How much longer should I wait?

Discussion in 'Professional Trading' started by cashmoney69, Sep 26, 2007.

  1. Here are the numbers:

    I've made 127 trades so far

    69 winners / 58 losers

    spent 577.00 in commissions

    made 821.67 (but had more losses)


    Of the days I've made money, commissions account for 70.2 % of

    my profits. I try to make 200.00 a day (1%), and on some days I

    surpass this by leaps and bounds, but lose a lot back, so to me,

    a 100.00 up day is "good". I'm winning on more trades than

    losing...this is I'm going to guess isn't common for new

    traders to be winning more, but this is not showing on my

    bottom line, and I'm beginning to get frustrated as I'm down

    2.29% so far on my starting capital.


    Like some "master traders" to comment. Success feels close, but

    I'm doing something wrong. I don't know how much more I

    should go at this pace before throwing in the towel.

  2. I'm not a master trader... but I think the thought of "how much longer should I wait" is completely wrong.

    It's not about waiting. You already know the market doesn't owe you anything.

    The answer is you will wait until you learn how to trade... for some people that is never. For others, a lot sooner.

    Ya know?

    Just from your statistics though... you need to take better r/w setups or learn how to hold on longer.

    I think I've pointed that out in your journal once. I don't know if you've stopped playing breakouts, but maybe now is the time.
  3. djxput


    I'm not a master trader Cash ...

    Heres my 2 cents,

    - I think your numbers look pretty good.

    - What is your trading like; ie hold time, do you just trade stocks (remember reading part of your journal on the other section)

    - if commissions are eating a big chunk of your profits then you need longer hold times IMO (I have this same issue; when you trade futures evertime you get into a trade you are down 2 points 1 for the spread and 1 for the commission) ...

    2%down in your account isnt bad at all (although depends what you started with).
  4. Without knowing a single detail of your trading mechanics it is hard to comment on your question.

    ...but I will try.

    Accuracy is not very important, that only improves after years and years of screen time and it's really not the key to profitable daytrading, only a bonus.

    However, one thing you can do now is to make sure all your losses are ultra small and your winners range from 0 to gigantic in comparison to the losses.

    Until you accomplish that, you will struggle because of commissions.

    When this is combined with a moderate increase in accuracy you start hitting the "elite" class and it all starts fitting into place.

    Hope it helps and never give up.

  5. SDticks


    Well. You could try to find a solution to lower your commissions.
  6. cash, I responded to a few of your posts, ones which I thought were somewhat misguided, at times when I thought I could give you some constructive feedback.

    That seems like it was about 18 months ago.

    I have seen you start what must literally be a hundred threads like this. I'm now going to suggest you need to completely stop doing this. The reason is this - it is 100% clear to pretty much everyone that you are looking for answers in the wrong place. You seem to want someone here to give you the answers you need. This is not going to happen, man.

    I haven't checked out your journal and so I don't know what entry setups you are using, but if you are getting feedback in your journal you should know at this point whether or not you're using a viable system.

    You sound like someone who is trading scared. You speak about losing 2.29% of your account and wondering whether it is time to throw in the towel. And yet you know from reading thousands of posts here that most newbs lose everything in the first 6 months. If you are actively trading and breaking even in 8 months, you are doing better than 80% of beginners. If you have only lost 10% of your account in that time, you are outperforming. Do you get that? How many small businesses do you know of where the owner can expect to be profitable within the first 6 months? The first year? The first 18 months?

    Most newbs who post here, I tend to give them encouraging responses because I believe that anyone can make it if they work hard. In your case, I am not sure because I don't think you have the right mindset for trading. The absolute worst trait you can have in you is the tendency to look outside of yourself to figure out why things are going wrong, whether it be in life, in trading, in your golf game, in your poker, whatever. Your constant posting in the same manner here means that you are waiting for someone to give you the answers. It is never, ever going to happen.

    I hope you see what I am saying here. There may well be a direct correlation between your constant starting of this type of thread and your trading losses. The two things are probably related and the thread-starting gives a clue about why you may eventually have to quit. I don't believe that you are at the point where you understand the nature of losses in short term trading. I have never seen anyone about whom I am more convinced that they think the markets are there to give them money.
  7. If anything, I'm NOT trading scared. I think I have a right to be disappointed in my performance and want to do better. Of course I'm going to come to ET for answers...isn't that why 80% of the people are here? ask questions and get answers?. No one else is going to help me, so the only place I can come to is here, by sifting through the BS to find a real answer.

    Unlike many of you who live in NY, Chicago, Atlanta, ect.. you can meet other traders, who might mentor you and watch you trade..well I don't have that luxury, and if I did, I'd probably never sign up on ET to begin with.

    With all do respect. if my posting here bothers you, please put me on ignore.
  8. To each his own; I find your ($totalprofits / $totalcommissions) ratio completely unacceptable. I think it indicates your trading advantage, your "edge", is unacceptably small. But that's just my opinion. I wouldn't trade your method and I wouldn't hire you to trade it for me. On the other hand, if you are happy with it, be my guest: trade copiously, have a marvelous time, and enjoy the ride.

    I like to see ($totalprofits / $totalcommissions) ratios greater than 5; the more the better. It suggests that there really is a trading edge, a substantial one. Just my preference, that's all.
  9. vectors101

    vectors101 Guest

    your broker imakes money whether you lose or win.

    58 losers is too much

    70% goes to commisssion means you are taking 30% of profit (working ) for your broker.

    $100 profit is peanuts in 'business' a guy makes more money selling peanuts at peanut stand than trading like that as a 'business'

  10. vectors101

    vectors101 Guest

    overtrading and trading like a market maker who doesn't pay any commissions when they trade their own account that is why they can trade 200 times a day..and have no slippage

    #10     Sep 29, 2007