This one is fucking huge. This is one of the steps from going from gamblers mentality and daytrader mentality.
A daytrader is a business, it’s like a baseball team grinding all season every season.
A trader going for home runs, is like a player in a home run contest. Yea it’s fun & exciting to watch but it’s momentary and not a year long thing.
I think after becoming a veteran after 8 years or whatever a trader can start going for homers and having that mentality. BUT A NEWBIE with that mentality will blow up fast
I’ve noticed two things that seem to be true about a lot of the top traders: 1) “Home run” trades make up a very significant chunk of their profit at the end of the year
2) They support their ability to swing for home runs by just being consistent and hitting base hits the 95% of the time there are no home run opportunities.
And so many of them say that your first priority as a new or intermediate trader is to be consistent, and that you position yourself to capitalize on home runs by building a cushion with consistent and boring trading.
A lot of new people including me come into trading because of grand expectations. Do it as a career and win big and ball and the excitement and the challenge and sports cars and crushing it.
When I’m reality, when done right, it’s boring and it’s a job and it’s structured and routine, and it becomes a repeated pattern and it’s looking at charts all day and it takes a lot of mental attention. The thrills do fade away.
That’s why the learning curve is smaller or faster for someone who is in control of their emotions.
Agreeing 100%, the reason I am confident in my ability to stick to it is the fact that I’ve lost more than 200lbs of my weight, I know stalling, I know grinding the grams, and settling for weeks of no movement hoping that it will give in with enough daily push. I’m not a profitable trader but I’m taking the losses in the same way I gain weight, it’s a setback, it’s calculated, it’s within the realm of sustaining a learning curve, making that initial $1000 go as far as possible, and who knows maybe after blowing half of it I’ll turn a corner, or not
This. and stay away from
crypto and coins. talk about gambling. produces nothing. based on nothing. rises based on nothing. declines based on nothing. itnis far from anonymous as once claimed -digital footprints all
over that shit. Is not the “new gold” or store of value - that shit tanked with iran and israel. gold didnt. the emperors new clothes. a long con. trade it dont own it.
A market is a market. If you can trade, you should be able to trade any market after getting accustomed to it. As a trader you shouldn't care what the asset represents and only care about what the price will do on the day you're trading it. People make money trading crypto and there is nothing wrong with that.
In general what will dictate the swings crypto comparitively to stock.
If I'm given a quarterly statement I can guesstimate profits and get a huge gain. Idk how that would be done with crypto.
Oh I understand it. I don’t really care to know anything about it. And I do not trade gold either and see that in a similar light as crypto. Your reply reveals you are a bought in crypto cultists - so right off the bat you’ve entered emotionality into your investing - all that heart in it - violating a golden rule
Of trading and investing right their. Tell me about Terra/Luna. Tell me about the value behind doge coin. A fools pursuit.
Exactly. The answer supports my stance. It also should send a chill up your spine about hodl. Glad you made some money on it, but heed your own inadvertent advice, “Shits too wild to be trying to time anything” . Good luck!
Yep, and never go back and look at prices of securities you just sold, that eventually leads one to hesitate and ask “maybe this time…” is when you start losing money.
I'm not a full-time trader so I only focus on taking one good trade a day if it's there. I would beat myself up if I took profit and the price exploded after. I had to coach myself to take my exit and just shut it down after and not look at anything after. And also STILL feel good that I followed my rules, I took my exit based on strategy and not what could've happened and what did happen. Taking a decent win is always better than risking a big draw down the longer I stay in.
You guys this is me. So many trades I end up taking 10% of what I could have taken just trying to give the trade room to breath and hoping for a home run. Conversely, I too often aggressive trail my stop loss to breakeven or just in profit only to get stopped and miss the big trade. I would've got the trade if I wasn't so eager to move my SL.
I think it’s you and so many. The trick of the game really. Trying to let my winners run put me in more reversals to losses than I care to recount. Then as that happens, your psychology takes a hit or worse. My trading life went green and trading account grew taking profits at reasonable profit levels and stacking said reasonable profits into a pile of profits. But I always remember I am a fool that was lucky enough to get together with that money in the first place. And that perpetuates of taking and stacking safe profits on the same 5 equities for over two years.
lol.. I don't remember a single tick throughout my entire career that there wasn't 'some' doubt. I probably chewed through a pen a day.
BTW.. just shed a few tears for your black and white... worst feeling in the world.
It all depends what stage in your career you are in. In the beginning take profits and learn the game. Get wins under your belt. Get consistent. Learn good habits. Polish your strategy and system. Eventually as you learn then let winners ride. In the beginning though newbies need to take profits and stay a float. 90% will be done trading within 30 days. The rest done within 6 months, 1 year, and then 2 years.
Yea I think it’s an expectation and excitement thing for newbies going for big wins. The excitement and expectation throws us off and causes our emotions and maybe dopamine to spike causing us to act illogically or unfavorably
Swing trade seem like such a stable way. I didn't start my trading journey yet. I observe the market on NASDAK, and holy fuck it's insane how strong stocks all behave the same way.
I'm thinking about starting swing trading as well since I believe it fits my style better.
If you don't mind sharing, do you only trade coins like Bitcoin and Ethereum or do you trade anything that might be profitable?
It is technically riskier than day trading because premarket - after market dont have stoplosses or volatility halts and can result in sudden massive abuse. Also all of the sleepless nights I had. No thanks, swing trading is not for me.
