Day trader newbie needs your opinion

You posted to him what he wanted to hear and it appears he is gone...


SimpleMeLike said:
freeman311122,

Continue on your journey. You seem to have a controlled risk plan.

As long as you have a defined amount you are willing to lose from the beginning of the business plan, just stick to your plan.

Keep on trading and managing your risk if you are comfortable. If you are not comfortable with the risk, you can always paper trade starting with $3000 to double your account, then go back to live with $3000. But keep on going would be my suggestion as long as you comfortable with the risk.
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Mnewton said:
Always remember if the market is crappy and nothing is moving then don't force trade
You don't have to trade, if it's nice out go and play golf.
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I agree. That's my motto. Why to risk if the markets are static and you are not sure ?
 
freeman311122 said:
Hello, all,

I live in US and I started day trading in March this year. I don't have a margin account, so I put $3000 in my Robin hood account, I initially played $300 on single trade so that I could buy and sell for more than 3 times a day without needing to have a margin account with at least $25,000, I played up to 3 times a day, if I won 4%, I would just stop trading on that day, and I won mostly, about 80% wins, if I was not winning, I got out with roughly 1% loss. I made a rule that I will only move to trade $600 on single trade once I make 20% profit on the $300 per trade, it turned out that I reached 20% too soon in about 20 days, then I changed my mind and only allow myself to double the money on each trade if I can reach 40% profit, eventually, I was able to reach $120 with $300 per trade and I started to use $600 per trade starting May/2018 with a total fund of $6000. This time, it was much quicker, I reached 40% profit in 3 weeks, got $240 in total profit on the $600 trades. I started $1200 per trade, so far, I have gained another $200, it has been 3 weeks. I do think I am probably doing well(I am still doing a lot of paper trading every day) but I am not an expert of day trading, if you could give me any insight, opinion, it will be very helpful to me and very much appreciated. Thank you so much in advance!
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Backtest your trade method and then compare the results to your simulator results (use a real simulator from your broker only) and then compare your results to any real money trading.

3 Different results compared against each other. That should give you clues about your trading.

Hopefully you have not started with any real money trading before backtesting your trade method.

Most newbies do not backtest and literally just paper trade (write down trades) instead of using a real simulator from the broker. While you're at it...use a professional trade journal software with your simulator or any real money trading for your quantitative statistical analysis of your trading. It will empower you to self-help your trading.

There's a few professional trade journal software sponsors of this forum. Thus, you can check them out or just use Google to chose one that's specific to your needs. Come back to the forum in several more months and talk about your results, ask questions...prior to any real money trading.

The few newbies doing well out of the gate, most of them will eventually fail when they move into real money trading and they have no facts (statistics) about what they're doing wrong especially the ones that only talk about their trading results without mentioning anything about the trading environment they're trading within.

Last of all, do not quit your job to trade until after a minimum of one year of successful real money trading and only after you've saved a few years of income to support your living expenses.

wrbtrader
 
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