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Quote from nooby_mcnoob:

I made a couple of breakout-based "obvious" small trades after the "one big trade". Interesting to see that the later trades accounted for less than the "one big trade". Well, whoever gave me the advice to aim for bigger wins with a smaller trade size was a genius. I feel like I'm really getting more patient and picky about my setups.
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jokepie

Registered: Oct 2010
Posts: 226

01-03-11 04:00 PM

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Quote from nooby_mcnoob:

Jan 3, 2011:

I still find myself afraid to lose money sometimes even though it's just paper money. Need to iron that out. Days like today are easier to build confidence though.

Also interesting to note is the average profit per share traded is still tiny (0.08). I need to get that up there.
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SWITCH to real monies. NOW. I know few will disagree with me. may be bite my head off but - profit per share is 0.08 ???? and you are scared in sim ???

take my advice. trade even smaller size. risk 40-50 bucks a trade thats all. trade very high volume, low volatile stocks. Study stocks relationship to futures (premarket). enter when you see a trend starting. Reverse everytime you get the trend wrong.


It was me.. :D :D
Glad to help. Wow i feel good too. Not a bad day afterall.
:cool:
 
nooby, do you realize how long it takes to become consistant and profitable? To reach the point where you can day trade for a living?

It takes about as long as it takes to get a university education. Actually longer. Log in 10,000 hours of screen time and you will be ready. Its not as easy as you think. You need to give yourself alot more time than you currently have alocated. 1-2 months is not enough.

Wish you best of luck.
 
Quote from Snowman75:

nooby, do you realize how long it takes to become consistant and profitable? To reach the point where you can day trade for a living?

It takes about as long as it takes to get a university education. Actually longer. Log in 10,000 hours of screen time and you will be ready. Its not as easy as you think. You need to give yourself alot more time than you currently have alocated. 1-2 months is not enough.

Wish you best of luck.
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Thanks for your wishes. What do you think it is that requires 10K hours of screen time?
 
Quote from nooby_mcnoob:

Thanks for your wishes. What do you think it is that requires 10K hours of screen time?
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Developing the edge. Once a good strong edge is developed, trading becomes easy. The reason why an edge is difficult to attain, is because what's work in the market are often very counter-intuitive. It takes many hours of experimentation to figure it out. 99% of struggling traders are failing because they have no strong edge.

Developing an edge is like finding a pirate's buried treasure chest. To find it, you have to know where to look otherwise you're wasting your time. Most struggling trader are struggling simply because they are looking in the wrong places.

My offer is still open, but you're more than welcome to try to develop your own edge for that chance of becoming consistently profitable.
 
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