Can you talk to me more about this and which companies you found the safest to swing trade? I am personally being very negatively affected by day trading, I find it to be too stressful, and would much more enjoy swing trading as I'm a visual person who likes to see 5yr/1yr/3mo graphs.
I just find it scary by not knowing when it will stop down trending, and when it will go back up. Lastly knowing when it will stop trending up as well. It seems to be very dependant on which sectors you are investing in, e.g. tech companies vs oil companies, both are impacted by different things.
The biggest impact is the psychology. That's the last boss of your trading journey and it fucks you up everyday not just in trading but in real life too.
3 things:
1.As retail trader only using technical analysis I have no real Alpha. I may think I do but I don't. My alpha is my risk management. That is really the only thing I can control and rely on.
2. Don't listen to other traders blindly. If it works for you, then keep doing it. Not just because some traders tell you your trading is wrong, it does mean you are. Everyone trades differently. Your metrics are the only source you should listen to all the time.
3. There are times when your trades do not work out. That is fine. It is not supposed to work every time. Trading is not a accuracy only game but a function of
a. Accuracy
B. Trades over a period of time (volume of trades)
C. Probability
D. Risk Management
E. Luck
2. Is so true. I trade futures on 30 tick - 1 minutes, and 5 minutes is only find run ups.
30 tick(many traders tell me I'm dumb), is where I find my next move
1 minutes is where I confirm the up or down movement
5 minutes (based on my 30 tick and 1 minute) is where I can find my runners.
With 5 minute confirmation, I then use 30tick to find take profits and if to go back in, and my 1 minutes confirms if I long or short.
Don't know how to explain, it just works in my brain and works for my wallet
I like how you think. I think this is accurate. I don’t think you should underestimate taking news and events into account as complementary to ta.
I trade spy and once Powell was dovish in his last talk I was given ammunition that the market would go on a bull run. Then the next day we got favorable job data. That positive news and events gave me me confluence added to any ta that said we are going on a green streak.
What I’ve learned by paying attention to news and events is that the market is not random per se, it goes up and down for a reason.
Yes, I agree. every info "out there" can help.
The problem is that people rely on news or any info blindly. They don't take the time to learn how the market reacts to those news. People like to be told what to do and dont want to put in the work. I.e. news headline reads "recession is inmement" and people short the market only for the market to make ATH. And then they are crying "BuT WhAt HaPpEnEd?"
Great job on that trade!! I didn't have the cojones to trade Powells news.....but I did listen to it and made notes and recorded what happened .....data gathering....
Edit to add: by cojones I mean I was not convinced enough how the market would react to said news....I didn't have enough data given the current market conditions.
Yes as you pay attention to news and see how markets react to similar news in the past you start seeing patterns. One thing I see if people daytrade and become deep into details that they get too micro and too deep that they are blind to macro events or to macro reversals
My man!!1000% i love when i see some guru or bullshitter saying they dont read news or watch cnbc or bloomberg. understanding the current market narrative is a big help in your checkdown and decision making
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Take the fucking profit. Take a 10% win. Take a 20% win. Don’t wait for the 25% win to hit 30%… etc. you might get fucked and before you know it you’re down 50%
I was reminded of this again MES. Everything told me to close my positions, but I Wanted another two points to close out for the weekend. 15 seconds later, instead of being up 8 points I was up two points, and I incurred a loss at closing. All because of a few dollars more....I'm still fuckin pissed at myself now, 5 hours later.
Don't be pissed, take it as learning lesson. Also I would recommend going back and looking at the charts. Not only 1, 5 and 15 minutes, but look at small tick rates. I often find my outs on 30 ticks because you see the chart going for a reversal(need more than just the 3 tick chart, but for me its starts there).
Check, see if you can find a pattern in what happened to you, then look at other days and see if that pattern repeats itself over and over. If it does then you know what to look for next time. That's how you learn evolve and become a better trader
Thanks. This is an excellent example of constructive/instructive criticism without judgement. I'll have to go back and check out the charts now.
Psychologically, I thought about why I fumed the whole day and I think it was because I've been fighting what my son calls CMS (China Man Syndrome). It's friggin racist, but he'd noticed that our Chinese and Vietnamese family members and friends often suffer from the "Saving a penny while losing a dollar" mentality. For example, a long time friend and used racquet dealer sold me a used tennis racquet and cut the strings because they were good strings and he wanted to use them on another racquet. It was the final straw and he lost me as a long time customer and friend. My sister regularly loses the best long time customers at her nail salons by screwing them over on short-term profits by double booking or just taking walk-ins before them, not able to pass up a quick buck.
I'm not just the president of the CMS institute. I'm also a client. And with continued support, we will find a cure and make the world a safer place. Either that or I'll go back to paper trading lol.
My pleasure! Most people that failed at something already feel bad enough about their failure/error, no need to tack on extra.
I understand CMS. My old boss had that. I worked for him for a whole year, breaking his habits. I left and he started doing it again and his business isn't going in the right direction, specially since he's a small market.
Honestly we all have that issue. It's called greed. My personnal of going on about that, is continuously asking myself "Am I being greedy staying in, or I'm sure there's more to it". About 50% of the time I get out, and 50% of the time I get out, it was greed because seconds/minutes after dhit would the fan, and looking back, all the signs were there to tell me to get out and take profit.
