da guy is daytradin', if somethin' he might have done even better these past few days since vols have increased and he's scalpin' volatile stocks.
Unfortuntly I have been burned like 5 times each day ever since I began to trade and That is exactly the thing that I need to work on right now. Anyway thanks a lot for your advices, and good luck!
I met this guy once, who started daytrading only AMR in 2002 or something when it went up %400 in 6 months, I don't remember all the details anymore. Anyway, he had an account of about $60,000 and he was for some reason buying a dip in the last hour of trading, and he'd sell into a spike high the next morning (I swear that's exactly as he described it) with TD as broker and of course max. buying power. In the course of these few months he was making 10 or 20 thousand a day or so with small losses other days. He thought this was going to last and pretty much blew this money partying or some other nonesense. When all of a sudden AMR no longer was trending up like that, he lost his account to where he could no longer daytrade, in a matter of days. I guess he was an idiot, albeit a lucky one. I don't mean to be negative, my point is that different strategies can come in and out of favor, and you should bank as much of this money you are making now in case of a drawdown due to more difficult market conditions for your strategies. Then, use that time to hone in on some other thing you do that is now working, and you have a cushion of that earnings you accumulate now.
nice post cris ... I have been told by others to save as much as I can this yr because I am not consistent in my career as a trader ... one yr can be low 6 figures another yr can be a total wash for me looking back it is easy to say ... I should have bought the internets in the late 90's and rode them all the way to the nasdaq top I should have bought R.E. in 2001 and sold this yr my times without money have made me appreciate a little more those times when the cash register rings like clockwork there is more to life than how many $100 bills are in your wallet today or if you are so broke you have to borrow money just to eat and pay the rent the former person might be a rich jerk and the latter one an angel
I'm waiting for that "I fooled you guys" moment, but his screenshots look really genuine. I had a bad day today losing -4% on my capital. Know of all the typical rules; cutting losses short and so on, money managment and so on. This guy is practically sharing us his system. Maybe, maybe he's just honest in this glorious moment. Try to use something in your advance and just thank the man who's giving back to the community. Cheerios: where did you learn to trade: what books did you read. Specially when moving to daytrading and reading L2 and getting the MM manipulation game which keeps me out of daytrading. Thanks
I find this interesting. Surely, a trader starts making money consistently at a given point in time, are you then saying that at the same time that trader must also become confident in their system? I'm one of those who feel they've just turned the corner. After over a year of consistently losing small amounts I've been profitable 5 months in a row (most weeks) and have made back all losses plus a bit extra while gradually scaling up in size. I have very strict risk management rules, position sizing, entry, exit, open positions management etc. which I have not changed for the past 5 months. However I can't say I don't have those doubts that maybe there's a chance that things will stop working, either gradually or all of a sudden, because the market will change or probablities have been skewed etc. Happy to hear your thoughts.
keep going, there is no problem here. just be prepared to recognize when your system needs adjustment. make a graph of your performance with a slope, after taxes. check it every day. keep at it!
Amen to that!!! Haven't posted that much but already been called a "dope" just for stating an opinion based on 9 years of trading. To cheetos: keep your chin up and view your postings as self-reflection from time-time. You're doing great, good luck. Cariocas.
i am sorry if i get any of this wrong? But Cheetos you are making few thousand dollar a day w/ just 30,000 or so in a Ameritrade acct? So you are getting a 5% to 10% return on your capital daily. That's a amazing track record. The people whom i had seen that makes few thousand dollar a day trade much high volume and use much more leverage, because that's how they gain an overall edge along with good executions. Most of the stock you trade are widely held and highly liquid, you also include options in your strategy. And it seems like you like you can almost call out which way the market would move. Forget about trading, you can predict the market. You can easily move your size to 10,000 to 50,000 shares if your edge is valid. Then you will be looking at annual profit of something north of 3,000,000 a yr . Congratulation to your explosive success.