Is it time to throw in the towel?
- Thread starter TheDailyTrader
- Start date
the Smaller your profit target is the more size you need to use to make money so the more risk you take on.
You should have switched your size down and split it into smaller parts so you can average into a longer term position. Your going the wrong way, your going to burn out
I agree with you on the risk aspect. As for the profit target I felt like it was unrealistic to make $1+ every trade as I'm only trading intra-day with my average trade being under 20 minutes
Here is the reason I increased volume. Today I traded TSLA short due to the news that AMZN was investing in Aurora. My entry was short 50 shares at 303.5 @ 9:40:13 my stop was 305.01. Had I been in for 300 shares I could have taken 200 for profit at 202.10-30 area and held the rest to either close at 303.30-50 or wait for the break of 302 on the last 100. Based on price action I would have closed the last 100 at 301 resulting in a $490-530 profit. Normally I would have only been in for 100 and closed all 100 at 302.5 and been upset that I didn't hold for the 302 break thinking I didnt give it enough time to work.
I learned my strategy from Meir Barak as it made the most sense to me compared to others. He has a youtube video titled "The reason you lose in day trading is... Trading Quantities" In that video, he basically describes what I just mentioned above. He said I should move from 3-5 trades at 100 shares to 1-2 trades at 300 shares. It made a lot of sense to me and helped me get bigger profits, however, the losses are bigger too and I mismanage them.
Btw Meir is not my mentor I keep referring too, just the person whose trading strategy I decided to take on as my own.
I learned my strategy from Meir Barak as it made the most sense to me compared to others. He has a youtube video titled "The reason you lose in day trading is... Trading Quantities" In that video, he basically describes what I just mentioned above. He said I should move from 3-5 trades at 100 shares to 1-2 trades at 300 shares. It made a lot of sense to me and helped me get bigger profits, however, the losses are bigger too and I mismanage them.
Btw Meir is not my mentor I keep referring too, just the person whose trading strategy I decided to take on as my own.
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IF that was me, i would trade a pair or better half a pair of liquid ETFs.
Those commissions are way to much for me, unless your profits support it + they did not.
I seldom day trade; unless its a dayor week in FEB or SEPT........................................................................
You will NEVER take an entire trading range out of a trade. Don't count on buying bottoms or selling tops, either. Here's how the traders who do this for a living operate: 1. If they're wrong, they get out. They don't give away a month in a day. 2. You take your little piece out of the market and move on to the next opportunity.
You had better start keeping a daily journal and be brutally honest and self reflective about it. It's time you started booking profits for yourself and not your broker. To make it in this business you have to grow account equity. To grow account equity you have to stop repeating mistakes. You also must only take superior risk vs reward trade setups. Which means taking fewer trades. Cherry pick.
You build account equity by stringing together five good days averaging $100 per day net. Up your size then average $200 per day for five days net. And on and on. And in six months you're making a living.
Too much risk for too little gain and too much commission, the odds are against you with 20 minute day trades I’m afraid
Focus on this. If you're losing money with a 69.3% win rate, your risk to reward ratio is way out of wack. My guess is that you aren't cutting your losing trades loose fast enough whenever you're wrong. I've never liked stop orders, but they might be beneficial for you.
So you apparently have a mentor that you trade with every day (whatever that means), but you trade a strategy from some nobody on Youtube who is from the Tradenet Day Trading Academy?
If your guy is making 600k per year, why are you following what some stranger on youtube is doing? How much is Meir making? Why follow him? His profits come from running his business I hope you know, and not his strategy that he apparently loves sharing with the world. Oh, and I love the title of the book he is pushing, "The Market Whisperer"... hahahaha.
Seriously, if I was your mentor, helping you every day, but you weren't following me, I'd kick your ass to the curb. A real trader would have no time for helping you do something else that may not even work and distract my attention from what I'm doing since I'm supposedly making 600k.