1. You're no pro, you admittedly don't earn money on this. So you're a self-confessed amateur, right? Same as me.. 2. Why would you believe +20% on a one-hit wonder is not luck? I seriously doubt any trader, even pros, can somehow guarantee +20% beforehand. So most traders do count on luck. Another word for it is odds, but still uncertain. You shall be commended for having the balls to stay in the trade though, as that's very hard in the beginning for many. 3. You see ill intent where there is advice. Do you go to a psychologist in order to master baseball or basketball, or do you go to a trainer or train yourself? Your perspective of being treated badly is simply clouding your mind and making you misunderstand the real intent of the advice given. Best thing you can do is realize you ARE a newbie, and try to understand what is behind the advice you're given. If not, why would anybody try to make you realize enough to meet the real reality? You won't understand the realities of trading unless you do it in trading, or from others' experiences, which will both be harsh. Simply because the differences in perspectives of newcomers and experienced traders will diverge so widely. At least from others' advice you don't need to lose money, but it usually takes time for you to see the same things. Often years after advice is given. So you need to choose how your ego will be humbled, wisely. Trading may sound "fun" and "rewarding", but for those of us who've used years to try to master it, and still struggle, warning of pitfalls and trying to provide the right perspectives, that it's not in any way glorious, at least not until mastery, is a good and prudent thing to do. But, as said earlier, this is the kind of things newcomers don't really want to hear, which is why it needs to be emphasized even more, in good consciousness. But you can also choose to disregard advice, and nothing will be lost for those who provide it. Maybe you find your own path, a better one. If that works, well done.
Does anyone here actually successfully trade those low float morning gappers? I always see them pop up in the trending on stock twits. I see them and the charts and it looks like a chasing game, and your probably right that you'll always be late to the game unless you can work out an edge with some backtesting and statistics. That market open " price discovery" phase I call it is way to fast for myself to make any judgement( swing trader on the daily timeframe) but I do watch intraday on the few weekdays off and do try to study intraday to add perhaps some better entries and exits to my daily timeframe. I do know in my readings over the years that I have seen intraday traders who don't trade the open, they said they would wait 15-30 minutes for their setups to get out of the market open whipsaw that is common. Only one I can remember seeing this for sure was webinar with Mike Bellafoire drone SMB capital talking about setups they teach their traders. That was one of the criteria he pointed out. Sure theirs other setups that take the open but it was an interesting criteria to myself.
This whole thread only points out that you need to step back, study and practice practice practice. Either use pen and paper or a demo account. If you just want up search all over the net, the best resource I've come across is www.thepatternsite.com by Thomas Bulkowski. He's also written several books with actual stats for set ups and patterns. If you're constantly losing on opening gaps, stop trading them, they don't work for you. Pm me if you'd like, i have over 100 trading and analysis books in a cloud I'm happy to share.
Day trading is not for someone like you. The commission and slippage will remove any of the edge immediately, 99.999% of the day trading strategies will not have the edge that can cover the slippage + commissions. You mention you are pro in gambling, think of commissions + slippage is the "zero" in the roulette, and let me know if you stay a chance to win ? Big institutions (which have ample resources and people that more experience and smarter than you and me) try it before and can't make it, this is why their main stream of income still from market making and commissions.
That's true. Costs are main killers of "Profitable" strategies. Academics often find extra returns but when you remove the bias and add costs ... It's BS. I already backtested strategies that produced 10 ES points certain days. But Cost added it was BS. Intraday retail traders should focus on 1, 2 or 3 gamble per day. I myself filter days. I don't trade when Pre-Market range is tight. I know it's going to be small & slow ... To abstain is as important as taking a good trade.
You will find the 0.001% after many years of hard works, but please don't expect someone will share with you the 0.001% in the free forum like ET. This is aka you are asking Coke to share their recipe in any internet open forum so that you can start your own soda business beside their shop.
Every here and there part of a gem. In 0.001% of messages of ET. Some posters are really gifted. But it takes good crossword abilities to know what they mean if they mean anything.
99.9% of the population can't trade their way out of a wet paper sack Best shut your mouth..., kill your ego - then..., open your ears and mind You've a rather long..., and extremely difficult journey ahead.., you wish to play in our sand box..., and there are no guarantees Reckon saying this makes me the super..., ubber...., prick now - I'm so good with that.., you have no idea ================ K-P Good advice..., Good job Sir Keep on truckin RN
This never had anything to do whether I was an amateur. I simply didn't like how cocky & rude he was given the advice. You guys are saying that just because I am new I don't have the option to become offended by his advice since everything he said made sense. He has the right to be an asshole! That's just utter complete BS! Humans are emotional and can get offended easily, I admit that I am one of them. For those who get offended by my behavior then what makes you so different than myself? Stop being hypocritical!