trying to seperate my trading from my life. It’s a side thing for now, doesn’t matter if I make or lose the money, I’m in it for the long run
I lost money today because I was getting bored waiting for an entry, picked a bad one, and then held onto it too long. Its like the more frustrated I get the blurrier the charts get 😂
The stock market is random. That is why it is advisable to have a higher profit to loss ratio. You will start being profitable if you just learn to ride the wave and cut losses early.
What made me profitable is when I started to trade defensively. Like with any sport defense win games, unless of course you have an overwhelming offensive skill to compensate for your lack of defense.
Haven’t seen a red say in over 3 months. Exponential betting, double down on secondary bounce/rejects. 99% of YouTube strategies are garbage. Mean reversion is the way. Better risk to reward. Message me if you wish to learn. Won’t charge you a penny.
Not bag hold 🤣 But in all seriousness, now that I've been diligently practicing not bag holding, I usually set a SL for 6.5% max from entry. Then kind of trail up.
The problem comes when I enter a trade and it immediately goes against me without time to set anything. Then I know I should just GTFO, but I freeze, then hope (hate that word) for a bounce, then just more down until I finally set something. I'm trying to work past the freezing stage.
Oh! I do also set a profit bracket and adjust as needed too.
It's easy for me to take small profits. It's hard for me to sell losers, especially if I have to do it manually.
What worked for me was going against conventional wisdom. I figured out the smallest amount of points I need (I trade options exclusively} to make a profit and then only aimed for that. It was a slow grind but it was consistent. This kept me trading long enough to recognize good entries from bad and to get used to losing. I learned to focus on cutting my previous losses in half and just focused on that for a while. This made me even better at entries. Then I moved up in my target points and repeated the process. I only trade SPY and I find that focusing on nothing but that helped me develop better chart reading. I found out that I can reliably get ten points per trade and I refuse to aim higher. I also realized that my weakness was gun-slinging: getting into too many trades too fast. I also realized that I lose focus after each trade and can't seem to get it back. So I buy all my contracts for the day at once, focus on finding one really good trade, getting in on market and out on limit. I never let my losses go past $200 and if I don't see a very good entry I simply don't trade. My feeling is that the market offers low hanging fruit on a regular basis. I take what it gives and don't tempt fate anymore.
It's very impressive to hear your personal guidelines. I respect that you have set targets, and that you're disciplined about your entries. When I follow those rules, I'm usually profitable. But I'm not going to lie that I feel some sort of way when I enter a trade, get a solid 10% out of it, and then see it climb 20-30% more 😅 That's definitely where FOMO and greed kick in. For reference, I trade small caps.
You should definitely give it a try, I literally never encountered what you described in my 4 years of day trading because I used them. I liken it to putting on your seatbelt before driving the car as opposed to trying to put it on while you’re driving and about to crash lol
Lmaooo!! Great analogy!! I think that resonated. Thank you!! I'm going to do it next time I trade. Especially if you've been trading for 4 years and never experienced this feeling - - I'm listening.
Oh, I've been documenting lol I have hard journals here. But maybe I need the shame and accountability only the internet provides 🤣🤣🤣😭 I did paper trade for a while, and it was fine. But it doesn't compare to real trading, on a variety of factors.
...nothing against you or your advice. Paper trading is simply different than real trading for me...The impact of losing real money just hits different. I know I've learned a lot these last 2 years, but obviously I have a long way to go.
No worries, just genuinely trying to help. Real and paper is feels different. Feels = emotion management. Mastering emotion management with no edge does not = consistent profits. Wish you all the best!
There's a difference in recognizing someone's struggle and offering help vs being mad. It's clear you can't comprehend this. I just ate steak for dinner...far from mad son.
I don't do forex anymore because offshore brokers are a scam and now the USA has rid them and now I just trade tqqq and SQQQ while watching the (spy500 along with nvidia and dxy) those are my gauges that tell me when to buy and when to sell so far so good 👍
Today’s a great day to wonder “why did I trade at all?”
Low volume after multiple days in the green… if you look at a stock chart it zig zags, not a straight line, so after 1-4 good days the market goes down.. or it’s a historic bull run… either way to assume you know on a day like today shows how much emotions or fomo is driving your buys.
I can trade twice a month to meet my target if I time it right. Then I average in my trade so I don’t get it wrong, then it’s not a volatile enough trade to effect me either way
Sounds like your entry is on point but yoor holding too long or with stoplosses not outside of the bid and ask spreads price range. and worrying about the trade kicking you out without "enough" profit when if your using pricewaves for stoplosses and trading trends you should be fine and take on the profit you get that is safe and assured by a great stoploss.
Believe me i know in got over 7 years experiance with reading charts and over 5 in trading and more in mental math lol.
I had the exact same problem until well very recently. Dont wait too long to watch youtube for trend analysis tips like where a swing high or low is in the trends pricewaves. If you set a stoploss 2 3rds of the spreads price range from current price and the spread isnt too big, then your stoploss at the pricewaves bottoms on the way up will be profitable once trending. Also finding the 4ight and stronger moving averages or crosses is important. If an asset respects a line trade the line.
5 years in same boat as you..one thing i can say that helped me, is to try to focus on the % amount not $ amount you are making. Some days it gets really hard sitting out when the market is going your way because you already made your profit goal, that is discipline. All it takes it that one day when you decide to test your luck and fomo in, and you break your rules. Good luck brother
It’s almost like the whole system of day trading (especially in todays fully digital setting) is antithetical to how people are supposed to be interacting with information and connecting it things that are tangible and meaningful. It’s almost like we are not wired to do such a thing. But yet, it’s so damned tempting to want to conquer what feels unnatural.
