i agree if you cant make money in paper trading........then you cant do it live there is another option you can look at and that is one road i liked for me personally......it gives you some incentive without risking much money.......it allows you to learn.....i am talking about prop firms like Topstep Trader and a few others......this is a compromise and tests you emotionally because get a big reward
1. I use a notional $50K per trade. Every day I review half a dozen stocks, pick two when market opens and trade one with that $50K. 3. Mental hard stop when enter. 4. Exit: No target except something similar to trailing stop. 6. Going live: See my general reply. 7. Yes and no, no need to break rule, after all it is paper trade.
tweaking is like optimization.......it will never end.....apologise for the bluntness of that comment i know the agony of such an activity......i tweaked for 2 decades
IMO I agree with you sir. However, win rate is < 50%. The reason of 84.5% daily win rate came from catching one or two good run almost every day.
Agree and appreciate your other comments and will make adjustment if I continue to paper trade. Here I will comment on the above. I trade options for almost a decade and had drawdown of more than 30% on many occasions. so am use to it. The thing I am not used to is the rapid fire instant decision making in day trading. Sisyphus endeavor.
You didn't mention position size. I day traded a similar sized account a few (Many) years back. (Time flies when you're having fun) I'd risk around 1% of the account per trade but I was waiting on set-ups and only made 2 or 3 trades per day. I curious as to why you are day trading? You said you are retired, gotta be better things to do with your time than sit in front of a monitor. That's a job.
1. Retail crack? No I am a retail day trade crackpot. 2. Read my general comments: win rate < 50% but rescued by one or two good run most days. So, out of 1500, maybe about 50-60 good runs? 3. I absolutely agree with you on focus on high R:R. The R:R of my directional option trades are >10, win rate < 30%.
Missed you answer about position size as I was replying. 200 risk on 50k must have awful hard stops. What is a mental hard stop?
@taowave said the same thing about why I wanted to day trade when I had a system for options and don't need the money. I failed at day trading a decade ago, trying to prove to myself that I am not a failure.