Is it time to throw in the towel?

[Gasparov]

It's hard for me to reverse a trade, It would help sometimes but when I take a trade it's because I believe the stock is going to continue in the direction I'm hoping for. I can see many times where reversing would help but I don't want to reverse just to have it go back my way.

some major advice I'd like to give you, is to not hope for anything. Learn how the markets move from a technical standpoint, find out the trades you like, and trust them as they will continue to work the same way as they have for decades. But you should not be in any trades where you don't already know where the market is going. Don't make this business a gamble, and if you are unsure BEFORE you take the trade, and take it anyway, just get out immediately and take a little break. I say this last part because sometimes we doubt ourselves after we get in, but if you made a logical decision before entering, trust your decision until the market proves you wrong (or stops you out). Then evaluate your decisions later. But most importantly, stop staying in trades when you don't know what's supposed to happen. Don't rely on your hope for the market to reward you because those rewards end up being luck.

Make that a habit first and foremost.

 

[vincentnyc]

“However, nothing is more attractive to me than being a trader, the money and the time freedom make this my favorite career option in life.”

Trading is the hardest professional out there. Freedom? What freedom? Unless you program and automate your trade. U stuck looking at the screen all day. And then you have to analyze your trade after hour or on weekend. And u doing it for the money? That is the wrong reason to get into trading.

Just get a job and forget about trading. Trading is not for everyone.

 

[nooby_mcnoob]

Listen to trading in the zone by what's his face

 

[TheDailyTrader]

BTW thank you all for the support. Okay so now it comes down to strategies. What strategies/patterns/setups do you trade? How do you determine your exit for profit/loss? Do you have a profit/loss target for the day where you stop trading? Do you trade every day the markets open? What do you do when you suffer a large loss? I would like to get some ideas of where I stand and what I can try that is new.

 

[nooby_mcnoob]

That is the wrong question, you need to be finding out what works for you and your personality. If you are anxious then do not sit in front of the screen

 

[TheDailyTrader]

“However, nothing is more attractive to me than being a trader, the money and the time freedom make this my favorite career option in life.”

Trading is the hardest professional out there. Freedom? What freedom? Unless you program and automate your trade. U stuck looking at the screen all day. And then you have to analyze your trade after hour or on weekend. And u doing it for the money? That is the wrong reason to get into trading.

Just get a job and forget about trading. Trading is not for everyone.

My mentor averaged 600k a year over the last 5 years and is done trading most days by 11 and will stop back in at 2 to possibly take another trade and review his day. The last 2 days he only had to trade for 10 minutes. The only time hes stuck looking at the screen all day is when he has a red morning.

Also, I'm attracted to being successful at something that is considered so difficult. Anyone can get a job, only the greatest can be successful here.

 

[TheDailyTrader]

That is the wrong question, you need to be finding out what works for you and your personality. If you are anxious then do not sit in front of the screen

I just want to know my options and what's out there. My strategy works now if I'm in the right mental state.

 

[nooby_mcnoob]

My strategy works now if I'm in the right mental state.

So then code your strategy and leave it alone. Obviously, you are not mentally cut out to sit on the screen. What's going to change it? If mommy kicks you out? Maybe you need to have the imminent feeling of death to succeed, some people do.

 

[Gasparov]

My mentor averaged 600k a year over the last 5 years and is done trading most days by 11 and will stop back in at 2 to possibly take another trade and review his day. The last 2 days he only had to trade for 10 minutes. The only time hes stuck looking at the screen all day is when he has a red morning.

Also, I'm attracted to being successful at something that is considered so difficult. Anyone can get a job, only the greatest can be successful here.

I'm in your same boat, though I don't trade stocks. If your strategy is solid you will get there. Work on yourself though, rather than the strategy.

 

[tomorton]

BTW thank you all for the support. Okay so now it comes down to strategies. What strategies/patterns/setups do you trade? How do you determine your exit for profit/loss? Do you have a profit/loss target for the day where you stop trading? Do you trade every day the markets open? What do you do when you suffer a large loss? I would like to get some ideas of where I stand and what I can try that is new.

Strategies/patterns/set-ups is just tinkering. You're not losing money because you selected a weak pattern from a strategy book.

You've got to make some radical choices which might be binary and uncomfortable:
Should you trade intra-day or long-term?
Should you trade break-outs or follow trends or would reversals be better?
Are you trading the right markets?
Do you actually have a trading plan?