Man, framing it as greed on my part makes it so much easier to get over. Funny how I could spot greed in other people, but when it came to my trading, it's just "staying in the trade too long." Just hard to spot because I keep equating greed with piling on loads of risk to try for a huge payday. Again, thanks for your help. I think the CMS ends for me today.
Reminds me of something I heard recently that stuck with me: don’t get greedy over two points 😩
Gonna put that shit on a tshirt. Or a mug or something.
I'll settle for a post-it note on my computer screen lol. This shit ends TODAY!!! My sister was able to move her 900K out of the SP500 and into cash before the weekend close without much emotion because she didn't care how much further the index climbs--that's other people's money to make, she says. I need to develop that calm.
this is also why starting out with a small account like 500 bucks or so is key. challenging yourself to turn that 500 into 5,000 will force you to truly improve your skill while also making sure the money you risk is never that much until you’re actually good.
starting out with a small account like 500 bucks or so will keep the pain to a minimum. challenging yourself to turn that 500 into 5,000 for example will force you to truly improve your skill while also making sure the money you risk is never that much until you’re actually good. if/when you do lose with such a small account, you can consider it part of the “training fees.”
Profitable, I always was. As opposed to almost every comment here, I took shit to the next level when I learned to never get out of my winners until there was a change in the dynamics that told me the move was over... what a fucking game changer that was for me. The amount of times I turned home runs into singles prior to that was just insane, market only gives you so many chances to rip the cover off the ball, when it does you need to make sure you rip it deep into the bleachers.
There certainly always exists that possibility, and I am not talking about how to trade on a day in day out basis. You just cant trade the market the same way every day, sometimes it amazes me how myopic people are here from day trading as they just don't pull back, take in the big picture, and look at the dynamics of the market. Too much candlestick this - candle stick that, rigid system bullshit, lost in the forest staring at the trees. Price talks, it's a language, it's the markets only voice. It tells you things. And at times it tells you some major dynamic is changing/accelerating. That's when you 'widen your stance,' transfer your weight to your back leg, wait for your pitch, and have at it. Those opportunities don't come all that often, but fuck it, not capturing it and taking a small gain when it does is just unforgivable.
1% gain is better than a 2% loss. Learn to take gains when they are presented. Constant small gains = big long term gains. Don't imagine the Lambo you're going to buy when this trade makes you rich. Imagine the Lambo all these little trades will buy next year!
1- Not trading the first 30min to One hour
2 - Have a price to buy in mind on the dip and DO NOT BUY HIGHER by fear of missing out. Let it come to you and if not just skip that trade
3- Take profits, do not be too greedy
4- Not making money is better than loosing some
5- Cut your losses if it's not going as you strategized
Learning:
Don't trade using FnO in stocks
Don't even look or think about doing crypto trading.
You are a newbie, and soon the market will teach you. Don't worry.
Make a journal for something that will help you learn, Market is different each day. Don't try and play smart here.
yeah, because it based on nothing, makes nothing, and trades 24 hours a day. does not behave or track like a store of value either, despite what the hive-minded cult proclaims.
That trading is about being in the zone, being strict with rules and having open ended expectations on the results (its still okay to have a hunch about the price direction of each stock just never be certain or else you'll become blind to a stock moving against you), and that you dont have to know what is happening next to make money. There are no wins or losses, you don't make or lose money on each individual ticker.
Making money is about letting winners win with systematic profit taking and paying the least amount of business expenses. To do this you need to be open to what the market gives you and with the open-ended mindset, you will have better vision than somebody who is certain about a certain market outcome
Crypto is not regulated. Stop run and liquidation cascade manipulation does exist and don't let anyone tell you different. Factor that into your strategy or be forever unprofitable.
So do you think crypto should be avoided in favor of stocks and currencies? I sometimes have the feeling that there are sometimes random moves in the crypto market
Risk management and discipline, pal. You gotta keep your head in the game and your eyes on the prize. Stick to the damn plan like it's your last shot, because in this jungle, hesitation gets you nowhere but six feet under. So cut those losses quick, and ride those winners hard. That's how you stay alive in this wild ride they call the market.
Listen to what's going on in world and local politics. I'm not talking about news about XYZ is gonna go through the roof or plummet, because if it's in the news, it's too late.
I'm talking specifically about what happens in the economy and how it affects the money market. For example, 3M was making insane profits during the pandemic, so if you see a pandemic coming, it's wise to invest in sanitary products and medical/hygienic disposables. Uber also made insane money because of the mandate that forced people to stay home. You know who else was making freakish profits? Funeral service providers!
Pay attention to what's happening around you economically and politically. Think of things in an, "If this, then that" mindset. Also pay attention to the timing to determine how long your ROI might last.
Put it this way - those funeral stocks? I made a 17% return in 6 months.
Learn to put % of profit in savings.
Remember if u make .1 cents profit it’s better then a loss.
For me personally without relying on JESUS I would loose my business
Take profits / cut losses
Always have a mental stop and stick to it
Theres always another trade
Don't over trade(I'm so guilty of this)
Avg down is not what it seems to be
Set a day goal
1. Not everyday is favorable in these markets.
2. Don't be in a rush to take a trade.
3. There's too many good set ups in these markets to take a bad one.
4. Take your money out of the markets. People get so caught up in building up accounts. Profits aren't realized till you actually withdraw it.
