Can't Make Money

[1245]

I find it extremely hard to make money daytrading when the market opens. My bank only allows me to long positions and I try to catch the next lowfloater but the market is extremely manipulative and deceptive. Buy the time I try to get in a position all I am doing is chasing a stock. The people who already made money premarket are already taking profits. I use trade ideas and chatroom and often times the advice I get there leads me to these type of bulltraps. (No disrespect to the host but I've lost a ton of money ever since I joined the chatroom.) I am just extremely frustrated right now.

Anyone who has been thru a similar dilemma? How the hell is it possible to make money buying stocks consistently during market open? Should I just completely change my strategy and ditch intraday trading or am I just getting unlucky? (I sold way too early on KONE the other day when it popped 400%, actually lossed on it.)

The problem is that you have not found an edge yet and you are trading in an account where you have very little flexibility. You can't blame the market for that. If I were you, I would stop trading until you find your edge.

 

[K-Pia]

I think that's where my issue lies. I don't have enough money in my account to gamble or wait for the next big lowfloater. Each trade I buy and exit already takes out like 4-5% of my balance. I think I'd switch to a shorterm strategy & focus on oversold stocks with deadcat bounce potential. I made about 20% using this strategy I just didn't have the patience to hold stocks for that long & blew it all on intraday trading.

You made 20% by pure luck.
An impatient man can't build a viable strategy.
You either spend the time & effort to build something reliable.
Or you follow the get rich quick path and with little luck you'll get there.
But if it happens I can tell you for sure that you'll get broke again.
This is how gamblers begin and this is how they end. Broke.

 

[GotherL]

Also, I've been getting quite unlucky or you can call it amateurish. I bought into CNR & CADC both China stocks and lost big. Didn't understand the nature of these stocks but next time I'd definitely avoid them or give them extra caution.

 

[K-Pia]

Also, I've been getting quite unlucky or you can call it amateurish. I bought into CNR & CADC both China stocks and lost big. Didn't understand the nature of these stocks but next time I'd definitely avoid them or give them extra caution.

This is amateurish.
Pros are resilient to bad luck & strive from good fortune.
Everyone's unlucky in this business. Day in, day out.
But you don't let the fire devastating the city,
You've build up over decades, in a day.

 

[TradeCat]

All trading is 50/50. If you're losing more than you're making you could skip intraday trading for buy-and-hold. That requires patience but it works if you do your research.

 

[GotherL]

All trading is 50/50. If you're losing more than you're making you could skip intraday trading for buy-and-hold. That requires patience but it works if you do your research.

Yep, that is what I plan to do. I can't afford to lose on the commission fees if I am trading actively on a 50/50 basis.

 

[GotherL]

The problem is that you have not found an edge yet and you are trading in an account where you have very little flexibility. You can't blame the market for that. If I were you, I would stop trading until you find your edge.

I should really work on my gut decisions I developed during my time of being a poker pro. All those times I was trading for real money I based my decisions mostly on fear or greed. I think that is what messed me up. It's the psychological aspect rather than not having any actual strategy or being an amateur. (Ofc, those matter too but I am strong believer of the mental side.)

 

[K-Pia]

Sure ... Psychology ...
But you don't master by meeting psychologists.

 

[GotherL]

Sure ... Psychology ...
But you don't master by meeting psychologists.
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I doubt with that attitude you've seen much success in the stock market. That negativity and constant criticism of yours makes me wonder if your some estranged wife or seen too little of the sun...

As for my advice to you, brag less & stop acting like your very clever or pretending to be some big shot coz it makes you look more like a troll than someone worth listening too.

 

[FreakofNature]

Your been doing nothing but throwing negativity & insults into your replies. I doubt with that attitude you've seen much success in the stock market.

As for my advice to you, brag less & stop acting like your very clever or pretending to be some big shot coz it makes you look more like a troll than someone worth listening too.

He has given you very good advice, but the truth is hard to hear for most.