Can't Make Money

[Simples]

You guys just don't get it do you? It's not whether his advice was good or not. It was the way it was given out. It was rude and insulting but obviously you all fail to see that since it wasn't directed at you guys right?

1. He said amateur in his replies aleast 3 times.
2. He stated I made 20% by pure luck. (With no proof whatsoever.)
3.Sure ... Psychology ...
But you don't master by meeting psychologists. (Indicating I should go see a shrink!)

None of these statements alone is any indicator he was being an asshole. It's when you put them altogether, felt his vibes and that's when I was certain he was being an asshole!..

If you can't understand that then sorry don't talk to me anymore cuz obviously we come from different worlds!

I grew up reading a lot of Andrew Carnegie books btw... I am strongly against criticizing whether it's good or bad. There is better ways to give advice without having to be hurtful.

1. You're no pro, you admittedly don't earn money on this. So you're a self-confessed amateur, right? Same as me..
2. Why would you believe +20% on a one-hit wonder is not luck? I seriously doubt any trader, even pros, can somehow guarantee +20% beforehand. So most traders do count on luck. Another word for it is odds, but still uncertain. You shall be commended for having the balls to stay in the trade though, as that's very hard in the beginning for many.
3. You see ill intent where there is advice. Do you go to a psychologist in order to master baseball or basketball, or do you go to a trainer or train yourself? Your perspective of being treated badly is simply clouding your mind and making you misunderstand the real intent of the advice given.

Best thing you can do is realize you ARE a newbie, and try to understand what is behind the advice you're given. If not, why would anybody try to make you realize enough to meet the real reality? You won't understand the realities of trading unless you do it in trading, or from others' experiences, which will both be harsh. Simply because the differences in perspectives of newcomers and experienced traders will diverge so widely. At least from others' advice you don't need to lose money, but it usually takes time for you to see the same things. Often years after advice is given.

So you need to choose how your ego will be humbled, wisely. Trading may sound "fun" and "rewarding", but for those of us who've used years to try to master it, and still struggle, warning of pitfalls and trying to provide the right perspectives, that it's not in any way glorious, at least not until mastery, is a good and prudent thing to do. But, as said earlier, this is the kind of things newcomers don't really want to hear, which is why it needs to be emphasized even more, in good consciousness.

But you can also choose to disregard advice, and nothing will be lost for those who provide it. Maybe you find your own path, a better one. If that works, well done.

 

[Metamega]

Does anyone here actually successfully trade those low float morning gappers?

I always see them pop up in the trending on stock twits. I see them and the charts and it looks like a chasing game, and your probably right that you'll always be late to the game unless you can work out an edge with some backtesting and statistics.

That market open " price discovery" phase I call it is way to fast for myself to make any judgement( swing trader on the daily timeframe) but I do watch intraday on the few weekdays off and do try to study intraday to add perhaps some better entries and exits to my daily timeframe.

I do know in my readings over the years that I have seen intraday traders who don't trade the open, they said they would wait 15-30 minutes for their setups to get out of the market open whipsaw that is common. Only one I can remember seeing this for sure was webinar with Mike Bellafoire drone SMB capital talking about setups they teach their traders. That was one of the criteria he pointed out. Sure theirs other setups that take the open but it was an interesting criteria to myself.

 

[optonly]

Thanks for the offer but I think I'd rather invest in myself if I had the funds. No disrespect or anything. I would say the same if Buffet came knocking on my doorstep.

This whole thread only points out that you need to step back, study and practice practice practice. Either use pen and paper or a demo account.

If you just want up search all over the net, the best resource I've come across is www.thepatternsite.com by Thomas Bulkowski. He's also written several books with actual stats for set ups and patterns.

If you're constantly losing on opening gaps, stop trading them, they don't work for you.

Pm me if you'd like, i have over 100 trading and analysis books in a cloud I'm happy to share.

 

[galvinlee888]

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 took a loss and decided it gained too much to chase.)

Day trading is not for someone like you. The commission and slippage will remove any of the edge immediately, 99.999% of the day trading strategies will not have the edge that can cover the slippage + commissions. You mention you are pro in gambling, think of commissions + slippage is the "zero" in the roulette, and let me know if you stay a chance to win ?


Big institutions (which have ample resources and people that more experience and smarter than you and me) try it before and can't make it, this is why their main stream of income still from market making and commissions.

 

[K-Pia]

Day trading is not for someone like you. The commission and slippage will remove any of the edge immediately, 99.999% of the day trading strategies will not have the edge that can cover the slippage + commissions. You mention you are pro in gambling, think of commissions + slippage is the "zero" in the roulette, and let me know if you stay a chance to win ?


Big institutions (which have ample resources and people that more experience and smarter than you and me) try it before and can't make it, this is why their main stream of income still from market making and commissions.

That's true. Costs are main killers of "Profitable" strategies. Academics often find extra returns but when you remove the bias and add costs ... It's BS. I already backtested strategies that produced 10 ES points certain days. But Cost added it was BS. Intraday retail traders should focus on 1, 2 or 3 gamble per day. I myself filter days. I don't trade when Pre-Market range is tight. I know it's going to be small & slow ... To abstain is as important as taking a good trade.

 

[odlareg]

Day trading is not for someone like you. The commission and slippage will remove any of the edge immediately, 99.999% of the day trading strategies will not have the edge that can cover the slippage + commissions. You mention you are pro in gambling, think of commissions + slippage is the "zero" in the roulette, and let me know if you stay a chance to win ?


Big institutions (which have ample resources and people that more experience and smarter than you and me) try it before and can't make it, this is why their main stream of income still from market making and commissions.

Find the 0.001%

 

[galvinlee888]

Find the 0.001%

You will find the 0.001% after many years of hard works, but please don't expect someone will share with you the 0.001% in the free forum like ET. This is aka you are asking Coke to share their recipe in any internet open forum so that you can start your own soda business beside their shop.

 

[odlareg]

Every here and there part of a gem. In 0.001% of messages of ET. Some posters are really gifted. But it takes good crossword abilities to know what they mean if they mean anything.

 

[Redneck]

Well.. he needs to stop pretending like he knows everything and everyone else is an idiot....
I can tell the difference between constructive criticism and unnecessary/excessive criticism to feed the ego so I won't take too much of his bs. I got an ego myself so I am not just gonna stand aside and let him throw insults as he pleases whether he's got a point or not...

Even if his advice was constructive it's obvious his words are meant out of disrespect and insult. Don't give me that nonsense that he had completely positive intent and I was just being an ignorant for not taking his advice. Just read his last statement... You've to be very dense to not recognize that as an insult. What exactly am I doing wrong here by throwing insults back at him? "What you give is what you get back!" That is what 99.9% of the population would do when faced with unwanted criticism and insults. I don't know why your trying to make it like I am the narrow-minded person who cannot take advice. It's more like you don't realize how insultive he is being because your either too dense or it's not being directed at you so you don't care!

That is what 99.9% of the population would do when faced with unwanted criticism and insults.

99.9% of the population can't trade their way out of a wet paper sack



Best shut your mouth..., kill your ego - then..., open your ears and mind

You've a rather long..., and extremely difficult journey ahead.., you wish to play in our sand box..., and there are no guarantees


Reckon saying this makes me the super..., ubber...., prick now - I'm so good with that.., you have no idea



================

K-P

Good advice..., Good job Sir

Keep on truckin

RN

 

[GotherL]

This never had anything to do whether I was an amateur. I simply didn't like how cocky & rude he was given the advice. You guys are saying that just because I am new I don't have the option to become offended by his advice since everything he said made sense. He has the right to be an asshole! That's just utter complete BS!

Humans are emotional and can get offended easily, I admit that I am one of them. For those who get offended by my behavior then what makes you so different than myself? Stop being hypocritical!