I cant make trading work for me

Discussion in 'Professional Trading' started by iamthagod, Jan 25, 2021.

  1. iamthagod


    So... I've been trading since September 2020 with an account in which I progressively deposited 24000 USD. In the first 2 months of trading I was doing relatively well, I managed to earn a total of 1600 dollars. Then, as I got more knowledge and got into a quantitative analysis called The Strat, I stopped making any profits, quite the contrary. There are numerous other people who are doing well, but I suck so hard at it. Now only that, but I am also very scared of entering swing positions, or holding over night. It has now been over a month that I haven't got a single winning day. And this is devastating. It is not that I lose a ton of money, it is that I am really failing on a daily basis and my self confidence is currently at the worst level of my entire life.

    Some insight/help ?
    gkishot and murray t turtle like this.
  2. tommcginnis


    • Quit until you have a sufficient clue as to what you are doing, such that you can provide a detailed question about where you might've gone wrong. (You have not provided any detail in your OP....)

    • PAPER TRADE. Fergawdsakes. Get some consistency going before you go live.

    • EXPECTANCY is your friend.
  3. ZBZB


  4. bone

    bone ET Sponsor

    Really great post :strong:

  5. iamthagod


    I am sorry for not providing enough information as to what I am doing and does not work for me.
    -I try to find stocks that have time frame continuity in favor, which means, that I am either trading stocks that have a daily/weekly/monthly reversal going, in which case I am looking to buy above previous day's/week's/month's high , or do the same above previous inside day's/week's/month's high when trading off of "inside" Time Frames.
    -I also try to trade stocks that have gapped up premarket, for a continuation move and enter after an inside candle signal, usually on or above 15 minute Time Frame.
    -I try to trade only on the 30 and 60 minute charts, when intra day trading reversals, therefore buying above previous candle's high.
    -I normally enter a position of 15 shares , or less, when trading stocks that are valued >$20 . I put my stop loss either at the bottom of the previous 15 minute candle, or the previous 30 minute candle.
    -I tend to sell my winners out of excessive stress that they might go against me, causing me to only get profits of some cents, while I let my losers run until they stop me out.
    -My risk tolerance is very low.
    -I do not paper trade because when I do, I have zero stress, zero mental involvement, tend to treat trading as a game.
    -I do not, neither my wife currently have another job, and we live off my savings. No other sources of income, no personal fortune, real estate etc, which are detrimental factors to my mentality.
    -I do not expect to make Lamborghini money, I would currently even be satisfied with $30-$50, which is not even 0.1% of my account.
    comagnum likes this.
  6. heispark


    It was told it usually takes 3-5 years before you become a successful trader. However, now it looks like it takes 10+ years...... o_O For most people, trading is an absolute waste of time and money.
  7. Jack1960


    These days newbies make money when they do no analysis. They lose if you analyze. Welcome to the reality. You prove thd point.

    Watch segmented money flows if you want to do well.
  8. padutrader


    do not trade live account or trade smallest size
    Nobert, CDoubleUU and bluelou like this.
  9. padutrader


    do what ever makes you money
    oraclewizard77 and KCalhoun like this.
  10. You have to be able to hang around long enough to figure out what works that could be 2 years 5 years 10 years 12 years. Everybody's different. So hopefully you're young and you already have the trade small thing down so that's good.

    So you're either going to hang around for a while trying to figure it out or get bored and stop.
    #10     Jan 25, 2021
    CDoubleUU likes this.