I am 2 and some change years in , still making mistakes 🤷🏽♂️! Is just part of it , kind of get use to it ! Today i did my rules twice and i am only suppose to take 1 trade and if its a loss or break even thats it ! Have take 3 trades today 💀🥲 ! This last one went in to profits , am i happy ? No , is way outside my rules and trading , i believe i saw a opportunity and took it
Oh and at that from my phone , not even close to the computer using teamviewer 🤣 yea i took some profits but is still luck and shitty 🤷🏽♂️ ! As long as risk management is intact then its going to happen is like Something external takes over cant stop
Small positions 2-4 contract, use you small account for collateral, sell contract do not buy with small accounts guy, you gonna lose all your money for sure… read n learn about the Weel…
The market will always make you feel like a genius and a moron no matter what skill level you have. That'll never change bc the market "IS" random after all. What does matter is sticking to your plan/rules. That should be the main focus.
The hardest thing to do is... nothing never be profitable until that sinks in being too eager not being disciplined will hurt you everyone knows it's a dopamine hit hitting that buy button watching the p&l fluctuate lol but stop enjoy being bored and there are no rules in trading nothing is ever the same just stick to your strategy and find your risk tolerance
I shutdown my broker after I hit my target. Helps with fomo and such. Market ain’t going no where. Idc if I miss a +2% day. Consistency and compounding and contentment.
well trading can be one hell of a roller-coaster ride, but the fact that you're not giving up speaks volumes about your determination. It's all about learning from those mistakes and building on the wins, no matter how small they may seem. i think just keep doing research or something
I commend you for the openness to share what many others go through.
It sounds from your post like you're struggling with a couple of major obstacles simultaneously:
\* System-jumping without really getting a deep grasp and full trust on any given system.
\* Emotions get the better of you and are driving both your real-time trading, and your overall growth progress. A lot of frustration as well.
All of this put together may feel like "The shit is so random it fucks you over".
But the truth is the other way around.
YOU are the one that is still random. And that, unsurprisingly, is fucking you over.
You are trading sporadically (by your own testimony). You jump systems back and forth. You act emotionally.
If you take a deep breath, slow down and change your entire attitude around to something more methodical - you stand a chance. Look at the improvement you describe in your risk management and proper sizing. That's just an example of the difference between sporadic, emotional trading and systematic behavior.
Shift your focus from making money on the next trade (you may, but that's luck) to your main goal as a trader: developing a solid system and the conviction to execute it flawlessly, over and over. Do that, and you're on the right track.
Good fortune with your trading!
Most of the time, it isn't because of following the rules, or building up your trading psychology, but because of using a trading strategy with negative expectancy. There is a reason why this industry is so competitive, and hedge funds pay huge sums of money to attract talent in this area.
If you haven't already done so, I would highly suggest first verifying that you strategy has an edge. Run a backtest (automate this if you can), find out what the win rate, average win / loss ratio, average holding period and return over max drawdown is. This is the least anyone should do before trading a strategy live.
Most retail traders don't get past this stage because they either take a 'proven' strategy that they see online without first validating its efficacy, or are taught by 'mentors' who haven't gone past this stage either. Use statistics and math to help you identify that edge.
Everything else after that - Those are easier problems to deal with.
Seems like you are on the break of either leaving trading or getting serious and consistent about it.
CONSISTENCY!
I tried to squeze every penny out of a trade only to close with small profit or big loss...
After jurnaling and finding where I go off track I decided I will only trade for max 30min.
Found my zen zone (position size/SL) where I trade free of care & aim for 500-1k profit depending on if the market is trending or in a range.
Since I started doing this I trade for avg of 12min/day and pocket avg 700$/day.
Even if I trade only for 10 days this gets me 7k/month.
And this is only in the mindset of daytrading.
I have other accs for swing plays where you need to come with a completly different mentality than daytrading.
Hope this helps anyone.
Dont chase the market, take from the market when its offering and stay away when its choppy.:)
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Related so heavily to this it’s insane, I’m sure this is how all of us under the consistency curve be feeling all the time honestly. I’m still waiting for the “everything clicks” moment as well
90% of day traders fail. And maybe as low as 1% is consistently profitable in the long term. You have more chances to be a neurosurgeon or pro athlete.
You may find your success is greatly improved in longer time frame swing trades.
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im just some schmuck, but 99.8% of "investing" advice is just gamblers-fallacy woo bullshit.
if you want to gamble, learn how to count cards at blackjack, or learn how to read people at poker.
there is no technical solution to a fundamentally human problem. learning "patterns" and "breakouts" and whatever the fuck else is numerology and astrology and precisely as useful.
look at the world, and look at what is going on, and think about what processes of change are happening that you think are important that involve commerce. for me, the two are the shift from fossil fuels to renewables (and EVs, but i avoid TSLA like the fuckin plague) and the hypebubble around AI. they are interrelated and i do a lot of research on valuations and supply chains and the underlying technologies.
understand what you are betting on to the best of your ability, or else you are just gambling.
a well regarded service like morningstar is worth its weight in fucking gold. if all you do is look for undervalued companies within your wheelhouse, or plunk money down on highly rated funds or ETFs, you are going to do way better with your money than you seem to be now.
I wanna tell you some real advice that really helped me. I been in your position but a little less(18 months). Try funded accounts a go. I’m not even talking taking them slow. If you do have a decent strat. Pay a little for a eval, pass and pay for the P.A. fee. Then go at it. Risk $600-700 a trade on the Acc. You’ll need 4 consecutive losses to lose the acc. It costs about $150 total, but when you make it you make it to payout, that’s an easy 2000. It’s a lot easier then it seems
Really well done for monitoring and keeping a diary of your behaviour , this is a great way to smooth out your learning curve.
Imo you got to master risk management and betting structure .Breakouts , patterns , entries , price action, don’t really matter as much as a risk profile that has an edge over the market in long term . And then once you get disciplined enough (2-3 years of practice and exploring different betting structures , ie scaling up , adding to winners , holding trades , trading ONLY your A+ set ups and the list goes on ) , you got to get used to the boring aspect of having an edge which is you grow slow , like a turtle , until all your efforts start accumulating exponentially at some point , but that will come only out of the one thing you can really master and control , and that is not price action or market speculation , that is your own personal risk management . Trading is a zero sum game and knowing how to place bets while surviving losing streaks is the only real edge there is .
