Day Trading don't work

[Brandonf]

Quote from Lonely trader:

Day Trading don't work

I use stops

I stick to my rules.

To anyone who is looking to trade full time, take it from me it's tough I've been trading full time for 1 year. with 4 years of study. I'm writing this to warn others how hard it is.

Then you get the rainbow merchants who sell you the dream of making money day trading for Just $1,000 or $299 a month...I asks these so called Gurus if you so good, why do you want our money. The whole day trading game, is a corn, even your broker will tell you there are people making money from day trading/scalping, They only say this to make commission off you.

Bill

A few points for you to consider.

Most people who use stops use the same stops everyone else uses. This presents nice pools of liquidity, esp when the market is slow. It leads to a lot of whipsaws and losses that you need not suffer if you figure out a different place to put them, or better yet another stop method other than price entirely. You still, IMHO, MUST USE STOPS, but right under support, right above resistance...very hard to make money that way.

Your rules are likely similar to everyone elses. 90% of people fail, so your likely not in good company.

As to the Guru thing: If I am so good, why would I not want your money? You can give it to me in the markets, or you can pay me to learn something and maybe have a chance of taking another suckers money yourself as opposed to continueing to write checks to Wall Street. I don't care how I get it, but I'll get it in the end. I never looked @ my "guru" business as being too much different than my money mgnt business, which was even more successful than my guru business (which was at one time probably one of the 10 biggest on the web) it was a way to leverage my skills. I'm not sure why so many people seem to see so much wrong with that.

Anyway you seem to be sincere and I hope things work out for you. Think outside the box, and stop reading so many books, just study the market at this point.
Brandon

 

[Lonely trader]

Thanks for your posts,

Today, I have hit rock bottom, I was getting out of a loosing trade, I was down $170 I doubled up to average the trade, It came down to $40 then went back to $100, then out of nowhere it went higher, I froze, I lost $430, So I though shit to all this, I do the opposite of my trades, because of late my trades don't seem to work, I thought by doing the opposite of what I'm doing I should have a chance. Well, how wrong I was today. My trading plan would have worked, but dumbass me done the opposite of my plan and as a result lost $1,200 today.

Today was the day I got frustrated trying to win my money back from previous losses, I now you guys are going to say, its my stupid fault and today it was and I know that. It's like the market is laughing at me and today of all days my trading plan would have worked if I stuck to it. I guess something is telling me to give up now before the little money I have goes to £0,.My wife came in to the room after the market had closed she looked over my shoulder, at the PC and saw my P&L, she then started screaming at me saying stop know before you lose it all she then walked out of the room, I felt like a school boy not answering here back, but I know she is right, she has supported me over the last 5 years reading, hours and hours looking at chart, I ask me self tonight where do I go from here, I am thinking of phoning my broker first thing tomorrow to close my account before I blow it all. I feel its been a waste of my time and my family time. However I still got something telling my don't give up. What am I thinking

Thanks for trying to help me but I think I am a lost case.

Bill

 

[FutureScalper]

I can't help but be sympathetic, because many of us have been where you are at one time in our careers.

I suggest you pause trading, and mend the issues with your spouse and family. That's more important.

Trading is one of those things where the slightest element which is not "in balance" can bring you down.

The cost of entry into this career is often not worth the collateral damage along the way, sad to say.

Trading is predicting the future, even if that future is 10 seconds from now.

Realistically years of hard daily experience are required in most cases, and it's usually too high a price to pay.

I used to say "Anybody who hasn't declared bankruptcy at least once, isn't really committed to success as a trader." That can be the level of commitment required, and it's too much for most. Not to mention divorce and other such possible consequences.

FS

 

[no. 22]

Quote from FutureScalper:


... I used to say "Anybody who hasn't declared bankruptcy at least once, isn't really committed to success as a trader." That can be the level of commitment required, and it's too much for most. Not to mention divorce and other such possible consequences.
FS

Divorce is alright, but letting things slide into bankruptcy is poor planning, to say the least.

 

[Nattdog]

Sounds like your trading has turned into a gambling problem. U can gauge that for yourself. Do you have trouble walking away because you think "the next trade, day, week month MIGHT turn things around?" It is a horrible, negative psychology loop. If you feel you may have this problem, get help and get your life back on track.

a few key things:

1. all the shyt you read in your trading books is bunk.
the tyro's risk management "controls" are killing you
and bleading your account death. 2 point stops and 2% risk is killing you. Man up and take some risk on your trades. trade just one contract. your account is way to small to keep risk on this tight of a leash. U can take a risk and have a chance at profit, or let them bleed it all out of you.

2. You do not have a successful model of price/market behavior by which to make predictions and have no clue how do develop such insight.

3. Your commission rate is way to high to be successful given your level of activity.

In conclusion, while your interest and enthusiasm has been high, your effort is extremely ameteurish, based on delusions, and has no chance at turning around. Wake up and look at yourself and your situation realistically. Take off the blinders dude. Hopefully this will prevent you from flushing the final $7500 down the toilet.

