I never average down with this strategy that is the lowest hanging fruit. Go speak to others on this forum that are using account size, time and averaging down as their edge while saying they are active day traders and giving advice to retail without those advantages. The only good averaging down is if your setup is still valid and you're getting a discount to price (of original entry) and you're not moving your stop.
Not really, I just asked what you were trading and if it was automated. Do I think 4% consistently is high and involves some risk? Yes. Why not go for .8% and build the account? That's about $300K/year-1. A year fly's by--- "walk down the hill and f em all". In 4 years you'll have more money than you can spend.
Sure I have no issues with that, but it isn't my choice in this case, not yet. I am not well capitalized at all, so essentially selling / leasing out what I am doing and my edge to someone else and they aren't going to take things slow. I do trade my own account as well though. Sure when I have more capital I'd probably go more your approach, at that rate it's like 0.00001% chance of failure. No, it's not automated. I'd like to automate it, not sure how well it could be automated, but the baseline structure of it is systematic, but there's some other factors I add in sometime's to either takes trades or discount trades, that I wouldn't personally know how to code. Yeah no doubt it does involve some risk. But not as much risk as people here are claiming either. It's not like I am using massive stops they are like 4-12 points on NQ, generally speaking the average is 8 and I try to avoid any trades near or over 12 if possible(if entry is too far away from stop, I don't take it).
.8% is not enough to out compete all the other scammers and charlatans, they typically promise to teach the gullible how to make 2% a day (for the right fee of course), so he needs to say he can make double that.
Incorrect. Swing traders hold for short-term to one year + 1 day. Your amo fire at Buffett is completely off target. He is by many admissions a very "off-hands" investor. By contrast mega-dudes like Carl Icahn (I'm a big fan of his) are very "pro-active". ***Mega-dudes are a several levels above traders.
First of all I didn't promise anything. Second of all I personally don't think I am dumb enough to sell things to most people here, I disagree with what most people on here say, even everyone's favorite posters, so it's a little absurd for you to act like I am trying to sell something. Also, I am probably one of if not the only person who offers to trade on voice with people. Do you know how many people have taken up that offer? Like very very few. Because people are scared to death to be put on the spot, because they generally have no clue or confidence when it comes to day trading. Very fearful. I already have what I need to move forward, I don't need anything from anyone here at this point.
how have you done in the last 8 years? that might tell you how you'd perform in the future. notice the performance wasn't under the pressure (the need for making money). can you live on the yearly profit? your job might have helped you ...
Cool. Personally, I have been considering writing an automated system. A few things are impeding me however. One, no idea where to get the data I need, because I'm pretty sure these run of the mill brokers, that schmucks like me use don't offer it, and two; the semantics/learning curve of actually writing the stuff takes an inordinate amount of time to learn. Mind you now... the logic in the code and using the right data is no problem, but my experience with programing is if you put (for example) a friggin' comma in the wrong place, the whole damn thing fails. Maybe that's changed over the years, but either way, I'm venturing into new territory. Again, not with the logic... only the semantics of writing it. AND... the data being provided real time where I can use it.... Once an entry has been flagged, placing that trade manually or automatically, via any broker, would be easy. It's the data feed and how to work with it using whatever programming language folks are using now, that I need to figure out. As an analogy, it would be like "I can build a cutting edge 25 story building", but I have no idea how to get the cement blocks, the mortar, and I currently don't speak the language of the masons. Aside from that... I know what the building needs to look like.
There's macro trend, trend on smaller time frames and also liquidity. A lot of the trades I take are micro liquidity runs / stop hunts. It's not like I am trying to just straight up capture a trend run and lock in 50 points. If I am able to determine the macro direction, sure I will look to trade in that direction and hold my trades longer (who wouldn't?) but that isn't a requirement. There's generally tons of setups to be had. On parabolic up days or days where we just keep dumping, it can be difficult to find the points I am looking for. Mainly because despite the high probability of the direction continuing, it's difficult or impossible for me to find a setup with the risk management I am looking for.