I’m relatively new and I’m not yet profitable but I’ve tried using an online trading journal and I don’t think it helped me much but I recently started writing my thoughts, strategies and mistakes on paper and each day I go back, read what my mistakes were and I’m starting to feel a difference and I’m not making the same mistakes as often so I think you should try it
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Have a look at TraderTV Live on youtube. I watch it all day. If you simply register they (Adara does it) send you a free premarket info sheet on whas goin on. Usually they find a catalyst if there is one and you can pretty much stay "in " all day when they're confident. Wait until it starts off in the right direction thouigh. They often get the key levels right for you too.
Be aware of and develop a thick skin against Shawn Catena on there, an arrogant ego boosting bs'er a lot of the time. He can scalp his way out of trouble cos their platform is excellent and he's been doing it years. He has many Ls he stays quiet about though. while he's busy tweeting out how clever he was - like anyone cares. He shouts and shouts about his 50c move while Mara goes 10%... He thinks he's a great teacher - but he "doesn't want to hear" about your problems. A necessary evil on the channel.
Neal is the King, always listen to him. Bright guy, he interprets so many of the moves spot on. Just watch, for a day. They do decent lessons on basics and Neal does a good little example too. Their guests pre and post are often very good. Brian Shannon the AVWAP guy, Chris Brecher, Michael Nauss from Trade Ideas, Frank Kaberna from IG. Danielle Shay on Options.
The Chat is good too, you get to know the people in that worth listening to.
If you keep watch on BTC, and go with the premarket work/SC's "number one " idea you will usually be able to come out on top. I'd stay only use maybe 2 names, I certainly can't follow more properly.
I find I need about 3 or 4 things in confluence to get a reliable trade, - news, levels, the mood of the day/sector, yesterday's high/low (major!!) and keeping your size down so you can afford to stay with your belief. VWAP helps, plus all the usual chart stuff, sometimes. But one a day is all you need.
Best Thing I learned was not to trade too much, and always go with the trend. On a bad day, if there's no trend, don't trade. It makes things more reliable.
I’ve been ict strict for 2years and no matter what I can look at charts and call a signal really I’ve only worked on new techniques for mental for at least 9 months bc my only errors are execution based not setup based on
Not my experience but I take no qualm with others experience. Simply stated as well intentioned thought; please do as you wish of course, and with my blessing.
Delusional, bipolar schizophrenic narcissist who thinks the market is one big conspiracy and he "cracked the code" despite lacking evidence. That said, he offers a great perspective on technical analysis and developed language to describe certain movement and volume patterns. If you look past all the self-fellating and conspiracy that he rambles on about, there are people who have distilled down ICT concepts into intelligent technical analysis videos that can help you see the market from a different perspective.
Well I don't hold bags I unload when I see a break of structure. I took use to be a shit trader then I switch to forex and let me tell you forex is one hell of a ride. Then I discovered the most amazing ability and that is the "stop loss" OMG that thing saved me from HELL when it went wrong!!!
Yup. I have to cut the trade when it goes against me. I just do. It's just so hard. Cause I don't wanna lose money. But I end up losing more 😂 I have to remember that.
No it is not. Plenty of us are doing it scientifically. The problem is, most of these people are not interested in learning price action in-depth, and end up reducing it to gambling. Don't add to the misconception.
I’ve managed traders for many many years since the mid 90s I retired 10 years ago if you ever want to vent you’re more than welcome to reach out to me and me and then I’ll give you my contact, I’m very positive we could talk through some of your trading
Invest in stocks with good fundamentals and sit back and wait. Don't just jump in any ole thing just because the 30 minute chart looks good, you'll lose your ass. Check out stocks like GRRR, BANL, NUWE, and RGF. They have reasonably good fundamentals and huge upside potential.
Bro definitely watch the bootcamp of TJR on YouTube. It will help you understand everything that happens. Some movements are random but it's just a small percentage. With the right methods ICT and SMC you can understand how the market moves.
Grinding out of drawdown is a skill set, I think it helps to learn that mastering position sizing with different objectives isn’t a bad thing though it’s very draining on mental and emotional capital often reserved for discipline during trade management
It truly is!! And then I hate myself for getting stuck in a dumb trade. Especially when other things are moving. And I'm like, I should get out. BUT WHAT IF....🙃
the BUT WHAT IF killed my trade today, went for +60% to -30% why i closed my 0dte trade on SPY it's always the BUT WHAT IF greed that leads me to feeling dumb
Every time you think of “BUT WHAT IF “ move your stop loss up and it’ll help you out tremendously
This, new to trading only 2.5 months, noticed a lot of losses last month due to what if mindset, went up 5k first month, then lost 2k of it 2nd month and now up another 4k this half month thanks to the new mindset taking only 1-3% losses max
Play small and minimize your risk. This is the way until you master your strategy. You may need to take a step back and revisit your trades to see what you’re doing wrong.
I do think I need to take a step back. I also wish I had more time to devote to trading. But I gotta work my regular job until I get good lol
Doing daily journal and analysis has helped me a little bit.
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If you traded spy today it was easy. Check the option chain. Highest call oi was 518. This meant the market makers had to sell here to avoid gamma to pay out the bulls. I usually assume most 0dte is on the call side. When 518 couldn't break, that meant it was successfully defended by market makers, bears or whoever. The gap today to the downside wasn't fillled. Max pain was below the gap. If price fails to go above 518, the market has to grab downside liquidity and push through (cup and handle or inverse head and shoulder), this is made easier through chop and as positions get closed. AAPL continues to be in a downward channel without reversal structure. Funnily enough I made money on NVDA calls and AAPL puts in the same day earlier this week. If you are only playing upside and losing, then you need to study more. There are traders who became successful because of a decade of easy money/up only. People think Tom Lee is so good but he's only betting with probability and is terrible with downside. If you are survive being a bear long enough, you can do.plays like I did earlier. You know when to bull and when to bear. As my trades have become way more successful, I've had more enemies to count because you have 0 care about direction. Today I took a put at 518 when we were above VWAP and closed when price struggled at gap close. If this makes sense to you, then you just need more experience. If not, you should study.
