Day Traders: Losing Days

Discussion in 'Trading' started by NoDoji, Jul 7, 2010.

  1. #3 and #4 got me today
    #11     Jul 7, 2010
  2. Matcha


    sigh.... I am struggling all of them...
    #3 #4 #5 are the most common errors I make on daily basis.
    #12     Jul 7, 2010
  3. LEAPup


    NoDoji, you have a PM.
    #13     Jul 7, 2010
  4. Nodoji, thank you for the thread. I am just starting day trading. I have all above said problems. I think there are something you can do.
    1)for #6, you can automatically place stop and profit target limit order once entry is filled. this will help you a lot.
    2)Write down rules and read aloud everyday before you start trading
    3)after several losing trades, start to read the rules aloud.
    #14     Jul 7, 2010
  5. LEAPup


    This should be a good thread!
    #15     Jul 8, 2010
  6. ammo


    #16     Jul 8, 2010
  7. NoDoji


    Here's how I do my bar-by-bar analysis now, to avoid any cheating. I have a set of criteria that determine a valid setup and a signal bar. I can only choose to trade when a 5-min bar has completely closed and my entry price is the open of the new bar, with stop and target entered at the same time. I can't move the stop or the target. One or the other will be hit or if it's end of day, the position will be closed then. I've yet to have a losing day when doing this.

    Even with my picking and choosing issue, and my frequent piss-poor trade management, I've had very few losing days. But I've had so many days when I should be earning 2-3 times what I end up with.

    It amazes me the amount of over-thinking and rationalizations I can come up with for not taking certain trades. I know that if I take all trades off valid signal bars, x% of them hit target and my targets are always 2x my stop or better. This is my edge. But I still pick and choose.
    #17     Jul 8, 2010
  8. NoDoji


    I have #6 fully under control now, but posted it as one of my common past mistakes.

    I have my rules written down, but I think you're right, reading them out loud every morning would be a very good idea.
    #18     Jul 8, 2010
  9. NoDoji


    Maybe I should post my daily blotter again. The thought of you guys analyzing my trades might keep me from micromanaging them :p

    I already feel really guilty now when I announce to my Skype group "Moving my stop to break even..."
    #19     Jul 8, 2010
  10. LEAPup


    Tiger Shark...

    Thanks for posting this thread. Should be a breath of fresh air compared to the other threads here.

    "Beddy bye" time for me.:)
    #20     Jul 8, 2010