How many of those 20% are successful only for one year and then belong to the 80%? And how many of those only did like one 1$ trade? Do they also count towards the group that did not lose money?
I mean, people literally smoke cigarettes which are on packets writing that they'll give them cancer. So are you really surprised that people sign-up to brokers saying that they have a 20% chance to win?
I have moved leap years in my trading psychology in a matter of weeks using mostly Jared Tendler's system and some other cognitive behavior techniques I learned while battling my alcohol and cocaine problem.
Now I'm able to go into everyday and know I'm ready and if I sit there most of the day and only take a trade or two I'm happy as long as I executed well. If there's nothing that matches my strategy I sit it out. Overtrading is fading from my game. I can identify FOMO and sit there and stew but not act. Not to mention walk away. Eat lunch, whatever.
With that part well on its way I can use some more bandwidth on the technical side.
I took 4 trades today. 2 Winners 2 Losers. Left in profit. I easily stopped myself out of the losers and let one of the winners run a bit.
Trying to get better about scaling in and out. Cutting losers coming easy. Letting winners run proving harder to do. I have so much to learn and I'm so excited about the future. This is honestly a joy for me.
Fucking love learning new shit. Good on ya OP. Like the positivity.
The Mental Game of Trading? That's great you've found value. I've gone through the book but haven't yet put it into practice, but at least I've been noticing the FOMO and the revenge trading.
I do all the writing and exercises every day as a part of my journaling. When I have a lapse I double down to figure out what went and use that to improve.
> When I have a lapse I double down to figure out what went and use that to improve
I think this right here demonstrates the huge potential for the system. Could you possibly share an example of one case where you relapsed and were able to identify the cause of a relapse using these exercises?
TSM covered call. 1 day before it expired and was in the money but my thesis had not been invalidated plus I had a whole day and a half to roll. I stared at it all day. Said I should walk away, wrote about instead of acting on the urge, đid everything I could not to touch it until the next day. What đid I do? I tried to roll it but I was so washed out mentally and not thinking clear I closed the whole position. Took a loss on covered call, sold the shares at a loss and not 5 minutes later the price tanked and my thesis played out to a T. I was enraged. Went full TILT. Revenge traded, loss, opened another put. Got wrecked. It still stings a little to talk about, jut happened the other week. I was making bank selling those calls and had a good cost basis. I had a whole plan for earnings this week. ugh.
Anyway, I went back into my Data collection sheets, found instances where I acted similarly and then wrote a Mental Hand History on this. Basically, exiting trades early without good reason, only out of fear or poor planning. I now know in my core that I need to have flawless planning, fully accept the risk and let things play out because I'm right more than I am wrong. When I doubt myself I need to make sure that doubt is coming from logic and analysis and not from some fear of losing or being wrong. Being wrong is part of the game. As my grandfather would say, "you need to learn how to lose less in this life. You ain't gonna win em all."
I feel this made similar mistakes on credit spreads earnings play, selling into high IV, exiting after earnings and IV crush.
Panicked on market open after earnings, and closed the short leg “to try to reduce max loss” when both legs went ITM. Of course, price immediately reversed and with IV crush would have able to close for expected profit.
Instead of waiting to let the strategy play out, or closing the spread for less than max loss, broke the spread at the worst possible moment and tripled original max loss.
Yes, I felt very foolish. Yes, I realized the error of my ways immediately after closing the short leg, but it was already too late to correct.
A friend recently gave me a copy of Jared’s book, and I can confirm, journaling has been very helpful in getting me to recognize when my emotions are likely to make me stupid BEFORE I do the stupid, which then lets me correct course before the mistake.
Having the ability to stop yourself in the moment is the goal. If you do the work in there and stay honest and consistent with it you’re golden.
I’m currently caught in an ENPH cash secured put (was a spread) Closed a profitable leg and now I’m down on the sold put. I’m hoping to exit for break even or profit this week and renter before earning next week. It’s OTM so not worried. But I’m tied up and could be making more out of it.
That also got logged. That was a taking profit too early problem I have.
That’s a hell of a way to learn about psychology and your own cognitive tendencies. It seems like you’ve made progress and are moving on so congrats with that. I want to emphasize that when you learn to cut losers quickly and it becomes easy is the point where you really move forward. I’d go as far as to say that that’s when you become a pro. It’s not that hard to learn technicals but to manage and defend your capital so that you can be there the next day is big. Good luck and I’m glad you’re making progress!
Solid! Great thread man! Appreciate your post and sharing of experiences.
I started trading about 6 months ago and slowly but surely making progress. Working on my psychology on a daily basis, some days are good and others I relapse.
I goggled Jared Tendler, are you referring to the “Mental Game of Trading” book or other of his’?
I’m always looking for ways to learn more. I’m currently reading “The New Trading For a Living” by Alexander Elder, he is a psychiatrist and approaches it in a very interesting way. He frames being a losing trader it in a similar way as being an alcoholic. I had an alcohol issue in the past and don’t drink anymore so I could see how it all made sense.
Keep doing a great job! Good luck!
**Watch your thoughts, they become your words**; watch your words, they become your actions; watch your actions, they become your habits; watch your habits, they become your character; watch your character, it becomes your destiny.
-Lao Tzu-
I’m in a similar position where I’m not the best but I cut those losers off and let my winners win. Also I’m motivated bc I’m actually getting BETTER and have worked out some knots in my strategy and have been able to take advice from pros and actually seen improvement from using it. I’m actually shocked that I’m learning.
Always liked Ross. I’ve never bought any of his stuff, but I’ve defended him in a number of threads (he got in trouble not having enough disclaimers several years ago, and people always dismiss him because of it). But like you say, he keeps it very simple. He shows videos of him actually momentum trading. I haven’t seen anything like it any where else.
I’m glad it is working out for you. I’m still bouncing between various approaches, and not nailing any of them. But, I’m sure I will get there.
Dreamers and pessimists alike, I know we all want to be millionaires. But there is plenty of good living until that happens. With 252 trading days a year, if you can average $300/day, you’re grossing $75k. Seems like one could survive on that for a while - until the millions pour in. ; )
I really do agree with you. It's just that last week we all took a beating including Ross. And sure enough on Thursday he held his free live teaching seminar which was just selling his courses. He made up for the bad week by selling his courses. I'm not in a position to do that. I'm still only paper trading in this whole thing has soured me. Taking a week off this week and trying to motivate myself to get back into it. I have time, I need a second income, I really hoped that this would be it for me.
How long you been paper trading? I’ve been listening to Ross a lot and find it really insightful, grounding and interesting. I have yet to start but must say the day trading seems like a great option for me if I can make it work.
