Trust me on this... it is the TOS, unless your fills are instant..There is nothing harder than day trading.
After nine months, instead of getting better I am getting worse. I don't want to blame TOS Sim, maybe I really don't have any edge, it is all random and an illusion.
Learn To Take Losses
- Thread starter ironchef
- Start date
I have evolved to working through trying to use all the edges that work for the way I like to trade, which is scalping for a 1 to 1 ratio or better and my trades are usually within a minute or so. Looking at the P&L panel when in the trade and the tick chart etc.. It helps. I'll show you what my two screens look like so i can monitor the stock I'm playing.There is nothing harder than day trading.
After nine months, instead of getting better I am getting worse. I don't want to blame TOS Sim, maybe I really don't have any edge, it is all random and an illusion.
I have a postit note next to me that says.. In Play Key Levels & Know Exit. Yes, it's very hard but if I can get some small income out of the market using margin on the stocks I've got, you can.. I'm sure. You are a much more experienced and sophisticated trader than I am.
Thank you for your coaching. Good people like you are what keeps me on ET.I haven’t read your previous posts, so please forgive me if the following is out of context or inappropriate
It seems to me that you’re ‘style-drifting’, and if you’ll continue changing markets/instruments and trading approaches with the hope that one day it will just click, then more likely than not, you’ll end up being a jack of all trades, searching for a holy grail and being married to the monitor.
I think for time being you need to focus on mastering only one trading approach, the one which resonates the most with your own personality, and is in some way based on how the markets behave, and is somewhat objective.
It does not need to be a strategy that you'll use for the rest of your life, just something to start bringing in small regular income (with minimal drwadowns).
Later on you can work on adding more profitable strategies. Don't go for large returns at this stage, it takes years of strategy development in addition of mental development to get consistently high R/Rs.
Buying options seems sexy, but unless you’re relatively precise on the timing, magnitude of the move and IV, then you can end up being right on the direction and still lose money. Be warned, options are deceptive.
In day trading, indeed I am "style-drifting" keep change so ever slightly whether I am trading 1 min or tick charts. I need to nail down an approach and stick to it. Unfortunately with patterns/rhythm and gut feels, it is hard to nail down exactly what I am looking for.
As for options, I almost only buy single legs. I am actually quite good at it, positive expectancy, a few % above QQQ CAGR since 2013. That method is macro speculation but with quantitive analysis & fundamental analysis to support the trade decision. With options, I am on autopilot.
I also keep 80% of my trading capital in long term holdings which I rarely traded in and out. Why individual stocks instead of index or bonds? Because my option trades are based on intimate knowledge of the underlying and I know those underlying.
Why day trading? Not for the money but because it is a very challenging problem I like to solve.
Best wishes.
They are not instant. Often one to two seconds lags.
You must be using a big monitor, if I put all those on my MacBook Pro screen, I won't be able to see.
2 large monitors and I could use a third but it would clutter my desk up too much 
Anyway, if it takes several seconds or more that is TOS messing you up if you are trying to scalp, let alone on a tick chart. You'll be fine when you get the instant order fills you need. Definately I couldn't use the TOS sim so I went to much lower shares and it worked better that way for me to get strategies worked out and reps in. Best wishes!
Anyway, if it takes several seconds or more that is TOS messing you up if you are trying to scalp, let alone on a tick chart. You'll be fine when you get the instant order fills you need. Definately I couldn't use the TOS sim so I went to much lower shares and it worked better that way for me to get strategies worked out and reps in. Best wishes!
Thank you sir, you have been most helpful.2 large monitors and I could use a third but it would clutter my desk up too much
Anyway, if it takes several seconds or more that is TOS messing you up if you are trying to scalp, let alone on a tick chart. You'll be fine when you get the instant order fills you need. Definately I couldn't use the TOS sim so I went to much lower shares and it worked better that way for me to get strategies worked out and reps in. Best wishes!