Hi all,
I jumped into the world of daytrading about a month ago. My goal was really no more than to play the volatility of the markets and then when they settle down back to a form of value investing. si I opened up a fidelity account and off I went.
I was quickly labeled a pattern day trader which I suppose gave me some leverage, although I have been trading 1 position at a time that is very close to (+-) 10% of my cash. I don't plan on ever having 2 day positions open at once.
I have made about 50 roundtrips and as of market close today netted a little over 16K with starting cash of 80K in my account.
As I said above I have been scalping. I buy either SDS or SSO depending upon movement. My biggest trade gain is $2700 and my biggest loss is almost 6K. That trade was today. I did not stop it out, I just was caught like a deer in headlights, hoping wishing it would come back. What a fool am I!!
Obviously I need a system and some books. Can any of you point me in the right direction.
What I learned to day after beating myself up for not getting out of the trade which BTW took all over 45 minutes to be down...is that I am super hard on myself when I lose $$. When I am scalping I often leave profits on the table to lock in a # in my head. I have only lost on 4 trades and two of them were over 2500.
what is it about hanging on to a trade and HOW do I NOT do it in the future when I am losing.
thanks!
I jumped into the world of daytrading about a month ago. My goal was really no more than to play the volatility of the markets and then when they settle down back to a form of value investing. si I opened up a fidelity account and off I went.
I was quickly labeled a pattern day trader which I suppose gave me some leverage, although I have been trading 1 position at a time that is very close to (+-) 10% of my cash. I don't plan on ever having 2 day positions open at once.
I have made about 50 roundtrips and as of market close today netted a little over 16K with starting cash of 80K in my account.
As I said above I have been scalping. I buy either SDS or SSO depending upon movement. My biggest trade gain is $2700 and my biggest loss is almost 6K. That trade was today. I did not stop it out, I just was caught like a deer in headlights, hoping wishing it would come back. What a fool am I!!
Obviously I need a system and some books. Can any of you point me in the right direction.
What I learned to day after beating myself up for not getting out of the trade which BTW took all over 45 minutes to be down...is that I am super hard on myself when I lose $$. When I am scalping I often leave profits on the table to lock in a # in my head. I have only lost on 4 trades and two of them were over 2500.
what is it about hanging on to a trade and HOW do I NOT do it in the future when I am losing.
thanks!