Didn't you read my post earlier? I said I also daytrade, but only when market conditions favor daytrading i.e 2008, 2020. Any decent daytrader would have printed money last year, its clear that neke's outsized gains in 2008/2009 was pure luck since he failed to capitalize on what was one of the greatest opportunities (covid crisis) for daytraders. And a 7 year run doesn't prove anything, I've been in this business for 16 years, you can get lucky with a strategy for years without realising its just luck. Its a brutal business, only the fittest survive over the long run.
The success of day trading is not related to the overall market conditions! There are always stocks with high volume and the right volatility every day to day trade no matter what the overall market conditions are.
------------------------------------------ Period Update 01/02/2021 - 04/03/2021 ---------- Nice quarter, up 32,238 (30%) Started the year on a bad note on 4th Jan, losing 19K on the day. I believe that was a result of getting into the year dreaming of a big result without outlining how. A few more losing days, and I sat down on 16th and drew up a plan to make 50K for the year (very low I know), and the strategies to achieving that. Took care of the problem of occasionally doubling/quadrupling down and over-trading, while allowing for discretionary trades to continue (just know that all-out automation has not been the answer as I feel I was leaving out a lot). Good thing, it has worked so far. Look forward to continuing this and building up my account. Code: For 2021 Starting Balance: 106,668 Cumulative P/L: 32,238 Start Date End Date P/L Withdrawal Closing Balance 2021-01-04 2021-02-01 -24102 0 82,566 2021-02-01 2021-03-01 49878 0 132,444 2021-03-01 2021-04-05 6462 0 138,906
That initially looks likes some good modifications. Good for you. Curiosity, are your averaging down trades, that you seem to have had issues with for many years, a reversion to the mean idea or a continuation idea. Thanks.
Period Update 04/05/2021 - 07/05/2021 ---------- Down quarter, off 30K(21%) Lost most of what I gained in the last period. Not going to over-analyze, but it appears over-trading was the culprit. My confidence in full discretionary is once more deeply tested, as the losses continued after the period. Cutting down discretionary now by 50%, as I plan to restrict further my trading - and let the remaining be auto. Too much effort, too little reward: just cannot continue this way. So I am cutting off most of my discretionary strategies going forward. Code: For 2021 Starting Balance: 106,668 Cumulative P/L: 2,432 Start Date End Date P/L Withrawal Closing Balance 2021-01-04 2021-02-01 -24102 0 82,566 2021-02-01 2021-03-01 49878 0 132,444 2021-03-01 2021-04-05 6462 0 138,906 2021-04-05 2021-05-03 -19066 0 119,840 2021-05-03 2021-06-07 -2646 0 117,194 2021-06-07 2021-07-05 -8094 0 109,100
This admission was stunning to me... "...Started the year on a bad note on 4th Jan, losing 19K on the day." If we assume 100K on the account, that is 19% on the account in a day. That is bad juju. I've done that before. Not a good look. Neke, I respect your journal. You've been at the journaling bit 3 years longer than I. Dude, it is time to buy-and-hold. I call it investotradamatics. (Well, not really). (And by the way, you are UP 25% for the year, not DOWN 21% for the quarter. ) I can see it in my head.