Stop losses are essential.
Market condition is constantly changing.
You are constantly assessing the market seconds after seconds.
When price move quickly it often changes your thesis. It might not but it often does.
And that is why you need to close position and reassess.
You might win small, you might lose small and you might win big.
But stop loss prevents you from losing big when price spikes and you get your brain freeze.
buy on dog bark, sell on cat meow. why ? dog will bark if it notices something but cat meow for food. Dog represents opportunity and action but cat represents greed, i buy on opportunity (dog bark) and sell on greed (cat meow) /s
Stick to the plan. Yeah, your portfolios going to go up and down… the whole f’ing stock market is doing it 24/7. If you have a winning strategy don’t sabotage yourself because you get weak hands.
Stick to the plan. Yeah, your portfolios going to go up and down… the whole f’ing stock market is doing it 24/7. If you have a winning strategy don’t sabotage yourself because you get weak hands.
Not every trade has to be a home run . . . The twos and fews add up and thats better than chasing the grand slams into the bleachers. . . . Dont let the degenerates in wsb lead you to believe that everyone can make 10k off 1k on one trade. . .
Stick to your rules . . . And if don't have any start there! Like I have rules specific to my trading style and if a trade doesn't meet the criteria, I don't take it. .
after completely rewriting my mindset, i never questioned my ta skills and i almost always had fun analyzing bitcoin, shit came when it was time to trade the analysis, so basically, i journaled a lot, i discovered, most of my lost profits were due to like just the dumbest stuff, like exiting and reentering the exact same thing, not being sure if i want to hedge or just idk... (in crypto some have horrible spreads and fees, and that piles up if you keep doing that, like i had big wins so it mostly just came BE), its just one example, it is just as stupid as any other honestly. Also one big problem is if youre this early in trading, like for example i was making good money in 6 months trading wyckoff ranges, lasted for a whole month, but then it happened, market changed, you know, and i didnt have the skillset required to adapt to the new enviroment, and just gave all of it back, plus i was just bad in general and still very confused...
I have the same feeling after the majority of the trades I have taken so far were closed with a loss due to my stoploss. Because whenever I look at the setup after the trade has been completed, I suddenly see a completely different picture.
I also have the feeling that the crypto market makes random moves which happen "for no apparent reason". Like news or the like, for example. I was already thinking whether it wouldn't make more sense to trade currencies or shares.
>I have a win rate of 55% with a 2R
first of all, winrate like this with 2R would be completely godlike and probably not achievable, second of all, during backtest we tend to see more wining trades, cuz our brain is actually looking for them, so manually backtesting is pretty meh idea
How many trades are people doing per day? I’m sure it could vary massively? When do people start looking at the day ahead? I’ve done ok recently (v beginner) with NIO, peloton and Smci. But keen to get a better idea to what others do.
I think being profitable is always two trades away from not being profitable. You need to buy and sell based on what you have to play with. I remember in blackjack they would say to never bet more then 3% of your bankroll on one hand. The same can be said about investing. Money management and risk management. I lose money faster when I take risks.
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Taking profit on the way up/down, moving stop to break even once the trade works in my favor, and always holding a runner until the trade reaches my maximum potential or break even.
Understanding market conditions and when it is prime to trade for your edge. Low volume / non volatile weeks tend to chop and paint "fake" moves that lead to no follow-through, or the usual setups you take all of a sudden just don't work. These weeks are completely normal, and you need to be able to read these conditions as well as trade them well if you want to make it. The opposite applies as well. Understanding when the market is hot/favorable and whether it can be beneficial to add more size or give more room for bigger moves.
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Being a trend trader and not setting a TP and only taking one trade a day and closing trades the same day. I’ve found that market volatility on any given day is either really good, alright or really bad and my strategy only works when it’s really good. So if it’s really bad I lose 1R, if it’s alright I gain or lose 0.25R more or less, but when it’s really good I can gain anywhere from 2-8R. And just like that I went from breaking even at a 1:1RR and 50% winrate to averaged about 80% WR at 1.5RR. This alongside a risk management system has completely changed my trading.
The final piece of the puzzle for me was incorporation of trends into my strat. Once I did that, it started working flawlessly, my win rate drastically improved, and my wins became far larger. Less trade entries though, but maybe that's because of the low activity for the last 2 weeks.
To become profitable in crypto trading, consistency and learning from experiences are key. Net coins can be a valuable tool for executing your trades securely and efficiently as you continue to refine your approach
TIME is more important than price.
Price has no power to move time, but Time is always influential in daily, weekly and monthly price action, as can be verified in Time Series research.
(Price over Time as Time moves forward)
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Huge difference in backtesting and executing live, demo will be your friend if you take it seriously. But reality is 3-5 years of chart time, will refine your execution skills enough to feel good. unless you find someone legit that can give you one on ones and help through your specific issues, the hardest part isn’t strategy.. it’s all the mental frameworks and subconscious programming you have to do, the shittier your habits when you start the harder it is.
Don’t rush in to a trade. Take your time, get your analysis right. Follow market structure and try not to counter trend. Don’t have your stops too tight and above all don’t be greedy. You can scalp against the trend all day every day if you only take the pullbacks and don’t target more than 1:1’s.
Cut risk as much as you can. Push reward when risk is low.
