That's an opinion, mine is the EXACT opposite, short term is hard, but it's where the money is made 2% profit, 10x's per day and too me long term is just gambling!!
Trading while having a job.
- Thread starter Trader Curt
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That's an opinion, mine is the EXACT opposite, short term is hard, but it's where the money is made 2% profit, 10x's per day and too me long term is just gambling!!
You have to take what the stockmarket gives you. At times, that could be 10%, other times, you have a strongly trending stock and it gives you 100%, 200% or more. Should you bail out and take it? It depends on your trading plan. If your trading plan calls for you to exit then, sell it. If not, then, hold on. You have to know ahead of time what you will do depending on how your stock is moving. Discretionary trading usually, results in bad decisions as you are not able to fully analyze your position. Have a plan and stick to it!
Yep, I just day trade when I see something, have a tablet on at work, see a trade, trade it no issue, when I try to make $$$$'s then it goes to peaces pretty much always, although less so recently.
Swing doesn't work for me, I prefer I'm trading, I'm out then I can switch off and enjoy something else or focus on work and no enjoy but yeah!!
Stocks are too much work, I used to daytrade / swing them, up all night, research, reading news, watching the live action, made good money doing it, but turned into 18hour days all in, then burnt me out, vowed never to repeat!!
I hate the words "paper trading". In the old days...people would literally write down their pretend trades on "paper" with a pen or pencil and then call it "paper trading".
The word or phrase now is "simulator trading" and it has a few purposes:
1) Assuming your trade method is backtested...simulator trading gives you an opportunity to determine if your backtest results have merit and simulator trading allows you to find problems with the trade method that obviously can't be seen in backtest results.
2) Simulator trading allows you to familiarize yourself to your broker trade execution platform. You'll be surprise at how many people not familiar with the platform make all kinds of weird mistakes when real money is on the line.
For example, clicking the Buy button when they meant to click the Sell button. Another one, they typed in 100 contracts instead of 10 contracts. Another one, they do not know how to setup an alert. Another one, they do not know how to use different types of orders for different trade situations. Another one, they didn't realize their computer doesn't have the system requirements to use the broker trade execution platform and many other reasons involving knowing your broker trade execution platform.
3) Simulator trading allows someone to develop a routine in applying their trade method or a routine involving preparation for the trading day.
4) Simulator trading allows the trader to compare the simulator results to the backtesting results to see if the metrics are similar...gives you a sneak preview about what real money trading will be like.
All the above will help with your confidence level, getting organize and if you can maintain your routine, maintain your discipline while trading on a simulator the exact same position size you will be trading with real money...
Its a lot better than ignoring the simulator and then jumping into dark waters of live real money trading.
Just about everything you do in life...you practive it prior to doing the real thing. That's what education does to anybody that's attended school (e.g. elementary, high school, college, job intern)...education shows us we need to practice, practice and practive prior to do the real thing.
That was the first take away I got from school as a kid. Read through the homework...answer the questions in back of the book...read through the homework again...have a friend or family member test you with some questions...
Next, you go to class and take the real exam while being nervous, fearful and prepare for any question. After the exam...there's a sense of release and accomplishment and then you start the whole process of practicing again for the next exam.
Hopefully, you've developed a good routine and you know what it takes to get good grades in class.
As for your job...its your guarantee or backup plan if you screw up your trading. Do not quit your job until you've proven with real money for a minimum of a few years that trading can replace your job with benefits and you've examine the real costs of trading with your tax accountant, loved ones and occupational hazards of the profession as a trader.
You mention you set your stops and walk away from your computer. Seriously, in today's age of high tech...set alerts on those stops to send you a message to your cell phone (keep your cell phone with you at all times when you set those alerts).
wrbtrader
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IMHO, this is your edge. Not have to worry about put food on the table with trading profit.
I’m sorry, but this kind of blind betting will never be fruitful without some kind of intraday context added in (bias, news, etc..). Informed seasoned traders love traders who bet this way. It’s low hanging fruit for them. I’ll assume those sitting bracket limit orders are displayed, which also makes you a magnet for adverse selection. This isn’t 1999. Today’s microstructure players will eat that shit up. No reason to display any limit entry order until you’re ready to pull the trigger.
Some math and volatility analysis specific to instrument can be done evening before. I already solved the intraday bias/context problem though trial and error.
You also have it wrong about unattended trading. I’ve had my order management unattended for years now, integrated with the bias/contextual factors. What you mention above is much simpler, and can be built robustly within hours by the right developer.
at that rate you will have all the money in the world in a few days.
With an unlimited trade size and execution of any size instantly and without the fear of bigger positions. yes, but in the real world think $5000 per month which will do most of us.
that's why short term is a waste of time.. with my formula: positive sum + save/invest
+ catch super cycle... should be no biggie to accumulate $1m in qqq, which returns 13% per year thereafter, without you lifting a finger.... then imagine what if your base is several $m..