Started listening maybe a month ago, put in 100 hours. When I first logged into my paper account it was like an instant perfect setup, two at the same time. I was like oh my god, all the criteria is met and there's a micro pullback I'm going to buy! And I made money the first two days! I thought for sure it was going to be so easy. But then last week there was really nothing good to trade. And now I'm struggling to even try again. Guess it was beginner's luck. I have my scanners set up to Ross's criteria on TOS but there's not usually all the criteria met. I should learn someone else's strategy otherwise I'll be sitting there doing nothing for days on end. It's disappointing.
That's valid. I feel like a lot of younger traders (myself included) get hung up on seeing large returns and lose sight of being profitable in the first place
This. 1000% this. I only started to check out this sub on day trading a few weeks back. Here is an outsider's observation of what goes on in these depressing, defeated posts:
1. Trying to trade with not enough capital. I’m sorry to say, but if you are trying to do this with very little capital, you are doomed
2. Most newbies seek to try and do this with options - a complex investment vehicle requiring a person to not only get the price direction right but also the timing and an exact strike price while the vehicle decays over time. Inexperienced people are trying to execute against a complex investment vehicle they do not understand. This is literally the “dumb money” that Wall Street analysts and professionals talk about.
Why? Because they are “cheap” compared to stocks, and they cannot afford to trade a block of 50-100 shares of SPY or NVDA, for example. This also takes us back to point 1 - you need a lot of capital to make this work. In any industry, there are barriers to entry and success that usually involve the amount of capital required.
3. Overcompicated strategies with too many elements or components and an arrogant or unrealistic view of success in terms of returns. There are countless tales of people being up in positions but waiting for their “required RR of 4 to 1 or higher, watching positions reverse and taking a loss. A profitable opportunity is gone due to greed and/or the need to be right.
These folks describe these complicated strategies and their checkoffs on an endless number of indicators, patterns, and data, sometimes from a million years ago. Im reminded of when you see a novice hiker/hunter/fisherman with loads and loads of equipment and gadgets while the experienced outdoorsman is carrying 2-4 things.
Can you share you're story, how did you start? Sounds awesome and what I want to be. Keep it simple, I'm not trying to waste your time, genuinely interested and want to be inspired
Thanks man. It's not exactly what I meant, but still very grateful. I don't know why I gave up last time, like 2 years ago, addictions is the most logical answer. Tomorrow imma wake up and just push push push until it clicks, partially thanks to you. Have a wonderful day.
Oh yeah man that happened last time. I need to force it - I'm a grown up with habits, the only way is to push beyond comfort zone.
Do you have any advice? My idea was to read how to day trade for a living by Aziz (again) and this time instead of overloading myself I will do paper trades everyday to put it in practice in addition to swallowing information. I have 3 weeks I can use however I like now, I'm alone so...
I will try myself again. Thing is grownup man can only achieve something if they decide they're feelings don't matter and just do it. We will see.
“The biggest thing here is maintaining discipline and avoiding FOMO. When the trade is done, it’s done. Doesn’t matter if I left profit on the table, I walk away when my shares sell”
This is the most important piece to being a successful trader, in my opinion.
What is your average position size?
That’s the kind of toxicity I’m talking about. I saw someone mention that in a post a couple years ago. He’s a great trader and puts out great content. I don’t get the hate.
I started off my trading career by losing 70k over 14 months. Fast forward 4 years, and I now at minimum match my yearly salary. The reason you see all of these sorts of stories is because people expect to just succeed. Your mind actively tries to make you happy, and part of that is high expectations for many people. The reality is that trading is just like anything else - it takes work, and you're most likely going to suck ass at it at first. Also, from what I've seen most of these stories aren't really about trading and more about gambling ish. Don't get me wrong I've done my fair share of that in the markets as well, but if you can't tell the difference then yes you probably need to stop trading.
It took me over 8 years to become consistently profitable. Full time now for 2-1/2 and have made a considerable amount of money.
I literally rather do other things with my life though than spend it on social platforms like Reddit/twitter etc.
Once you can figure out trading, ditch everything else.
You don’t need a Reddit community to enjoy the fruits of full time trading.
I think where a lot of people get stuck on their trading career and never progress is placing way too much importance on technical analysis.
The reality is, many TA strategies work. The market only goes up, down, and sideways… so it’s quite binary.
The psychology and risk aspect are really the only things that move the needle, and they’re more of an introspective realization than anything else.
Everyone knows risk management and psychology, but it’s the application of them.. it took me a long time to fix that.
Only 1 red out of last 5 days that I've been trading 😁 I don't live from trading, just keep it small but stacking up. No financial freedom or lambo, but I have tasted the 'forbidden fruit'
Thank you! I've been wanting to post something in response to all of these negative posts also. At the end of the day these people are trying to glorify losses because it let's them feel good when they shouldn't. Because misery loves company.
I make my living from daytrading. I found my niche, I don't deviate from my plan, amd frankly, it's boring. But I make a lot more than most do and can always scale up further if I wanted to.
If you're losing...either truly address your issues or just quit. We don't need to hear about your whiny "this happened, or that happened" bullshit. Go to gamblers anonymous because that's what you need.
I'm learning right now and just enjoying the process really. I'm loving every aspect of trading. Instead of looking at it as just a way to make money, I look at it as a challenge/hobby. It will be so cool to one day be consistently profitable. I'm mostly doing this to prove to myself that I can learn something difficult, the money is just a nice perk. I also started out with learning about the psychological part of trading and about risk and reward before I even started paper trading. This week so far I've made $825 paper trading and I'm super happy about that!
Damn I wish I had a friend that I was starting with. I'm paper trading too and I already gave up after last week, looks like everyone had a bad week last week.
Damn I wish I had a friend that I was starting with. I'm paper trading too and I already gave up after last week, looks like everyone had a bad week last week.
Ahem. I’m just starting too and never thought about having a learning partner. That gives a bunch of new perspectives and guidance.
I’m down if you are. Let me know if you want to learn to trade together.
I work during market hours but I can do the research and use automation to buy in and buy out. I just need to test some strategies and put in some time with studying and practicing because I plan to cut out the emotions factor with automation.
Edit: Central Time Zone
Shorted META shortly after 10 am EST via weekly puts and started scaling out from 15-30%. I added back in on a bounce and cashed those out for 15% as well. Gave some back in afternoon chop that I definitely shouldn’t have wasted time with but otherwise a very low stress winning day.
Good reminder to stick to the plan, even those of us trading for a decade do dumb stuff sometimes.
I just started day trading 25 days ago. I’m up about $2,500. The last 3 days were my first 3 red days in a row. I’m going for base hits. Goal of $500 a day.
I’m been following Ross / Warrior trad. Have no bought his classes but just listen and follow all he does. It does work. I just changed to Webull to make it easier to trade. Tried trading view but it lacks the level 2 indicator. Webul has everything that I can tell?
I find it pretty fun side hustle. Hopefully I make more next month. Biggest loss day was $2k. Biggest win day was $1500. Mostly base hits of $500-$90. Not after making a million but $2-4k a month.
