Is it because I dont care?

Quote from cashmoney69:

bought stld on 7/20.. yea, that big red candle :( .. saw it running up, so I bought some thinking it might gap up the next morning. But no, it gaps down below my stop. Do i sell?..no :eek: I waited for 57.20 I think it was then got out. Bad discipline on my part.
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Cash M;
Mainly you need some more experience, maybe much..

For example , you picked a strong sector;, fine job there;
bad time to buy, 10% gap up, almost always bad time to buy, even in a strong young bull market.

Not either a strong or young bull market.


:cool:
murray TT
 
If you dont care...you need to.

Your competition eats, drinks, sleeps and lives this stuff. We have librarys of books and study daily. If you dont care...we will take your money.
 
Quote from cashmoney69:

When I lose money, my attitude is "Oh well, I can try again tomorrow". I lost 90% of my gains for this month in a two day period and I dont care as much as I think I should.

Is it because I have a hidden desire to fail?..I dont see how this is possible because I'm totally addicted to the markets, and take my trading seriously.

What do you think?

- nathan
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Maybe because the gains you've previously made were basically "lucky" trades -- ie, random movement that happened to go your way. And deep down, you realize they were just the product of luck. Knowing that, you just shrug and keep feeding the coins, pulling the lever, and crossing your fingers.

What do I mean by luck? I define random and lucky as terms which imply the fact that you don't really know why certain trades worked out, and why others did not.

Someone who fully understands his edge can probably anticipate when certain periods will prove less than optimal; nevertheless, because he has earned confidence in his methodology over the long run, he just hunkers down and keeps plugging. But since you still remain unprofitable, your obstinance will do you no good right now. Take a step back, rethink why you are placing the trades that you do.

I'll tell you right now, if all you're doing is glancing at charts, buying S and selling R, using canned indicators -- it just isn't good enough. Also, I think looking at multiple time-frame charts will just mess you up. If you don't hold overnight very often, then don't take the daily chart too seriously; if you're a swing trader, then forget the 10min charts.
 
Quote from Mike805:

Nathan,

Why don't you provide us with some personal history? I don't know you, your accomplishments, your age, maturity level etc etc... hence I cannot make a judgement about your aptitude towards the markets.
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I'm 20 years old, I'll be 21 in December. I got interested in the markets back when I was 18 when our economics teacher introduced us to an online stock market game. It was not for day trading (was not possible on the simulation). We all started out with 100,000 and whoever made the highest returns at the end of the year won. At the time I wanted to be a computer programmer. A career in the markets was on the back burner, because I didn't think that I had the educational background to be a fund manager, or stock broker. After I found out there was this thing called "Day trading" where instead of having to wait months or years for a big return, some people were making that is a matter of days or weeks. This got my attention, and one day at dinner I told my parents that if ITT Tech did not work out, I was going to be a trader. You can only imagine what their response was :) .
 
Quote from cashmoney69:

bought stld on 7/20.. yea, that big red candle :( .. saw it running up, so I bought some thinking it might gap up the next morning. But no, it gaps down below my stop. Do i sell?..no :eek: I waited for 57.20 I think it was then got out. Bad discipline on my part.

The second day I bought LIFC, chart looked good, indicators looked good, but I think my stops may have been too tight because today, had I held a little longer, would have hit my target of 30.00.
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Nathan,

Thanks for providing some history and also information about what happened in some trades - it helps understand what might be happening to your trading. In this build on from your prior threads you reveal something important. You have no plan.

Go and read the thread I started asking "why traders lose."

There are lots of reasons but having no plan (based on studying your markets and figuring out what will work) is a good place to ensure you never win except by occasional random luck. You can't wing it like writing little software projects ... its like a big project you must have a tight foolproof plan. Get a plan or stop wasting your time and money.

If you think you have a plan then publish it here so that you can get some help to make it workable.
 
Quote from kiwi_trader:



If you think you have a plan then publish it here so that you can get some help to make it workable.
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My plan:

1. Trade stocks that have 420-450k + daily volume
2. I only follow stocks that are up 1% or down 1% EOD
3. Wait for top or bottom, then buy or short.
4. Use adx, cci, 50 EMA, 10MA and 30 MA, OBV, and volume as confirmation
5. Stops are set to whatever seems reasonable
 
I definitely think schooling is more important. There is a right time for everything. You should enjoy school life instead of becoming a day trading junkie like me... I hate to say it but your parents should be concerned. It had nothing to do with whether you are successful or not. You can keep studying the market and do longer term speculation while studying in school instead of day trading.
 
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