Is it time to throw in the towel?

vincentnyc · Feb 7, 2019

MrMuppet said:
@TheDailyTrader

Ok look, I don't want to be mean and I also don't want to kick other guys balls here, but here are the facts:

1. You are talking about your "mentor": Do you actually know that this guy is making money? Have you seen his results? If so, does his methodology make sense to YOU?

Chances are that he's some guy who "teaches" BS that he collected from the interweb and bombards you with truisms. Warrior Trading, Bulls of Wallstreet, Sykes??

IF he makes money, does his trading appeal to you? If a brain surgeon told you "hey, this is hard, but doable and everything you have to do is like do a little cut here, then take the saw, make another cut there"...you get the picture. Would you really do it even though you know that you faint when you see blood?

2. Did you do your homework? Did you write a journal and did you record all your trades, thoughts, findings, results and did you review them on a regular basis? If not, get yourself tradervue.com and record every trade there. At least you will have some stats if you're too lazy to hand write. Find common themes in your losers and winners.

There is no other way to improve than this.

3. You are trading way too large. I find it crazy that you even ask if you should trade only 100 shares. You Sir should not even trade 50 shares. Plowing through 7k tuition fee...that would have been way too expensive for me. You have no idea, what you're doing, so trade the smalles amount possible.

4. You have zero edge. ZERO. All you do is brabble some TA terms but you have no idea why a setup works and how.

5. There is no reason for you to trade at the current stage. You are not profitable and you won't be in the near future. To see at least some light, you will most likely need three years of daily deliberate practise. If you can make it this far, you'll see serious cash after 5 years.
So to think that you'll turn around in a couple of months is a pipedream.

You will look for a part time job or a night shift to pay the bills. You will put your funds into a savings account besides what you need to trade the absolute minimum. Even 10 shares will do.

You will journal every single fking day. You'll write down, what the S&P did, what gold did, the 10 biggest stocks, treasuries, VIX, oil and copper. After that you'll do an analysis of the daily chart of your market that you will trade, you'll write down the news of the week for that stock.

Only then comes your trade idea...written down, of course.
You'll be finished 15 minutes before market open. You trade ONLY WHAT YOU HAVE PLANNED OUT IN ADVANCE!! and once you've finished, you copy/paste your executions into your journal and write down what you did well, what did not went well, any surprises that came across.

...and then you shut down your computer. You will not browse for setups during the day, you will not trade anything that you have not prepared in advance.

Do this every day for 6 months and you will see significant improvement. Sounds like a lot of work? It is. I did this for every single trading day during the last 10 years and it is the only reason I'm still alive.
More...

That’s what I’ve and others have been saying. The dude have been trading for more than a year. And he is unprofitable. Just stop trading. He got no edge or didn’t learn from his mistakes.

Most noob traders think it is all fun and game lure by financial freedom and free time by trading. Most don’t know how much work you need to put in...

bone · Feb 7, 2019

Learn to code.

SimpleMeLike · Feb 7, 2019

TheDailyTrader said:
If you were in my shoes what would you do?
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Hello TheDailyTrader,

I would do one thing: Sim trade until you are consistent profitable for 1 year.

The advantages are:

1. You don't lose money
2. You gain confidence
3. You learn how to trade

Nice and Easy and Simple

SimpleMeLike · Feb 7, 2019

bone said:
Learn to code.
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bone,

Once the OP learns to code, then what shall the OP do?

leflos · Feb 7, 2019

1. Living with mommys at 25 trying to become a good trader... WTF

End of story

Nobert · Feb 7, 2019

MrMuppet said:
@TheDailyTrader

...

3. You are trading way too large. I find it crazy that you even ask if you should trade only 100 shares. You Sir should not even trade 50 shares.

.. ..

You will look for a part time job or a night shift to pay the bills. You will put your funds into a savings account besides what you need to trade the absolute minimum. Even 10 shares will do.

You will journal every single fking day. You'll write down, what the S&P did, what gold did, the 10 biggest stocks, treasuries, VIX, oil and copper. After that you'll do an analysis of the daily chart of your market that you will trade, you'll write down the news of the week for that stock.

Only then comes your trade idea...written down, of course.
You'll be finished 15 minutes before market open. You trade ONLY WHAT YOU HAVE PLANNED OUT IN ADVANCE
...

...and then you shut down your computer. You will not browse for setups during the day, you will not trade anything that you have not prepared in advance.

Do this every day for 6 months and you will see significant improvement.
More...

Thanks.

Specially the part :

,, You'll write down, what the S&P did, what gold did, the 10 biggest stocks, treasuries, VIX, oil and copper. After that you'll do an analysis of the daily chart of your market that you will trade, you'll write down the news of the week for that stock. "

Nobert · Feb 7, 2019

leflos said:
1. Living with mommys at 25 trying to become a good trader... WTF

End of story
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Where's the correlation in those two.

digitalnomad · Feb 7, 2019

SimpleMeLike said:
bone,

Once the OP learns to code, then what shall the OP do?
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Lose money again

leflos · Feb 7, 2019

Nobert said:
Where's the correlation in those two.
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Come on, that's like taking every single short cut possible, that's not realistic at all. How are you suppose to manage any money if you can't live on your own. It just doesn't fit together in my mind.

SimpleMeLike · Feb 7, 2019

digitalnomad said:
Lose money again
More...

digitalnomad,

Exactly, I know how to code too, and still loss money. Best to learn how to trade profitable first, then considering automating something.