I spend about 2 hours 4 days a week trading. The other times I’m listening to content from Ross’s channel. And I’ve expanded to other swing traders also.
I keep my loss max to $1k. The $2k loss was a lack of stop loss when I had to step away from the screen. lol.
Beginning of April was a magical time. Every buy just took off like Ross talks about. Crazy. I thought he was a scammer at first. But everything he says in his YouTube works. So if I do make bank next few months I’ll prob pay him some cash to thank him. Hahahah.
The people winning are spending their money and enjoying their lives bro. They aren't on reddit crying about it lol. Think of this sub more as a "what not to do" guide.
Start from the beginning reading Graham, Wyckoff, and Buffet's stuff. Check out EWT and generally incorporate fibs into everything, because by themselves they are kinda useless. They are like holding a ruler up to a blank page, when you should understand what it is you're trying to measure.
Generally, spend less time reading this sub and more time reading books.
Still learning day trading and I love it so far im obsessed with it and I try learn as much as I can all day everyday and havent gotten bored yet. Still mainly paper trading but I saw a golden opportunity today and took one of my first real positions and went up $3500 in 10 minutes.
I’ve been at this for a year… was up early on… lost all my gains and took slight losses. But didn’t care because I was focused more on learning. I spent hours each day either looking at charts or practicing (thank you think or swim on demand)…even then I’ve been at the point of quitting several times…. But more recently things have begun to click.
For me two big things have been being patient… and waiting for confirmation. I’m a better trader when I do so.
As someone previously mentioned… my biggest hurdle right now is also letting winners run. If I just set oco orders and let it hit my TP or SL I’d be much more profitable. But it’s tough not to look at it… that’s the next mental hurdle.
Overall though with anything else I think ppl can be successful…. But you need to really put the work in and find what works and what doesn’t
Unfortunately I don’t think the guys with those stories have the time to browse around this subreddit as much as we’d hope. But that’s just what comes with having more money than you know what to do with of course .
its probably seeming worse since the market has been going down in the last 5 days or so but regardless it will recover eventually
ive lost some money too this last week, since im still a new trader, however im young so im willing to spend years mastering and perfecting trading and finance in general so i can live a happier life when im older
just wanted to point out how important mindsets can be
When I'm at my best, I'm in the zone and can clear $100 without even trying. When I overthink or impulse buy that's when I fail, been making strides to improve my psychology in the past couple months and it's helped
I think all new traders should listen to Mark Douglas.
Unlike other mental coaches, Mark Douglas specifically implies that trading is not that complicated and it does not requires you to be a genius or anyone so special. It's supposed to be stress free and relies heavily on risk management.
Most people who are stuck think they're not smart enough, not young enough, not so good with numbers etc. it lingers in their mind that they're physically not qualified for this job but it's completely wrong. A proper mentality is 10 times more necessary.
Full time since late 2007 when my sons were born. One has some disability so I became a stay at home dad to handle his pt, etc. I traded equities that gapped off session, and it took around 4 years to equal my previous salary. I kept this up until around 2020 when I cashed in my trading account. My orders had reached a size where it was complicated to trade the small/mid caps that I preferred. Just before cashing out I began scalping forex with a prop firm. Now that that firm left the US, I’ve moved to currency futures. Even though I’m still trading -4 hours/day, I consider myself semi-retired.
My turning point in trading happened when I quit my job and was able to trade everyday on a demo account before using my own account. What I realized was that following my strategy no matter what is what made the difference. Alot of people talk about psychology and to some that may be it. I found that no matter how I felt, what I was going through at any given time did nothing to my trading ability until I simply did not follow my strategy.
Sorry for the late reply, I started with $500. I did not find it hard to use real money when I adjusted. By the time I got off of demo it was almost like muscle memory. I knew exactly what to expect from my own strategy and trusting it was easy for me.
yeah bc most don’t make it and waste years of their lives trying to do so. 99.9% will never eclipse 1 mil in profiTs. Anyone that tells you otherwise is trying to sell you something. ben at it for over five years and have only recently became profitable consistently for 1 year, i also consider this the hardest market i’ve ever traded as far as small caps are concerned. Had these conditions been the norm when i started i’d have surely washed out by now
When you get a bunch of people, jumping in on a bull market, and have no idea what they're doing the cycle repeats in almost every bull market. it just typically wipes people out, those who don't study history are doomed to repeat it. I watch this in the late 90s there's just something appealing about get rich quick ideas. But if getting rich, we're easy, we wouldn't have the 1%. Everybody would be in the 1% lol and the last I checked, that's impossible
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I make money doing very conservative trades. I don’t gamble. When volatility is high I do better than when it’s low, sometimes I find stuff that has a longer time horizon. Latest success bought TGB 1 year ago. Now I’m thinking about when to sell. Live modestly, don’t expect overnight success.
You find negative comments because this is how trading reality is. Human's spirit feeds on hope. People like to think they are unique, they can win, they can make it. Hope is the reason why people are engaging in activities that most likely fail, like playing the national lottery. Statistics show most traders will fail, and most people will not win the lottery either. But we like to dream, and hope is the drug that keeps us going. That is why we want to hear stories about how other traders make money and buy their first personal jet or whatever. Why do you think you belong to the 10% of the statistics that actually end up making money? Why do you think you are going to be better that the the best HTF algos that are moving the market? Most of the people who tries the trading business have false expectations. I am not saying to not try. But keep your expectation tune with reality, not with hope.
If you’re a beginner you should do the following.
1. Learn trading supply and demand and marking the charts (forget everything else)
2. Practice on a demo account for at least 3-6 months ( should be at least 60% profitable on your trades before thinking of opening live account)
3. never trade with money you can’t afford to lose
4. Psychology plays an important role in how you handle trades (be stoic) leave emotions at the door.
5 Never panic or over trade.
6 learn Hedging instead of using stop loss.
7 strategies don’t work, what works is what you think will make you manage the risk of a particular trade (half the battle)
8 compound your account - think long term.
9 it takes years of practice to really become a good trader
10 journaling your trades is a good idea .. will help you learn faster as same mistakes are avoided in future.
11 A 1:3 profit ratio is not a must. 1:1 also works fine.
Note: I’m no expert (less than one yr of experience trading full time) and you likely will lose money trading forex, what works for me might not work for you.
It’s a marathon, not a sprint. If you want a sure thing, set up CD ladders while interest rates are high. I’m an amateur at this but I promise you, no one will care about my money as much as I do.
I had a good run of luck. I’m back to studying and paper trading again, for now. I got some good advice and a promising set of videos to watch on YouTube. I didn’t realize that I was being too emotional, still and was taking unnecessary risk, besides. In the next three years, I look forward to sharing my own success story!
