Hello everyone, I’ve been day trading for some time now and am looking for help from an experienced trader or mentor to refine my approach. I primarily trade stocks,focusing on the two-minute chart. My main struggle is consistently giving back my daily profits, despite having a solid strategy. I’ve identified that I sometimes jump into trades without confirmation and tend to go against the trend, which hurts my results. I’m eager to improve and would appreciate any guidance, suggestions, or if someone is open to mentoring, I’d love to connect. My goal is to tighten up my trade entries, manage risk better, and stop turning profitable days into losses. Thank you in advance for your time and advice!
I see that you are day trading stocks. So you probably enter ~ the start of the trading session, and close the position a few seconds/mins/hours later. You might be using a STOCK SCREENER or you already have a STOCK WATCHLIST. Perhaps you can post your trade. Indicate your entry and exit points on the chart. Then post it.
Sounds like you are aware of your mistakes. Mistakes do cost you money in average, They have negative Expected Value. Try to fix those issues the best you can, Most of the time by elimination. Eliminate bad decisions. It takes time and (deliberate) practice. Have a solid and profitable plan, Follow it no matter what. Trade less, take the best and the most of it. If you can’t risk 1 to make 3, skip the trade. Take small and logical loss (against S&R), Don’t fight the immediate trend, Don’t cut your winner short, Don’t let your loss run. Enter at Reversals or 1st pull back. The more price progresses, The least it has to go. Move stop under small reactions, To min you risk and lock profits. Don’t risk too much… 1% per trade until you’re consistently profitable. Good luck.
I agree with everything @Sekiyo said, just above. Excuse my asking (and above all don’t imagine that I’m asking sarcastically or snarkily - neither is my intention at all!) but if your method finds you consistently giving back a day’s profits, what makes you so sure that what you have is actually a solid strategy? Are you suggesting that the strategy itself has a genuine, proven edge and that some psychological effects of trading it are preventing you from sticking to its rules, or what? Is it extensively backtested over a range of differing market conditions, or do you just feel from visual backtesting that it “ought to be profitable overall”? Are you aware that a “trend” exists only with reference to a defined and specified time-frame, and that it’s normal for any financial instrument to be trending in a given direction within one defined, specified time-frame while either ranging or even trending in the opposite direction in another/others? Have you somehow allowed for that? Does your system have a clearly defined, objective method of determining “trend” for the purposes of entering positions? Make sure, if choosing a “mentor”, that it’s someone who - in trading terms - is "where you want to be". And someone whose primary income-source is from trading rather than from mentoring. It's easy to imagine how you can gain from being mentored, but you need, also, to ask yourself what the mentor gains from the process and why they need it. I suggest you accept no mentoring from anyone without first independently verifying the benefits of that person’s mentoring from previous mentees to whom you speak yourself: don’t rely on prepared “testimonials” of any kind that you can't yourself verify. Be particularly careful, in forums. I mention this partly because in trading forums there’s an established pattern of people promoting commercial mentoring services, and most of them are doing so only because it’s a much easier income-source for them than trading would be: they often talk a good game while actually having little, if anything, of any real value to impart and sometimes next-to-no teaching skills at all.
So stop doing that!! What exactly are you expecting from a mentor? I would suggest trying to be your own mentor. Look at your trading as if it were someone elses and then make suggestions on how to improve. Change your focus from your P&L to following your trading plan.
I think you can try out this one as mentor as he has posted verified broker statements that he is proven very successful stocks trader. Cheers. https://linktr.ee/MyInvestingClub https://myinvestingclub.com/statements/ https://momentum.myinvestingclub.com/5mintrading2/
The answers for OP to get consitent profitable is within. It has nothing to do with technical approaches or systems, it is clear with the post that there are clear self-sabotage items in his way he approaches trading. Jumping in to trades that have no clear confirmation can come from boredom, fomo, second guessing yourself and so on. Giving back profits, after having profits in the first place, points at conflicts within that get you in to the loop. The good news is that you are able to make profit. The bad news is that you have to do the work on your self and no mentor can help you with that. You can get some pointers, but you need to start exploring what you want, how you react and what your emotions are during...
I consider myself the best ES trader in my city but my trading results have been poor so i am like you. If you can manage to trade 10 consecutive days profitably then you probably have some kind of edge. So to win in trading you have to take it seriously, it's not a game. I can list reasons for my underachievement: - Not treating it like a business, constantly waking up 1 to 2 hours after market already open. Then rush trades so soon after. -Stop trading after getting to $500 daily goal early. I should finish the trading session if i can understand the market that day. -Don't rush trades. Plan each one. I have lost unexpectedly when i put in one more trade while i have a planned appointment ahead. I am sure there are a few more but if i can discipline myself to fix these three issues I can really elevate my game.
That's what I would expect a mentor to do. Help you work thru the problems you are having with discipline and emotional control.
I’ve made insane money 10days in a row, multiple times then blew up the very next day. Could do it the eyes closed. 10 days mean nothing. 100 days would be a better threshold.