Can't Make Money

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GotherL

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.)
 
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http://www.dailyspeculations.com/Letter/cycles.html

You're an amateur.
You got no real strategy.
You lose > 50% of the time.
Looks like you do it on purpose.
Cause statistically... It's 50% Up / Down.
Long Only ? Not a problem. Your problem is ...
You switch. No consistency. No system but Greed & Fear.
Close all your chat accounts. All the BS that has nothing to do with trading.
That's for sucker. You wanna be a trader but follow the wrong path.
There are traps. It's deceiving. And hopefully it will always be.
 
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GotherL said:
I admit that I am, but is my observation wrong? The market open are just a bunch of bulltraps...
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I've edited my post.
Bull traps ? No. It is not.
Or maybe it is. Then find the bear traps.
 
GotherL said:
Lol, you say that like it's an easy thing to do.
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I am not saying it's easy.
But you said you found a bull trap.
Haha ... So either do what it takes to exploit it,
Or continue on your way to find a bear trap.
What's easier ? Change broker. LOL
Then you'll find another excuse.
It's a chimera Bull/Bear trap.
 
K-Pia said:
What do you trade ?
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I try to trade lowfloaters, stocks that move up very quick but haven't really developed a solid strategy in my head. I am just trying to get experience and see what works and what doesn't.
 
GotherL said:
I try to trade lowfloaters, stocks that move up very quick but haven't really developed a solid strategy in my head. I am just trying to get experience and see what works and what doesn't.
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Ok. So you're gambling.
That's fine but don't expect to make $$$ consistently @ every open.
It's been a good week for Stocks in general. So you're either ...
Very unlucky and / or mostly & simply bullshiting.
Read the article. Build strategies & Good luck.
And get rid of these chat accounts.
 
K-Pia said:
Ok. So you're gambling.
That's fine but don't expect to make $$$ consistently @ every open.
It's been a good week for Stocks in general. So you're either ...
Very unlucky and / or mostly & simply bullshiting.
Read the article. Build strategies & Good luck.
And get rid of these chat accounts.
More...
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.
 
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