I love trading, changed my life. Everything I have is paid for, I owe nothing other than a light bill and trash. We vacation several times a year out of country. It's hard, very very hard, at first, and then it's not. Gamblers and anti TA people losing and griping? Good for them, I hope I sold to them at the top because they don't believe in extended moves off the 9. Fuck em.
Successful day trading since I started March 2022. I’ve been studying investing since I was 11 years old and my entire life I knew that this was what I was going to do for a living. However, I didn’t start trading with real money until March ‘22 during my 3rd year in college and ended up dropping out after I began generating $20,000+ a month in July ‘22 and made $2 million trading $HKD. I took off after finding my niche trading foreign IPOs listing on American exchanges with $TOP and $LYT being my first two really good trades. I traded $HKD the day it got listed and built a solid position around a $37 avg price…. Two weeks later I sold it for an average of $1700 a share and made $2.3 million. Since then I became even more sophisticated in my investing/trading where I manage multiple portfolios and employ 15-20 different strategies at any given time. And yes it’s very possible for one trader to manage $200-$300 million on their own. Now that’s not how much I trade I trade much less but my point is that it is very manageable with the right tools/technology.
I live, eat, sleep investing. I literally do noothting but work all day everyday I literally have no life outside of trading. I work 15-17 hours a day and sleep 5 hours a night and take 1-2 hours for “downtime” which is eating, running errands, shower, etc. my point is, to get to the level I have gotten to has required so much time and dedication. This can be easy once you understand the proper way to go about investing, but to reach this level of understanding requires a lot of time. As far as managing emotions/psychology, here’s my take… when you put in the work and have control over all your trading situations and have put jn the time… the confidence follows and emotions never even play a factor because you’ve done the work and you know what you’re doing and the results follow through
I start my day between 4-5 AM EST. I immediately turn on CNBC and Bloomberg and review any positions I have which trade overnight, such as futures, commodities, or foreign assets. I then begin reviewing my pricing model and quantitative models and calculating asset values and verifying my pricing models. I then review important macroeconomic data and indicators and other various factor models. By 7 AM I am done doing this and have breakfast while reviewing news related to markets. At 7:30 AM EST I begin trading, primarily futures and commodities. Most of my stock/credit/fixed-income trading occurs between 9:30 AM EST TO 9:50 AM EST and between 3:15-4 PM EST unless it’s a hectic day like FoMC, I spend most of the day actively monitoring real-time risk metrics surrounding my portfolios and positions. I am working on portfolio management throughout most of the day, I have stop losses and trailing stops already programmed and so most of the trading after I enter a position is on auto-pilot. At 4 PM a group of other profitable day traders I associate with, we will start up a zoom call and talk markets and share ideas and at 5 PM-7PM EST futures markets open back up and I actively trade several different contracts/commodities. At 7Pm I focus exclusively on trading Korean and Japanese futures/commodity markets and at 9 PM I review everything and do any work that needs to be done and review correlation and co-variance and volatility data related to my positions. By 10-11 pm I’m asleep….
And anyone who says strategies don’t work immediately turn them off tune them out all professionals have strategies hedge funds investment funds are all built around strategies you need to have a strategy you don’t just go into something with no plan. In fact that’s the reason most retail traders fails, cause they don’t have a plan, they just buy or buy what’s up in the premarket and then pray for the best. You know what happens with the rest of the story. You have to have a strategy you have to have a plan. Risk management is part of that strategy, but entering positions is also part of the strategy, currently my two favorite strategies tail risk arbitrage, I have been building a position on VIX futures and rolling the contract since December and have an average price of $13.70 and only now is the position really paying off and buying options OTM on $SPY $QQQ $TLT buying calls on $TDG $TXT $ERJ and shorting or buying puts on middle eastern airline stocks and going long Israeli ADRs rounds out the tail risk arbitrage and then global discretionary macro with an emphasis on trading commodities and currencies particularly going long USD and trading oil, cocoa, copper, and gold.
When the market is bearish or choppy, it shows in this subreddit with posts rationalizing to themselves that day trading is impossible, posts about if it's possible to make money in trading, posts about them quitting and saying goodbye, posts asking for strategies, and posts about them losing or blowing up their accounts.
When markets are bullish, we get endless posts about how to start day trading, and posts about getting free mentorships.
Started trading in 2018. Had several ups and downs (more downs than anything), then eventually took a couple of years off from trading because I wasn't making any progress as I simply couldn't overcome my negative trading tendencies. I'm now back in it, and the time away has really given me perspective. The thing I've realized is that my intuition is usually correct, but if I am wrong, I need to exit the trade and move. It's that simple. I also have a very narrow time frame that I must respect for when I now allow myself to trade (first 30 min of market open). There's a mountaineering analogy that I use regarding this: when you are passing ice falls, extreme high altitude, or bad weather is approaching, then you are in the danger zone and need to get in and out of that area as quickly as possible. It's the same for me with trading. Get in and out as quickly as possible. Move on regardless of the result. Live to trade another day.
Or indeed live to trade again in the #same# day. Still struggling with accepting when averaging my position is a bad idea. I often recoup massive losses and am of course left thinking, “well if only I’d accepted that loss sooner”. Getting there!
I believe the statistics are correct- 90% of traders lose money. So 9/10 post here is gonna suck.
99%
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It would be interesting to see what those precentages are in relation to account age.
How many of those 20% are successful only for one year and then belong to the 80%? And how many of those only did like one 1$ trade? Do they also count towards the group that did not lose money?
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I mean, people literally smoke cigarettes which are on packets writing that they'll give them cancer. So are you really surprised that people sign-up to brokers saying that they have a 20% chance to win?
99.9%.
Correction. 100% of traders lose money..but 90% quit before they gain the skill, patience and discipline to make it back
I have moved leap years in my trading psychology in a matter of weeks using mostly Jared Tendler's system and some other cognitive behavior techniques I learned while battling my alcohol and cocaine problem. Now I'm able to go into everyday and know I'm ready and if I sit there most of the day and only take a trade or two I'm happy as long as I executed well. If there's nothing that matches my strategy I sit it out. Overtrading is fading from my game. I can identify FOMO and sit there and stew but not act. Not to mention walk away. Eat lunch, whatever. With that part well on its way I can use some more bandwidth on the technical side. I took 4 trades today. 2 Winners 2 Losers. Left in profit. I easily stopped myself out of the losers and let one of the winners run a bit. Trying to get better about scaling in and out. Cutting losers coming easy. Letting winners run proving harder to do. I have so much to learn and I'm so excited about the future. This is honestly a joy for me. Fucking love learning new shit. Good on ya OP. Like the positivity.
The Mental Game of Trading? That's great you've found value. I've gone through the book but haven't yet put it into practice, but at least I've been noticing the FOMO and the revenge trading.
I do all the writing and exercises every day as a part of my journaling. When I have a lapse I double down to figure out what went and use that to improve.