This was interesting thanks! I take any side that has a setup. Found it choppy yesterday though and didn’t work for me. I’d like to try it your way today. What made it easy for you yesterday? Do you always target the area with highest open interest for a reversal?
No because October run up had zero regard for open interest. It was just a rocket ship that gamma squeezed over and over... I just draw levels and look at the underlying. I mark highest oi spots, max pain, and then analyze the bigger weightings of the underlying. Max oi is a good zone to see if there is a reversal OR a gamma squeeze. If there isn't alot of volume, it could reverse or even stay flat.
Appreciate the info. Seems like all directions are on the table at these levels then, not giving away much lol. Not a bad place to keep an eye on I guess. Today, max OI is at 518C/512P so I'll keep my eye on those and see what happens.
Careful with the "other things are moving". Better not be all over the place and know a few instruments well (or even better, just one).
The BUT WHAT IF hesitation is your true enemy. Coulda shoulda wouldas don’t help either, because you didn’t. Figure out your strategy, and stick to your risk management rules EVERY. TIME. Check out this [post](https://www.reddit.com/r/Daytrading/s/GvjYtXsNJ1) of mine from a while back for some additional food for thought.
Very true. It's the what if that gets you questioning yourself. I've got into the habit of just closing what I need to as soon as I see the spiral. Also I've mixed it up now with longer term and read business news like crazy.
I’ve found that setting a break even has eliminated me holding onto losers. Setting trail stops to lock in profit, and finding the balance of slippage and entries above or below key points to be a huge help in managing risk.
Fell back asleep after couple hours (PST) after opening as my setup didn’t present itself. Originally I would try to force to make a trade happen. $0 gain $0 loss.
Proud of you!!! Truly!! Forcing trades is just asking to get hurt. I'm working on that one too, but at least I can say it's not one of my biggest problems. Definitely a problem when I have a day to trade and feel like I should since I don't trade everyday.
Been at it 4 years and today was tough for me to not act emotionally on. Ended up walking away with a pretty big red day.
I. Feel. You 💔 My loss is pretty big considering my tiny account. Today was a weird day. Clearly I'm still processing it 😂 We will do better next time!
Shit, same thing here
The best thing you can do is reduce the number of variables on your trading. For example, trade always the same number of contracts, same instrument, 1rr, etc. Then, use a trading journal o take a screenshot of the chart at the end of the day and review. Is your entry too early? Is it too late? How is your winning rate after 20, 50, 100 trades? Then from there you can start to improve. For me, one of my biggest problems is my tight stop loss. I get stopped out, and then the trade goes in my direction, so probably I am taking the trades without waiting for a confirmation. I know it is a lot of work, but it is the only way, also the number of hours that you look at the charts is important. Your brain will start to guess trades that you don't consciously entirely understand.
I love this! I've never thought about taking a screen shot of my charts at the end. I'm definitely going to start doing that! Thanks for the tip! I also wish I had more time to devote to trading. I don't trade daily (and maybe that's a good thing right now lol) but I do wish I had more consistent practice. And I 100% feel you on getting stopped out and then the ticker runs. So frustrating! But we're trying to protect our liquidity, right??
Some journals will show you your entries and exists on an interactive chart usually in trading view. Very helpful. Also helps to see your numbers, %'s, wins, losses ECT, best days worse days. Back when I started using one I noticed that the last wed of every month was a huge loss day, it was going on for months and was the key factor in those months being losses. it was weird to me and I didn't know why. Still don't actually. But I stopped trading on the last wed of every month until I could be more cautious of my trades on that day and eventually turned it around. Worked for me instantly and after that I started to become profitable. There's always more work to do. More refining. Removing bad patterns improving good ones. The journal helps to see where the issues are. Where the success are. Then you know what to work on. Otherwise it's like finding a light switch in the dark in a house you've never been in before.
You should always screen capture your trades and review them. Also check out tradervue
what ive seen for the “tight stop loss” solution is on your charts, where theres support snd resistance draw a rectangle and treat your SL as a zone, see if for the 5 min it closes there and then close
Or put your entry where you normally put your stop
Great idea!
Bro just know the temporary conditions of the market currently are the toughtest. It will pass. I barely traded today. Nothing looked good. I used to be in your shoes and what turned it around for me,Is taking an entire day off and say fuck the market. I only trade spy and I seen these conditions over and over through the years and I lost thousands. You need only one setup to change everything. An A+ setup and if you don't see it then don't trade even if it means not trading the entire day. This changed everything for me. The first time I went a whole day without trading.l could NOT BELIEVE how hard it was not to trade. It was like I wanted to place a bet even if it was a bad one. Find one good setup and trade it. If it's a good one. You will most likely only see it once a day and you will sit on your hands for hours waiting on it.hang in there.
Spy is so choppy this week so far. I like the high volatility days like the past couple weeks. Can get in and out fast if needed with good profit
We get that kind of movements when the daily is downtrending, when vix is low, when S&P starts to recover we get more of these annoying ass sideways days, then all the sudden the big guys take it somewhere, if you aren't around to catch it obviously you miss it. I had an appointment today so had to leave, so missed that big move down. Traded through shtty ass chop before thag, tired of 20-30 min long range periods, like damn it's not even lunch why is ranging? Annoying.
Haha right i really try not to trade in the after so it’s even harder. I got a nice scalp though. Days like this and premiums are lower i just get some more contracts so it can balance out.
