Hello namelesstrader. FOMO - I guess you are overtrading. For me, the biggest challenge is to be alert even during choppy markets.
The reality is you have to train yourself to buy every dip and when you see QQQ rapidly fall 1 0r $2 to buy the dip, since it can't possibly go down and every dip makes the V. Not always easy to do, but you have to train yourself since this market is truly unstoppable and will never stay down for long.
What's the biggest challenge you guys faced with day trading? For me, Wondering if the Strategy / Edge I have worked on over a period of time ,adapted and tweaked, back and forward tested will still work in the morning.(next trading day)
Hi virtusa, The strategy works, But i still like to see a couple of trades play out, on my pair on the UK open each day before i trade.
Your US investments benefited from the wonderful law of compounding. You probably forgot to apply the law to your day trading. I tried but made - $ day trading. Options, + $, but I don't compound either.
%% OK iron chief; but made money from the get go in real estate, hunting rights................................. REALLY the main reasons RE investments did much better =simple math; Millionaire Mind book numbers + did that for many many more years. Sure there maybe a few millionaires that daytrade\ many dtradeRs went broke; RE = much better numbers +profit.............
Obviously, mindset used to my issue as well. What changed was that I began to trust myself and I kept my position sizing at a level which would not affect my objectivity. If you get FOMO, then you’re trading your emotions and not your strategies. I do find intraday trading the equity markets psychologically relatively easy, but FX much harder. (I use different approach for FX than for stocks, because they trade very differently) If I daytrade more than six FX pairs at once, then I can start missing some subtle PA clues. If I focus less on PA reading and focus more on just trading setups across multiple pairs/TFs mostly in isolation then I need to accept lower win rate. If I focus more on PA reading and thus focus on less pairs, it allows me to know the PA of those few pairs on higher TFs in more detail and thus this approach has a higher win rate. Mixing the two approaches doesn’t work for me. When it comes to day-trading, working within your own circle of competency is key.