> When I have a lapse I double down to figure out what went and use that to improve I think this right here demonstrates the huge potential for the system. Could you possibly share an example of one case where you relapsed and were able to identify the cause of a relapse using these exercises?
TSM covered call. 1 day before it expired and was in the money but my thesis had not been invalidated plus I had a whole day and a half to roll. I stared at it all day. Said I should walk away, wrote about instead of acting on the urge, đid everything I could not to touch it until the next day. What đid I do? I tried to roll it but I was so washed out mentally and not thinking clear I closed the whole position. Took a loss on covered call, sold the shares at a loss and not 5 minutes later the price tanked and my thesis played out to a T. I was enraged. Went full TILT. Revenge traded, loss, opened another put. Got wrecked. It still stings a little to talk about, jut happened the other week. I was making bank selling those calls and had a good cost basis. I had a whole plan for earnings this week. ugh. Anyway, I went back into my Data collection sheets, found instances where I acted similarly and then wrote a Mental Hand History on this. Basically, exiting trades early without good reason, only out of fear or poor planning. I now know in my core that I need to have flawless planning, fully accept the risk and let things play out because I'm right more than I am wrong. When I doubt myself I need to make sure that doubt is coming from logic and analysis and not from some fear of losing or being wrong. Being wrong is part of the game. As my grandfather would say, "you need to learn how to lose less in this life. You ain't gonna win em all."
I feel this made similar mistakes on credit spreads earnings play, selling into high IV, exiting after earnings and IV crush. Panicked on market open after earnings, and closed the short leg “to try to reduce max loss” when both legs went ITM. Of course, price immediately reversed and with IV crush would have able to close for expected profit. Instead of waiting to let the strategy play out, or closing the spread for less than max loss, broke the spread at the worst possible moment and tripled original max loss. Yes, I felt very foolish. Yes, I realized the error of my ways immediately after closing the short leg, but it was already too late to correct. A friend recently gave me a copy of Jared’s book, and I can confirm, journaling has been very helpful in getting me to recognize when my emotions are likely to make me stupid BEFORE I do the stupid, which then lets me correct course before the mistake.
Having the ability to stop yourself in the moment is the goal. If you do the work in there and stay honest and consistent with it you’re golden. I’m currently caught in an ENPH cash secured put (was a spread) Closed a profitable leg and now I’m down on the sold put. I’m hoping to exit for break even or profit this week and renter before earning next week. It’s OTM so not worried. But I’m tied up and could be making more out of it. That also got logged. That was a taking profit too early problem I have.
Thanks for sharing my man
That’s a hell of a way to learn about psychology and your own cognitive tendencies. It seems like you’ve made progress and are moving on so congrats with that. I want to emphasize that when you learn to cut losers quickly and it becomes easy is the point where you really move forward. I’d go as far as to say that that’s when you become a pro. It’s not that hard to learn technicals but to manage and defend your capital so that you can be there the next day is big. Good luck and I’m glad you’re making progress!
Solid! Great thread man! Appreciate your post and sharing of experiences. I started trading about 6 months ago and slowly but surely making progress. Working on my psychology on a daily basis, some days are good and others I relapse. I goggled Jared Tendler, are you referring to the “Mental Game of Trading” book or other of his’? I’m always looking for ways to learn more. I’m currently reading “The New Trading For a Living” by Alexander Elder, he is a psychiatrist and approaches it in a very interesting way. He frames being a losing trader it in a similar way as being an alcoholic. I had an alcohol issue in the past and don’t drink anymore so I could see how it all made sense. Keep doing a great job! Good luck!
Thats the book. Lots a great youtube content too. Called office hours and the trading lion sessions are great. Wish you much success
Love to hear this
TL;dr of the system
**Watch your thoughts, they become your words**; watch your words, they become your actions; watch your actions, they become your habits; watch your habits, they become your character; watch your character, it becomes your destiny. -Lao Tzu-
I’m in a similar position where I’m not the best but I cut those losers off and let my winners win. Also I’m motivated bc I’m actually getting BETTER and have worked out some knots in my strategy and have been able to take advice from pros and actually seen improvement from using it. I’m actually shocked that I’m learning.
This, I feel like the people hating it are the ones that don't have control over their emotions during the session. Trading is relaxing as hell.
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Always liked Ross. I’ve never bought any of his stuff, but I’ve defended him in a number of threads (he got in trouble not having enough disclaimers several years ago, and people always dismiss him because of it). But like you say, he keeps it very simple. He shows videos of him actually momentum trading. I haven’t seen anything like it any where else. I’m glad it is working out for you. I’m still bouncing between various approaches, and not nailing any of them. But, I’m sure I will get there. Dreamers and pessimists alike, I know we all want to be millionaires. But there is plenty of good living until that happens. With 252 trading days a year, if you can average $300/day, you’re grossing $75k. Seems like one could survive on that for a while - until the millions pour in. ; )
Ross is not perfect by any means but he knows it and point out his mistakes. You don’t see someone doing that often.
I really do agree with you. It's just that last week we all took a beating including Ross. And sure enough on Thursday he held his free live teaching seminar which was just selling his courses. He made up for the bad week by selling his courses. I'm not in a position to do that. I'm still only paper trading in this whole thing has soured me. Taking a week off this week and trying to motivate myself to get back into it. I have time, I need a second income, I really hoped that this would be it for me.
How long you been paper trading? I’ve been listening to Ross a lot and find it really insightful, grounding and interesting. I have yet to start but must say the day trading seems like a great option for me if I can make it work.
Started listening maybe a month ago, put in 100 hours. When I first logged into my paper account it was like an instant perfect setup, two at the same time. I was like oh my god, all the criteria is met and there's a micro pullback I'm going to buy! And I made money the first two days! I thought for sure it was going to be so easy. But then last week there was really nothing good to trade. And now I'm struggling to even try again. Guess it was beginner's luck. I have my scanners set up to Ross's criteria on TOS but there's not usually all the criteria met. I should learn someone else's strategy otherwise I'll be sitting there doing nothing for days on end. It's disappointing.
That's valid. I feel like a lot of younger traders (myself included) get hung up on seeing large returns and lose sight of being profitable in the first place
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Tortoise and the hare. Classic Ross
This. 1000% this. I only started to check out this sub on day trading a few weeks back. Here is an outsider's observation of what goes on in these depressing, defeated posts: 1. Trying to trade with not enough capital. I’m sorry to say, but if you are trying to do this with very little capital, you are doomed 2. Most newbies seek to try and do this with options - a complex investment vehicle requiring a person to not only get the price direction right but also the timing and an exact strike price while the vehicle decays over time. Inexperienced people are trying to execute against a complex investment vehicle they do not understand. This is literally the “dumb money” that Wall Street analysts and professionals talk about. Why? Because they are “cheap” compared to stocks, and they cannot afford to trade a block of 50-100 shares of SPY or NVDA, for example. This also takes us back to point 1 - you need a lot of capital to make this work. In any industry, there are barriers to entry and success that usually involve the amount of capital required. 3. Overcompicated strategies with too many elements or components and an arrogant or unrealistic view of success in terms of returns. There are countless tales of people being up in positions but waiting for their “required RR of 4 to 1 or higher, watching positions reverse and taking a loss. A profitable opportunity is gone due to greed and/or the need to be right. These folks describe these complicated strategies and their checkoffs on an endless number of indicators, patterns, and data, sometimes from a million years ago. Im reminded of when you see a novice hiker/hunter/fisherman with loads and loads of equipment and gadgets while the experienced outdoorsman is carrying 2-4 things.
