Good Morning Volpri, Thank you 100 times in a row for the detailed comments. I printed out your write-up so I can review ands study and will respond shortly with comments and questions. Again, thank you.
Hello SunTrader, You like simple thinking. Me to I have summed up day trading in one goal only: Recover Drawdown within 1 to 2 days.
%% Good points/no sense doing something you hate unless its exercise like walking\ IF i proper position size+ dont overtrade in penny stocks+ my German currency + US dollars , all 3 are worth less in a bankruptcy. IF emotions hinder 95%; 5-8% may help. Specs in those 3 may lose the most. I don mean you should avoid trading US dollars for Argentine pesos \if that's your business; but some things, like part time brain surgery are not very good odds or a wise idea. A battle tested plan can work well over time\ but not part time brain surgery; bears or bull elephant mounted[taxidermy] has bit of skull cutting or cowboy shooting, not surgery. See the difference??
Not getting to me in the least. And I'm not in Boca for a few years now. BTW what exit are you off of?
%% Good points\ but in his example clearly there were too many over trades\ too many trades\ must have been emotionally fun, because they were sure not profitable, in his example. I've gotten dividends on losing stuff/but good thing for me i never chose them mainly because of dividends. A REALTOR friend of mine told me only once ''if you buy that lake house \that would be a gamble'' LOL he lived on that lake+ no such thing as gambling in business[not counting lotto business in my state] WHY do you call that house for sale gambling??I asked him. He said its been moved to that lot wow=stupid risk, houses get goofed up moving them.NO wonder it was priced so cheap, like a woke broke bank. Even stranger the dam broke with in 52 weeks on that lake/flood. So some use gamble as a ''stupid risk'' My comments do not apply to 4x or overtrading or tulip trends, or hog markets. Spam or lean hogs may differ if one likes jokes
Overtrading happens to most retail traders. Most of us crave the action and also, feel that we have to be always in the stockmarket. Better to wait for the setups then, get in. Have good risk management to limit losses if you are wrong. And if you are right, you have to focus on managing the trade and exiting with decent profits. The mechanics of how to trade is easy enough and you can figure out how to get into a trade. It is when you get out that matters in the end. You could easily botch what should have been a good trade and even turn it into a losing trade. Your trading rules matter more.