Completely New To Day Trading and Would Love Some Honest Advice

[ironchef]

Most noobs fail because they get married to their position. Just look at all these folks who get all angry when someone suggests the market is about to reverse. Noobs.

See the market from both angles and learn how to "flip" trades, when necessary.

@schizo but that is how most of us became investors:

First I day traded. When I had too many losing hands, I made some into swing trades. A few months later, they became part of my long term holding.

Once in a while, I do get lucky, holding failed trades (e.g. MSFT) do pay off. Mostly, they didn't work.

 

[schizo]

@schizo but that is how most of us became investors:

First I day traded. When I had too many losing hands, I made some into swing trades. A few months later, they became part of my long term holding.

Well, you have a point. But, in my mind, most traders don't become investor. They merely became prayer boys, asking God to help them miraculously recover their losses. Seriously, they could have bailed out when the loss was fairly small but now it's so big, they're like deer frozen in a headlight not knowing what to do.

 

[ironchef]

Well, you have a point. But, in my mind, most traders don't become investor. They merely became prayer boys, asking God to help them miraculously recover their losses. Seriously, they could have bailed out when the loss was fairly small but now it's so big, they're like deer frozen in a headlight not knowing what to do.

That is why in my latest day trading scheme, getting out of a losing trade pronto on every trade is Job 1, no exception. It is what is keeping me afloat.

 

[Laissez Faire]

i just passed the TST combine after about 1000 tries

No disrespect intended, padutrader, but simply passing a TST Combine after 1000 attempts doesn't amount to success as a day trader. To repeat what you said yourself earlier regarding beginners luck, well, it could still be luck.

 

[padutrader]

No disrespect intended, padutrader, but simply passing a TST Combine after 1000 attempts doesn't amount to success as a day trader. To repeat what you said yourself earlier regarding beginners luck, well, it could still be luck.

it is not that you make money pass a combine .... in trading you can make money without knowing shit and just gambling. i know that was what i was doing.

now my passing the combine for the 3 rd time is different from the first two times...i know that. you cannot know and cannot judge me on that.

this time i know i will not lose it.

time will tell.

 

[metalztrader]

Personally, I don't do much day trading because most moves don't complete intraday.

If you are up at the end of the day why would you want to close the trade and not hold it? Of course, I have trades that I am in and out of in the same day but a strategy based on the idea of not holding an intraday winner ever overnight makes no sense to me. Even if you took some leverage off to be able to hold overnight would make more sense. This is what I would think makes day trading inherently hard, you are cutting winners short if you can't hold over more than 1 session. Then the win rate becomes far too important because you won't have the outsized winners relative to losing trades.

 

[Laissez Faire]

time will tell.

And I wish you much success.

I'm just suggesting that you're reading too much into it as the sample size is way too small and you also seem to ignore the fact that you failed 1000 times prior to that.

One of the reasons why (day) trading is so difficult is because the market conditions are continuously in flux. That's why there's always a bear or a bull or a trend follower or a mean reversion trader that's crushing it just by chance.

Consistent profitability as a day trader means nothing less than having achieved mastery of the market and all its various modes and/or the knowledge and discipline to stay the hell out when you don't know what's going on.

And that's not easy.

 

[ironchef]

it is not that you make money pass a combine .... in trading you can make money without knowing shit and just gambling. i know that was what i was doing.

now my passing the combine for the 3 rd time is different from the first two times...i know that. you cannot know and cannot judge me on that.

this time i know i will not lose it.

time will tell.

@padutrader,

As a gambler (day trader) I feel the same: This time is different. Hope springs eternal, it is human nature.

I can't figure you out and have given up trying. You said you failed trading 1000 times, yet you preached how to as an expert trader. Sometimes you said you printed money, then turned around and said you lost money for 20 years....

But it is OK, it is an anonymous forum, to each his own.

Best to you sir.

 

[tiddlywinks]

And I wish you much success.

I'm just suggesting that you're reading too much into it as the sample size is way too small and you also seem to ignore the fact that you failed 1000 times prior to that.

One of the reasons why (day) trading is so difficult is because the market conditions are continuously in flux. That's why there's always a bear or a bull or a trend follower or a mean reversion trader that's crushing it just by chance.

Consistent profitability as a day trader means nothing less than having achieved mastery of the market and all its various modes and/or the knowledge and discipline to stay the hell out when you don't know what's going on.

And that's not easy.

What the hell has happened to you?

You're telling padu to wallow in failure instead of taking pride and confidence from his success through persistence, discipline, and desire to succeed? I say good on padu!! Damn, Colonel Sanders was turned down 1009 times before his first handshake agreement for his chicken and concept.

As for the rest of your post, define consistent.

A trader who averages $50/day is consistent!! Furthermore, that $50 may be "crushing it" to that trader. An average of $1000/month can affect way of life... Get out of your hive! Does it mean the trader has "mastery" of the market? No. Does it mean the trader doesn't have losing days? No.

What it does mean is the trader has mastery of the methods and strategies the trader has chosen to use. Does it mean the traders toolbelt is empty? Only the trader knows. I'm always learning something. Sometimes it goes into the toolbelt, sometimes saved for reference but not in the toolbelt(yet?), other times completely discarded.

Lately, ET has turned into the preeminent "how to fail and stay failed" www destination... Only success needs to be vetted

 

[ironchef]

Personally, I don't do much day trading because most moves don't complete intraday.

If you are up at the end of the day why would you want to close the trade and not hold it? Of course, I have trades that I am in and out of in the same day but a strategy based on the idea of not holding an intraday winner ever overnight makes no sense to me. Even if you took some leverage off to be able to hold overnight would make more sense. This is what I would think makes day trading inherently hard, you are cutting winners short if you can't hold over more than 1 session. Then the win rate becomes far too important because you won't have the outsized winners relative to losing trades.

Very interesting perspective @metalztrader. I always thought the advantage of day trading is to always begins with cash and ends up with cash?

If you hold overnight by definition you are not a day trader?