deaddog,
If you make a living from day trading and obtained wealth, why don't you mentor others or share what it takes to be a profitable trader?
As I said before, if having a trading plan was all it took, we all be multi-milionaires
I m looking for a mentor
- Thread starter Doncharles2020
- Start date
If you make a living from day trading and obtained wealth, why don't you mentor others or share what it takes to be a profitable trader?
As I said before, if having a trading plan was all it took, we all be multi-milionaires
Um don’t you own just a tiny...tiny..tiny slice of 500 companies? At least for a few months? Agree ....margin can kill one's account in this volatility. Gotta trade small ....real small. And do the MES as opposed to ES. 40 points won’t wipe out your 2000 (trading 1 contract MES) now will it? Oh and a intraday trader might want to learn how to average down and scalp in MES. Opportunities galore but ONLY if a body knows how to do it.
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I agree with you volpri, you always give good logical discussions about acutal trading techniques versus the common talk. Your approach to scaling in and out of trading ranges is pretty smart.
MES is a terrific contract to trade for a new trader because.
1. Can learn for cheap. With $2000 and risking 1% of account, trader can start risking $20 per trade.
2. Can prove consistent trading for 1-2 years before scaling up to +2 contracts or even moving to ES contract.
IMO, the goal of a trader is to prove consistent profitablitiy of the long run.
I have mentored others.
You shouldn’t expect a mentor to show you a method. You should expect a mentor to guide you through the process of finding and developing a system that suites you. Too many people are looking to copy a method that may not be appropriate for them.
What I find is most don't want to do the work that is involved. Most want to buy the secret. There isn't one.
Thanks deaddog,
I appreciate the response and conversation. Great work helping and mentoring others.
I agree with you. I am with you. There is no cookie cutter secret (Red light green light)
You nailed it and that is something I have learned (and I am still in the process of learning/developing testing) and that is finding a trade management approach that fits my day-to-day personality.
Trading Plan:
I am even taking the time to understand what exactly is a trading plan and recent found out there is a difference between trading plan and trading strategy.
Perhaps you should help me with something.
I am stuck on what should be my daily profit limit to stop trading in my trading plan? Any thoughts. Personally, if I can make $300-400 (one contract) that is acceptable for me.
I'm afraid I won't be much help. I don't have a limit. If the set up I'm using repeats itself I take it.
I quit day trading a few years ago. I found I could make as much money with a swing trading strategy strategy and didn't have to sit in front of a computer every hour the market was open.
I recently started dabbling in day trading again as I'm stuck at home because of the covid19 thing. Just bored and need something to do.
were identical, i keep joking with my friends that still day trade and i say whats the point of day trading if you got to clock in n out daily like a daily job?? Yet they still day trade,, i think the reward time wise in swing trading is significantly higher than day trading plus the flexibility in the schedule something we all traders pursue
I also don't have a daily target.
Does a restaurant close in the evening because it was full at lunchtime or a shopkeeper shut up shot just because the first busload of tourists arrived at 9.30am ;-) No. They want to maximise opportunity.
So if an opportunity as per my plan arrives in my daytrading window (9.00-11.30am est) then I will take it, irrespective of how much I have made/lost in any preceding trades.
To have a desired average per day/contract you are trying to fit your "desire" into what opportunity the market gives which you have no control over. Sometimes theres more opportunity, sometimes less opportunity. Either way, it doesn't care what your desired outcome is.
Best to just get group mentoring here. No one has incentive to teach you unless you work for them.
Do you have an entry technique?
Quantitative, chart patterns, indicators?
Intraday or overnight?
That’s the easy part. The exits and sizing are what make or break you. You need a clear measurable plan on that. No gut feel bullshit, or you’ll surely fail.
Tell us how you plan to enter/exit trades and we can try to help, or at least I can.