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My biggest lesson learned is to not scale in too soon.

Sure; I've posted many screencap PnL proof examples showing wins and stops, entries and exits, but not every single day since time consuming, I'm a one man company. Open to ideas. I will post more in my journal. Here's a dilemma, question.... I often do 20+ trades daily, most are...

Great topic, completely agree with most comments. I spend More time teaching exits and trade management than entry setups. In my big "lessons learned " thread I explained why exits are way more important than entries, though some disagree...

That's what I told myself when I bought Borders & Blockbuster lol Good reason for daytrading or brief swings in this market

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Lots of potential but black market and regulatory headwinds. I've traded CGC TLRY and will keep doing so. Here in Colorado it's a huge business. Um I heard you could go into a recreational store or dispensary and buy THC infused gummies, drinks and candy, or shop for buds, legally. Wow...

Pot stocks may blaze higher https://nationalpost.com/cannabis/cannabis-shows-promise-blocking-coronavirus-infection-alberta-researcher/wcm/f1696154-0fbd-4f0c-937e-26f69f8ec48c https://www.ajc.com/news/canadian-study-finds-that-enzymes-cannabis-could-treat-covid/xtpNkbXF8JQosUNWYeTdpM/

To extend coin flip exercise, I'd have them: 1. Tell them they'll have to make 2 decisions, as in trading 2. Bet heads vs tails (like long vs short) 3. If they win, what do they do next? Choices = cash out, or try to double/let it ride 4. If they lose do they take the loss and move on...

Outstanding points, you're exactly right. Adding to losers is a bad idea. To help me with discipline, for swingtrading I scale out partially on trades that end the day under prior day's low. I add to winners closing above pd high. See my article in this month's TASC, subscribers...

With the S&P getting close to 3000, it'll be interesting to see how markets react..... any thoughts? It's a good time to tighten up trailing stops on long swings. In my 2nd fidelity account I've been holding casino and oil stocks HAL PENN etc while scaling out of inverses in main account...

When markets are choppy it's hard to scale in consistently for swingtrading. Overall I like to add to swings in trending charts, eg buy $23 add $28 then use breakeven stop. For daytrading it's useful to tighten stops midday and 3pm since reversals occur sometimes.

Anyone else nibbling short bias today? TVIX eod run wow. I rebought small size inverses today. Using S&P 3000 resistance 2700 support.

Bought inverses today premkt and into the close. Check TVIX wow. In SRTY SDOW SPXS SQQQ etc

Glad I listened and went mostly cash into the weekend, thx! Appreciate it, and your sharing story re -70k, point taken. Using S&P 3000 resistance 2700 support, won't scale until one is broken and holds for 2+ days. I bought TNA to hedge TZA. Looking to arb/hedge opposite ETFs FAS/FAZ...

Fkg brilliant..... totally agree, all you control is your losses, you can tell a good trader by how much they obsess over risk mgmt and stops. Great entries are much less important than great exits, but few "get it" Right too re concern about alternative re driving to 9to5 keeps us focused...

Understood, right re commisshes except recently free unlimited commissions for USA traders using fidelity Ameritrade IB etc Trading using margin is one of the worst things non profitable or new traders can do. Imho the right progression is: Paper trade only, or tiny under 10 share trades...

Re PDT 25k rule that's for margin accounts, true. But traders can daytrade much smaller cash accounts. Trading in a sep IRA greatly simplifies taxes, too.... though no shorting. Agree with hafez re shorting is risky, I don't short, though I go long inverses which is short bias. A...

I always learn the hard way "don't predict, react" My bold prediction is that the market will go Both up and down :p lol If it goes up my watchlist includes GDX CGC USO TNA etc, if down I'll buy inverses SRTY FAZ SPXS

Couldn't resist lol Many aspiring day traders start with small under-25k accounts and MISTAKENLY think they should daytrade pos bullshit under-$10 risky charts. It's much smarter to trade small shares of decent trending $20ish stocks with consistent trends.

You're exactly right-- I learned that the hard way with VXX years ago, these are all day trading or 2-3 day round trip instruments due to contango/decay. Thanks for the nudge re not to overtrade during consolidation and to take profits early, it helped me last week. Having said that, the...