Neke, I think you lost the value in money. You should take 30k and think all the things you could do with it and then send it to me. I can use it for my trading. You talk about not holding overnight even though you could have won. You have an account large enough to hold overnight. Most traders who day trade day trade because they don't have the capital to hold onto longer trades. Look at Gary Smith, as he built his account up he used less leverage and held for longer periods. Now he has over 2 million and you are dickering around with a 200k like it is nothing. Gary has the right attitude: 2 million is just a small account and needs protecting. I think you need to think about how your strategy makes sense with a larger account. With a small account, it may make sense to go all-in because frictions make it difficult to place smaller bets that are worthwhile. Yet with a larger account, you can place more worthwhile bets with less % capital at risk. If you could have won by holding why weren't you? Why weren't you out to win? You lose huge amounts of capital and then just give up at the end of day. This doesn't seem like a good plan for me. You average down like you got balls of steel and then give just give up without even trying? If you have an edge, it is not capable of returning the returns you seek with a decent risk adjusted basis. I agree you should reduce size immediately and aim for very modest gains until you demonstrate you have an edge. You should aim to keep MAX swings down to 4-5k a month until you show you can do this. Then maybe up them to 8k or 9k. You've got to learn to let go of your losses and start fresh. I advise closing out this account, taking a break, and starting over with a better game plan. Look at this way, you've hired yourself to trade your account. If you hired anyone to trade for you and they had these type of losses what would you do? You started this whole thread off wrong with a desire to 'get back to break even'. You got to start fresh man. Start fresh. Keep the losses down to 4% to 5% of the account per month max and shoot for reasonable gains (2% to 3% per month). If you can do this for 6 months then you can raise the max loss to 8% to 9% per month.
Lescor has a 100k account with a min of 40-1 leverage and up to 100-1 leverage.I know probably one of the better day traders in the country that makes 1-2 mil a month. but you answered my question giving advise on this board means squat and really helps no one as everyone must find there own way to trade. and trading for 3 years is short term.when you make it for 10-20 yrs year in year out thats succeeding.
You do seem to have nearly everyone else here fooled. You have however posted some annotated charts. When a trader posts annotated charts, it is possible to figure out the extent of their understanding by how they are using the chart. You are very new at this and by no means a guru. You have posted lots of information, most of it recycled textbook but a good chunk of useful and correct information drawn from your own experiences. You have made a good effort at trading. However, you do not make $5-10k per day by a long shot. You are a 1-2 lot trader, and if you are doing this for a "living" then you are most likely jacking away your profit on living expenses and not scaling up. It is disingenuous to imply that you have the information required to make a trader profitable to to the extent of $5-10k per day. Since you have not done this yourself, you do not know if you could do it yourself or whether your information is good enough. I think it is interesting to see your 7,000 posts and the fact that you seem to have all of the answers and none of the questions. If I had to take a guess on your purpose here I suspect it is to make contact with aspiring traders and then charge for your services. Even if that is the case, you ought to realise exactly what you don't know, and further realise that you haven't earned the right to talk about having information that will help traders make $2 million a year. You have a lot to say about yourself but in reality one year of consistency does not matter, and 1-2 lot traders do not matter. It is actually quite embarrassing to see you perceived as a guru here by people who know even less. No matter what level we are at in trading, there is always room for improvement and much better to concentrate on this than on being boastful about our results on the Internet.
Sounds patronizing to me. Nodoji is well respected for good reasons by many traders in this space, new or experienced, because her reasoning makes sense and she offers clarity in her explanations. You don't need to say "most of it recycled textbook"--- as basic setups for trend following (Nodoji's method) are pretty much the same across the board no matter how you spin it. She did not claim to have created a new and secret method. Nodoji was making a valid point on posting just the P/L number vs. discussing the trades/methods. Let readers decide for themselves if your posts or her posts have more value.
No, not patronising, just recognition where recognition is due. NoD has made a good effort at trading, with some good results. If anything, it would be to her advantage to introspect more and keep some of her discoveries to herself. Bad habits arise when you surround yourself with people the majority of whom are less capable, and then try to teach / advise them. This is especially true for someone like NoDoji, who is a complete novice at this profession. There is a hierarchy in this profession. Some of us know our place, some of us do not. It isn't immediately obvious to the less experienced who stands where. This is why Internet forums are dangerous as newbies cannot distinguish what is correct, what is not, who has a genuine desire to help, who has the ability to help, and who is showing off and has nothing of substance to share. Bottom line: NoD shouldn't imply that what she knows can make a trader 1-2 million per year as she has never made a million from day trading oil futures in her lifetime, let alone a year. She does not make $5k a day and should have come out and said that if it suited, rather than imply she is doing the world a favour by sharing her $5k a day knowledge for free. 7,000 posts from a complete newbie, some of them helpful, but a lot of them prescribing her brand of dog food as the only thing worth eating. "Basic setups for trend following" - where are all the customers' yachts?
While I do not completely agree with everything you wrote, this part is spot-on. There are too many self-proclaimed market masters with little evidence to back their claims.
For crying out loud. Thats the dumbest shit Ive ever read. This is a trading message board, people talk about trading. Those who read threads on here are responsible for their own account, no matter what NoDoji or anyone else posts in a message.