Two Questions For Practicing Day Traders

[ironchef]

Bad how so?

Losses or not following your rules? Hopefully not both?

Lost $ today reached my daily loss limit of 1%.

After ten trades, I had a small loss. Instead of calling it a day I pressed on and tripled my loss.

The only good thing is I remembered @Jzwu2017's post earlier about him holding losses for too long and cut losses early. Otherwise I might turn it into a swing trade or worse, long term hold.

Today was that type of day where you were an hero or a zero.

A zero today.

Let me tell you what is bothering me: Day trading is like playing at the roulette table betting on black or red with the bid/ask the house's advantage. I am not quite convinced trend following has any real edge even though I am positive after 3 weeks. I could be fooled by randomness.

 

[SunTrader]

Lost $ today reached my daily loss limit of 1%.

After ten trades, I had a small loss. Instead of calling it a day I pressed on and tripled my loss.

The only good thing is I remembered @Jzwu2017's post earlier about him holding losses for too long and cut losses early. Otherwise I might turn it into a swing trade or worse, long term hold.

Well then I'd say that answers that, as far as trading tomorrow.

Needless to say I don't have to tell you, a rule is a rule.

Losses will happen of course, but rule breaking shouldn't.

We've all done it. But only those who don't make it a habit survive.

But on the other matter, why do you have to pay the offer and sell the bid?

 

[schizo]

Let me tell you what is bothering me: Day trading is like playing at the roulette table betting on black or red with the bid/ask the house's advantage. I am not quite convinced trend following has any real edge even though I am positive after 3 weeks. I could be fooled by randomness.

Know how to read the chart. Even in times of randomness, only price action can get you out of trouble.

 

[oraclewizard77]

Should I trade Friday? I had a bad day today.

Here are a couple of trade secrets. You could have a good day where for example you take 3 trades and they are all winners. You could have a bad day where you take 3 trades and there are all losers. However, if you revenge trade on the bad day and do 10 trades, all of them are going to be losers. So yes, I would trade on Friday if you lost today.

2nd secret, if you don't see any setups don't trade or look for other instruments and charts in case you are missing a setup on another chart.

 

[ironchef]

Well then I'd say that answers that, as far as trading tomorrow.

Needless to say I don't have to tell you, a rule is a rule.

Losses will happen of course, but rule breaking shouldn't.

We've all done it. But only those who don't make it a habit survive.

But on the other matter, why do you have to pay the offer and sell the bid?

Yes sir. I will press on.

As for bid/ask, I am trading 1 minute charts, watching tick by tick for movement. I always used market instead of limit. Tried limit a few times and the price movement messed up the flow.

 

[ironchef]

Know how to read the chart. Even in times of randomness, only price action can get you out of trouble.

I am trying, working hard on that.

I am reading all your recent posts for inspirations and clues.

 

[ironchef]

Here are a couple of trade secrets. You could have a good day where for example you take 3 trades and they are all winners. You could have a bad day where you take 3 trades and there are all losers. However, if you revenge trade on the bad day and do 10 trades, all of them are going to be losers. So yes, I would trade on Friday if you lost today.

2nd secret, if you don't see any setups don't trade or look for other instruments and charts in case you are missing a setup on another chart.

Appreciate your coaching.

 

[Jzwu2017]

To get a good feel of the market/chart you need the infamous 10,000 hrs of screen time. Nothing can substitute for doing the time.

 

[maxinger]

Lost $ today reached my daily loss limit of 1%.

After ten trades, I had a small loss. Instead of calling it a day I pressed on and tripled my loss.

The only good thing is I remembered @Jzwu2017's post earlier about him holding losses for too long and cut losses early. Otherwise I might turn it into a swing trade or worse, long term hold.

A zero today.

Let me tell you what is bothering me: Day trading is like playing at the roulette table betting on black or red with the bid/ask the house's advantage. I am not quite convinced trend following has any real edge even though I am positive after 3 weeks. I could be fooled by randomness.

Were you trading on 19 Oct, around the time Powell was making a speech?

 

[SunTrader]

Yes sir. I will press on.

As for bid/ask, I am trading 1 minute charts, watching tick by tick for movement. I always used market instead of limit. Tried limit a few times and the price movement messed up the flow.

Then you still need to work on a few things. I trade one minute and five minutes, but rarely use MO's.