Bad entries - daytrading

[nooby_mcnoob]

I should add that I have no trading plan. I make it up as I go based on what I see. Most of the traders I know do the same thing.

You may not have a plan, but you know what you're looking for.

 

[spooz]

Yes, I suppose that's a plan of sorts. Very flexible and loosely held. From conversations I've had with beginning traders they tend to have plans that involve a great many squiggly lines that have to do certain things in order to trade. People were doing that in the 80's. Trading can be scary and having a plan like that imparts a sense of security perhaps. Feel free to tell me I'm an idiot.

 

[easymon1]

tend to have plans that involve a great many squiggly lines that have to do certain things in order to trade.

...but do they have written trading setups and triggers that have stats on the outcome of 100 entry executions for each and every setup and trigger that they use(d)? I put the (d) in there because if not, then they either moved on or went out of busines would be my bet.
No stats, not really a plan? ... more like a possibility, but a well tested plan. naa.

 

[David's faith]

@bone because swing trading is difficult due to extreme gaps in volatile times where as daytrading is more lucrative in these periods. Strategic decision. Yes, risk management is key.

 

[Leob]

Yes, I suppose that's a plan of sorts. Very flexible and loosely held. From conversations I've had with beginning traders they tend to have plans that involve a great many squiggly lines that have to do certain things in order to trade. People were doing that in the 80's. Trading can be scary and having a plan like that imparts a sense of security perhaps. Feel free to tell me I'm an idiot.

I absolutely not thing you are en idiot.
I think open minded is a good way to go intrady.