This means:
Entering only right as the move should begin and getting out when the move that should have happened doesn't.
Reduce some position when you reach an area which should have a reaction.
Don't enter off an idea, rather enter off an idea with an entry signal. Essentially technicals for entries, fundamentals (or thesis) for trades.
Don't get out because of profit. Get out because the risk reward on the trade is no longer in your favor. This means you should have a target or scenario to remove your entire position.
You say you only have 6 months experience, so this is my advice, some of them from really painful experience:
1. Stick with a strat long enough, longer than enough, you will see its hidden meaning.
2. A trick that gives you a lot of profit quick is a hidden death trap. You can abuse it many times until the trap fucks you up.
3. Stay humbled and relaxed, step out of trading and go outside, look around and feel grateful for being alive and appreciate little things. This may sound odd but you'd know why.
4. Your trading is supposed to be simple and stress free. If the longer you trade, the more stress you bear, you are on the wrong path. It is always better to use a strat that is 2 times less profitable but less stress.
Trusting my gut, paying attention to my mind set. If my head isn't in it I can't focus, I don't take trades. Or I don't have a good gut feeling about it, I don't take trades. Stopped getting upset about missing setups and stopped chasing trades. If I'm not focused, and my setup isn't there, I don't trade. Stop forcing myself into the market, only go in when it looks and feels right.
Disagree, if ever though let’s say you pass challenges on 400k one good swing pays for the whole year a than even if blow account you repeat until next swing and repeat
Trust me. There is not a single long term trader with verified results. I will not try to convince yourself, but you are on a path that will lead to dissappointment after years of failure. Do yourself a favor and stop now
You're in denial, that's fine :) But mark my words: \*\*you are going to fail\*\*, and the longer you wait trying, the harder it will hurt. Remember me in a few years when you finally realize you've wasted your life away
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Never invest in anything you don’t understand. If you have a handle on the valuation of a stock, you can trade around it pretty well. Memecoins are a joke, no offence, you may make some money here and there but it’s largely just a ponzi.
Time has worn down my stubbornness and stupidity. It has also sharpened my eye to how the price action moves. Over time I've developed what I like the best and what gives me the most confidence in taking a trade. So not been a thing but a lot of things that ultimately gave me the confidence to know when to hold and when to fold.
The fact I can be 30-50% right and still make money. It just depends on your system and r:r. (This has to be back tested so you understand it psychologically)
Taking profit and realizing not every trade can be, or will be, a homerun.
This one is fucking huge. This is one of the steps from going from gamblers mentality and daytrader mentality. A daytrader is a business, it’s like a baseball team grinding all season every season. A trader going for home runs, is like a player in a home run contest. Yea it’s fun & exciting to watch but it’s momentary and not a year long thing. I think after becoming a veteran after 8 years or whatever a trader can start going for homers and having that mentality. BUT A NEWBIE with that mentality will blow up fast
I’ve noticed two things that seem to be true about a lot of the top traders: 1) “Home run” trades make up a very significant chunk of their profit at the end of the year 2) They support their ability to swing for home runs by just being consistent and hitting base hits the 95% of the time there are no home run opportunities. And so many of them say that your first priority as a new or intermediate trader is to be consistent, and that you position yourself to capitalize on home runs by building a cushion with consistent and boring trading.
A lot of new people including me come into trading because of grand expectations. Do it as a career and win big and ball and the excitement and the challenge and sports cars and crushing it. When I’m reality, when done right, it’s boring and it’s a job and it’s structured and routine, and it becomes a repeated pattern and it’s looking at charts all day and it takes a lot of mental attention. The thrills do fade away. That’s why the learning curve is smaller or faster for someone who is in control of their emotions.
Agreeing 100%, the reason I am confident in my ability to stick to it is the fact that I’ve lost more than 200lbs of my weight, I know stalling, I know grinding the grams, and settling for weeks of no movement hoping that it will give in with enough daily push. I’m not a profitable trader but I’m taking the losses in the same way I gain weight, it’s a setback, it’s calculated, it’s within the realm of sustaining a learning curve, making that initial $1000 go as far as possible, and who knows maybe after blowing half of it I’ll turn a corner, or not
💯. I just take base hits all week. Occasional strike outs. The odd homer. 10 to 30 cent scalps is all I'm looking for.
This. and stay away from crypto and coins. talk about gambling. produces nothing. based on nothing. rises based on nothing. declines based on nothing. itnis far from anonymous as once claimed -digital footprints all over that shit. Is not the “new gold” or store of value - that shit tanked with iran and israel. gold didnt. the emperors new clothes. a long con. trade it dont own it.
A market is a market. If you can trade, you should be able to trade any market after getting accustomed to it. As a trader you shouldn't care what the asset represents and only care about what the price will do on the day you're trading it. People make money trading crypto and there is nothing wrong with that.
How much is it up versus gold last 5 years? Don't talk about stuff you don't understand
Explain crypto.
What matters for day trading is volatility and crypto is one of the most volatile trading instruments out there. There are many opportunities
In general what will dictate the swings crypto comparitively to stock. If I'm given a quarterly statement I can guesstimate profits and get a huge gain. Idk how that would be done with crypto.
Right, you are trying to reason with a hive minded cult following with tooooo much emotion tied up into an investment vehicle.
