What is your biggest weakness when it comes day trading?
- Thread starter STOCKKBROKER
- Start date
Quote from bat1:
looking at porn between trades
Porn is really bad! I think Angry Birds are a problem but porn has given me hairy palms and many other side effects...
I have vowed to stop and know what porn can do from this very informative article by my good friends at Christ Wire!
Conservate Values for A Masturbation Free World
Ummm... if a "day-trader" does not have a winning system, or setup(s), or other previously determined probabilistically successful methodology, the "day-trader" is just playing a video game, and is not a day-trader at all, regardless of the self-proclaimed title.
Discipline is REQUIRED to...
1) develop a "winning method"
2) "execute" based on that "winning method"
3) improve upon, and develop additional and/or alternative "winning methods"
Playing a video game you will randomly win and lose. Unless you're disciplined enough to locate and follow a working cheat sheet.
Turtles proved that.
Trade On!
Trading is a lot about money and risk management. You have to position size well to have a shot. If you just go in with your max size all the time, you are going to end up a loser over time, assuming you are a 50% trader, factoring in slippage and commissions.
You have to figure out a way to lose trades with your min shares and win trades with your max shares.
If you can figure this out, you are ahead of 99% of the traders out there.
You have to figure out a way to lose trades with your min shares and win trades with your max shares.
If you can figure this out, you are ahead of 99% of the traders out there.
I make too much money.
As they say.....mo money mo problems..
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As they say.....mo money mo problems..
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My biggest weakness - get bored and begin to read ET and response to post 
I tend to loose patience and it results in premature trade closing or adding a trade before right time. I am trying to control this and it has already reduced but still I have to work on this point.
Very simple concept but not easy to implement.
Break up your max size into 4 tiers. Open a position with 1 tier as a feeler, if your level is right and holds ( Confirm using tape ), add a 2nd tier. Look for 1 st and 2 nd pullbacks to add your 3 rd and 4 th tier.
Your 2nd and 3 tier will have tighter stops. Sell your 2nd and 3rd tier when your price target 1 and 2 is reached. Hold on to the rest until the end of the day.
Not often will you have a chance to go all the way up to the 4th tier. But that is ok.
If the trade fails, you lose on your 1 st tier, if it works you should have at least double or triple the size.
Do this consistently and you would have a lot of small losers and a few big winners that would more than cancel out all the losers.
The only caveat is you have to sit and let the trade work!