 

[bmwhendrix]

I do not offer advice, but as an observation I would suspect that if you dropped your posting here and started reading and following the AHG journal, you would be on a path with much greater potential. On the other hand if you have a mental/psychological basis to your current state, you need to move on for a few years. Only you will know.

 

[JimmyJam]

Quote from Lonely trader:

Thanks for your posts,

Today, I have hit rock bottom, I was getting out of a loosing trade, I was down $170 I doubled up to average the trade, It came down to $40 then went back to $100, then out of nowhere it went higher, I froze, I lost $430, So I though shit to all this, I do the opposite of my trades, because of late my trades don't seem to work, I thought by doing the opposite of what I'm doing I should have a chance. Well, how wrong I was today. My trading plan would have worked, but dumbass me done the opposite of my plan and as a result lost $1,200 today.

Today was the day I got frustrated trying to win my money back from previous losses, I now you guys are going to say, its my stupid fault and today it was and I know that. It's like the market is laughing at me and today of all days my trading plan would have worked if I stuck to it. I guess something is telling me to give up now before the little money I have goes to £0,. My wife came in to the room after the market had closed she looked over my shoulder, at the PC and saw my P&L, she then started screaming at me saying stop know before you lose it all she then walked out of the room, I felt like a school boy not answering here back, but I know she is right, she has supported me over the last 5 years reading, hours and hours looking at chart, I ask me self tonight where do I go from here, I am thinking of phoning my broker first thing tomorrow to close my account before I blow it all. I feel its been a waste of my time and my family time. However I still got something telling my don't give up. What am I thinking

Thanks for trying to help me but I think I am a lost case.

Bill

Thanks for your honesty, many wannabe traders can read your thread and see the enormous amount of work and dedication that is required to succeed as a professional trader, or anything else for that matter.

But whether you choose to continue to play this game in the future or not of buying and selling securities in search of unlimited potential gains you sure as shit had better go get your wife a bouquet of flowers, take her out to dinner and let her know she is the most important thing to you before she gets it into her head that your a total fucking loser ... at which point "daytrading don't work" will be the least of your laments.

Good trading,

Jimmy Jam

 

[Lonely trader]

Hi Jimmy

Yes, I know and I will, I am lucky she has stuck with me over the last 18 months trying to make this work. I've done my best I work hard what ever I try, but this endeavour has been the toughest.

Thanks

nexial

I am not sure how to follow this method or if it can be done trading my own account and it looks like I have to subscribed to this system for $130 a month, if the method is that good why does he want to sell it, I always ask my self?

Take care

Bill

 

[djxput]

Quote from Lonely trader:

Hi Jimmy

Yes, I know and I will, I am lucky she has stuck with me over the last 18 months trying to make this work. I've done my best I work hard what ever I try, but this endeavour has been the toughest.

Thanks

nexial

I am not sure how to follow this method or if it can be done trading my own account and it looks like I have to subscribed to this system for $130 a month, if the method is that good why does he want to sell it, I always ask my self?

Take care

Bill

Hey lonely,

I have a feeling I know where you are coming from.

Theres alot of great advice in this thread for you.

First advice that stuck in my mind was.

If you cant succeed by trading 1 tract its not going to help trading 2 3 or 1,000
IMO you should give yourself goals. ie you will only trade 1 tract until you reach X amount and then if you fall below X you will trade 1 tract again. And stick to it no matter what.

Also atm you arnt going to make a living with the money you have and be able to help support your family. Sounds like its wearing away on your wife/gf. Better to get a job and work on trading in the off hours. Perhaps get a job where you can 'fool' around with trading part time.

2 years ago I tried day trading futures full time - didnt work out well. I was probably way behind where you are even at now but still some things apply with you here. I didnt have a solid trading plan and tended to 'make' up things as I went along. I had scared money.
I also learned how the inner psyche had a huge impact on things.

Best thing you can do right now is decide what would you rather have ... inner peace or have alot of money. If its inner peace ask yourself how will you go about accompishing this.
Its obviously not the way you are going about things atm ...

good luck

and may you find inner peace

 

[FutureScalper]

Well, my only observation is that single contract trading is a very weak method. At least allow yourself to use 2 contracts, and "stagger" or "scale" them into the market.

Don't shoot both contracts at the same price. Stagger them in in two single shots, spaced maybe 4 tics apart.

Getting two shots at the entry and two shots at the exit price makes you much stronger, and may help to avoid stopping out, which is the worst thing that can happen.

Don't get me wrong; if it's hopeless, then stop out.

But as price pulls against you, you can put in that second "defensive" contract to reinforce your position while, at the same time seeking your targets.

You need a flexible order entry platform to do this efficiently.

But do establish firm rules, if you are going to continue to trade, within which you operate.

Throttle back the trading, and repair the personal life, though !!

FS