Just when I leave my eyes off of gold for a few days then it explodes! I was playing other instruments/stocks. Should have gotten back in on thurs for the Friday explosion. There was a support on the daily chart. let's see what's next..
Just an update. I've made a lot of progress! One of my account I was down 68%!!! From that low point(thanks to margins), I was able to make back all of the losses and now higher than my original invested amount. More importantly, the wins were not as volatile. They were all the "right kinds" of trades. Sometimes big. Sometimes small. Sometimes medium. Everyday I try to get positive for the daytrades. For the swing trades I want to make sure they make sense and sized properly. When I'm wrong I get out right away. My losers are now much much smaller than my winners! It used to be the reversed. hehe. The other account I was basically wiped out. Still hurts to think about it. But I've moved on. I have 2 really positive accounts. And 1 additional account that's recovering. If these remaining accounts can make up all the existing losses(which at this point I have no doubt) then I'm good. Hopefully before end of 2019 I'll have recovered everything and more. But more importantly, I've learned to trade properly. Sometimes a breakthrough in your thinking and trading just takes time to crystallize. And once it does then it's just execution, execution, execution.
I was on a nonstop winning streak every single trade and every single day. Today I took a loss. Not a massive one. But a dent. But I'm glad I very good at taking losses. If I'm wrong I'm out. no indecision. In the past, I would get out at catastrophic levels. Nowadays I see oops I'm wrong. Out. Take the hit. Move onto the next trade. Also another lesson learned today is that options for non big cap stocks are not as liquid. In liquid names I could throw around hundreds of options and get in and out easily. Not so much with small names. Gotta adjust size accordingly.
You are right, in cases when my position was too big, I moved the market which was not good. But their high volatility were often my best friends.
Today I traded small to mid cap stock that came up on my scanner. In and out. I feel like I have an edge. I consistently make decent profits. When I'm down it's a careless mistakes or misjudging. then I recover the next day or a few days later. Very exciting times. Just keep doing it then gradually scale up!
Just made some more! I have a few good edges. Just need to keep executing those and avoid the randoms tuff.
The best purely daytrade profits so far. Meaning getting in and getting out in minutes. Swing trading I had higher profits but more volatile results. Just realized that daytrading options can be highly profitable if you are quick...
Wow, 1000% year to date ROI!! That's incredible. Is that a typical annual return for you? How do you manage that?
Great insight and thanks for sharing. Regarding the bund trader who traded small and then went big on a crisis, why did he switch to the larger time frame to book a profitable trade? Thanks.