Clumsy self-confidence is definitely as blow-out danger, but day traders trading stocks like MS rarely blow out from black swan event. If this guy was trading news-driven biotechs, then that might be a significant danger.
Ok, I have read Fooled by randomness so I get what you mean. Black swan is ok, I am scalping so I do not care about those black swans. If I keep stop loss and have proper money management black swan means nothing to me. I have no position left opened at the eind of the day and I have no positions opeend even after 11:30 a.m. I can let loss run few more ticks but nevertheless I always close position at loss if I see that level I expected to hold is broken. I do not get it why you need to write all this negative stuff? If anyone goes into this business or any business with attitude like this success is pretty much impossible. Positive thinking is important when it is backed by rules and discipline. If to think like you it is better just to lie and die.
No, they are not profitable. I see level that holds and set limit order. Then when price approaches and I see either too many green or red prints and think it will not hold I cancel the order before it is getting filled. In most cases it would be profitable trades. By profitable I mean it gives 2-5 ticks in most cases with little or no draw down. That's fear man.
I concentrate only on financial stocks: MS, FAZ and WFC. I also try to follow BAC, C and JPM but I barely have time to follow first 3 and thus 90% of my trades has been MS.
Yeah, now this is what I am thinking. I think for a start I need more confidence in what I am doing. Generally, graduate progress and improvement will deal with this. I used to be more fearful few weeks ago, but I nevertheless push the trigger although not that often as I want. From my limited experience when I am not afraid at all, like last week Thursday-Friday, I become too reckless and lose big. When I am too careful, I reduce earning potential too much. I am looking for some balance here.
This is the greatest challenge. I struggle with it still after 2 years trading. You got that right! If you're looking for a mentor, listen to those who call their trades live, or post their trading blotters and charts so you can see what they're doing, or at the very least communicate their day's trades to you and the how and why of it. I found several mentors on this site (I'm coming up to the end of my 2nd year of day trading this July), and NONE of them have ever been negative, and every one of them has been extremely helpful and had a great sense of humor
I agree with TraderZones. I am getting back into trading now. I was a profitable Equity Trader and my strategy is to keep it simple..I swing trade only a few different stocks which have lots of volume...get to know them well. I am also considering trading Crude oil futures and S&P futures and avoiding Options (too many variables required for success), and considering perhaps Forex... but keeping it simple...I am also looking for a mentor because I am going back into trading for the longhaul and looking to be consistent and disciplined and would like some support in getting back into trading.
I cannot find any such thread now. It used to be a lot of them before when traders showed there daily P/L. I remember seeing Szeven starting his career in 2005 at one of those threads. Where can newbie like me watch those successful guys talk by the way? I see a lot of negative stuff here., Kinda reminds me of Forex blogs
i also want to improve my skills at reading the tape..and finding institutional order flow.....i feel this is critical..I am constantly backtesting and looking for ways to improve my trades....thats why focus on a few stocks and futures is the way to go for me....I am not a day trader...I am opportunistic...only trade when probability for sucess is high....i have learned to sit on my hands. Anyone out there care to mentor me?