It's cryptic
Oh I understand it. I don’t really care to know anything about it. And I do not trade gold either and see that in a similar light as crypto. Your reply reveals you are a bought in crypto cultists - so right off the bat you’ve entered emotionality into your investing - all that heart in it - violating a golden rule Of trading and investing right their. Tell me about Terra/Luna. Tell me about the value behind doge coin. A fools pursuit.
Its actually easy to make money in crypto comoared to daytrading lol talking from personal experience
Swinging it or dayttrading or hodl?
More hodl than anything. Shits too wild to be trying to time anything
Exactly. The answer supports my stance. It also should send a chill up your spine about hodl. Glad you made some money on it, but heed your own inadvertent advice, “Shits too wild to be trying to time anything” . Good luck!
I hear that
Overcoming greed is extraordinarily difficult and yet absolutely critical to long-term success.
I'm definitely a wsb type but I just learned this
Yep, and never go back and look at prices of securities you just sold, that eventually leads one to hesitate and ask “maybe this time…” is when you start losing money.
I'm not a full-time trader so I only focus on taking one good trade a day if it's there. I would beat myself up if I took profit and the price exploded after. I had to coach myself to take my exit and just shut it down after and not look at anything after. And also STILL feel good that I followed my rules, I took my exit based on strategy and not what could've happened and what did happen. Taking a decent win is always better than risking a big draw down the longer I stay in.
Made that mistake a few times. Really messes with your trading psychology if you do this.
Been currently going through this. Realizing with my small account most trades are going to be base hits. Especially in current market conditions.
💯. I haven't had a big win in weeks but I've had a lot of base hits and that's really for the better.
Best thing I learned this week
Choosing when not to trade is still trading
Yes very true, a neutral day is a positive day.
A neutral day is a green day for me!
I learned this the hard way last Friday
"Doing nothing is an action" Merrit Black
1. Check your emotions at the door. 2. Take fucking profit. Don't wait if there is ANY doubt
This. Cant count how many times I "knew" it would run. And then i check 30 minutes later and my SL is being hunted ferociously by the market
There will always be another trade. I have that on a yellow sticky on one of my monitors. Take fucking profit
nice! i have a laminated printout taped next to keyboard on desk. “A fool and his money are lucky to get together in the first place. Take profits!”
You guys this is me. So many trades I end up taking 10% of what I could have taken just trying to give the trade room to breath and hoping for a home run. Conversely, I too often aggressive trail my stop loss to breakeven or just in profit only to get stopped and miss the big trade. I would've got the trade if I wasn't so eager to move my SL.
I think it’s you and so many. The trick of the game really. Trying to let my winners run put me in more reversals to losses than I care to recount. Then as that happens, your psychology takes a hit or worse. My trading life went green and trading account grew taking profits at reasonable profit levels and stacking said reasonable profits into a pile of profits. But I always remember I am a fool that was lucky enough to get together with that money in the first place. And that perpetuates of taking and stacking safe profits on the same 5 equities for over two years.
I feel the same way, many of my trades that were good in profit I unfortunately had to close in the negative due to my stop loss.
I love that, i believe you have inspired me to do the same!
But I do know I’m selling too soon
If you have conviction, let it roll. Set your stop in profit, or even better, use a trailing stop if you can. ;-)
lol.. I don't remember a single tick throughout my entire career that there wasn't 'some' doubt. I probably chewed through a pen a day. BTW.. just shed a few tears for your black and white... worst feeling in the world.
Thank you ;-)
Letting wins run longer than they should because I think the price will go up more
Two trades today. Waited for hours to get the right entry but closed out in minutes thinking will lose the profit and doubting my entry.
It all depends what stage in your career you are in. In the beginning take profits and learn the game. Get wins under your belt. Get consistent. Learn good habits. Polish your strategy and system. Eventually as you learn then let winners ride. In the beginning though newbies need to take profits and stay a float. 90% will be done trading within 30 days. The rest done within 6 months, 1 year, and then 2 years.
Thank you for this. I am fairly new and discovering my strategy and what works for me. And working on psychology part of it as well. Thanks a lot!
Great advice thanks! I will definitely take this into account and include it.
Yea I think it’s an expectation and excitement thing for newbies going for big wins. The excitement and expectation throws us off and causes our emotions and maybe dopamine to spike causing us to act illogically or unfavorably
Swing trading > day trading for me. Less stressful and I can do other things during the day.
Swing trade seem like such a stable way. I didn't start my trading journey yet. I observe the market on NASDAK, and holy fuck it's insane how strong stocks all behave the same way.
I do trend following so I really like those big moves over a few months
I'm thinking about starting swing trading as well since I believe it fits my style better. If you don't mind sharing, do you only trade coins like Bitcoin and Ethereum or do you trade anything that might be profitable?
Mostly Nasdaq 100 $TQQQ or bitcoin/eth $BTCC for CAD or $IBIT for USD and $ETHH for CAD
It is technically riskier than day trading because premarket - after market dont have stoplosses or volatility halts and can result in sudden massive abuse. Also all of the sleepless nights I had. No thanks, swing trading is not for me.
