Another newb looking for advice. :)

[Damanuelman]

If you sign up for Warrior chat, you will get trade ideas showing on his screen. He has so many YouTube videos that watching them and watching him trade live is better than paying upfront, imho. His strategy is difficult to trade though and getting so popular that it will stop working. But I see him branching out into large caps and options lately.

Considering that he has so many followers following the strategy that it becomes almost a self fulfilling prophecy, and he actually ends up making the money off his students when they actually try to live trade. I see he pays attention to the Time and Sales a lot and there you can see when the buyers are starting to slow down to go in for a short, he knows these are shit companies so him and his followers just inflate the stock which sounds like a classic pump and dump too me. But hey there's a sucker born every minute right or what's the saying, a fool and his money will always be parted. BTW I have no proof of it but based on my experience in this field I think it's likely that that's what is actually happening.

If I was the warrior trading guy I would just show my good trades but he likes to show losers too but where is the audited track record of every single trade and account balance which the ET standard not to be confused with EY multibilillion dollar audit firm standard, this is a random internet forum after all haha.

 

[Cataplt]

Thank you so much for your replies.

Reading the responses and then rereading my post I guess sorta came off exactly the way I did not want to. I should not have said the excel comment the way I did, I really meant I will try to do better then average. Since 90% of traders lose money that means if I can just tread water then I am already ahead of the curve.
Day trading is so much fun to me, I want to do it more. Six months later I am still waking up before my alarm to rush to my computer like a kid on Christmas morning to see what the markets are going to offer. I have pulled all of my non active funds out of my accounts and my entire risk is 100$.
My worst case (risk) at this point is failing and I lose 100$. I learned a new skill and had a lot of fun doing it. Loosing 100$ has been more fun per dollar the any video game I have ever played. The reward is I can actually do this and that has little to unlimited potential.

As for my kids, they both have Betterment accounts, I have no dept and my house will be paid off in 9 years.


SteveM
Thank you for your response. Thats is exactly what I am looking for. I am ignorant to looking deep into my numbers and back testing. I really don't know what that means (I will be searching that topic tonight after the kids go to bed) or how to go about it. Do you have a suggestion on were to start?

smallfil
Thank you for your response. The loss I mentioned was actually a share size mistake. That I understood in concept, but leaned the hard way. The trade I made before was 3 shares at .6 a share (1.8% of total account) When I moved to YTEN I left all the settings the same (oops) and took 3 at 12ish (36% of my total account). It did hit a stop loss, but my position was too big. I am currently winning 56% of my trades, but have made a few position size mistakes. I think you are right about being all over the place. I think that might be why I am thinking about schools and stuff (and posting here) is to try to get some direction on what candy to pick lol.

OK, got to get the kids ready for school.
Thank you for your input. I will see you all after work

 

[Ethilaloth]

Don't rush things, of course you have a lot of work to do, but it's really cool that you shared your observations and thoughts on this subject, because it proves that you can make decisions and you can critically assess this or that situation.
I think you should experiment more to find your strategies that you can use on a long-term basis. And of course you'd better do it on a demo to avoid losses. Plus, since you're interested in the stock market, I think you should start by focusing on some big companies that have been and will be experiencing crisis moments in the future that have become permanent in our time.

 

[smallfil]

Thank you so much for your replies.

Reading the responses and then rereading my post I guess sorta came off exactly the way I did not want to. I should not have said the excel comment the way I did, I really meant I will try to do better then average. Since 90% of traders lose money that means if I can just tread water then I am already ahead of the curve.
Day trading is so much fun to me, I want to do it more. Six months later I am still waking up before my alarm to rush to my computer like a kid on Christmas morning to see what the markets are going to offer. I have pulled all of my non active funds out of my accounts and my entire risk is 100$.
My worst case (risk) at this point is failing and I lose 100$. I learned a new skill and had a lot of fun doing it. Loosing 100$ has been more fun per dollar the any video game I have ever played. The reward is I can actually do this and that has little to unlimited potential.

