UnQ 2011: Foray Into Day Trading - Will My (Day) Trading Career Be Cut Short?
Time will tell.
Fed up with 4.8 years of swing trading making no better returns than working a McJob.
1. Use a handful of the best daily chart swing trading setups only!
2. Try to find Their equivalent in intraday charts.
3. Any setup spanning less than two days is invalid or viewed with extra caution/scrutiny. (Hold period is 1-5 days; usually 1-2 days).
4. Starting capital base: Real money only; approx $13k.
Week of Feb. 14, 2011:
-54.58 (Incorrect setup/lack of discipline in entry)
40.02 (Incorrect exit: Should have held 2 days longer for 5% gain)
-48.98 (Incorrect setup/lack of discipline in entry)
-41.48 (Incorrect setup/lack of discipline in entry)
-19.98 (Incorrect exit: Should have held 1 hr longer for 10% gain )
-65.98 (Incorrect setup/lack of discipline in entry)
Weekly net loss: ($190.98)
Overall, I took too many setups that didn't conform to "the plan". What the heck was I thinking when I clicked on "buy"???? Have to work on the desperately-wanting-to-make-some-money-to-feel-good-about-myself part!
Cumulative equity curve:
D'oh! Forgot to upload image: