As a consistent profit day trader...

Big AAPL said:
True...but it is all a matter of interpretation
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I know what you're saying. If stops get hit, it's an opportunity to see where I could do better and usually it's that I entered too early. Fortunately, because I add aggressively on winning trades, I worry less about stopping out unless it's weird.

Today I got stopped out 3 times on Spazdaq, was negative, ended up green (~3K) by 11 because I don't average losers and add aggressively on wins. Then I sat out the rest of the day, analyzed and backtested. I hate when the first trade of the day is a loser. First 3 felt ridiculous and abnormal. Turns out it is abnormal and does happen occasionally.

What's the real lesson for me?

1. If stops get hit, it's normal
2. As long as when your stops get hit, you haven't added to a loser, you're fine to keep going

Had I kept going as I'm supposed to, could have been a 10K day. Hitting stops was not even a factor, except psychologically.

I. Love. Trading.
 
nooby_mcnoob said:
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Had I kept going as I'm supposed to, could have been a 10K day. Hitting stops was not even a factor, except psychologically.

I. Love. Trading.
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Imagine if you just kept enough money in your account to hold a couple contracts overnight. You'd be damned wealthy.
 
Overnight said:
Imagine if you just kept enough money in your account to hold a couple contracts overnight. You'd be damned wealthy.
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There are many ways to build wealth. I did not become a good trader until relatively recently (note that my first post on this board is like 2011...) As time passes, I will add different approaches to the repertoire, but to be honest, I'm not sure I want overnight holds.

Everything I am seeing right now points to achieving my goal of 7 figure trader in the next 2-3 years. Hopefully that comes to pass.

If that comes to pass and I can repeat it, then I will set my goal on becoming an 8 figure trader.

I think I'd stop after that. No overnight holds planned yet.
 
nooby_mcnoob said:
There are many ways to build wealth. I did not become a good trader until relatively recently (note that my first post on this board is like 2011...) As time passes, I will add different approaches to the repertoire, but to be honest, I'm not sure I want overnight holds...
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I'm going to suck you into the dark side of the evil and terrible ON holds. HAHAAH.

They are harmless. I mean, look at me. Did they affect me? Not at all.


haha.. hah HHAaHHAHHA. Um, sorry, that's just the Tourettes I developed a few years back while reading Al Brooks.
 
Overnight said:
I'm going to suck you into the dark side of the evil and terrible ON holds. HAHAAH.

They are harmless. I mean, look at me. Did they affect me? Not at all.


haha.. hah HHAaHHAHHA. Um, sorry, that's just the Tourettes I developed a few years back while reading Al Brooks.
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To be honest, I have lived for so long in the digital world that I just want to put more money into real things. I've always wanted to own a fast food restaurant... For reasons that I cannot explain.
 
nooby_mcnoob said:
To be honest, I have lived for so long in the digital world that I just want to put more money into real things. I've always wanted to own a fast food restaurant... For reasons that I cannot explain.
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Oh and a ranch in the mountains.

But I don't think about these things yet. Not yet.
 
nooby_mcnoob said:
To be honest, I have lived for so long in the digital world that I just want to put more money into real things. I've always wanted to own a fast food restaurant... For reasons that I cannot explain.
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There's always a boat. A fast food place like McDs is prolly 1.5 million now for the franchise, plus proof of like 3 million in net worth, at this point. Would be a terrible investment.
 
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