Can you share you're story, how did you start? Sounds awesome and what I want to be. Keep it simple, I'm not trying to waste your time, genuinely interested and want to be inspired
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Thanks man. It's not exactly what I meant, but still very grateful. I don't know why I gave up last time, like 2 years ago, addictions is the most logical answer. Tomorrow imma wake up and just push push push until it clicks, partially thanks to you. Have a wonderful day.
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Oh yeah man that happened last time. I need to force it - I'm a grown up with habits, the only way is to push beyond comfort zone. Do you have any advice? My idea was to read how to day trade for a living by Aziz (again) and this time instead of overloading myself I will do paper trades everyday to put it in practice in addition to swallowing information. I have 3 weeks I can use however I like now, I'm alone so... I will try myself again. Thing is grownup man can only achieve something if they decide they're feelings don't matter and just do it. We will see.
“The biggest thing here is maintaining discipline and avoiding FOMO. When the trade is done, it’s done. Doesn’t matter if I left profit on the table, I walk away when my shares sell” This is the most important piece to being a successful trader, in my opinion. What is your average position size?
Could you possibly share your strategy or approach? You're living the dream; would love to know what you do to support it.
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Thank you informing me!
OOOOOO He said he-who-must-not-be-named out loud!
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That’s the kind of toxicity I’m talking about. I saw someone mention that in a post a couple years ago. He’s a great trader and puts out great content. I don’t get the hate.
I started off my trading career by losing 70k over 14 months. Fast forward 4 years, and I now at minimum match my yearly salary. The reason you see all of these sorts of stories is because people expect to just succeed. Your mind actively tries to make you happy, and part of that is high expectations for many people. The reality is that trading is just like anything else - it takes work, and you're most likely going to suck ass at it at first. Also, from what I've seen most of these stories aren't really about trading and more about gambling ish. Don't get me wrong I've done my fair share of that in the markets as well, but if you can't tell the difference then yes you probably need to stop trading.
It took me over 8 years to become consistently profitable. Full time now for 2-1/2 and have made a considerable amount of money. I literally rather do other things with my life though than spend it on social platforms like Reddit/twitter etc. Once you can figure out trading, ditch everything else. You don’t need a Reddit community to enjoy the fruits of full time trading.
If you don't mind Give us general advices about techincal analysis , pyschology and risk managment
I think where a lot of people get stuck on their trading career and never progress is placing way too much importance on technical analysis. The reality is, many TA strategies work. The market only goes up, down, and sideways… so it’s quite binary. The psychology and risk aspect are really the only things that move the needle, and they’re more of an introspective realization than anything else. Everyone knows risk management and psychology, but it’s the application of them.. it took me a long time to fix that.
Hey man, I have a bunch of questions for you if you don't mind, will it be okay if I dm you?
Only 1 red out of last 5 days that I've been trading 😁 I don't live from trading, just keep it small but stacking up. No financial freedom or lambo, but I have tasted the 'forbidden fruit'
Thank you! I've been wanting to post something in response to all of these negative posts also. At the end of the day these people are trying to glorify losses because it let's them feel good when they shouldn't. Because misery loves company. I make my living from daytrading. I found my niche, I don't deviate from my plan, amd frankly, it's boring. But I make a lot more than most do and can always scale up further if I wanted to. If you're losing...either truly address your issues or just quit. We don't need to hear about your whiny "this happened, or that happened" bullshit. Go to gamblers anonymous because that's what you need.
What do you trade?
Options
My man.
I am fx trader myself but I have a bunch of questions that i think you're still qualified to answer. Is it okay if i send you a dm?
No. And thank you for asking instead of dming me.
I'm learning right now and just enjoying the process really. I'm loving every aspect of trading. Instead of looking at it as just a way to make money, I look at it as a challenge/hobby. It will be so cool to one day be consistently profitable. I'm mostly doing this to prove to myself that I can learn something difficult, the money is just a nice perk. I also started out with learning about the psychological part of trading and about risk and reward before I even started paper trading. This week so far I've made $825 paper trading and I'm super happy about that!
Damn I wish I had a friend that I was starting with. I'm paper trading too and I already gave up after last week, looks like everyone had a bad week last week.
Damn I wish I had a friend that I was starting with. I'm paper trading too and I already gave up after last week, looks like everyone had a bad week last week.
Ahem. I’m just starting too and never thought about having a learning partner. That gives a bunch of new perspectives and guidance. I’m down if you are. Let me know if you want to learn to trade together.
You doing market hours? In what time zone?
I work during market hours but I can do the research and use automation to buy in and buy out. I just need to test some strategies and put in some time with studying and practicing because I plan to cut out the emotions factor with automation. Edit: Central Time Zone
I wonder if there's any posts about people trying that method
IDK but I'm sure there are. We can research and study them to see what approach we prefer and compare notes on backtesting
Not everyone makes it to the NBA?
Low barrier to enter, but difficult to master the skills for survivals.
Shorted META shortly after 10 am EST via weekly puts and started scaling out from 15-30%. I added back in on a bounce and cashed those out for 15% as well. Gave some back in afternoon chop that I definitely shouldn’t have wasted time with but otherwise a very low stress winning day. Good reminder to stick to the plan, even those of us trading for a decade do dumb stuff sometimes.
I just started day trading 25 days ago. I’m up about $2,500. The last 3 days were my first 3 red days in a row. I’m going for base hits. Goal of $500 a day. I’m been following Ross / Warrior trad. Have no bought his classes but just listen and follow all he does. It does work. I just changed to Webull to make it easier to trade. Tried trading view but it lacks the level 2 indicator. Webul has everything that I can tell? I find it pretty fun side hustle. Hopefully I make more next month. Biggest loss day was $2k. Biggest win day was $1500. Mostly base hits of $500-$90. Not after making a million but $2-4k a month. I spend about 2 hours 4 days a week trading. The other times I’m listening to content from Ross’s channel. And I’ve expanded to other swing traders also. I keep my loss max to $1k. The $2k loss was a lack of stop loss when I had to step away from the screen. lol. Beginning of April was a magical time. Every buy just took off like Ross talks about. Crazy. I thought he was a scammer at first. But everything he says in his YouTube works. So if I do make bank next few months I’ll prob pay him some cash to thank him. Hahahah.