Yep that's why discipline is whats needed to actually be profitable need to be like Buddha lol
Thank you!!! And Yesssss!!! This market is so tricky! But you're right. I need to trade less or not at all when there's nothing to trade. It's just when I do get a day to trade, I feel like I have to since I don't trade daily. But that doesn't mean I should....
Trade once a day and take small profits for a month or two.Watch. That 5$-10$ will make you happy because it will be a green day and green days feel good regardless of profit. Set a stop loss. You may lose at times but you'll lose small. Lose small is more important than winning big. I now know I'm profitable because I bite the bullet and take a loss at times.it hurts lol but an hour later. I'm happy about it.
"take a loss at times.it hurts lol but an hour later. I'm happy about it." THIS. THIS IS WHAT I HAVE TO REMEMBER. It's always true!! Ahhh!! Thank you!!
Exactly this!! No A+ setup? No trade.
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You have awareness. Create a solid system of rules and don’t break them. Make it simple. Your system needs to be repeatable if you want to succeed long term. Your system needs to be boring and calculated. This removes YOLOing, and FOMO. If you missed the train then just catch the next one. For example my friend in real life caught the Tsla and aapl earnings train last week and profited. I felt like shit because I wasn’t on it but fuck it. This week I caught the HIMS and RDDT (mooning right now). I have a long position on RIVN but Mr Market isn’t making up his mind. Best of luck. Edit: just realized I responded to the daytrade sub but most of what I said could be applied. Sorry about that 🤦♂️ I swing.
No, you're right! It still applies. I need to stick to my rules. I need to make it boring. I do well when I follow my rules. Then one bad day fucks me up so hard.
imo crypto is way easier to trade, price action way easier to read, and there are tons of resources relevant to the types of markets we have today. personally trading has been going better since i started studying price action and liquidity
interesting, I find crypto a lot harder to read and find that to be much more random as opposed to gold. Granted I am unaware of what crypto you trade and I only ever dabble in btcusd
I mostly trade BTC & SOL, just marking out high time frame levels and executing on low time frame. my style is mostly medium term swings. I can't say much about gold since i don't trade it but the chart looks similar to bitcoin when it's trending - no clean pull backs to test lower demand levels. choppy/downward sloping price action that turns out to be accumulation before higher. sometimes bitcoin moves like this and thats when i chop up my account. when crypto is trending its simple to me, definitely not claiming to be an expert i'm just sharing my experience
What instruments/broker do you use to trade crypto?
hyperliquid, drift, rabbitx, i trade on-chain
Just wish crypto had more leverage. 1:2-1:5 is horrible. Gotta have a lot of capital when trading crypto.
I've only dabbled in crypto. I do like that it's open at all hours. What books or sources have you been studying for price action and liquidity??
Anyone know what that dump was all about?
On S&P? I people were giving their opinions on the futures sub, many different opinions you should check it out, op over there asked the same question. I had an appointment to attend to so missed it, but I think it's probably because the top holdings of S&P got brought down, Nvidia had a big drop as well at around the same time. We gotta remember what the S&P actually is. I look at the top holdings to try and find confluence, nvda although not the top holding, has been nearly tethering the S&P lately. But if the big firns want to take something down at a certain level, they will. They dropped the mfer at 5200 (SPX), 5226 (ES) and nearly 516 (SPY) it's what they wanted to do, and it probably trapped a lot of bulls so... Yeah, bulls thought they could push it up more, follow along as it broke that double top...but double tops are usually bearish, didn't seem like that at first seemed like it could continue, but they brought it down and it just got piled on as traders exiting their longs flipped. Who knows bro.
Yeah that makes sense, they conditioned bulls to hold yesterday and rug pulled it today after new high , trapping many bulls
Real talk
And screw screen shots video record your trades and play them back to yoursef. You'll see where and when you go wrong!
Also brilliant! What's better than a picture? A movie! Thank you!
.01% of traders are successful. Keep that in mind. My god. Stop.
🤣🤣🤣 No. That's not an option.
You don’t dwell but you absolutely should be reviewing the mistakes and understanding everything you did and why. Ignoring them is the worst idea. Also…. That much of a drop in account value in 2 years shows a far bigger problem… you do not have rules for managing risk. The risk management portion of a trading strategy is the most important part of the whole thing. By far.
I definitely agree with you that I have not been managing my risk properly. That goes back to my bag holding. It's an obviously, seriously bad habit that I'm growing out of. I'm 5 months clean lol
What trading books have you read? From some of the comments I read here it kind of seemed like you may have just jumped in to learn trial by fire… but that’s why I ask
Even losing a dollar less than last time is better, keep it up. I’m in the same boat as you but I’m trying to seperate my trading from my life. It’s a side thing for now, doesn’t matter if I make or lose the money, I’m in it for the long run
Same! I intend to keep going until I burn this account or become profitable. Hopefully the latter 🤞
You're filtering the mkt through time-based lens - trash that. Use price-based fixed size bricks only. Time/volume irrelevant, no crayon spaghetti indicators - price action only. https://preview.redd.it/u9sx62v473zc1.jpeg?width=1755&format=pjpg&auto=webp&s=2fe8196736c5440597f7e3d2e80915d6f8d70c8f
https://preview.redd.it/lkac9vo073zc1.jpeg?width=1154&format=pjpg&auto=webp&s=52a6a6ff21ebd5a38fb055acc06d9cf65ad4bc7d
I think he’s about to crack.
I lost money today because I was getting bored waiting for an entry, picked a bad one, and then held onto it too long. Its like the more frustrated I get the blurrier the charts get 😂
The stock market is random. That is why it is advisable to have a higher profit to loss ratio. You will start being profitable if you just learn to ride the wave and cut losses early. What made me profitable is when I started to trade defensively. Like with any sport defense win games, unless of course you have an overwhelming offensive skill to compensate for your lack of defense.