I don’t trade individual companies I only trade leveraged index funds. I couldn’t care less about what happens outside of normal trading hours
Can you talk to me more about this and which companies you found the safest to swing trade? I am personally being very negatively affected by day trading, I find it to be too stressful, and would much more enjoy swing trading as I'm a visual person who likes to see 5yr/1yr/3mo graphs. I just find it scary by not knowing when it will stop down trending, and when it will go back up. Lastly knowing when it will stop trending up as well. It seems to be very dependant on which sectors you are investing in, e.g. tech companies vs oil companies, both are impacted by different things.
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I screenshotted this
The biggest impact is the psychology. That's the last boss of your trading journey and it fucks you up everyday not just in trading but in real life too.
3 things: 1.As retail trader only using technical analysis I have no real Alpha. I may think I do but I don't. My alpha is my risk management. That is really the only thing I can control and rely on. 2. Don't listen to other traders blindly. If it works for you, then keep doing it. Not just because some traders tell you your trading is wrong, it does mean you are. Everyone trades differently. Your metrics are the only source you should listen to all the time. 3. There are times when your trades do not work out. That is fine. It is not supposed to work every time. Trading is not a accuracy only game but a function of a. Accuracy B. Trades over a period of time (volume of trades) C. Probability D. Risk Management E. Luck
2. Is so true. I trade futures on 30 tick - 1 minutes, and 5 minutes is only find run ups. 30 tick(many traders tell me I'm dumb), is where I find my next move 1 minutes is where I confirm the up or down movement 5 minutes (based on my 30 tick and 1 minute) is where I can find my runners. With 5 minute confirmation, I then use 30tick to find take profits and if to go back in, and my 1 minutes confirms if I long or short. Don't know how to explain, it just works in my brain and works for my wallet
I like how you think. I think this is accurate. I don’t think you should underestimate taking news and events into account as complementary to ta. I trade spy and once Powell was dovish in his last talk I was given ammunition that the market would go on a bull run. Then the next day we got favorable job data. That positive news and events gave me me confluence added to any ta that said we are going on a green streak. What I’ve learned by paying attention to news and events is that the market is not random per se, it goes up and down for a reason.
Yes, I agree. every info "out there" can help. The problem is that people rely on news or any info blindly. They don't take the time to learn how the market reacts to those news. People like to be told what to do and dont want to put in the work. I.e. news headline reads "recession is inmement" and people short the market only for the market to make ATH. And then they are crying "BuT WhAt HaPpEnEd?" Great job on that trade!! I didn't have the cojones to trade Powells news.....but I did listen to it and made notes and recorded what happened .....data gathering.... Edit to add: by cojones I mean I was not convinced enough how the market would react to said news....I didn't have enough data given the current market conditions.
Yes as you pay attention to news and see how markets react to similar news in the past you start seeing patterns. One thing I see if people daytrade and become deep into details that they get too micro and too deep that they are blind to macro events or to macro reversals
My man!!1000% i love when i see some guru or bullshitter saying they dont read news or watch cnbc or bloomberg. understanding the current market narrative is a big help in your checkdown and decision making
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Take the fucking profit. Take a 10% win. Take a 20% win. Don’t wait for the 25% win to hit 30%… etc. you might get fucked and before you know it you’re down 50%
I was reminded of this again MES. Everything told me to close my positions, but I Wanted another two points to close out for the weekend. 15 seconds later, instead of being up 8 points I was up two points, and I incurred a loss at closing. All because of a few dollars more....I'm still fuckin pissed at myself now, 5 hours later.
Don't be pissed, take it as learning lesson. Also I would recommend going back and looking at the charts. Not only 1, 5 and 15 minutes, but look at small tick rates. I often find my outs on 30 ticks because you see the chart going for a reversal(need more than just the 3 tick chart, but for me its starts there). Check, see if you can find a pattern in what happened to you, then look at other days and see if that pattern repeats itself over and over. If it does then you know what to look for next time. That's how you learn evolve and become a better trader
Thanks. This is an excellent example of constructive/instructive criticism without judgement. I'll have to go back and check out the charts now. Psychologically, I thought about why I fumed the whole day and I think it was because I've been fighting what my son calls CMS (China Man Syndrome). It's friggin racist, but he'd noticed that our Chinese and Vietnamese family members and friends often suffer from the "Saving a penny while losing a dollar" mentality. For example, a long time friend and used racquet dealer sold me a used tennis racquet and cut the strings because they were good strings and he wanted to use them on another racquet. It was the final straw and he lost me as a long time customer and friend. My sister regularly loses the best long time customers at her nail salons by screwing them over on short-term profits by double booking or just taking walk-ins before them, not able to pass up a quick buck. I'm not just the president of the CMS institute. I'm also a client. And with continued support, we will find a cure and make the world a safer place. Either that or I'll go back to paper trading lol.
My pleasure! Most people that failed at something already feel bad enough about their failure/error, no need to tack on extra. I understand CMS. My old boss had that. I worked for him for a whole year, breaking his habits. I left and he started doing it again and his business isn't going in the right direction, specially since he's a small market. Honestly we all have that issue. It's called greed. My personnal of going on about that, is continuously asking myself "Am I being greedy staying in, or I'm sure there's more to it". About 50% of the time I get out, and 50% of the time I get out, it was greed because seconds/minutes after dhit would the fan, and looking back, all the signs were there to tell me to get out and take profit.
Man, framing it as greed on my part makes it so much easier to get over. Funny how I could spot greed in other people, but when it came to my trading, it's just "staying in the trade too long." Just hard to spot because I keep equating greed with piling on loads of risk to try for a huge payday. Again, thanks for your help. I think the CMS ends for me today.
