Does anyone else feel like trading is getting progressively more difficult on a daily basis? You used to be able to trade the entire day and you would be nervous about getting up to go to the restroom for fear that you might miss a trade. Then about a couple years ago you could count on trading at least the first two hours and the last two hours. Now, I'm busy for the first hour and basically sit on my hands the rest of the day. I don't know about anyone else, but I am pretty damn nervous about my future as a trader. I've been at this for about 8 years and have done well for myself, but I'm very dubious about long-term prospects scalping stocks. I feel like I've put my blood, sweat, and tears into this and I have no idea where it will take me. I guess this is the time when you cannot afford to be complacent. What worked in the past is no longer working. I'm having such a hard time abandoning what's worked for me for so long in search of an unknown. Guess I'm just another extremely frustrated trader, and I'm sure I'm not alone.
Somehow the universe has a way to test us when things start getting a little easy. I think that's happening now. A shake out is occurring. Only the fittest will survive. Consider your purpose: making money. Be flexible, ask any engineer: the system with the most flexiblity will always win out. Perhaps scalping has been difficult, especially lately with all the gaps and bases. But, I know several traders with a little longer time frame that have made a ton of money in the last 4 weeks. When you scalp only, you are severely limiting your options. If you tell me you're scared to hold overnight, that says either emotions are constricting you, or you don't understand proper risk management. Both items can be dealt with in an objective manner and corrected.
I also feel very frustrated. My method - buying breakouts and breakdowns on an intraday basis - has shown to be quite profitable on paper, even during the first half of this year. However, of late it seems there is no follow through either way. It seems they're done dumping but they're not buying. And to frustrate me even further, on the five days my account was in limbo while transferring to IB I would have made a killing. It seems that if it weren't for bad luck I'd have no luck at all My account is not down which I should be glad about I guess, but after all the effort and time it just seems I'm spinning my wheels. ******************************************** Never think that God's delays are God's denials. Hold on; hold fast; hold out. Patience is genius. Comte de Buffon
Guys, hold on. Sorry to be giving what sounds like a pep talk, but I couldn't help responding again. First off, keep things in perspective: your still trading, the markets have been around a long time and will be here after we die, and remember what's most import. Are you in reasonable health, do you have loved ones, etc etc. Thinking about these things really can help. Secondly: start spending more time analyzing and less time trading. Why didn't those breaks outs follow through? Was there a play in another time frame (even intraday), are my skills where they need to be. If you're not getting the results you want it's very important to distingquish the difference between failure and feedback. You can attach any meaning you want to any event. That's how you create your reality, because it is yours and only yours. What if you just decided to assume that it's not that trading is harder, but that now there's a better way to trade and very few people will have the stamina to figure it out. But you will, and that means more available money for your pot of gold. What I'm describing is not mamzee pamzee new age bullshit. I've spent years studying neuro-biochemistry, behavioral pyschology, and conditioning techniques. How you think directly impacts your nervous system in a physical way. Your physiology has a direct impact on your behavior. This is literally the science of manifestation. It all starts with how you process what flows into you from the outside world.
oh sorry, I thought this thread was about making money trading off other trader's frustrations. But yes, I agree, failed moves can oftentimes be profitable opportunities.
daytr8r, I feel pretty much the same as you do. I do not know if the only way out for individual traders is getting "incorporated" some day, which means you do not trade for youself but do something for a corporate.
You guys just make me laugh again... The market is harder and harder? No... it's simply yourself that makes you feel that way. It's hard on any given day. Next day it's hard again. The sense of hardness just keeps on building up regardless of what the market is doing... Another thing is maybe you're rate of progress as a trader is slowing down. I'm sure you're profitable and because of that you might be lagging with your improvement and can't keep up with the changing market. Let's go back to when you first started. First, the market is constantly changing and you have to keep up with it. Along with that you have over pace the change of the market to become profitable. Once you reach profitable level, you are already out-pacing the changing the market it becomes more easier to make money. Soon, you're pace of advancement starts to lag because of the fact that you are profitable. It's a sense of security and confidence you get that kills the pace. Then it gets harder and harder to make money. When does a sports athlete stop practicing? When they retire. Once they stop the action of excelling with their craft, it's just downhill. It's either you get better or you get worse...
I have to agree with Lescor...this past month has been extremly tough. I have automated alerts for all my trades. In Aug-Sept I got about 100 alerts every day. I was disappointed if I didn't make a grand. These past weeks I get about 20 alerts, and I'm lucky if I capitalize on two of them. This leaves me $200-400...and I'm thrilled with that. The point is that it all depends on your style. WDGann consider yourself lucky if you have large consistent profits still. I hate to switch systems but I've been shopping...