Correct, Think positively, Don't let anyone tell you you can't make it in trading. It'll take you 2-3 years though mininum. Trading is about experience, you need to have more experience then the other person taking your side. Right now your experience = 0 Build it. Keep reviewing your mistakes daily, and improve that Take your positive energy and sustain your consisten mistake reviewing flow till you don't make any mistakes in trading anymore. Thats the power of positive thinking, to pick your self up after 500 failed trades. One day you should be a decent trader.
I agree with coolweb here. Like I said earlier in this thread, you suffer from lack of experience. You are looking for that magical approach thats automatically going to start netting you profits. Unfortunately, based upon your content that you've posted in this thread, you are still very clueless in regards to the market. I mean no disrespect by this. I was at your stage at one point. Just wanted to let you know that you can't rush this process. You've probably got years before you will start making decent cash. I hope this is not your only reliance on income. Take it slow, study charts. Study for patterns that arise time and time again. Sooner or later it'll click.
I actually used to trade CSCO and if it fits into strategy I will certainly trade it. But there it looks like you missed a letter in this COMS stock, I cannot find it
Thank guys, I agree that I understand little about how market works now, but I am sure not looking for some magical approach that will bring me cash. I am looking for an edge. And what I also know for sure there is things that provide higher probabilities of winners than losers. I am positive but obviously need more experienced. As I stated, I am not expecting to make big bucks soon But I am looking forward to become BE in few months. My goal is to start reducing losses until I have break even even $0 month and if it is even slightly positive I would be exited. What I know, I need disciplined and structured approach in the beginning especially that I have no much clues about inner works of the markets. I need to bring some structure and it is what I am doing now. Trying this and that. I can only say that my progress is obvious and taking into account that noone trained me and we started getting some sort of trading only this week, I believe I am doing not bad at all.
Wrong. If you expect to be breakeven you will be breakeven or a loser. You have to expect to make money. It's the dumbest thing in the world, but in the end you get what you wish for. Shiko, I'm no great trader but I was dealing with your issues a while ago... Go talk to your mentor, ask him questions, be proactive, actually be a pain in his ass until you get it and become consistent.... If your stop is 20c a day, you better know your stocks....and their levels.....you may not be right all the time, but if you're patient enough with entries you should be able to risk no more than 5-7c....and remember - it's not the dollar amound that makes a stop, it's the location of your entry that dictates what you're going to lose.....
Barts, I agree with you 100%. I am actually planning to become profitable and not BE, but to quite some bitter guys who would start hanging on my balls for daring to state that I can be profitable any earlier than after 10 years and 100 000 hours of watching this, I am keeping low profile I know I can be profitable because I see what I am doing and I know what I am doing. I am new in stocks but I have some experience in Forex which is not that bad. I do not compare both since they have differences but qualities to be trader are similar or practically same. It is just different games/ markets. My stops not only 3-5 ticks. Those stops are exactly where I have my trade going wrong. I simply do not take trades where my risk is more than $5 to prove me wrong and the system we start trading has it that we enter only when we are proven absolutely wrong if p[rice moves $5 against us. I am not that new to not knowing where to set stops. Forex or stocks but stop loss is where the trade failed according to time frame or set up I trade in. I had few times winning streaks the longest one was 11 days in a row, but, my risk control was not that good and I tended to lose everything and then some in 1-2 days. so, I decided to concentrate for few weeks on absolutely controlling myself regarding losses. So far I have been successful and reduced my losing side. Now, I am working on profit side. I need psychologically to be capable of entering any trade I perceive as opportunity according to the system knowing that if trade turns against me and my stop loss reached I will close position without any hesitation right away. I can do it now and I have not missed a single signal. Whenever I had signal prom my previous system I entered. Since yesterday I started trading different system which we are being trained to trade by experienced guy. He even told us that if we see set up but doubt, call him, he would come and say, if it is what we are looking for. He did come yesterday. and I did really well. There was a couple of trades on FHN yesterday. First I got signal to go long. I set limit order, got filled, suddenly while in trade I got signal to go short. Seeing on Time and Sale and Level II that situation rapidly changing, I set limit order to get out at BE, got out. Waiting for the price to move in opposite direction to confirm, than set another short limit order at the level I saw on Time and Sales as being just under resistance. Got filled, set limit order and within few seconds was out at target profit. Price than dropped like a stone. But the good thing due to being sure I can cut loss at any moment and I was going to cut it at 2-3 ticks against me in this case after I saw signal in opposite direction, I could reverse immediately. I sure liked it. It was my last win. Made $10 yesterday with added liquidity.
This week was $10-12 down. But although loss in $ was bigger the week was actually much better than previous one. Every single day I was profitable by 11:30 from $7 to $10 with 100 shares. I simply continued trading non stop from 10:00 to 3:00 p.m. but anyway ended all day either with small loss or small profit. Made a lot of trades. Biggest loser was Thursday but I deliberately decided to trade WFC non stop. Today stopped trading at 11:00 with +$10. Today in the morning I told myself. Now I am going to go and make some $. and I will stop at 11:00-11:30 if I have some $. and I stopped. Now, my goal for next week is to stop every day after I reach my daily goal. My losing days are mostly within $2-6 range so I can have $5-10 winning day and stop now. I have not had a losing trade of more than 5 ticks even when trading MS and WFC. So, I feel like I am progressing/. One more thing. When I trade the strategy provided by our new successful and experienced trader I win. So, I decided since today that I trade only his strategy since all losses came from my own attempts to make a strategy for now. It looks I am the only one who is not tweaking his strategy. I do exactly as he says and it shows.
BTW, what people think of newbies trading FAS with daily limit of $20 and risk per trade of 5 ticks? It is not about me, I would not touch FAS with a stick, but some guys trade it at our office, guys who are newbies like me.
I have one question for Szeven if he sees this post. What kinds of stocks he gives to new traders to trade?
Ok, ended this week 15 ticks up. But was 25 ticks up yesterday. it actually looks kike a Friday curse and I already see it is not a coincidence. It has happened 5-th time. I noticed that when I have so so or negative week I have goog Fridays but when my previous week is really good I am trying to destroy my results. hence I decided that if my week is good by Friday I will simply not go to trade. It reminds me of Vadim Geiferd Tape reading techniques book where he describes how his account was bouncing between $10 000 and $20 000 few times until he made some psychological trick. I believe I am progressing. I would really love to hear opinion of some really successful and experienced traders with great attitude. I have been trading for 3 months. My monthly results are this: February: -$260 March: -$210 April: -$130 Almost all losses happened in just 4 days. If to take those 4 days out I would be probably -$10 How doe sit look??? Today I was not trading same way as I do other days and same with other Fridays after good weeks. What I already see is that when I follow my plan, I have better chances to be profitable and I am most of the time. I am also going to stop to trade stocks with higher volatility than beta 1.5. No more WFC and MS, I traded MS today.