Someone on ET once said that a daytrader should be profitable every day if they are good at their trade. (Or something close to that). In watching prior TSLA charts well beyond the recent run-up it seems to me that there is truth in that statement given the movement in that stock. If I cannot turn that into some sort of profit almost everyday then you are probably right, I should not be trading. However I do not see how thinking in terms of a daily average profit should disqualify me from trading. O'well you are just my nurse and not my doctor. Wow that was so clever I amaze myself.
Well I guess I do or I would not have asked the question. Nurse, I am starting to question your bed side manner. Sorry, just can't help myself.
Nursebee, are you related to Aunt Bee at all. She was so much nicer so probably not. Anyway the whole thing about daytrading TSLA is to take advantage of the zero commission, start trading very small, and if successful then gradually scale up. Thanks for your concern though and just to take your caution seriously I promise to wear a jock strap while trading.
Suntrader, that is the funniest video I have ever seen. I think I will totally give up trading and watch it a thousand times a day. I have had 3 beagles over the years so it has special meaning to me. I don't know why you posted it to this thread but am so glad you did. Thanks.
Glad you like it, came in a morning email daily newsletter yesterday. Was meant for Ali (prior post) wannabe-er. Ruff, ruff. Come to think of it though, we had a beagle when I was a very young lad. None since. But got me thinking......
TSLA DayTrade Short for 1.5% profit in 40minutes (trigger second down third in - tracking right trigger). Perfect hit.
Where is your trading journal showing TSLA action this week? Will anything tell you you are wrong on a given day such that you stop trading?
You never take the road "stop trading", you start trading when some low hanging fruit comes along, if you think you have any control when that happens you've lost before you started.
First of all nursebee, I expected some push back from you over my talking smack to you in my replies but it is good that you could take it without getting mad. I enjoy friends that I can get in the trenches with and really trash talk. As far as seeing my trading action? -- I did not think anyone was interested. I was occupied Wed and Thursday and Friday I spent getting reoriented with the TOS platform and getting it set up with a "small window on top box" for a one click entry and close. I made some trades and was amazed at how much TOS has improved in entry speed. I have day-traded Apple in small quantities in the past and TOS was horse and buggy slow compared to Sierra Charts on futures but was good enough to play around with. However, my fills Friday were very instant. Maybe the merger with Schwab has helped them in that regard. You want to see my my trading results so Ok I will show them to you next week. I did have a profit on Friday but mostly it was an orientation day. First of all this is an experiment to see if I can average $1.00 a day profit per share. I am starting out trading --- drumroll please ----------- 3 shares. Since it is perfectly scalable there is no point in starting out with 100 shares. My style is to scalp and make a lot of trades, so many trades that most on ET would be calling for a MEDIC! (Stu cracked me up once with that one word reply to a post I made that he considered outrageous.) I want to maintain the discipline to not add to either a winning or losing position. When I was experimenting with Apple I was trading 10 shares and did well for a month then I hit a day that I started to average down and after awhile I was short 700 shares. Took a huge loss and it ruined my experiment so badly that I quit. To specifically answer your question about stopping trading on a given day? Good question but because my trading day is broken up into many small pieces I would say no. I do need to learn to recognize and avoid the chop that happens several times a day but as far as giving up on a day as a whole I would say no unless I get chopped up so badly that I am not in a mind frame to keep trading.
As Tesla is going into new highs on the day I am calling it a day and going to work out. Obviously it was a piece of cake to take nice profits today but I am not going to turn this into a Journal. I think the discussion has run its course and I am going to continue to trade TSLA and increase position size with success. Maybe I will weigh back in after 3 months or so.