%% Actually,Daily T, part of that sounds right.You lost a pretty good %since JUNE; then increased size in DEC + lost even more %%. Most of the trends are down in TSLA, so no problem there You could trade a pair of ETFs or half a pair. But here is how difficult short term trading is; some ETFs dont have a commissions, believe it or NOT,so free moneY right?? I'M sure some make money off them,LOL, looking @ charts long enough. BUT i never have seen ANY of those[commission free ETFs] i wanted to trade or invest. Most of the stuff i went long or short, had much better up/bull trends or bear /down trends, than TSLA As far as ''only source of income, so taking a day off feels like the wrong thing to do'' OOPS,You need to do much more research. Market is full of shocks, i was shocked when IBD[Investors Business Daily] after all the millions he made; he got out of the daily[end of day] market + now only publishes weekly.Action addicts can do well with research not intraday, most of them.
%% Good points. An advantage of a good trend/good liquid trend, very easy to lose 50 pennies. NOT a prediction, but $00. 50 in QQQ can be the cost of doing business with profit . Any swing trader /position trader/investor could lose 100% more than $00 .50, which is a $1.00......... But to run a stop, by 100%[$1, in this case ]is the best way to go broke i know of; or increase size + speed when losing.I pick up pennies, but not on Wall Street.
My mentor doesn't do much intraday in terms of helping me that would distract him, he just calls out the trades he's taking while he's trading. He trades similar to Meir just with more reversal trades. We ended up meeting in the tradenet chat room before they increased prices from 129/mo to 500/mo at which point we decided to just go together on skype. At this point he has taught me all the tips and tricks that he has to teach, it's just on me to apply them. We have more of a friendship now and he mentors me when I'm feeling down about my performance. Plus I call good trades to him all the time so I do benefit him as well, he just manages his trades and losses better than I do at this moment. Also, Meir has shown his yearly profits but its on his own CFD platform so he could possibly "cook the books" but I would hope that's not the case. I only follow meirs strategy because it made the most sense to me compared to other "gurus" strategies that I was able to find online. I know he makes money from his business but it does seem his strategy is profitable after spending a year in his chat room and watching him trade live every day.
Thanks for the reply. After finding out this Mier guy by searching for him on YouTube via the title you gave, I'm not getting ads from him. Can you imagine? This guy is PAYING for ads to run on YouTube. Now tell me, does this sound like a guy who is making money from trading? Look at this attachment, his most recent video uploads. Do you really believe all these losers are killing it in the markets after following this Mier guy? He pushes these testimonial videos quite heavily. No different than lottery corporations showing you million dollar winners so that you can think one day it can be you! So now that this is out of the way, onto the next point. If you really believe your mentor is legit and doing well, and if you believe you're trading sometimes just as well, and his edge over you is his trade management, why on earth aren't you just following him? Since it seems like you're always on skype with him, just piggy back his trades and put some money into your account. I bet that after a few weeks of doing it like he does, it would rub off on you. If your gut says to exit but he stays in a trade, and it ends up working, this sort of behavioral change might be all you need. I mean you're literally getting paid to learn, what could be better? For the record, I don't believe he would talk you through every trade and you couldn't replicate his results. He more than likely takes risks that he says you shouldn't, which means in some ways that he has some gambler issues perhaps that will one day cause his downfall. Or he perhaps doesn't tell you everything he does, so this is where the mentor relationship really breaks down. If you really don't have access to everything he is doing in real time then you are following him blind, and if you have access to everything then you're stupid for not using this amazing resource if he really is making 600k.
Trust me, I totally agree with you on the testimonials. I was following him before he was posting those and honestly, I don't think those people know what success is here, they are just brown nosing and possibly getting some incentive to send him reviews. I know one successful trader personally that does have his own community so he's able to teach people and increase his income/give him a second source of income. So it is not impossible to be successful and have a business revolving around trading but I get that it can be shady. The only reason I don't follow my mentor trade by trade is that I want to have my own strategy in case he has to take a day off or something happens to him. He does take some trades that I can't really afford the risk on at this current moment but he generally takes things that I can take. Also, I feel like I bother him sometimes because he is so much more advanced than I am and I don't want it to seem like he has to hold my hand through every trade/day and him to kick me to the curb because of this. He's worked with a few individuals one on one in the past that he ended up bailing on for various reasons, one of which being dependency. I don't want to be one of those guys.
Dude...are you for real??? Meir Barak is a scam^2 Please stop doing what he's advocating right now and save yourself some more losses. This dork is marketing a bucketshop in Cyprus. He's around forever and he was always into fishy business. His first scam was a demo account that he offered for real money and everytime someone made money and wanted to withdraw, he simply did not pay. Then he came up with the "education" stuff. Read this: https://www.tradingschools.org/colmex-pro-and-trade-dumpster-fire/ I hope you're not following this program...if you do, you're already doomed.
The only thing I follow from his is his breakout strategy, scaling out of positions, and not getting out at the top/bottom of a squeeze depending on the squeeze. I get the whole business model that he has and how much it benefits him but at the end of the day, his trading strategy makes sense to me. Have you watched any of his live trading videos? Is his strategy a bad strategy? I'm just wondering what your point of reference is, not trying to be a dick in any way.
It's ok, man. You're just beginning and you were brave enough to post here and take some heat from a couple of frustrated screen monkeys His strategy has no advantage over other market participants. Think about that. If you win, somebody else must lose and the first in line when it comes to losing would be the CFD market maker/bucket shop he is working for....which doesn't make a lot of sense. So the idea is to bring a lot of "momentum traders" to the screen who mash buttons and the bucket shop takes the other side. Thing is, for a beginner, it's not obvious. He's very good when it comes to talking out of his ass so don't be ashamed. If you'd know what I've paid for during my beginning years, you'd still laugh three days from now. (in 2002 I paid 2k for a 30 page booklet about Wolve Waves...I still have it on my desk as a reminder that there are no shortcuts) Most important thing is now that you stop doing what you're doing. If you continue, you have zero chance of success. I know it's hard to be honest to oneself with everyone fingerpointing and laughing, but everything else just costs money....your choice. For a strategy to "make sense" it needs a reason for it to work . And there are only three viable options for those reasons: Either you are faster than everybody else, you know something nobody else knows yet (better research) or you can discover a mispricing relative to another asset. All of those points have one thing in common: Exploiting other people who either are lazy, stupid or slow. Think about that again: When you press the buy - button on your ranging stock while the market is screaming higher, there has to be someone who sells stock to you at a price that is too low. This guy is either an idiot or a genius, which most of the time depends on how big his order is. Most intraday stuff is a combination of stale order abuse for entry prices and timing and watching peer markets for direction. For example you'd trade the gold complex, you have GLD, GDX as indices, watch SPY, USDJYP, and ZN/ZB for directiional hints and trade GG, GOLD AUY and NEM. SPY tanks, treasuries rally, USDJPY doesn't do much yet, but GLD makes new highs and GDX follows. You look at your stocks orderbooks if there is some idiot who did not pull his sell order and use this order as entry when the other stocks and GDX start to rally, too. Dying method, still works but it's extremely difficult, not really scalable and you need to grind it out day after day. I would suggest you stop trading right now and read Gary Nordens book "An End To The Bull" There is no strategy displayed but you'll get some insights into how this industry works and how you can cut through the bullshit. Good luck
Scaling out is such a sh#t strategy, means you take maximum loss when your wrong and get minimum profit when your right