You give me hope that day trading is not an exercise in futility for retail traders. There is hope for us retails. Happy Thanksgiving.
I am giving up day trading. I lost too much time and money trying to make money on a daily basis. I'll focus on swing trading cryptocurrencies and equities. I have backtested a system that turned 1 into 3,497,847,703,456 over 7yrs (commission included) + I think with Trump and Elon, Crypto and equities might have a nice run. Might open a journal or what but I don't know. It's fully automated and trade once a day (max) This journal is closed for good ! Thanks god Wish you all the best.
Hang in there long enough and you'll get it. Best of luck in your new venture. I have a feeling you'll be back...
I don't know much about cryptocurrencies (but I'm eager to learn), but I think this (focusing on swing trading) may be a wise choice. It's what I will eventually gravitate towards as well. I'm still re-reading Reminiscences of a Stock Operator and I can't recommend it enough. If you haven't read it or haven't read it in a while, you'll get a lot of a-ha moments on your second read as you're a more experienced trader. That book literally covers it all (money management, psychology, the enemies within, how to trade (a newbie won't understand that of course), etc.). Jesse Livermore started out as a scalper and did pretty well, but he eventually realized the big money was in the big swings/trends and as far as I can tell he was pretty much a swing trader. PS: J.L. spoke about reading the tape and called himself a tape reader, but I'm sure he'd do more than watch a DOM/T&S if he was around today, so I would substitute that for 'reading the market'.
Reading the tape wasn't DOM/T&S but a broader picture. He would sat in front of the ticker board (bird eye view) to get a feel for the market. His notebook contained pivotal points for stocks that interested him (the most active leaders). The Day Trader's Bible is also about reading the tape. But it's not what they've been doing since 2000, Aka looking for large order on the DOM/T&S. At the beginning of reminiscence (I believe) they say Livermore's market was quite illiquid, And that we wouldn't have been able to trade this way (Breakout) in a different market. Don't remember if it's in the book or what but that stuck with me like Naaaaah ... It's a great book that's for sure and the beginning of momentum trading. Well I am pretty sure some have traded momentum before Jesse. But there's nothing like Reminisences to reference it. The problem is ... tomorrow can be Up or Down. But there are trends over multiple days. Anyway. Insanity is doing the same thing over and over again and expecting a different result. I am passionate about trading but got a hangover about DayTrading. I'll never quit and the time and money lost still taught me things. Actually ... If I find an opportunity 'Day Trading' wise then I'll exploit it. But currently I have not found anything worth it. I'll reread it. Thanks
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Well, you need to find a profitable setup. Then once found and backtested, you need to be able to wait for it and recognize it in real time. Finally, you need to not let yourself overtrade or revenge trade. Also, unless you are profitable trading all day, its better to make money another way untill you find an edge.