Trade Ideas is geared for for day traders. Not all their picks will win. Would suggest you learn to trade. Maybe, paper trade for a while, till you figure it out. Put risk management on the top of your list. Most people trading have no risk management and just go into it full bore thinking trading is easy. It is easier if you know what you are doing. If not, you stand to lose most if not all your monies. Paper trade for now, figure out how the markets work, save capital to come back and try again! Hopefully, wiser and a better trader this time out!
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- Thread starter GotherL
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Trade Ideas is geared for for day traders. Not all their picks will win. Would suggest you learn to trade. Maybe, paper trade for a while, till you figure it out. Put risk management on the top of your list. Most people trading have no risk management and just go into it full bore thinking trading is easy. It is easier if you know what you are doing. If not, you stand to lose most if not all your monies. Paper trade for now, figure out how the markets work, save capital to come back and try again! Hopefully, wiser and a better trader this time out!
I already did that before to the point there is nothing more to learn or it has become boring. I use the history+ tradingsim. I've used tradingsim for months. In TI it only allows 3 months of history data and I did everyday of that+ I have another 3-4 months of live trading with it.
I blew up my small account but don't just go assuming I don't know how to trade. The markets were terrible in August. In fact, I feel like I got the knowledge and technique to make millions daytrading. I just don't have enough capital to offset a sluggish market. TI is just a part of the tools I use my real strategy is catalyst hunting. I figured a way to jump on them way before the average trader that almost nobody knows about. The problem was there was nothing worthy in August. Not one FDA, M&A etc. where the stock moved more than 20%. I got impatient and got in the wrong tickers at the wrong time. If this was july I could've turned $500 into $10000+ with the same technique. Trust me I've the knowledge and strategy brought down already. I just need the capital, luck and (I am not gonna lie) the psychology part does get me.
On a sidenote: I got an annoying parent who started and argument with me right at the time I was making money on WMLP. Everything started to go downhill from there. The stock halted, I lose 50%. Every trade I was in after that was a loss. I swear she carries bad luck with her wherever she goes. It doesn't help the markets were sluggish as well.
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How many years have you been trading? I started around 2000 so, have about 18 years experience in the stockmarket. Started as an investor then, became a stock trader and now options trader. You never can have enough knowledge in the stockmarket. Very few people can be good traders in a short period of time. It doesn't matter how much monies you have. Most successful traders have started with less. Some with just $1,000 or $2,000. So, the excuse of not having enough monies does not hold. Coulda, shoulda, woulda does not count!
I almost got into FB put options where $575 would have become $3800 in one day but, I did not so, why does it matter? Using a simulator does not make you a good trader. When you have monies on the line in a real trade, come back and tell us how easy it is! Based on what you have told me, sorry. You do not know how to trade! You think you do but, you are deluding yourself and only setting yourself up for more disappointment! Learn to trade properly before even putting more monies in the stockmarket. If not, you will lose more monies and still be thinking that if you only had more monies, you will be successful! Sorry, to break it to you, it is not happening!
It is easy to be doubtful when your not the individual or he is not showing results. Hey I get it. My family is always saying I am just gonna lose money in the stock market and it's a scam. People are naturally inclined to doubt unless they see $$$$$$ amounts in their bank account. Also, it matters big time if your account is too small as a daytrader since they rack a ton more commissions. I can't count how many days I was profitable 10%, 20%, even 100% but the commissions put me in the red since my profit relative to my sizing was not making enough to cover the costs. Your experience mostly sounds outside the field of daytraders so perhaps you shouldn't assume everything is the same. 1. You do not need 18 years of experience to be a successful daytrader. Not even close. 2. How much money you have does count. If it becomes too small the commissions eat up most of your profitable trades, not only that, your psychology is affected. For example, you would hold a stock longer than you normally would in order to profit after commissions or you would lose a trade and immediately get into revenge trading because it took a chunk of your account. Don't underestimate how having a small account can impact your trading psychology vs having a big account with enough cushion to offset most of that.
Btw. I first started trading when I was 17. That was 20 years ago so in 1998. It just that there wasn't enough tools at the time or info on the web for me to be successful so I stopped doing it for a while and got into poker instead. I started getting serious about 3 years ago but I never really had money to trade live a lot. Mostly under $500 deposits. I just haven't gotten my break yet. Whether you believe it or not. I don't really care. I already spoken too much of things I normally would never even reveal about myself. Also, this is not exactly the right thread to do so.
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Not a daytrader. I am an options swing trader and hold positions 3-7 days most times. Was commenting on you being a competent trader nothing more. It does not matter how many years you have if you still have not figured it out! If you cannot even cover your commissions then, you are not making enough trading. Why would more monies make you a big success? Chances are good your gains are small relative to your losses. You will never make it because the math does not add up! Also, what break are you talking about? If you are counting on luck, you better pack it in! The stockmarket is unforgiving to the legions of uninformed traders. Sadly, you are one of them. You can believe you are this great trader that you are. Sorry, to burst your bubble, you are not even a competent trader and your own worst enemy! Learn to trade for your sake if you wish to continue and aspire to be a good trader.
Actually the markets were GREAT in August. SP500 had 3 intraday trend days in 5 days of trading. Trend followers dream!
From my experience, daytrading is technical price action only. Trying to factor fundamentals into it, IMHO, is foolish.
I rephrase. The markets were terrible for daytraders.
You don't even listen to my explanation about small account relative to commission costs. Also, you just assume I am not gonna be successful bcz I haven't shown results yet and blew up a few miniscule accounts in the summer months where the markets are known to be slow for daytraders. According to you is like everyone who starts trading cannot be a successful trader since they haven't shown results yet. Now you just sound arrogant and snobby. How do you know I haven't figured it out but just don't have enough monies as cushion to become succesful? Your basing your assumptions more on hate and your biased judgment of traders with not as much experience as you.
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No. Arrogance is saying you are a good trader when you cannot even earn enough to pay commissions? Go to You Tube. Timothy Sykes and his day traders say you have to average $500 every day! Can you do that? You are so full of it and you are not even a successful trader? Maybe, learn to be humble and learn? Blowing up accounts is a sign you are doing it wrong! How much do you have to lose to figure out that you are doing it wrong? $100,000? $1,000,000? You can be successful but, not with your attitude and thinking. Let us engage in an experiment. You think you are a good trader? So, go to You Tube. Watch how the day traders trade! Compare their setups with how you enter your trades! I guarantee you that you got it wrong! This is a no brainer because if you did, you would be making monies!
Jesus, now I realize you are just retarded (at numbers?) and gonna put you on ignore. How am I suppose to make $500 a day when I only got $500 to start with? Traders like Timothy Sykes and the majority of his traders have like 6 digits+ in their account to make it easy for them to make $500 a day. Do your math man!
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