You seem like a guy from Wallstreetbets that would yolo his life savings.
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Any Day traders here?
- Thread starter Traderwithnoname
- Start date
You seem like a guy from Wallstreetbets that would yolo his life savings.
Small vs large - wins vs losses - win percent vs loss percent, on a relative basis.
Greater win percent will have a smaller gain/loss percentage and vice versa.
Ok ,i see your point thanks, do you trade or have you traded gold?
All the time - both.Ok ,i see your point thanks, do you trade or have you traded gold?
Never been on reddit even once and got over fomo/yolo loooong ago. So no not that guy.You seem like a guy from Wallstreetbets that would yolo his life savings.
All the time - both.
From memory i think you mentioned in the past that you use Fibs in your Ta is that correct, do you also incorporate Fibs with pattern recognition?
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How many traders have regretted that mindset...The reality is you have to train yourself to buy every dip and when you see QQQ rapidly fall 1 0r $2 to buy the dip, since it can't possibly go down and every dip makes the V. Not always easy to do, but you have to train yourself since this market is truly unstoppable and will never stay down for long.
They say the human mind is wired to lose in day trading, such as that large amounts of money without any effort are unnaturally unhealthy for a person. Think outside the scope of money as if you're in a lab counting numbers instead of trying to make a living or get rich. When you stop caring, you tend to do well(people trade because they care dearly about money)...the paradox of desire is that it never lets you know both sides at the same time.What's the biggest challenge you guys faced with day trading? Mine was with my mindset, I used to struggle with my mindset and with FOMO but the good thing now is that I had been doing better and now less care about trades.
My goodness I need to have some beers with you some day. You sound as sad and regretful of the end of that ATM-punching era as I would if I were to talk about it. Thank goodness trades are no longer $10 each side, including partials (Ameritrade, even though that was cheap in '97), . Stuart: "Let's light this candle! " Datek cut that quite a bit when they came out.Biggest challenge for me was when the market structure changed and direct access trading on Level II stopped being a cash cow. For about two years, 1997-1999, scalping tech stocks was like walking up to an ATM and punching a few buttons to take money out. The biggest risk was racking up high commissions from scratching a lot of trades.
Eventually the market makers and institutions began hiding behind ECNs, and as more traders got into the game, competition increased to grab the limited shares available. Too many eyeballs were watching for the same opportunities.
The tech crash and decimalization were the final nail in the coffin for that era. That was an unbelievably fun period.
The end of that era and solidity of my approach back then ended for me when MPPP ipo (mp3.com) opened at $100 and closed the day at $60 or so. I think I started buying the easy-money dip at $90. My approach was never quite the same after that, and neither were .com ipos.
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