5% - 10% profit per day trading

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Quote from S2Trader:

Absolutely,
Me at a breakeven week this week, made some gains but tend to lose it all by end of day.... :( tryna find out what the problem is ...
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I found out that it is easier to make money in the first hour of trading and very difficult to make money after that until the last hour of trading, which in the dow tends to spike up.
 
Quote from tardes:

I found out that it is easier to make money in the first hour of trading and very difficult to make money after that until the last hour of trading, which in the dow tends to spike up.
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Yes thats what i noticed looking at my trades, make profitable trades in the morning session and tend to give it all back in the afternoon session, Maybe ill have to stop trading the afternoon session and keep the profits from the morning,

snp, dow get very choppy in the afternoon..
 
Spanish89,

The average newbie lasts between six to twelve months in this business.

They will go between 3 and 9 months before the market really moves against them on one of their positions.

Intially they are confident, the market has never hurt them, so they dont use stops as they have never experienced a big loss, or if they have it was only on paper and the market has always came back for them.

They will have had a growing account PnL by taking small profits and waiting for the market to come back if it goes against them (perhaps even doubling up).

But eventually the market traps thems and forces them to book a large loss. From this point on they can no longer 'trade' this way as the mind is now fearfull of another large loss.

At this point the newbie begins to discover how hard trading really is.
 
Quote from Businessman:

Spanish89,

The average newbie lasts between six to twelve months in this business.

They will go between 3 and 9 months before the market really moves against them on one of their positions.

Intially they are confident, the market has never hurt them, so they dont use stops as they have never experienced a big loss, or if they have it was only on paper and the market has always came back for them.

They will have had a growing account PnL by taking small profits and waiting for the market to come back if it goes against them (perhaps even doubling up).

But once the market traps thems and forces a large loss, they can no longer 'trade' this way as the mind is now fearfull of another large loss.

At this point the newbie begins to discover how hard trading really is.
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What would your advice be to solve this problem...?
 
Quote from spanish89:

But why is it that the people who are now the traidng masters of the world, and who are going to be millionaires in a few months at the rate they calim to be going NEVER EVER EVER post even 1 live trade call or give their tech analysis in advance??? :eek: :D :p :mad:
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:D

Because of they are full of shit. Ignore them. I ignore people that brag about making money but never call their trades in real-time.
 
I'm not millionaire, I lose money everyday trading, I am very consistent at losing, almost never make a winning trade. If I make calls on this thread, people will make huge money fading it.

I talk shit on spanish because he is a winner and he is brighter than me. I fucking hate winners like spanish, especially when they trade for 1 year and I lose for 7.
 
Poor day for me.

Missed two set-ups due to being out busy in the meeting and out at a 'networking launch' then took the third valid set-up and got stopped out for £300 loss.

In a EURO/USD short from 13000 which might make some back.
 
Quote from blackjack666:

its not about 'getting back on track' in my opinion. Porph is a quality trader. He'll be just fine. You cant win em all. I am now in contact with an AMAZING trader who has been making about $5k per day for the last 20 odd years! Ive seen their house and cars etc and know that its genuine. He told me that losing days are to be expected. Even the occasional losing week, but that if you start having bad months then you need to reaccess your trading.
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Hey jackers, tells us more about your new pal, what does he trade etc?

Good post btw,:cool:
 
Quote from wee man:

Hey jackers, tells us more about your new pal, what does he trade etc?

Good post btw,:cool:
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He actually trades US stocks only. He worked for all kinds of investment banks as a risk analyst and designing mathmatical trading models and trading algorithms. He learnt lots and paid a programmer LOTS of money to design him a trading system which scans stocks and trades them based on his knowledge. He makes RIDICULOUS money. Ive seen his tradestation screen taking all of the trades for him, making him thousands of pounds whilst he does nothing! he only day trades manually for fun, lol.

PS. I get the feeling some of the hostility is directed at me about not posting live trades, lol. I have even posted transation statements to prove im not a 'bullshitter' lol. I dont post my trades because 1) I am a scalper and use very tight stops now, and by the time id have written my trade on a bulletin board id miss my trade, lol! and 2) I now get trade ideas from my new trading friend and he wouldn't want me posting them all over the place.

People can believe what they want. I think its just sour grapes, personally. If they cant make money and just got lucky for a while they jump on the defensive. People should just worry about their own trading, lol.

Right. Good luck everyone.
 
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