Not gonna take any more of my money

[youngtrader]

good for you! Knowing when to walk away is a good way to go through life.......it allows you to be average and live an average life (which is honestly what some people want).

However profitable traders aren't average and sadly the only way to figure out how to win in this business is to almost have a sick desire to succeed at it. I mean for the best traders it almost becomes a lifestyle and not a job. Profitable traders truely love playing the game and it almost consumes them as they are constantly figuring out different ways to master the markets.

When I say trading isn't for everyone I honestly mean it, however when I say that almost anyone can become a good trader I mean that too! Its all about how much passion and drive you have to succeed in this business.

Good Luck

 

[number22]

First of all, if i made a mistake on your alias with different guy; i apologize. However, i did a little search, find out this following post is from other thread.

Quote from investwthme:

I averages down and up thursday and friday trading es.
I intentionally enter with 1 contract and scale in 1 contract at a time. I did take a small loss both days before turning profitable. Had I had the balls to not take the loss in the first place then I would be really profitable.
Let me give you an ex
I went long friday at 834 (missed my 832 entry) it went to 837.5 which I should have gotten out by 836 resistance. But I thought that since the market gave back the news of the bailout (the drop from 867) it would go to 843-45 my next resistance area.
Well it went down and I bought another at 832, another at 828. I had a stop for 1 contract at 825.5 (right under the pivot) which caused the loss I was reffering to.
I waited till eod when it rallied to 35 and i got out with a small profit (~350).
The day before was the opposite. I shorted at 813 thinking it would go under the 812.5 support which it had for a few seconds (about 809 I believe) then kept rallying. I kept shorting along the way. Again I took a loss bec I couldn't bear the pain of being down a few g's and letting it fly further up. And of course it tanked to 805.5 afterwords. (I got out at 813. when it didn't break, running up passed the 20 ema and faking the bull run and then tanked, only then to have a maga rally.)
So why did I do it?
Because the news of the bailout was going back and forth. Most earnings announcements where bad, few where good (coke etc..) So I figured it would be a choppy day.
Or maybe I got lucky

Base on your account size; you don't have the right to average up or down on losing positions. And, you can only add more positions on a winning trade.

Never turning a profits trade into a loser trade. you should raise your stop to cover your expense after the trade went into your favor, and let the trades play out.

Don't ever 2nd guessing on your trade, it only fucks your mind up. Once put your trade in, just let the market be the judge. oh, News trade is a loser game for newbies too.

Trading is not for everyone.