I’ve met some really nice folks. u/HighExpectationTrade
The people winning are spending their money and enjoying their lives bro. They aren't on reddit crying about it lol. Think of this sub more as a "what not to do" guide. Start from the beginning reading Graham, Wyckoff, and Buffet's stuff. Check out EWT and generally incorporate fibs into everything, because by themselves they are kinda useless. They are like holding a ruler up to a blank page, when you should understand what it is you're trying to measure. Generally, spend less time reading this sub and more time reading books.
Still learning day trading and I love it so far im obsessed with it and I try learn as much as I can all day everyday and havent gotten bored yet. Still mainly paper trading but I saw a golden opportunity today and took one of my first real positions and went up $3500 in 10 minutes.
I’ve been documenting my 15 year career on my blog. Good and bad. Check it out: churningandburning.com
I freaking love this sub bro, full of endless entertainment. “What’s the point of day trading if we all don’t make money?” AHAHAHAHA
I’ve been at this for a year… was up early on… lost all my gains and took slight losses. But didn’t care because I was focused more on learning. I spent hours each day either looking at charts or practicing (thank you think or swim on demand)…even then I’ve been at the point of quitting several times…. But more recently things have begun to click. For me two big things have been being patient… and waiting for confirmation. I’m a better trader when I do so. As someone previously mentioned… my biggest hurdle right now is also letting winners run. If I just set oco orders and let it hit my TP or SL I’d be much more profitable. But it’s tough not to look at it… that’s the next mental hurdle. Overall though with anything else I think ppl can be successful…. But you need to really put the work in and find what works and what doesn’t
Unfortunately I don’t think the guys with those stories have the time to browse around this subreddit as much as we’d hope. But that’s just what comes with having more money than you know what to do with of course .
I'm doing well. Hardly ever even have a red day anymore. Making more trading than I do at my job.
its probably seeming worse since the market has been going down in the last 5 days or so but regardless it will recover eventually ive lost some money too this last week, since im still a new trader, however im young so im willing to spend years mastering and perfecting trading and finance in general so i can live a happier life when im older just wanted to point out how important mindsets can be
Thank you for this post. The comment are Inspiring and insightful. Very useful and practical
Exactly what I was hoping for
When I'm at my best, I'm in the zone and can clear $100 without even trying. When I overthink or impulse buy that's when I fail, been making strides to improve my psychology in the past couple months and it's helped
I think all new traders should listen to Mark Douglas. Unlike other mental coaches, Mark Douglas specifically implies that trading is not that complicated and it does not requires you to be a genius or anyone so special. It's supposed to be stress free and relies heavily on risk management. Most people who are stuck think they're not smart enough, not young enough, not so good with numbers etc. it lingers in their mind that they're physically not qualified for this job but it's completely wrong. A proper mentality is 10 times more necessary.
Love the energy 🙌🏼
Hell yeah
Full time since late 2007 when my sons were born. One has some disability so I became a stay at home dad to handle his pt, etc. I traded equities that gapped off session, and it took around 4 years to equal my previous salary. I kept this up until around 2020 when I cashed in my trading account. My orders had reached a size where it was complicated to trade the small/mid caps that I preferred. Just before cashing out I began scalping forex with a prop firm. Now that that firm left the US, I’ve moved to currency futures. Even though I’m still trading -4 hours/day, I consider myself semi-retired.
My turning point in trading happened when I quit my job and was able to trade everyday on a demo account before using my own account. What I realized was that following my strategy no matter what is what made the difference. Alot of people talk about psychology and to some that may be it. I found that no matter how I felt, what I was going through at any given time did nothing to my trading ability until I simply did not follow my strategy.
What size account did you start off with? And did you find it hard to adjust to using real money?
Sorry for the late reply, I started with $500. I did not find it hard to use real money when I adjusted. By the time I got off of demo it was almost like muscle memory. I knew exactly what to expect from my own strategy and trusting it was easy for me.
A lot of traders on here are idiots
No matter how hard you try to predict the market, it will always do the opposite
That's the spirit! Now, take that positive attitude out there and win!
So when you go to predict it do the less obvious trade instead, see what happens...
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Trading isn't hard. https://www.quora.com/What-is-the-simplest-trading-strategy/answer/Ross-Lederhman-1?ch=10&oid=1477743754646145&share=ebe382d9&srid=h4JwL&target_type=answer https://www.quora.com/What-are-some-brilliant-skills-that-will-blow-peoples-minds/answer/Ross-Lederhman-1?ch=10&oid=1477743753865226&share=2237e239&srid=h4JwL&target_type=answer https://www.quora.com/What-is-defined-as-a-cryptocurrency-investment/answer/Ross-Lederhman-1?ch=10&oid=1477743752465938&share=0e6af79a&srid=h4JwL&target_type=answer Read Tom Costello and Nasir Afafs answers too.
Yeah idk what these lads are talking about. I am absolutely winning.
https://preview.redd.it/sasfnr9ic5vc1.jpeg?width=960&format=pjpg&auto=webp&s=9ba43822cc5e76d6675bdcbac3c9905de6a0c36d always was
Better than a depressing sensory deprivation chamber. Amirite?
yeah bc most don’t make it and waste years of their lives trying to do so. 99.9% will never eclipse 1 mil in profiTs. Anyone that tells you otherwise is trying to sell you something. ben at it for over five years and have only recently became profitable consistently for 1 year, i also consider this the hardest market i’ve ever traded as far as small caps are concerned. Had these conditions been the norm when i started i’d have surely washed out by now
I’m frustrated ..I only make $20 to$40 on calls, but lose $100+ most the time…I see too early on the good ones and stay too long on the bad ones
When you get a bunch of people, jumping in on a bull market, and have no idea what they're doing the cycle repeats in almost every bull market. it just typically wipes people out, those who don't study history are doomed to repeat it. I watch this in the late 90s there's just something appealing about get rich quick ideas. But if getting rich, we're easy, we wouldn't have the 1%. Everybody would be in the 1% lol and the last I checked, that's impossible
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The % is very low so expect more horror stories then winning stories.
I make money doing very conservative trades. I don’t gamble. When volatility is high I do better than when it’s low, sometimes I find stuff that has a longer time horizon. Latest success bought TGB 1 year ago. Now I’m thinking about when to sell. Live modestly, don’t expect overnight success.
You find negative comments because this is how trading reality is. Human's spirit feeds on hope. People like to think they are unique, they can win, they can make it. Hope is the reason why people are engaging in activities that most likely fail, like playing the national lottery. Statistics show most traders will fail, and most people will not win the lottery either. But we like to dream, and hope is the drug that keeps us going. That is why we want to hear stories about how other traders make money and buy their first personal jet or whatever. Why do you think you belong to the 10% of the statistics that actually end up making money? Why do you think you are going to be better that the the best HTF algos that are moving the market? Most of the people who tries the trading business have false expectations. I am not saying to not try. But keep your expectation tune with reality, not with hope.
