What were you trading at that time?Options/futures/stocks? What were you strategies? How much, in terms of percent, do you think is a realistic profit goal with small capital? Since you were successful swing trading, do you still do it? What would you recommend I learn to swing trade? I like the "Have something else in your life.", however, considering the circumstances I just don't have the time. I either stay at a average/complacent life with my full time job, or I master trading to have a better/fuller life. I chose the latter. And until I succeed at trading, I don't see myself having something else in my life, no matter how badly I want it. Until I give up on trading, I am willing to and have sacrificed my relationships, money, relaxation, etc. in order to master this.
Specifically, to start with, I want to make about $3000 per month. About $750 per week. If I can consistently do this, I can quit my job, to do this full-time and make even more through out the day. I want to do that trading options, if possible, but I am open for suggestions on how best to achieve this. Also, I want to be to doing this outside 10am-7pm hours, if possible. Current methods are to trade options in the first hour. I explained of bit of this in an earlier post, but basically I watch for high beta stocks to show some kind of pop and then I jump in to make a $1/$2. However, many times the trend/pop reversed before I sell it. I suppose, I don't know how to identify, if it's a trend that will stay or reverse. Any suggestions on that?
Try intra day trading u just need the capital and leverage and you can make more than $750 a week. Especially if you trade Prop firms.
âI donât want to discredit â¦..â The hell you say⦠yet you said it Be passive... or be aggressive â never co-mingle the two... And for Christ sakes never fake humility Mkt will tear ya a new ass on both accounts Above is by no means an attack or accusation... rather an observation =============== First one must understand it not so much about the flaws / insecurities / inadequacies one has â we all have them Ratherâ¦, itâs about being able to accept same â then operate in spite of same =============== As to a few other aspects separating the few from the many In no certain order mind you.... Traderâs mindset; I use this termâ¦, immediately a few know exactly what Iâm referencing â whereas the majorityâ¦, think it vaporware / being obtuse / mysticism / guru-ism / zen Plan / methodology/ approach; few are tedious/ diligent / tenacious / motivated enough to develop a plan / methodology / approach that works â yet fewer can follow same unwaveringly day in and day out till retirement Humble / adaptable / unbiased / open / focused; few are â fewer are able to remain so (especially once they begin making money) Detail orientated/ intuitive; few look at a chart and pick up on the nuances â or pick up on participantâs intent / emotion Uncertainty; few thoroughly understand / accept it â yet fewer are totally comfortable operating in it No one knows â few completely believe this â see directly above Losing; few are comfortable losing easilyâ¦, or as required Able to analyze multiple viewsâ¦, distill to an actionable thesisâ¦, easily abandon this thesis and move on to the next Thinking oneâs opinion matters Getting past thinking being wrong is somehow bad / demeaning Objective and dispassionate Knowing the difference between luck & skill Success thrives within simplicity..., repetition..., sizing up Getting past all the bullshit this business espouses Obsessive adherence to simple honesty Understanding trading entails managing self â firstâ¦, foremostâ¦, till retirement Respect; for colleagues - for money ====================== Aboveâ¦, but the very tip of the proverbial iceberg which separates RN
Correct me if I am wrong here, but your strategy consists of heavy capital for lil gains right? And you set up stop losses to to prevent heavy loss of the heavy capital you have invested. How tight are your stops, in terms of acceptable percent loss? You mentioned that you typically make $500 per week, with $10K deposit + $10K margin. So how many positions do you typically have open with how much total capital invested per week? Typically how many entries occur in a week? I assume you don't dabble in options correct?
Just a question. How does these kind of profits make you feel? http://www.elitetrader.com/vb/attachment.php?s=&postid=3919277 Those are the kinds of profits my system can churn out except for the one big day which was a fluke. And they all are made trading the first hour too.
Choose a chart bar interval (5-min chart is very reliable for day trading) and study some common price action patterns, such as this favorite of mine: http://www.dacharts.com/123.htm In a spreadsheet, log the price excursions that surround every appearance of a given pattern for a single instrument (a single high beta stock or an active ETF or a liquid futures contract). Eventually you'll find positive expectancy such as price runs N ticks favorably before running N ticks adversely 60% of the time, or price runs 2N ticks favorably before running N ticks unfavorably 50% of the time. You'll start to notice that the successful runs happen more often under certain conditions such as a tilting channel (trend). Create a set of trading rules based on your observation and apply the rules to 20 days worth of charts. Is the result net positive over time? Apply the rules to 20 days worth of charts of other stocks, ETFs or futures contracts. Net positive over time? Once you have a set of rules that produces positive results when applied over an acceptable time period, trade your plan in a simulated account that allows you to replay any day's action. If you're able to do this successfully over a period of 20 or more days, then try real-time simulated trading sessions any time you're able to. Finally, try your plan in a live account. I'd recommend a small Forex account as a test because you can keep the losses very small in the event your psychology is screwed up. This method teaches you to develop a plan based on price action, which is an edge that never dissolves as long as there is a liquid market to trade. This method also allows you to achieve your income goals more consistently without the crazy ups and downs that accompany many trading methods.
Not bad, RN. Like talking to a post, but perhaps someone else may benefit from it. You just never know. Look at Hansel and Gretel.
One of the most profound posts i have seen here. You pretty much sum up all of what this game is made of. H.