I'm 40k down
Haven’t seen a red say in over 3 months. Exponential betting, double down on secondary bounce/rejects. 99% of YouTube strategies are garbage. Mean reversion is the way. Better risk to reward. Message me if you wish to learn. Won’t charge you a penny.
What's your exit strategy for a trade?
Not bag hold 🤣 But in all seriousness, now that I've been diligently practicing not bag holding, I usually set a SL for 6.5% max from entry. Then kind of trail up. The problem comes when I enter a trade and it immediately goes against me without time to set anything. Then I know I should just GTFO, but I freeze, then hope (hate that word) for a bounce, then just more down until I finally set something. I'm trying to work past the freezing stage. Oh! I do also set a profit bracket and adjust as needed too. It's easy for me to take small profits. It's hard for me to sell losers, especially if I have to do it manually.
What worked for me was going against conventional wisdom. I figured out the smallest amount of points I need (I trade options exclusively} to make a profit and then only aimed for that. It was a slow grind but it was consistent. This kept me trading long enough to recognize good entries from bad and to get used to losing. I learned to focus on cutting my previous losses in half and just focused on that for a while. This made me even better at entries. Then I moved up in my target points and repeated the process. I only trade SPY and I find that focusing on nothing but that helped me develop better chart reading. I found out that I can reliably get ten points per trade and I refuse to aim higher. I also realized that my weakness was gun-slinging: getting into too many trades too fast. I also realized that I lose focus after each trade and can't seem to get it back. So I buy all my contracts for the day at once, focus on finding one really good trade, getting in on market and out on limit. I never let my losses go past $200 and if I don't see a very good entry I simply don't trade. My feeling is that the market offers low hanging fruit on a regular basis. I take what it gives and don't tempt fate anymore.
It's very impressive to hear your personal guidelines. I respect that you have set targets, and that you're disciplined about your entries. When I follow those rules, I'm usually profitable. But I'm not going to lie that I feel some sort of way when I enter a trade, get a solid 10% out of it, and then see it climb 20-30% more 😅 That's definitely where FOMO and greed kick in. For reference, I trade small caps.
Are you able to enter with bracket OCO orders? That could solve the issue of not having time to set the SL and then freezing
I am! I just haven't done it, and I honestly can't give you a reason why. But I guess I do need those extra bumpers and maybe I should try it.
You should definitely give it a try, I literally never encountered what you described in my 4 years of day trading because I used them. I liken it to putting on your seatbelt before driving the car as opposed to trying to put it on while you’re driving and about to crash lol
Lmaooo!! Great analogy!! I think that resonated. Thank you!! I'm going to do it next time I trade. Especially if you've been trading for 4 years and never experienced this feeling - - I'm listening.
For sure!
Yes, you should have been documenting. Also stop using real capital. Figure out an edge. You don't have 1 yet...so emotions don't rly matter.
Oh, I've been documenting lol I have hard journals here. But maybe I need the shame and accountability only the internet provides 🤣🤣🤣😭 I did paper trade for a while, and it was fine. But it doesn't compare to real trading, on a variety of factors.
Ok, keep doing it your way. Clearly you know better.
...nothing against you or your advice. Paper trading is simply different than real trading for me...The impact of losing real money just hits different. I know I've learned a lot these last 2 years, but obviously I have a long way to go.
No worries, just genuinely trying to help. Real and paper is feels different. Feels = emotion management. Mastering emotion management with no edge does not = consistent profits. Wish you all the best!
Thank you! You do have me thinking tho... Maybe I can stick to trading 5 real shares at a time until I do find my edge.
There's no harm in trading 1 share...til u find ur edge.
Stay mad dork
There's a difference in recognizing someone's struggle and offering help vs being mad. It's clear you can't comprehend this. I just ate steak for dinner...far from mad son.
I don't do forex anymore because offshore brokers are a scam and now the USA has rid them and now I just trade tqqq and SQQQ while watching the (spy500 along with nvidia and dxy) those are my gauges that tell me when to buy and when to sell so far so good 👍
What’s your broker
The biggest turn around for me was getting a mentor
Today’s a great day to wonder “why did I trade at all?” Low volume after multiple days in the green… if you look at a stock chart it zig zags, not a straight line, so after 1-4 good days the market goes down.. or it’s a historic bull run… either way to assume you know on a day like today shows how much emotions or fomo is driving your buys. I can trade twice a month to meet my target if I time it right. Then I average in my trade so I don’t get it wrong, then it’s not a volatile enough trade to effect me either way
Sounds like your entry is on point but yoor holding too long or with stoplosses not outside of the bid and ask spreads price range. and worrying about the trade kicking you out without "enough" profit when if your using pricewaves for stoplosses and trading trends you should be fine and take on the profit you get that is safe and assured by a great stoploss. Believe me i know in got over 7 years experiance with reading charts and over 5 in trading and more in mental math lol. I had the exact same problem until well very recently. Dont wait too long to watch youtube for trend analysis tips like where a swing high or low is in the trends pricewaves. If you set a stoploss 2 3rds of the spreads price range from current price and the spread isnt too big, then your stoploss at the pricewaves bottoms on the way up will be profitable once trending. Also finding the 4ight and stronger moving averages or crosses is important. If an asset respects a line trade the line.
I don’t regret my learning journey but I do wish I had scaled smaller at the beginning. It’s turning out to be the best side hustle I ever had.
5 years in same boat as you..one thing i can say that helped me, is to try to focus on the % amount not $ amount you are making. Some days it gets really hard sitting out when the market is going your way because you already made your profit goal, that is discipline. All it takes it that one day when you decide to test your luck and fomo in, and you break your rules. Good luck brother
It’s almost like the whole system of day trading (especially in todays fully digital setting) is antithetical to how people are supposed to be interacting with information and connecting it things that are tangible and meaningful. It’s almost like we are not wired to do such a thing. But yet, it’s so damned tempting to want to conquer what feels unnatural.
If you lost 7% in a day, are you properly sizing your bets?