As for my kids, they both have Betterment accounts, I have no dept and my house will be paid off in 9 years.


SteveM
Thank you for your response. Thats is exactly what I am looking for. I am ignorant to looking deep into my numbers and back testing. I really don't know what that means (I will be searching that topic tonight after the kids go to bed) or how to go about it. Do you have a suggestion on were to start?

smallfil
Thank you for your response. The loss I mentioned was actually a share size mistake. That I understood in concept, but leaned the hard way. The trade I made before was 3 shares at .6 a share (1.8% of total account) When I moved to YTEN I left all the settings the same (oops) and took 3 at 12ish (36% of my total account). It did hit a stop loss, but my position was too big. I am currently winning 56% of my trades, but have made a few position size mistakes. I think you are right about being all over the place. I think that might be why I am thinking about schools and stuff (and posting here) is to try to get some direction on what candy to pick lol.

OK, got to get the kids ready for school.
Thank you for your input. I will see you all after work

You seem to be a pretty analytical guy and open to ideas which is a good thing. May I suggest a trading journal? Add notes after you close trades and a spreadsheet like Excel serves this purpose. We need feedback and by keeping track of our trades, we can see a pattern of the mistakes we repeat over and over. Correct those mistakes and your trading performance would be much, much better and your results would surprise you.

 

[RedDuke]

...... I set realistic goals and then set a path to get there. I decided my goal was 370$ a day. I have 100K in capital to work with (NOT RISKING ANY OF THAT RIGHT NOW!!!, I NEED TO LEARN) so if I could make .4% a day (or more) this is possible and realistic.

...

First of all trading is unlike anything else you ever did, so just because you excelled in everything else, that might set you up for failure. Tons of books written on this subject alone.

The above statement is how you set yourself for failure right out of the box. Market will show you very fast what it thinks of your "realistic goals".

If you stay long enough in this game, there is a small chance you will succeed.

Read 2 books for inspiration and then reread them after a year or two:

The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution

A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market by Edward Thorp

Btw, investing and trading are 2 very different things.

best of luck

 

[Conjumeena]

Here I saw the right recommendation - you need to check and test the chosen approach as long as it is necessary, because it will take some time now, but over time it will bring you profit, and believe me, every trader who has a stable profit now in his time went through exactly this way, and it works in any business. And of course I will advise you to be as calm as possible to any problems and difficulties, they will arise in any case, but the sooner you learn to analyze and cope with it, the sooner you will come to stability in the market, which is exactly what each of us aspires to. So I wish you patience and success, I think you'll succeed...

 

[Thor]

The fastest route to success for most skills.

1. Find someone who has already acheived your goal.
2. Ask him HOW he did it.

There are plenty of 1s around, 2 is the really hard part.
Most of the advice you will get is worthless, mostly the blind leading the blind.

 

[Cataplt]

Wow, you guys are amazing. Thank you again. It has been a awful long day at work and it was nice to see all the helpful insite. Thank you

Ethilaloth
I was doing the Demo's first on Webull, but I found a lot of the functionality between real vs paper were different. If I remember correctly there was not stop losses, entry and exit speeds were much faster, and a few other differences. The I tried on TOS but they only have a 20 minute delayed version. I set my scanners up live at 9:45 and they may come up with 3 or 4 stocks. I then wait 20 minutes and do it again with paper and the same scanner would show me 5 or 10 stocks. I also did not have to worry about funds settling (no margin or 25k accounts, I don't know enough yet). Also I know its all in my head, but I have more emotion in win/loss a dime then I do in 10K fake dollars.
I love the idea of big companies, especially anything automotive. But I am working with a 100 dollar account. I may be wrong, but I am hoping what I learn here will scale up later. If I had learned this stuff around the dot.com bubble I would have killed it in 2008, same with 2008 to a few months ago. Even if I don't reach my goals (I think I will) I will have a new skill set ready to go next time.
I am not discounting what you are saying. These are the things I have experienced, the road blocks I ran into, and why I changed course. I would be very interested in trying these again.

