Don't know about day trade but in options, I found that not true in general.
Need Advice
- Thread starter trader99
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@Cabin111 : I did OK today in both my real money account and sim account. I could have done significantly better if I was more active. But it's a long road. After reflecting on everything, I'm in it for the long haul. I'm picking up another client's work shortly.
Thank you for reminding what that wise man once said...
Thank you for reminding what that wise man once said...
Today was a horrible day for my trading though I made money. It's a horrible day because I violated all of my trading rules. Which in my book is a bad day!!! I'm so sorry @Xela and other ETers. I should not violate my rules going forward.
I feel like sh*t inside. In my sim account, I had the best trading day ever. Before I was making $1-$3K. Today I made $20K net in my sim account! In one trade I made $28K. Obviously, I was trading many many more lots than the 5-6 lots previously.
In the morning, I also lost a lot of money going countertrend which is against my rules. I feel so terrible that this ugly habit rear its head now! I thought I fixed that bad habit. But then I made back my losses. Had I follow my rules I would probably be up $100K today in my sim account.
In the real world, in one of my real money account I made modest money. In the other real money account I lost slightly.
Just seeing what's possible if one can swing large number of lots...
I feel like sh*t inside. In my sim account, I had the best trading day ever. Before I was making $1-$3K. Today I made $20K net in my sim account! In one trade I made $28K. Obviously, I was trading many many more lots than the 5-6 lots previously.
In the morning, I also lost a lot of money going countertrend which is against my rules. I feel so terrible that this ugly habit rear its head now! I thought I fixed that bad habit. But then I made back my losses. Had I follow my rules I would probably be up $100K today in my sim account.
In the real world, in one of my real money account I made modest money. In the other real money account I lost slightly.
Just seeing what's possible if one can swing large number of lots...
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Thanks for the video. I'm not sure the song meaning. Something about gambling perhaps(?).
Anyhow, yesterday's gain was pure luck with after hours drop due to FB.
Today I'm more proud of executing my edge over and over. I think short-term scalping(at least for me) is the safest edge. I'm not talking seconds but minutes to longer if there's a real trend. Overnight is a crapshoot for me. Going in and out all day long seems the best.
When I try to predict and be clever , sometimes I get it massively wrong(often) or massive right(pure luck). When I hold for long periods of time waiting for certain patterns to unfold due to my predictions, I usually get screwed. Now that I have time before my next project starts, I just execute my little edge all day. Seems much safer.
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Yeah, that was the idea. Sticking to proven (back tested) patterns is more business (investment) decisions. Holding major positions (large lots...Example Facebook overnight) is like betting on the horses...
I was short on a sim account a bunch of NQ futures. It was pure luck that it tanked like that netting like $28K in sim account.
What I'm more proud and more optimistic is my short-term edges and signals that I can and have been executing all day long. It feels more like a biz. You have an edge and you execute that edge all day long collecting money.
Now it's just a matter of scale and leverage. The huge gains was random and pure luck.