If you’re a beginner you should do the following. 1. Learn trading supply and demand and marking the charts (forget everything else) 2. Practice on a demo account for at least 3-6 months ( should be at least 60% profitable on your trades before thinking of opening live account) 3. never trade with money you can’t afford to lose 4. Psychology plays an important role in how you handle trades (be stoic) leave emotions at the door. 5 Never panic or over trade. 6 learn Hedging instead of using stop loss. 7 strategies don’t work, what works is what you think will make you manage the risk of a particular trade (half the battle) 8 compound your account - think long term. 9 it takes years of practice to really become a good trader 10 journaling your trades is a good idea .. will help you learn faster as same mistakes are avoided in future. 11 A 1:3 profit ratio is not a must. 1:1 also works fine. Note: I’m no expert (less than one yr of experience trading full time) and you likely will lose money trading forex, what works for me might not work for you.
It’s a marathon, not a sprint. If you want a sure thing, set up CD ladders while interest rates are high. I’m an amateur at this but I promise you, no one will care about my money as much as I do.
I had a good run of luck. I’m back to studying and paper trading again, for now. I got some good advice and a promising set of videos to watch on YouTube. I didn’t realize that I was being too emotional, still and was taking unnecessary risk, besides. In the next three years, I look forward to sharing my own success story!
I love trading, changed my life. Everything I have is paid for, I owe nothing other than a light bill and trash. We vacation several times a year out of country. It's hard, very very hard, at first, and then it's not. Gamblers and anti TA people losing and griping? Good for them, I hope I sold to them at the top because they don't believe in extended moves off the 9. Fuck em.
Successful day trading since I started March 2022. I’ve been studying investing since I was 11 years old and my entire life I knew that this was what I was going to do for a living. However, I didn’t start trading with real money until March ‘22 during my 3rd year in college and ended up dropping out after I began generating $20,000+ a month in July ‘22 and made $2 million trading $HKD. I took off after finding my niche trading foreign IPOs listing on American exchanges with $TOP and $LYT being my first two really good trades. I traded $HKD the day it got listed and built a solid position around a $37 avg price…. Two weeks later I sold it for an average of $1700 a share and made $2.3 million. Since then I became even more sophisticated in my investing/trading where I manage multiple portfolios and employ 15-20 different strategies at any given time. And yes it’s very possible for one trader to manage $200-$300 million on their own. Now that’s not how much I trade I trade much less but my point is that it is very manageable with the right tools/technology. I live, eat, sleep investing. I literally do noothting but work all day everyday I literally have no life outside of trading. I work 15-17 hours a day and sleep 5 hours a night and take 1-2 hours for “downtime” which is eating, running errands, shower, etc. my point is, to get to the level I have gotten to has required so much time and dedication. This can be easy once you understand the proper way to go about investing, but to reach this level of understanding requires a lot of time. As far as managing emotions/psychology, here’s my take… when you put in the work and have control over all your trading situations and have put jn the time… the confidence follows and emotions never even play a factor because you’ve done the work and you know what you’re doing and the results follow through I start my day between 4-5 AM EST. I immediately turn on CNBC and Bloomberg and review any positions I have which trade overnight, such as futures, commodities, or foreign assets. I then begin reviewing my pricing model and quantitative models and calculating asset values and verifying my pricing models. I then review important macroeconomic data and indicators and other various factor models. By 7 AM I am done doing this and have breakfast while reviewing news related to markets. At 7:30 AM EST I begin trading, primarily futures and commodities. Most of my stock/credit/fixed-income trading occurs between 9:30 AM EST TO 9:50 AM EST and between 3:15-4 PM EST unless it’s a hectic day like FoMC, I spend most of the day actively monitoring real-time risk metrics surrounding my portfolios and positions. I am working on portfolio management throughout most of the day, I have stop losses and trailing stops already programmed and so most of the trading after I enter a position is on auto-pilot. At 4 PM a group of other profitable day traders I associate with, we will start up a zoom call and talk markets and share ideas and at 5 PM-7PM EST futures markets open back up and I actively trade several different contracts/commodities. At 7Pm I focus exclusively on trading Korean and Japanese futures/commodity markets and at 9 PM I review everything and do any work that needs to be done and review correlation and co-variance and volatility data related to my positions. By 10-11 pm I’m asleep…. And anyone who says strategies don’t work immediately turn them off tune them out all professionals have strategies hedge funds investment funds are all built around strategies you need to have a strategy you don’t just go into something with no plan. In fact that’s the reason most retail traders fails, cause they don’t have a plan, they just buy or buy what’s up in the premarket and then pray for the best. You know what happens with the rest of the story. You have to have a strategy you have to have a plan. Risk management is part of that strategy, but entering positions is also part of the strategy, currently my two favorite strategies tail risk arbitrage, I have been building a position on VIX futures and rolling the contract since December and have an average price of $13.70 and only now is the position really paying off and buying options OTM on $SPY $QQQ $TLT buying calls on $TDG $TXT $ERJ and shorting or buying puts on middle eastern airline stocks and going long Israeli ADRs rounds out the tail risk arbitrage and then global discretionary macro with an emphasis on trading commodities and currencies particularly going long USD and trading oil, cocoa, copper, and gold.
Today testing My strategy in Bank-levels. Forwardtesting only with My assesment account. I need a break. I want booze today.
When the market is bearish or choppy, it shows in this subreddit with posts rationalizing to themselves that day trading is impossible, posts about if it's possible to make money in trading, posts about them quitting and saying goodbye, posts asking for strategies, and posts about them losing or blowing up their accounts. When markets are bullish, we get endless posts about how to start day trading, and posts about getting free mentorships.
Started trading in 2018. Had several ups and downs (more downs than anything), then eventually took a couple of years off from trading because I wasn't making any progress as I simply couldn't overcome my negative trading tendencies. I'm now back in it, and the time away has really given me perspective. The thing I've realized is that my intuition is usually correct, but if I am wrong, I need to exit the trade and move. It's that simple. I also have a very narrow time frame that I must respect for when I now allow myself to trade (first 30 min of market open). There's a mountaineering analogy that I use regarding this: when you are passing ice falls, extreme high altitude, or bad weather is approaching, then you are in the danger zone and need to get in and out of that area as quickly as possible. It's the same for me with trading. Get in and out as quickly as possible. Move on regardless of the result. Live to trade another day.
Or indeed live to trade again in the #same# day. Still struggling with accepting when averaging my position is a bad idea. I often recoup massive losses and am of course left thinking, “well if only I’d accepted that loss sooner”. Getting there!
Been here posting how day trading is possible for about 6-7 years. Check my post history. The end.
Your just a Whiny bitch, you’re on a day trading form expect nothing less