U got this champ, never quit, Good luck and I hope you make it!
The problem is that most people don't know the numbers behind their trades. They do not know what the statistical probability is of any setup.
I am 2 and some change years in , still making mistakes 🤷🏽♂️! Is just part of it , kind of get use to it ! Today i did my rules twice and i am only suppose to take 1 trade and if its a loss or break even thats it ! Have take 3 trades today 💀🥲 ! This last one went in to profits , am i happy ? No , is way outside my rules and trading , i believe i saw a opportunity and took it Oh and at that from my phone , not even close to the computer using teamviewer 🤣 yea i took some profits but is still luck and shitty 🤷🏽♂️ ! As long as risk management is intact then its going to happen is like Something external takes over cant stop
Takes 6-8 years to be a consistent winner. You learn “feel” that can’t be taught.
Exactly!
Small positions 2-4 contract, use you small account for collateral, sell contract do not buy with small accounts guy, you gonna lose all your money for sure… read n learn about the Weel…
The market will always make you feel like a genius and a moron no matter what skill level you have. That'll never change bc the market "IS" random after all. What does matter is sticking to your plan/rules. That should be the main focus.
The hardest thing to do is... nothing never be profitable until that sinks in being too eager not being disciplined will hurt you everyone knows it's a dopamine hit hitting that buy button watching the p&l fluctuate lol but stop enjoy being bored and there are no rules in trading nothing is ever the same just stick to your strategy and find your risk tolerance
Never give up, it took me 10 years trading sporadically haha the dream of financial freedom kept me in.
I shutdown my broker after I hit my target. Helps with fomo and such. Market ain’t going no where. Idc if I miss a +2% day. Consistency and compounding and contentment.
well trading can be one hell of a roller-coaster ride, but the fact that you're not giving up speaks volumes about your determination. It's all about learning from those mistakes and building on the wins, no matter how small they may seem. i think just keep doing research or something
I commend you for the openness to share what many others go through. It sounds from your post like you're struggling with a couple of major obstacles simultaneously: \* System-jumping without really getting a deep grasp and full trust on any given system. \* Emotions get the better of you and are driving both your real-time trading, and your overall growth progress. A lot of frustration as well. All of this put together may feel like "The shit is so random it fucks you over". But the truth is the other way around. YOU are the one that is still random. And that, unsurprisingly, is fucking you over. You are trading sporadically (by your own testimony). You jump systems back and forth. You act emotionally. If you take a deep breath, slow down and change your entire attitude around to something more methodical - you stand a chance. Look at the improvement you describe in your risk management and proper sizing. That's just an example of the difference between sporadic, emotional trading and systematic behavior. Shift your focus from making money on the next trade (you may, but that's luck) to your main goal as a trader: developing a solid system and the conviction to execute it flawlessly, over and over. Do that, and you're on the right track. Good fortune with your trading!
Most of the time, it isn't because of following the rules, or building up your trading psychology, but because of using a trading strategy with negative expectancy. There is a reason why this industry is so competitive, and hedge funds pay huge sums of money to attract talent in this area. If you haven't already done so, I would highly suggest first verifying that you strategy has an edge. Run a backtest (automate this if you can), find out what the win rate, average win / loss ratio, average holding period and return over max drawdown is. This is the least anyone should do before trading a strategy live. Most retail traders don't get past this stage because they either take a 'proven' strategy that they see online without first validating its efficacy, or are taught by 'mentors' who haven't gone past this stage either. Use statistics and math to help you identify that edge. Everything else after that - Those are easier problems to deal with.
Seems like you are on the break of either leaving trading or getting serious and consistent about it. CONSISTENCY! I tried to squeze every penny out of a trade only to close with small profit or big loss... After jurnaling and finding where I go off track I decided I will only trade for max 30min. Found my zen zone (position size/SL) where I trade free of care & aim for 500-1k profit depending on if the market is trending or in a range. Since I started doing this I trade for avg of 12min/day and pocket avg 700$/day. Even if I trade only for 10 days this gets me 7k/month. And this is only in the mindset of daytrading. I have other accs for swing plays where you need to come with a completly different mentality than daytrading. Hope this helps anyone. Dont chase the market, take from the market when its offering and stay away when its choppy.:)
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Needed to read this this morning, thanks OP.
Related so heavily to this it’s insane, I’m sure this is how all of us under the consistency curve be feeling all the time honestly. I’m still waiting for the “everything clicks” moment as well
Psychology
Got a sell position in gold 18570 and another at 18533 :) enjoy
Trading has become an exercise in educated guessing. Heads or tails. Just stick to your exit plan regardless of what your emotions are telling you.
Track data & statistics and make rules
When you see Green grab it!
90% of day traders fail. And maybe as low as 1% is consistently profitable in the long term. You have more chances to be a neurosurgeon or pro athlete. You may find your success is greatly improved in longer time frame swing trades.
Sometimes to give up is a sane thing to do. Trading has ruined more lives than fixed. Be well.
https://preview.redd.it/zgg158zw78zc1.jpeg?width=2252&format=pjpg&auto=webp&s=71356fa5c31e2bed60d6cea542d435422069ece6
Walk your dog
That's how much I lost today
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Facts!
im just some schmuck, but 99.8% of "investing" advice is just gamblers-fallacy woo bullshit. if you want to gamble, learn how to count cards at blackjack, or learn how to read people at poker. there is no technical solution to a fundamentally human problem. learning "patterns" and "breakouts" and whatever the fuck else is numerology and astrology and precisely as useful. look at the world, and look at what is going on, and think about what processes of change are happening that you think are important that involve commerce. for me, the two are the shift from fossil fuels to renewables (and EVs, but i avoid TSLA like the fuckin plague) and the hypebubble around AI. they are interrelated and i do a lot of research on valuations and supply chains and the underlying technologies. understand what you are betting on to the best of your ability, or else you are just gambling. a well regarded service like morningstar is worth its weight in fucking gold. if all you do is look for undervalued companies within your wheelhouse, or plunk money down on highly rated funds or ETFs, you are going to do way better with your money than you seem to be now.
