really sorry to hear that sf. loading up via ACH is not a solution. dedicate yourself to sim - I say this because you are new, put in lots of screen time with the market. A LOT. Dealing with the psychology of it comes after, build skills first.
SF, i don't know what to tell you except i think we've all been there. I've certainly had more blow ups and margin calls than i care to admit. take a break for awhile till your heads clears. GL
Believe me, I hate doing ACH's and don't have much left to do it. I only really have one chance at this before blowing my life's savings. ACH is not any solution for me. I only do it to keep my account alive. It is mostly psychology for me. I do well on the paper. I had another plus day today one on the sim as GS tanked like a rock. It actually got boring for me. Wished I had a day like this yesterday. The opening was not high like yesterday's either. Deep down, I knew that GS was going to tank and that it wants to retest it's previous low of 88. Barring any good news, it will try to get there. There has been no good news of late for GS. The thought of the stock opening up did occur to me yesterday and I did think that it was going to go down after. Even if it didn't go down, it would based on a larger time frame chart. I was completely right yet my emotion of fear always gets me. That's why I am not profitable. I may have ok scalp days but not a real profit in terms of what people would make for a living. I often do not let trades run if I sense that it will be in my favor. Some scalps are ok if they are in an against the grain scenario but you really have to let your long time trends run. I got so spooked by the actual number of being down -600 that I psyched myself to just take the loss when in reality my logic was completely right. My emotions were so in fear of losing more than 700 that I just took it. I didn't bother to get back in that day. I was looking at the dollar number and not paying attention to what the chart tells me. My chart prediction skills of late have been decent and I've learned a lot. I predicted the recent drop in precious metal prices for silver. I've sold 45% of my coin collection before the recent drop. I had a lot of silver. I predicted that when I sold it, the highest it would go was $33 and the lowest around 26-28 range drop. That was weeks ago when I predicted it. I sold some at $40 and $32 to really help fund this venture and to make up for those losses. But in reality I've lost 50% of my coin collection sales in this stock market trying to figure out how to day trade. Trust your chart skills not your emotions. That is the key.
Thanks man, I might do more paper trading next week even as my ACH comes through. I get bored with paper trades. Profitability isn't hard with paper. BTW.. Are you in Huntington Beach in CA? Is that what jas _in_hbca means?
yep, you got it. A So. Cal boy. You in the city ? Fun place. My good buddy and college roommate used to live in the Marina district. great bars and good people.
I guess people like new areas if it's something different than what they're used to. I live in the Peninsula near Palo Alto. I dig So. Cal (not LA) but San Diego and Orange County. Very nice scenery down there if you know what I mean. I lived in Pacific Beach down in SD for over a year a few years back. It was one of the best places I've ever lived in my life. Well, the job market down SoCal does suck but that's it. Laid back, surf, weather, attractive women, you can't ask for anything more than that in SoCal. It's not like that up here at all. Silicon Valley is one of the worst places to live if you are a single guy. Even homely women think they're hot up here. I don't even go out around here anymore. Instead, I focus on this stuff everyday. Even weekends. Tons of time analyzing charts. After a while, you actually don't mind reading them. I just want to get to a point where it's second nature. Would really like to move back to SD but money runs out quick if you can't find work. I opted on this venture instead. Hope eventually I'll be able to move back down to SoCal and before I turn 35 (I'm 32) where I can still enjoy it as a latter part of my youth so to speak. I had college friend that lives in HB. Course he can afford it since he works for a DA's office. I dream very often about moving back to SoCal. Do you work in a Prop Trading Company? There aren't any that I know of up here.
Been a few years since i've been to Pacific Beach. Definitely very laid back. At your age i was married (i'm a decade + older than you). Take advantage of your single status and commit to being the best trader you can be ; if that's what you want. Study your charts and the psych side of the biz. No prop shop for me. Still have 'real' job.
+66 Only one bad trade on the day. Every drop down will have a pullback. So after losing -670 on Thursday, here is my pullback. LOL Sold Short 87.55 12:28 Bought Cover 88.58 12:28 I accidently entered on what I thought was a limit order. My previous order was a market one to exit so it executed right away according to the button setup. I thought to exit immediately upon a order I didn't want. I could've actually waited and been profited on this one. The buttons on Lightspeed still take getting used to. Sold Short 87.68 11:34 Bought Cover 87.43 11:36 I'm still so cautious after last week. Scared to engage as many opportunities passed me. I watched them pass by for 2 hours. Reminds me of Maverick in Top Gun. Not willing to engage. LOL. I had to take a chance on one and I was glad I did towards the end of the run. I knew this stock was going to 88 but didn't expect it so soon. I was still to afraid to get in even as I know that I called it. Other Scalps Sold Short 87.45 11:51 Sold Short 87.69 12:51 Bought Cover 87.41 11:51 Bought Cover 87.60 12:53 Sold Short 87.71 12:56 Bought 87.20 13:19 Bought Cover 87.68 13:08 Sold 87.24 13:20
-76 Doomed today. As usual 2 bad trades doomed me. So much info. to pay attention to. Sold Short 89.25 10:47 Bought Cover 89.41 10:54 Basically got in good. It was going my way and got greedy. I didn't have a stop order in. It moved fast down and fast back up. Could've had a gainer. In retrospect, the price went down to the EMA 10 and bounced right back. I should've realized that the prices will always have fast bounces off of these and set a limit order for at the line. So of these price movements are so fast that I'm not able to respond mentally and look at the big picture of what I should do. I seem to get frozen in time. Bought 89.68 11:36 Sold 89.40 11:41 That was a nasty fake out. I didn't have the nerves to hold on because 10 mins later I could've got out with a gain. I need to just go back to bed between 11-12 EST. I've been fool many a times during that time. As with losses, one loses confidence in their trade abilities and get out too early. Scalps. Bought 89.58 11:27 Bought 90.45 13:40 Sold 89.61 11:36 Sold 90.50 13:53 Bought 90.10 14:01** Bought 91.12 15:20 Sold 90.13 14:01 Sold 91.16 15:23 ** - That was the best entry price I would've had all day. Unfortunately, I was so spooked by losses that I quickly exited. Tough day, I still need to get my act together on these trades and find the best entry points.
Hi, your first trade sell at 89.25. You can see there was already a big turn on the spike, lower and you will get volume to the upside. at the 1min chart it´s not the best entry for a short. second your buy at 89.68 at this time My candle closed at 89.70 curious. As you see bottom on a very short timeframe is 89.47 your stoploss should be 89.44 or so, this is good. this loss was a bit unlucky but you can assume there was no momentum. you could have gotton out at 89.54 as the 1min turned down. your scalps look a bit nervous. Just define your strategy more and more but only do profit limits when the trend is turning.