Made a lot of progress, but feel like there's so much more to go...

I can't day trade because my brain works too slow whereas with swing I have the luxury of pondering over stuff in a more relaxed mind frame. Fast paced adds pressure to me and makes for too many errors.
 
themickey said:
I can't day trade because my brain works too slow whereas with swing I have the luxury of pondering over stuff in a more relaxed mind frame. Fast paced adds pressure to me and makes for too many errors.
More...

I hear ya! I'm too slow too! It took me this long to admit it. My personality is more of big picture thinker and analytical. Afterall, I was a quant earlier in my career and I'm now in Management(tech/fin/data) which is a big picture , strategic thinking kind of job.

I should have found a TF that matches my personality rather than forcing my personality to match my time. Daytrading gives you that jolt of excitement. But net profits were not good.

Also, I was never really into video games. I noticed the people in my old prop trading firms(first foray into daytrading) who were good were into video games. They are superquick at the keyboard. They were meant to be scalpers.

To be fair, I have improved and I can scalp and make money. But it seems like a lot of work for not much profits(at least for me!). I know people who can scalp and make tons of $.

If I'm to be objective and look at my P&L broken down by types of strategies and style, then I know where I should be focusing my time and energy. :)
 
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OMG! It's continuing to go up. I wished I had kept those 62 options. At least in my nontaxable acccount I'm still holding...

If it's a major position, then don't get out on the first up day. It could be a multiple day monster move...
 
So, I have learned the lesson of cutting losses fast. That was the turn around.

Now, I am learning the lesson of holding onto winners longer
 
themickey said:
Sounds like you will soon become an investor.
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Maybe. Given my work schedule, that's a distinct possibility. But I think I'm more or a swing trader. I'm still trying to time the swings for a few days to a few weeks. That's my sweet spot.

I have yet to hold an instrument for years on end, which is the realm of long term investors.
 
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If I was sitting in front of my computer screen today then I would have bought index futures(NQ or YM) and rode it back up. But I was at work. That's the price for stability of cash flow. Sometimes you miss out on the big intraday moves in exchange for the stability of corporate paychecks.

I have been swing trading anyways, but I don't know if I would hold long index futures for a few days given what has transpired. For an intraday rally, sure I can do that since I know I will get out EOD.

Can't have it both ways.
 
After weeks of not doing any daytrades at all, this morning I put on a daytrade and of course got shaken out. a small loss. But this tells me how frustrating it is for a swing trader to try to daytrade successfully. To do that I have to refrain the profit targets and exit criteria.

While very frustrating, I think this is giving me an important signal. If I were to ever trade full-time, then I would definitely occupied my day with something else. Research. Backtesting. Reading. etc. Only execute swing trade positions. Looking at intraday fluctuations is like feeding the slot machine. At least for me. hehe
 
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Of course had I stayed in my daytrade it would be profitable just as I predicted. But I was in a daytrading mindset instead of swing mindset.

In my profitable longer term swing trade, the instrument has been consolidating. This is frustrating to me. Because it would run up in the day then come back down in the afternoon. Then run up again the next day. From the daily chart, it seems to be still doing OK.

For those who swing trade, what do you do during consolidations? I'm holding on. But I'm mindful of a reversal. Yet I don't want to get out now when it could break out of the consolidation anytime.

Or is it better to only trade the breakout and trend part. And get out during consolidation?

Just curious. Thanks!
 
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