Is it time to throw in the towel?

[smallfil]

I'm not entirely sure as to what is causing the negative results. I trade breakouts mainly which does add a higher risk to my trades. Today I took TWTR short at 9:33 and closed 22 cents green. Then I took NFLX short at 9:38 and ended up in the money about 40 cents before it reversed on me. I took TSLA at 9:54 due to fomo and again got 40 cents in the money before it reversed. Then I took another trade in NFLX at 10:00 again 40 cents in the money than it reversed.

Do you have a trading journal of all your trades? The time to review it is when you have a lot of time. Preferably, the weekend. If your answer is no, then, how do you know that what you are doing is right in the first place? You also, have a mentor. Has he reviewed your trades with you?
Is he a successful trader? Lots of areas you could be missing on important data. If you do not have a trading journal, you do not even have a clue if you are doing anything right!

 

[TheDailyTrader]

What would happen if your reversed long on say NFLX and TSLA today?

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.

 

[Frederick Foresight]

do I throw in the towel early?

Other people have offered their opinions on your trading. My advice is limited to your towel. As Douglas Adams wrote in The Hitchhiker's Guide to the Galaxy:

Any man who can hitch the length and breadth of the galaxy, rough it, slum it, struggle against terrible odds, win through, and still knows where his towel is is clearly a man to be reckoned with.

Good luck.

 

[TheDailyTrader]

Do you have a trading journal of all your trades? The time to review it is when you have a lot of time. Preferably, the weekend. If your answer is no, then, how do you know that what you are doing is right in the first place? You also, have a mentor. Has he reviewed your trades with you?
Is he a successful trader? Lots of areas you could be missing on important data. If you do not have a trading journal, you do not even have a clue if you are doing anything right!

I use TraderVue as well as interactive brokers platform for a trade journal. I do not record the emotions I was feeling before the market/taking a trade. My mentor is successful and does go over my trades with me from time to time but not every trade. My mentor does believe I can be successful, he just thinks I need to slow down sometimes.

 

[TheDailyTrader]

Other people have offered their opinions on your trading. My advice is limited to your towel. As Douglas Adams wrote in The Hitchhiker's Guide to the Galaxy:

Any man who can hitch the length and breadth of the galaxy, rough it, slum it, struggle against terrible odds, win through, and still knows where his towel is is clearly a man to be reckoned with.

Good luck.

Thank you for a good laugh lol

 

[tomorton]

I'm not entirely sure as to what is causing the negative results. I trade breakouts mainly which does add a higher risk to my trades. Today I took TWTR short at 9:33 and closed 22 cents green. Then I took NFLX short at 9:38 and ended up in the money about 40 cents before it reversed on me. I took TSLA at 9:54 due to fomo and again got 40 cents in the money before it reversed. Then I took another trade in NFLX at 10:00 again 40 cents in the money than it reversed.

You trade break-outs intra-day and you're not sure what's causing the negative results. There's two things you might change right away.

 

[smallfil]

I use TraderVue as well as interactive brokers platform for a trade journal. I do not record the emotions I was feeling before the market/taking a trade. My mentor is successful and does go over my trades with me from time to time but not every trade. My mentor does believe I can be successful, he just thinks I need to slow down sometimes.

A good trading journal does not record emotions or your mindset in getting into the trade. What I note on my trades is the setups I used to get into the trades. I use an Excel spreadsheet to note my gains, losses, average gain, average loss, win and loss ratio. It tells me whether I have an edge or not. If a setup is not working, it is probably, because the setup is no good or you are jumping the gun and entering too soon. After a while, you see a pattern of the bad setups and bad trades.

 

[nooby_mcnoob]

Idk where to even start. I'm looking for advice, motivation, or similar stories. For a little context, I'm 25 years old turning 26 in November, I still live at home and am being supported by my family to pursue my goals of becoming a successful trader.

I've been trading full-time since June 2018 and 2.5 years part-time before that. Last year I traded 33million dollars and ended up with $7000 in losses, $2,249 from trades and $4,213 in commissions. My average green and red days are $300-400 I managed to get up $2500 in the first two and a half weeks this year. The fourth week I took an $1800 loss one day and the week after I took another $1600 loss. Fast forward to today and I'm down -2302 for the year and only $174 away from my account being locked out due to the PDT rule. Total over the last 3.5 years I am down $17,000. Im not focused on making the money back, I know that if I just become consistent then the money will come. I'm mentally in a rut right now due to my performance over the last 3 weeks and slightly "Burnt out" from showing up every day for the last 3.5 years and making no progress monetarily.

I planned on trading till June and if I was still struggling then I would switch to part-time and start working on real estate or something. 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.

If you were in my shoes what would you do? Do I fund my account and switch to paper trading for a week or two to get back in the zone? Do I lower my size to 100 shares and start with my back against the wall? Do I fund my account and go on a "vacation" while the funds settle to clear my mind? Or my least favorite option do I throw in the towel early?

You fucking pussy (don't ban me pls).

You are young, have a supportive family and you keep screwing up.

And instead of learning what you're doing wrong you want to throw in the towel?

What the fuck man. If this is your dream, pursue it. Fix what you're doing wrong. Find what works for your personality. Do something different. Start all over. Whatever it is just stop being a pussy and own your shit.

 

[TheDailyTrader]

You fucking pussy (don't ban me pls).

You are young, have a supportive family and you keep screwing up.

And instead of learning what you're doing wrong you want to throw in the towel?

What the fuck man. If this is your dream, pursue it. Fix what you're doing wrong. Find what works for your personality. Do something different. Start all over. Whatever it is just stop being a pussy and own your shit.

I appreciate the brutal honesty!

 

[nooby_mcnoob]

I appreciate the brutal honesty!

You're welcome. The details of what you're doing wrong are irrelevant the problem is in your head. When something isn't working, try something else. Don't be married to a single idea.