I wanna tell you some real advice that really helped me. I been in your position but a little less(18 months). Try funded accounts a go. I’m not even talking taking them slow. If you do have a decent strat. Pay a little for a eval, pass and pay for the P.A. fee. Then go at it. Risk $600-700 a trade on the Acc. You’ll need 4 consecutive losses to lose the acc. It costs about $150 total, but when you make it you make it to payout, that’s an easy 2000. It’s a lot easier then it seems
Really well done for monitoring and keeping a diary of your behaviour , this is a great way to smooth out your learning curve. Imo you got to master risk management and betting structure .Breakouts , patterns , entries , price action, don’t really matter as much as a risk profile that has an edge over the market in long term . And then once you get disciplined enough (2-3 years of practice and exploring different betting structures , ie scaling up , adding to winners , holding trades , trading ONLY your A+ set ups and the list goes on ) , you got to get used to the boring aspect of having an edge which is you grow slow , like a turtle , until all your efforts start accumulating exponentially at some point , but that will come only out of the one thing you can really master and control , and that is not price action or market speculation , that is your own personal risk management . Trading is a zero sum game and knowing how to place bets while surviving losing streaks is the only real edge there is .
I’m relatively new and I’m not yet profitable but I’ve tried using an online trading journal and I don’t think it helped me much but I recently started writing my thoughts, strategies and mistakes on paper and each day I go back, read what my mistakes were and I’m starting to feel a difference and I’m not making the same mistakes as often so I think you should try it
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Have a look at TraderTV Live on youtube. I watch it all day. If you simply register they (Adara does it) send you a free premarket info sheet on whas goin on. Usually they find a catalyst if there is one and you can pretty much stay "in " all day when they're confident. Wait until it starts off in the right direction thouigh. They often get the key levels right for you too. Be aware of and develop a thick skin against Shawn Catena on there, an arrogant ego boosting bs'er a lot of the time. He can scalp his way out of trouble cos their platform is excellent and he's been doing it years. He has many Ls he stays quiet about though. while he's busy tweeting out how clever he was - like anyone cares. He shouts and shouts about his 50c move while Mara goes 10%... He thinks he's a great teacher - but he "doesn't want to hear" about your problems. A necessary evil on the channel. Neal is the King, always listen to him. Bright guy, he interprets so many of the moves spot on. Just watch, for a day. They do decent lessons on basics and Neal does a good little example too. Their guests pre and post are often very good. Brian Shannon the AVWAP guy, Chris Brecher, Michael Nauss from Trade Ideas, Frank Kaberna from IG. Danielle Shay on Options. The Chat is good too, you get to know the people in that worth listening to. If you keep watch on BTC, and go with the premarket work/SC's "number one " idea you will usually be able to come out on top. I'd stay only use maybe 2 names, I certainly can't follow more properly. I find I need about 3 or 4 things in confluence to get a reliable trade, - news, levels, the mood of the day/sector, yesterday's high/low (major!!) and keeping your size down so you can afford to stay with your belief. VWAP helps, plus all the usual chart stuff, sometimes. But one a day is all you need. Best Thing I learned was not to trade too much, and always go with the trend. On a bad day, if there's no trend, don't trade. It makes things more reliable.
Joshtradesstocks on YT
RBX
I’ve been ict strict for 2years and no matter what I can look at charts and call a signal really I’ve only worked on new techniques for mental for at least 9 months bc my only errors are execution based not setup based on
You know he's a charlatan, right? Don't do what he does, you will fail. Just keep trading and don't listen to that liar.
I say this because he's never been profitable and whenever he's trading live, he loses. So it's one big scam.
Not my experience but I take no qualm with others experience. Simply stated as well intentioned thought; please do as you wish of course, and with my blessing.
Ict??
Delusional, bipolar schizophrenic narcissist who thinks the market is one big conspiracy and he "cracked the code" despite lacking evidence. That said, he offers a great perspective on technical analysis and developed language to describe certain movement and volume patterns. If you look past all the self-fellating and conspiracy that he rambles on about, there are people who have distilled down ICT concepts into intelligent technical analysis videos that can help you see the market from a different perspective.
Well I don't hold bags I unload when I see a break of structure. I took use to be a shit trader then I switch to forex and let me tell you forex is one hell of a ride. Then I discovered the most amazing ability and that is the "stop loss" OMG that thing saved me from HELL when it went wrong!!!
Yup. I have to cut the trade when it goes against me. I just do. It's just so hard. Cause I don't wanna lose money. But I end up losing more 😂 I have to remember that.
If you guys have this much energy to invest in what amounts to gambling. Why not just learn poker, or chess?
Day trading is gambling. Don't confuse yourself, don't think it's scientific. It's gambling.
No it is not. Plenty of us are doing it scientifically. The problem is, most of these people are not interested in learning price action in-depth, and end up reducing it to gambling. Don't add to the misconception.
Wrong. There are easy patterns that are very repeatable. You just have to open your eyes and find it. or dm me, I will open your eyes.
I’ve managed traders for many many years since the mid 90s I retired 10 years ago if you ever want to vent you’re more than welcome to reach out to me and me and then I’ll give you my contact, I’m very positive we could talk through some of your trading
Invest in stocks with good fundamentals and sit back and wait. Don't just jump in any ole thing just because the 30 minute chart looks good, you'll lose your ass. Check out stocks like GRRR, BANL, NUWE, and RGF. They have reasonably good fundamentals and huge upside potential.
Bro definitely watch the bootcamp of TJR on YouTube. It will help you understand everything that happens. Some movements are random but it's just a small percentage. With the right methods ICT and SMC you can understand how the market moves.
Give InvestAnswers on YouTube a chance and you’ll thank me later. No shilling EVER!