Hello all, I've been trading since last summer. Most of the time been trading while having a full time job, but I recently was laid off so now I trade full time in the mornings. I've done quite a bit of homework, read Toni Turner's books, I am subscribed to Jason Bond swing trading newsletter service, watched YT educational videos, live trading etc etc. My initial investment was around $4000, of which I had lost $3000 last year. I then added another $5000 to the count, for a re-balancing at $7000, and now I am at $5500. My initial losses came out of 3 x $800 losses (50% losses) over 3 trades that wiped my account as in the beginning I did not understand the concept of stop losses. After my initial losses, the rest has been hitting my 4-6% stop losses in 2015, and my 2% stop losses in 2016. So you could say I have been "losing less", which is progress, but I have yet to actually make consistent winning trades, even to just keep my account even. My biggest win was a $230 win when I first started. Since then I've had a couple $100 dollar wins but they just don't happen often. My trades were initially $1000 trades, now I trade $4500 to $5000 per trade, with my focus on that single trade. I would greatly appreciate your input on what I'm doing wrong. I'll explain what I do, so hopefully someone on here would kind enough to see perhaps what I don't see. Here are my 2 trades today RUBI MATX I was happy to have made around $97 on my first MATX trade. Then I lost half of that in my second MATX trade, and then went to loose another $170 in my RUBI trades. My entries were at strong positive slope MACD, and candle over candle. Thanks in advance for your insights.
You should probably mark where on your charts you initiated your trades and explain the basis for your entry decision and your exits. I doubt you are doing yourself any good with your subscription service. I started out trading stocks, and I traded gap openings only, and I only traded in the direction of the gap. For example, of your two charts from today, I would have been long RUBI soon after the open, and possibly short MATX soon after the open, though I do not see that as a gap opening so much as a collapse, so it would probably not have been on my radar. Trading in the direction of the gap kept me facing the right direction more than not. Good Luck!
i don't know how you would execute all those trades in a single day in an account with a balance of $5500.00-as my trades take 3 days to clear - I assume then you are Sim trading and not using real monies- Only consistently successful traders should be allowed to give advice- so that would exclude me-but- it's likely few had responded to you yet because you appear to be so very far removed from someone that really wants to pursue trading-but it is indeed possible you simply don't know that a positive slope MACD doesn't mean shit regarding the validity of your entry- or your reasons to sell for the loss. and you actually think having read a trading book and subscribing to a swing trading service would be what it takes? You had few other comments because- I assume- no one takes you seriously. Because you don't take trading seriously- but i'll be the gullible one to respond anyways. i suspect you are right out of school, had a 1st part time job, and -not caring for the duress of working for a living -decided trading was the way to go....got fired because you were trading on the day job? You will again blow out your account for a second time because of all of the things you don't know that are much more important. A defined trading plan - See ET- Dump all the indicators- because they are secondary and lagging- (keep the moving averages to define the trend direction) Don't rely on indicators- Go Sim trade - don't continue to risk real $$$$- and get a real job in the mean time. Don't tell mom and Dad that this is your new career-and pay your share of the rent money. Forget the 5 minute time frame - If you are going to pay for a subscription swing trading service- get value from the service and swing trade . Try actual swing trades 1st- I've heard they're easier than day trading. other than that - my comment would be- with all that stuff included on your charts- None of the price action broke below the fast moving average- so- focus on the very simple stuff and jettison the rest- it's all lagging and a distraction- but the moving averages -IMO- are useful in gauging direction and price action/ momentum. Trend lines- and support/resistance levels - but those need to be realized from wider time frames-to be effective on faster time frames. and -Finally- here is how i can predict you will blow it- and fail for the 2nd time "My trades were initially $1000 trades, now I trade $4500 to $5000 per trade, with my focus on that single trade." That aggressive approach if one is consistently in a winning mode is one thing- and not experienced...it is a guaranteed ticket to failure - and deep losses if one does not have enough of a history in executing a winning strategy- If you are really betting the farm as this suggests- you deserve what you get . When i blow through my account limit- in trades- I actually cannot continue to execute trades- due to the clearing taking 3 days- Sim accounts likely do not have such restrictions- The only way to protect yourself from yourself -& what you do not know or understand - is to adopt a position sizing strategy- for a learning account- No single trade can be more than 10% of the account value- and no single trade can Risk more than 1% -2% of the account value- Try that for a while- and survive- and learn- and read real threads on ET- and you will become better. In the mean time- get real - and seek a real job - Get out of your room - make mom and Dad proud- Go back to school- get a degree- A real job at minimum wage pays ? $8 x 40 = $320 x 52 weeks = $15,000.00 + a year Trade as a side line to a real job- pressure to outperform is then off the table. just don't day trade and lose the day job. Good luck!