If you have some time you should read this thread:
https://www.elitetrader.com/et/thre...to-full-time-trading-now-27-years-old.337749/
I see a lot of parallel in personality between you two. Same struggles similar outcome.
Best wishes.
$286 left
- Thread starter hurricane_sh
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https://www.elitetrader.com/et/thre...to-full-time-trading-now-27-years-old.337749/
I see a lot of parallel in personality between you two. Same struggles similar outcome.
Best wishes.
Feel lucky for any winning trades today. My first trade is usually a loss, as I can only afford 3 losing trades, the first one really put me in a little panic mode. Now my maximum stop loss is 10 ticks for all trades.
6 trades, 5 wins, 1 loss.
P&L +23
Current Balance: $296
6 trades, 5 wins, 1 loss.
P&L +23
Current Balance: $296
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Very few of us make 70% in just a few months, so the size is bigger.
True. Those kinds of returns are not easily obtained. But there are traders that bank $15K today on penny stocks like SAEX.
SAEX is only a $3+ stocks. 15K shares which is only $45K+ on margins. Quite doable even on my account with margins. $1 move on 15K shares is $15K. That's how these small cap daytraders do it.
I only trade large caps so it was not on my radar. Just sayin' it's possible with experience.
Trend day up with huge positive gap open and you shorted 5/6 trades.
And he made money, as did I. Short 3/3 trades on MNQ and 2/3 were profitable for a net gain of 14 points. Don’t you know? Shorting up days is easy! Seriously though, your point is well taken. Some seem geared to follow action, some are geared to fade action, some wait for quiet periods to enter a trade in the direction of trend. Someday...
He tells us he has blown up multiple $26K accounts. And I'm curious if he is a serial fader. If so, that can be fatal to the undisciplined. Someone who "follows the action," as you say will find the market far more forgiving, while one who "fades the action," if not unflinching in plan and discipline, will find the market relentlessly punishing.
But I do understand that on any bar interval and on any time frame skilled and disciplined bulls and bears alike can both make money.
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You can counter trend if you want.
But an up day means 3pts up and 2pts down.
(This is tiny up day +1 point in average)
It means you risk 3 to earn 2.
In average.
The trend is your payoff.
The straight line from Valley <-> to peak.
If you fade a trend then you’re short gamma.
So you better protect your downside,
And win more often than 60% of the time.
Fading a trend is putting the odds against you.
You can win but over the long run ?
Maybe ...
Better fade retraces.
But an up day means 3pts up and 2pts down.
(This is tiny up day +1 point in average)
It means you risk 3 to earn 2.
In average.
The trend is your payoff.
The straight line from Valley <-> to peak.
If you fade a trend then you’re short gamma.
So you better protect your downside,
And win more often than 60% of the time.
Fading a trend is putting the odds against you.
You can win but over the long run ?
Maybe ...
Better fade retraces.
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I've been enlightened. I can see into the future, across the trendline into the unknown. You too shall know one day. Now repeat after me, Om-booyah-booyah, Om-booyah-booya.Aren't you the flipper? When have you ever waited long enough for a trend line