I find it extremely hard to make money daytrading when the market opens. My bank only allows me to long positions and I try to catch the next lowfloater but the market is extremely manipulative and deceptive. Buy the time I try to get in a position all I am doing is chasing a stock. The people who already made money premarket are already taking profits. I use trade ideas and chatroom and often times the advice I get there leads me to these type of bulltraps. (No disrespect to the host but I've lost a ton of money ever since I joined the chatroom.) I am just extremely frustrated right now. Anyone who has been thru a similar dilemma? How the hell is it possible to make money buying stocks consistently during market open? Should I just completely change my strategy and ditch intraday trading or am I just getting unlucky? (I sold way too early on KONE the other day when it popped 400%, actually took a loss and decided it gained too much to chase.)
http://www.dailyspeculations.com/Letter/cycles.html You're an amateur. You got no real strategy. You lose > 50% of the time. Looks like you do it on purpose. Cause statistically... It's 50% Up / Down. Long Only ? Not a problem. Your problem is ... You switch. No consistency. No system but Greed & Fear. Close all your chat accounts. All the BS that has nothing to do with trading. That's for sucker. You wanna be a trader but follow the wrong path. There are traps. It's deceiving. And hopefully it will always be.
I admit that I am, but is my observation wrong? The market open are just a bunch of bulltraps... If I keep trying to catch the next KONE I would only lose money on average...
I am not saying it's easy. But you said you found a bull trap. Haha ... So either do what it takes to exploit it, Or continue on your way to find a bear trap. What's easier ? Change broker. LOL Then you'll find another excuse. It's a chimera Bull/Bear trap.
I try to trade lowfloaters, stocks that move up very quick but haven't really developed a solid strategy in my head. I am just trying to get experience and see what works and what doesn't.
Ok. So you're gambling. That's fine but don't expect to make $$$ consistently @ every open. It's been a good week for Stocks in general. So you're either ... Very unlucky and / or mostly & simply bullshiting. Read the article. Build strategies & Good luck. And get rid of these chat accounts.
I think that's where my issue lies. I don't have enough money in my account to gamble or wait for the next big lowfloater. Each trade I buy and exit already takes out like 4-5% of my balance. I think I'd switch to a shorterm strategy & focus on oversold stocks with deadcat bounce potential. I made about 20% using this strategy I just didn't have the patience to hold stocks for that long & blew it all on intraday trading.