Lost $ today reached my daily loss limit of 1%. After ten trades, I had a small loss. Instead of calling it a day I pressed on and tripled my loss. The only good thing is I remembered @Jzwu2017's post earlier about him holding losses for too long and cut losses early. Otherwise I might turn it into a swing trade or worse, long term hold. A zero today. Let me tell you what is bothering me: Day trading is like playing at the roulette table betting on black or red with the bid/ask the house's advantage. I am not quite convinced trend following has any real edge even though I am positive after 3 weeks. I could be fooled by randomness.
Well then I'd say that answers that, as far as trading tomorrow. Needless to say I don't have to tell you, a rule is a rule. Losses will happen of course, but rule breaking shouldn't. We've all done it. But only those who don't make it a habit survive. But on the other matter, why do you have to pay the offer and sell the bid?
Know how to read the chart. Even in times of randomness, only price action can get you out of trouble.
Here are a couple of trade secrets. You could have a good day where for example you take 3 trades and they are all winners. You could have a bad day where you take 3 trades and there are all losers. However, if you revenge trade on the bad day and do 10 trades, all of them are going to be losers. So yes, I would trade on Friday if you lost today. 2nd secret, if you don't see any setups don't trade or look for other instruments and charts in case you are missing a setup on another chart.
Yes sir. I will press on. As for bid/ask, I am trading 1 minute charts, watching tick by tick for movement. I always used market instead of limit. Tried limit a few times and the price movement messed up the flow.
To get a good feel of the market/chart you need the infamous 10,000 hrs of screen time. Nothing can substitute for doing the time.
Then you still need to work on a few things. I trade one minute and five minutes, but rarely use MO's.