How Realistic? $50k account, $500 / day
- Thread starter AFChao
- Start date
Also, I should mention that I'm looking at this end of day be flat orientation because I used to trade for myself with many overnight trades, and I just don't like the volatility any more ...
For example, I shorted TLT throughout the day yesterday, but ended flat ... I was 75% confident that it would sell-off today, and at worst that there was a 25% chance it would merely test the highs of yesterday. 10 years ago, I would have taken a large position. 10 minutes prior to close, I debated back and forth and even though I felt highly confident about being short bonds, for some reason, overnight trades seem to cause a lot of stress or at least disturb my life too much.
That's why I'm looking into this new endeavor of limiting trades during the day, using a scanner, etc. I'm very curious if others have done it or if this is a pipe dream.
It sounds like it's doable from some helpful responses ...
For example, I shorted TLT throughout the day yesterday, but ended flat ... I was 75% confident that it would sell-off today, and at worst that there was a 25% chance it would merely test the highs of yesterday. 10 years ago, I would have taken a large position. 10 minutes prior to close, I debated back and forth and even though I felt highly confident about being short bonds, for some reason, overnight trades seem to cause a lot of stress or at least disturb my life too much.
That's why I'm looking into this new endeavor of limiting trades during the day, using a scanner, etc. I'm very curious if others have done it or if this is a pipe dream.
It sounds like it's doable from some helpful responses ...
I read once where 70% of the time the market direction translated into the direction that an individual equity would travel....I do not know how the 70% was calculated...
...but it seems that if you crack the code of that..then your individual trades would be improved upon. So is there a possibility that your scanner could give you false positives when betting on an individual equity going against its market direction?
ES
...but it seems that if you crack the code of that..then your individual trades would be improved upon. So is there a possibility that your scanner could give you false positives when betting on an individual equity going against its market direction?
ES
It's doable on paper but won't work out that way, it's better to have a more realistic game plan.
Realistic is a subjective term depending on whether you are Sorros , a novice , a seasoned trader .somebody greater than Sorros ,the greatest trader that ever lived or just an ordinary bloke trying to express himself or just the forum clown.
You could be talking to the next Livermore , my liver will go soon with the alcohol.
Of course it is possible.
Look at this video, inspirational. mfbreakout posted this in another thread. Great stuff.
The market itself has no idea whether you are trading sim or real money. How could it?
Whatever you accomplished in sim was equally doable in real cash. The difference you describe is your own personal emotions... lack of faith and trust in what you were doing then to stand up going forward forever.
There is no such thing as trader "instincts"... not to be confused with random, wild-ass guesswork that most aspiring traders label "gut feel".
Instincts include eating, breathing, running, making tools, making clothing, etc. Instincts do not extend to watching squiggly lines on a chart and internally knowing what comes next.
