Hello Tradesuperstocks, Everyone on the forum and every trader has experienced this before. This is called learning and consider it paying tuition. For example, nurses and engineers make mistakes as well. If the trade was not apart of your plan, then there is nothing to be mad about. However, if it the trades was outside of plan, then I can understand the emotional distraught. Keep your head and keep on working. It will get better. I have MADE these same mistakes.
The thing I've learned about day trading is that the potential to make money on a daily basis is very luring. It's possible but it's the most taxing endeavor that you'll ever engage in. IMO, there's more room for error if you hold for a longer time frame.
Good comment. I believe starting out day trading is not so bad if you are technical analysis type trader because you get more charting experience. Starring at the chart all day, gives good experiences and good ideas.
That's how I really learned to read charts....by day trading and watching markets move all day. There's no better charting education than that. It's that experience which helps to call the major trends on bigger time frames.
It's not just simply looking at charts; you have to slighty understand the reasoning or rationale behind it. And understand that trading is Part Art, Part Science -- Each new day is a unique ratio between the two. It truly takes a skilled trader to succeed the shorter the time frame While in investing for the long haul, you're almost Guaranteed that the SPY/DOW/SPX will Never go down.
Correct that is what I do. But I regret not putting some time in indicators, may RSI or MACD or EMA. I simply look at price action candles only and support and resistance. I would like to use an indicator to get a better simple approach for price direction.
I lost that same amount today, so you're not alone. It happens. Always overcapitalize, because the smaller the account, the bigger the sting will be on a loss.