Wasn't always like that though. 7 long years of frustration.
Made a lot of progress, but feel like there's so much more to go...
- Thread starter trader99
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Wasn't always like that though. 7 long years of frustration.
Only 7?
Then add another year to stomach how to execute the plan... So 8 years. Probably by year 5 I started to really understand how and why markets move...
This crap is hard
How long did it take you Scataphagos?
This crap is hard
How long did it take you Scataphagos?
Then add another year to stomach how to execute the plan... So 8 years. Probably by year 5 I started to really understand how and why markets move...
This crap is hard
How long did it take you Scataphagos?
You probably don't want to hear this or want to believe... but I got it, "right off the bat" to a degree... enough to be immediately profitable. All started from recognizing the merit of the 20 day MA cross at a time when it correlated.
That was my intro to TA.
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Wow, that's incredible. I'm dumb as nails, Surprised it did not take me 16 years.
This a side benefit of trading, longer one is truly engaged the more one realizes how dumb we were and still are. The smarter we get the more we realize we know nothing looking at the bigger picture. But a drop in the ocean of knowledge.
Have given some thought to this, and one might could do it. In the stock indices you can have a "few-to-several" trades per day, depending upon how tightly you want to play things. I doubt one could trade 10 markets that way, but perhaps you could if you played only (1) significant support and resistance, (2) overbought/oversold indicators properly... perhaps with alerts(??)
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How do you deal with different timeframe signals? I'm usually an intraday swing and scalper. But lately I've been doing some overnights and multi-day holds, which has enabled me to generate profits that are multiples of my normal daytrades.
Today my intraday my signals would say to short. But daily say I should be long for a hold. I'm usually not a swing trader so this is a scary ride. I'm not sure what to do. Hold according to my entry timeframe? Or sell according to my intraday signal? I've way way passed the sell point according to my intraday signal.
This is one of my main problems besides countertrend trading. It's mixing up timeframes and getting out at worse possible prices.
Hmm...
Today my intraday my signals would say to short. But daily say I should be long for a hold. I'm usually not a swing trader so this is a scary ride. I'm not sure what to do. Hold according to my entry timeframe? Or sell according to my intraday signal? I've way way passed the sell point according to my intraday signal.
This is one of my main problems besides countertrend trading. It's mixing up timeframes and getting out at worse possible prices.
Hmm...
I'm closing in on a job offer. I will focus on that. While my trading is getting better, there's too much stress to make money from the market every single day. Plus pressure from bills, etc. The less money pressure one has the better and more calm one will be with trading.
Maybe I'll do one hour of trading in the morning before going to work. If I can't trade well with 1 hour then it doesn't make sense to try to trade 6.5hours the market is open. If I succeed in trading then it's just bonus money. If not then I have my job to pay my bills.
This will requires a lot of hard work and discipline to manage everything. But I think this discipline will help me in trading too. I was sloppy with discipline in trading.
This makes the most sense now. In a few years I will check in and see my progress.
Thanks!
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It's apparent you want the trader's lifestyle as do I. Been searching for easy big money and ego boosting my whole life. Always got in the way. I guarantee you if you lost your wife and child because the path you took was egocentric in nature, you would have very serious regrets upon that realization.
I went through the same thing almost losing that. Luckily, it was pointed out to me. The code for now is God, family, strangers, self. Every since then I have had a complete reversal of fortune. Not everyone is true to a single God but it works for me and has always had a place. When I was first on my list, everyone around me suffered. The best part of having a GOD around is zero anxiety. Believing God's got your back, because you have his, means you have the most powerful entity in the universe behind you. I can go into the Roman Catholic confessional tight as rope and leave in ten minutes a changed, for the better, human.
I started engaging in school yard crap with these guys and became entwined in it. Meditating, asking Jesus for help and BINGO, Savant shows up with the block button, problem solved. The problem was my bruised EGO from the negativism. I was foolish to fall for the trap.
After I posted to you, I thought, another options exists. You said 150k and lots of responsibility and time. Maybe a side step or a step down to a more suitable anxiety level. Anxiety made me the king of bad decisions.
With Jesus on board, anxiety is gone(completely) and my responses to a situation can be thought out carefully. When that goes wrong, it's just beyond me.
I trade with a bracket. Preconceived ideas during calm times. I had to enter and leave the room not to cancel the stop loss for months. The bracket was my discipline and removing it was my ego. The discipline is a much better result for me. The choice to answer to God's law is a good discipline. Putting others ahead of me, with my family being first over strangers, is a discipline. Cannot trade and have high levels of anxiety. I retired an RN from a psychiatric hospital in NYC. I know about anxiety and what it does to people.
Nobody loves being selfish more than me. Just didn't work!
Best of luck-
Ex