smallfill
I was using a trading journal and then I discovered Tradervue. Between the monitor in TOS and Tradervue I can look the the exact moment I made a move (micro) to the overall picture in Tradervue (macro). I usually make my trades early AM and review them that night. I know on a more then a few occasions I have thought "WTF was I thinking" and just toss it off to being a dumb move. I realize now I have been screwing myself out of a learning opportunity. I will start using my trading journal again and track the thoughts. Thank you!

Redduke
I understand trading is like nothing I have ever experienced and it will likely chew me up and spit me out. That is one of the many things that appeals to me about it.

I was looking at audio books today at work and almost downloaded The Man Who Solved the Market, but the reviews made me change my mind. I will download it in the morning and start listening. I will have to see if the other is available.

I really have no interest in investing right now Charles Schwab and Betterment are doing that for me. I want to trade. Fast paced fun with the ups/downs and when I have had my fun, I close my positions and ignore it until it is time to do it again. When I was trying to swing trade with the guy I paid to follow. I found it to distracting. I was always checking my phone and not being focused on life.
Thank you!

Thor
Thats why I am here. I have received more direct advice in the last 24hrs then I ever have. I may even meet a few 2's .
Thank you

I am not going to read this in the morning. I was so excited to find a Stock forum (not a discord) that I read this forum instead of trading today. I can only trade from 6:15 to 7:00 AZ time (9:15-10:00) before I take the kiddo's to school. Once you weirdos (LOL) do your time change thing in Nov I will only be able to trade 8:15-9:00. So I will either learn premarket or start spending more time using Ondemand in TOS.

 

[RedDuke]

....I want to trade. Fast paced fun with the ups/downs and when I have had my fun, I close my positions and ignore it until it is time to do it again. When I was trying to swing trade with the guy I paid to follow. I found it to distracting. I was always checking my phone and not being focused on life./.....

Fun, hm. Typically, fun and trading are very dangerous combo. When it becomes boring, this is when you are on the right path.

 

[Cataplt]

I can't change that I think trading is fun. I have been a Toyota Master Diagnostic Technician for 20 years. I am one of the best and I still think what I do is fun. I think once things have stopped becoming fun then I have lost interest or have stopped learning.

Anyways I am about 3/4 of the way through The Man Who Solved the Market. I will reserve any comments until I have finished.

I have been spending my evenings trying to learn how to back test. I have been playing around back testing the ways I have been trading. Above VWAP, watching for a dip, then wait for full reversal, wait for next dip, and get in on first green bar after second dip (stop loss set at -2%).
Back testing for a hour (I know I need way more) I started thinking and seeing the some of the things I could change. I was leaving a lot of stuff on the table. After trial and error and bouncing around to different stocks I decided To take one stock on one day and try to come up something that works for that stock that day. I think this may not be the best way, but I am still playing around. I set up my scanner to show me stocks above 0 deviation above VWAP (with some Volume/mark filters) picked a random date (Aug 19th) and grabbed the top stock on the scanner at 9:29 (AKTS). I only took 1 share on each trade.
Doing it my way for round 1 I took 6 trades won 4/2 lost and made .32$

I then tried a few other ways, but the best results were from. Buy above VWAP on every green bar after the second green bar with a profit take at 2% and and stop loss at -.75%. I tried to hit buy in the first 3 seconds of the new green candle, and let the stop loss sell it even when there was a clear sign of a downward trend. In the end of that I took 23 trades won 10/13 lost, but made .47$

I really don't know if there are any conclusions to be drawn from this, maybe I should buy up more, but I just found it very interesting and ....fun .

Thank you all again for steering me on the way to more knowledge.