If you are being truthful then: 1) you have something that is working well. 2) you have a passion for trading 3) you have alot of anxiety Anxiety is imagined fear. Accept it...embrace it...don't fight it. You cannot control it or beat it into submission. Acknowledge and accept it then replace it with "the now". Focus again on "the now." Let the now push the anxiety out. Then actually DO what is working now. Do it as much, and as often, as you can. The rest will take care of itself. Live your passion and your dream. Do not let real fear, or imagined fear, rob you of it. Do not let people rob you of it. Do not let statistics rob you of it. Discipline is being responsible to do WHAT your are supposed to do. WHEN you are supposed to do it. HOW you are supposed to do it. And pay attention to detail as you do it. And do it whether you feel like it or not. That is the best definition of discipline that I know of. The above definition requires intense focus and hard work. Don't worry about yesterday. Worry less about tommorrow. JESUS once said in Matthew 6:34 "sufficient unto the day is the evil thereof" You can't change yesterday. Tommorrow you have not yet faced. You are facing today. Do today what you should do TODAY. Focus your entire energies on that. Put all your eggs in one basket and watch that basket REALLY WELL. Take care of that basket! Five years from now you will come back on here and thank ole Pinabetal. All of the above is my opinion only and only that. LOL It is not necessarily advice (except the verse which is advice from the bible). You have to decide! It is entirely up to you! Take one day at a time and do all you are supposed to do..odds (and you should know about odds) are more success will come. The harder you work the luckier you will become! If you work at the right thing and go about it in the right way. At the right time. One quick question. Would your methodology work with an index say like the ES? If it would you could reduce your work load quite abit by focusing on one trading instrument instead of lots of stocks. And the ES CAN handle whatever you wish to throw at it in terms of position size. Good luck.
I can thank you now ole Pinabetal for this timely reminder. We shouldn't just make rash decisions because of excitement.
Thank you for the kind words pinabetal, Sadly this methodology doesn't work in the futures market or more liquid markets, but i am trying to adapt it to small- mid cap stocks but its a lot more difficult than i thought. I truly believe that there is a edge in smaller less liquid products vs large cap stocks or futures.
For several years when i was starting out i daytraded stocks under 1 ..some call them penny stocks ...and I did quite well when i stuck by my plans. Back in the day i could daytrade in and out of a single stock 6 or 7 times same day with a margin account. And trade in and out of others the same day. I had a very high win rate. Usually between 80% and 95% if i remember correctly. Back in the day I was allowed to short them too. Then things changed. Not that it wouldn't work but sec rules changed. I trained others to do it and even had a software program developed to help make trading decisions. Contrary to what many believe low priced stocks under 1 dollar can actually be daytraded quite profitably. I used tc2000 to scan out and select the stocks for the next day and then exported the data into my software for analysis and final selection that evening before the markets opened the next day.
I sense here persistence and consistency, which is something we all need to make something out of nothing. After all, the successful strategies we have today didn't just spring out in one day.
I feel he has said it all with his experience from the reply he posted, just remain focus and hope that it will all fall into place in the end.
Hey guys, Just a quick update, I just finished school for good, with a B.A in finance, took maverick's advice. I have been spending countless hours to try and adapt my methodology to larger and more liquid markets but sadly it has not worked yet. But its still working well in the TSX-V which is were 99% of my trades take place. A few months ago I got around 200k in funding from a friend and got another 100k from his brother this week. As the account gets larger its getting a lot harder to scale in to some of these very illiquid stocks. Sometimes there are days were these stocks don't trade at all lol. But I still stand by my belief that illiquid markets are less efficient and have exploitable edges. I am still working part time and can trade at work which is a big plus. I am able to take a nice amount for myself after taxes, paying out my friend and his brother, charts, commissions, power streamer and other small costs. Anyways I will keep doing my best and keep you guys updated
Congrats on completing the Finance degree. Not a small accomplishment. How many hours a day are you spending on screening/taking trades now? T200