Tired of losing money every trading day

[JonLivingston]

You nipped the IB losses nicely, good work.
IB provides currency futures which are much simpler than options to trade.
Would they require dispensation from the compliance dept too?

Do you have any setups tested out?

Futures fall under the derivatives category for them, so yes need to do the compliance approval dance for these.

Re: setups, I'm just starting out to setup the infrastructure for that to allow me to code a strat and feed it to backtrader (backtesting framework in python language). Short answer: no.

So far my trades have been based a bit on ideas born out of what I saw from multiple time frame price action (d/w/y) also couoled with kind of a mix of geopolitic-macro-news-hoompa-loompa based thoughts. AKA nothing solid lol

 

[easymon1]

How do you feel about trading spot currencies.

 

[JonLivingston]

to sharpen your options chops, which seems to be where you want to be.

That's the thing. I don't know where I want to be.

During the month in between jobs when I was completely free, I gave a stab at stocks with relative strength to spy and showing accelerations (either way). But that was last July. It was kind of day trading.

Ended up breaking even. Missed a good option call for a stock that was sleeping for months but then shot up right before I sold to close, damn it lol

 

[JonLivingston]

How do you feel about trading spot currencies.

I felt ok doing it early in the morning between 6-8am London time (before going to work). Though I would find myself plunging the whole pot to capture something, otherwise it's just commissions and cents...

I would more often than not wait for big intra-hour moves. Either on USDGBP or whatever/GBP. Nipped a few CHF but now are sitting there like ducks lol

 

[getthatintoya]

Dax is nice if you want to day trade and is your time zone. 10 point range chart from yesterday.

 

[easymon1]

I felt ok doing it early in the morning between 6-8am London time (before going to work). Though I would find myself plunging the whole pot to capture something, otherwise it's just commissions and cents...

I would more often than not wait for big intra-hour moves. Either on USDGBP or whatever/GBP. Nipped a few CHF but now are sitting there like ducks lol

You sound like a smart guy. You are putting a respectable amount of time in.
Is there any chance that your employer would provide some educational money and time consideration toward a financial training program to further your skills?
If not, don't worry about it.
At any rate, you could pay some serious attention to this angle, it seems to me like an approach that may be of specific interest and benefit to you.
https://www.elitetrader.com/et/threads/spreadprofessor-futures-spreads.317119/

Additionally, there are free info sources provided there that if/when understood may in and of themselves provide enough kindling to get the fire established and the show on the road.
e.g. https://www.elitetrader.com/et/threads/spreadprofessor-futures-spreads.317119/page-40#post-5533070
Break a Leg!

 

[Buy1Sell2]

Nobody can help you unless you tell us what you are doing (or better yet, not doing).

pssst---I think it's a WindUp thread.

 

[JonLivingston]

Is there any chance that your employer would provide some educational money and time consideration toward a financial training program to further your skills?

Good question. I doubt it but I'm not 100pct sure there either. We're talking private equity here, so... But then again, there's probably room for me to dip my toes into FA-related stuff somewhere, but information walls and all other company crap may get in the way.

Thanks for the links. I'll look these up. I am skeptical about paid stuff, so as long as I can absorb free content... I'll do that.

Now I find myself with stuff to learn linked by you as well as L&S and they seem different. So back to square one when I said I need to figure out my learning path? LoL

Joke aside, appreciate all the answers tho.

 

[GoldDigger]

For me personally it's more like FOMO, mostly driven by age (>30y) + the fact I'm learning but don't have a buddy/mentor, nor know what a good "learning path" looks like (should I focus on what first? PA? TA? FA? Macro? Micro? Etc).

Yes yes, markets have been there and will be there and opportunities will be there as well..

IMO you are overcomplicating things.

Start by learning how to locate profitable stocks,
things that move so that you can take profits
daily, if you are day trading.

Observe what time they increase and decrease,
what times people are buying and selling, and
how they perform in the after hours.

Study historical data, this is very important.

Narrow your focus because there are thousands
of stocks, and there will always be FOMO if you
do not have self-discipline.

We all get kid in the candy store syndrome,
where we are looking at various stocks with
envy or regret. It happens to me all the time
but I know that I cannot trade everything.

You can be profitable by trading just one or
two stocks on a regular basis, you don't always
have to be chasing different stocks every day.

You also don't need $10K to start trading,
but I wish you luck.

 

[smallfil]

Wrong.

I'll challenge anybody on this board to code a stock trading strategy the consistently loses I bet you they can't.

Fees not included.

Seriously trading is just 50/50 coin flips for the clueless if you're really that good at losing money very consistently then you should actually be pretty good at making money.

Common sense would tell you that if you are consistently, losing 90% of the time by example, what is preventing you from reversing your strategy so that, now you are winning 90% of the time? Add risk management and you can trade without fearing a complete account blowout.