That's a lot of RT per day. At some point in my career, I used to trade a lot. However, over-trading this creates a ton of inefficiencies. I can certainly help you with this problem you have. If you want to learn how to stop over trading and cut those losers quick. DM and we can connect.
I usually put a gain stop after a good win as my firm allows it. So if I am up $1000, I put a gain stop of $700-$800 so if I have multiple positions, then the system automatically stops me out if my gain on that day comes down to $700-$800. Allows me to trade if I want and protects my PnL as well so you can try it
Beware the 10:30 reversal... I stop trading at 10:25 and wait until the big boys get back from lunch at about 1:15 to signal their intentions
Good insights! Right re reversals. Did 58 RTs, net PnL -146, I did trade light midday, best trades were 930-10 and eod. Did very well 330-4 in a zone with uvxy Would be green if I skipped 11-3: Most trades just 100-300share. Dropped midday size to 70. Making progress, thx all.
Watch markets internals - my favorite is $ADD which hit LOD @ 10:58 ET then climbed till 3:11 ET. Doesn't always trend this cleanly (2nd image shows early on TL breakout more clearly after early selloff) but enough of the time to be a good heads-up even on the days the market chops. Also $TICK helps in combo. $TRIN is "broken" most days.
You’re a self-anointed VETERAN day trader, if you didn’t crush it today then you need to seriously re-examine your plan. Today was a day traders wet dream. My observation is you’re only comfortable trading low volatility from the short side which won’t cut it.
I was short 120K NDX vega on Tuesday but it was giving me pause as I know that I'd be up all night watching Nik and EU mkts. I covered and it took me about an hour to fill the shit. So we drop yesterday and I am a hero. Wife asks what happened to that big NDX position and I told her I wimped out. She says I should stick with it if the conviction is there so I sold 150K vols today. Sometime you need external validation from someone trusted outside your sphere.
Wives can be great. My wife told me to quadruple that tesla position after it moved 15 vegas against me.
I was clearing RJO back in 1997 and I was working a 30Y position from Spring to late Summer while living on Eugenie Terrace. I'd built up a 2K lot fly by shorting the body and babysitting the wings. So I am sitting on this 2 handle fly (max payout of 2K per) into Sep expiration week and my marks are like +250K on Monday. Young dude seeing a quarter mil PNL and thinking what I can do with the money, how much I'll owe (never let taxes drive your decisions) and wanting to travel, buy an RS5, etc. My mom had died the year prior and I'd sent my sister to Europe as they used to go together every year. So she calls me from somewhere in Italy and I'd been drinking screwdrivers since CBOT open and watching "The Earth Stood Still" and I tell her what I'm sitting on and ask if I should cover. She asks what's the max I can make at expiration and she tells me to ride it thru LTD. It nearly pinned and I earned >$900K that week. I wired her $100K. She doesn't know a TBond from James Bond, but it worked that time. Ofc I lost $300K of 97s gains the following year (one trade) and had a huge tax liability.