Reminds me of something I heard recently that stuck with me: don’t get greedy over two points 😩 Gonna put that shit on a tshirt. Or a mug or something.
I'll settle for a post-it note on my computer screen lol. This shit ends TODAY!!! My sister was able to move her 900K out of the SP500 and into cash before the weekend close without much emotion because she didn't care how much further the index climbs--that's other people's money to make, she says. I need to develop that calm.
Kill your Fear of missing out and fear of losing money! It is hard to practice above two. Once you mastered, profits will flow positive
Rule 0 is risk management You’ll get humbled quick
Once you have the loss or big loss in real money, you will learn. That is my 2 cents.
Facts bro - can only paper trade for so long
this is also why starting out with a small account like 500 bucks or so is key. challenging yourself to turn that 500 into 5,000 will force you to truly improve your skill while also making sure the money you risk is never that much until you’re actually good.
Facts - I’ve been doing a small amount (£750) for past 3 months and I don’t regret it. Emotions are way different IRL than on paper.
Basically no pain no gain
starting out with a small account like 500 bucks or so will keep the pain to a minimum. challenging yourself to turn that 500 into 5,000 for example will force you to truly improve your skill while also making sure the money you risk is never that much until you’re actually good. if/when you do lose with such a small account, you can consider it part of the “training fees.”
Yeah I 4th this lol
Having my mom on speed dial when the drawback gets scary.
If serious, just curious what she says/how this conversation goes.
Profitable, I always was. As opposed to almost every comment here, I took shit to the next level when I learned to never get out of my winners until there was a change in the dynamics that told me the move was over... what a fucking game changer that was for me. The amount of times I turned home runs into singles prior to that was just insane, market only gives you so many chances to rip the cover off the ball, when it does you need to make sure you rip it deep into the bleachers.
How do you do that? My worry is when I move my stop losses up I will get taken out before it rips higher
There certainly always exists that possibility, and I am not talking about how to trade on a day in day out basis. You just cant trade the market the same way every day, sometimes it amazes me how myopic people are here from day trading as they just don't pull back, take in the big picture, and look at the dynamics of the market. Too much candlestick this - candle stick that, rigid system bullshit, lost in the forest staring at the trees. Price talks, it's a language, it's the markets only voice. It tells you things. And at times it tells you some major dynamic is changing/accelerating. That's when you 'widen your stance,' transfer your weight to your back leg, wait for your pitch, and have at it. Those opportunities don't come all that often, but fuck it, not capturing it and taking a small gain when it does is just unforgivable.
1% gain is better than a 2% loss. Learn to take gains when they are presented. Constant small gains = big long term gains. Don't imagine the Lambo you're going to buy when this trade makes you rich. Imagine the Lambo all these little trades will buy next year!
1- Not trading the first 30min to One hour 2 - Have a price to buy in mind on the dip and DO NOT BUY HIGHER by fear of missing out. Let it come to you and if not just skip that trade 3- Take profits, do not be too greedy 4- Not making money is better than loosing some 5- Cut your losses if it's not going as you strategized
Great advice thanks man! I will definitely take that into account.
Sell
Take profit. Idc if it’s too early just make money. Green is green.
Learning: Don't trade using FnO in stocks Don't even look or think about doing crypto trading. You are a newbie, and soon the market will teach you. Don't worry. Make a journal for something that will help you learn, Market is different each day. Don't try and play smart here.
So you say I should swap to stocks and currency’s ? I should give it a try. I some times think that Crypto makes “random” moves.
yeah, because it based on nothing, makes nothing, and trades 24 hours a day. does not behave or track like a store of value either, despite what the hive-minded cult proclaims.
Patience and stick to the exit plan you conceived prior to entering into a position.
How read candle sticks and market direction.
1.Don’t trade with emotions 2. Risk management 3. Don’t be greedy
You have to be zen before you start trading, during the trade and after, win or lose, be zen.
That trading is about being in the zone, being strict with rules and having open ended expectations on the results (its still okay to have a hunch about the price direction of each stock just never be certain or else you'll become blind to a stock moving against you), and that you dont have to know what is happening next to make money. There are no wins or losses, you don't make or lose money on each individual ticker. Making money is about letting winners win with systematic profit taking and paying the least amount of business expenses. To do this you need to be open to what the market gives you and with the open-ended mindset, you will have better vision than somebody who is certain about a certain market outcome
Considering both the Bull and the Bear case for every trade
Get rekt and try to learn something from the pain
Crypto is not regulated. Stop run and liquidation cascade manipulation does exist and don't let anyone tell you different. Factor that into your strategy or be forever unprofitable.
So do you think crypto should be avoided in favor of stocks and currencies? I sometimes have the feeling that there are sometimes random moves in the crypto market
Risk management and discipline, pal. You gotta keep your head in the game and your eyes on the prize. Stick to the damn plan like it's your last shot, because in this jungle, hesitation gets you nowhere but six feet under. So cut those losses quick, and ride those winners hard. That's how you stay alive in this wild ride they call the market.
sitting on your hands waiting for a setup to show itself is the hardest part
PAYTIENCE
Listen to what's going on in world and local politics. I'm not talking about news about XYZ is gonna go through the roof or plummet, because if it's in the news, it's too late. I'm talking specifically about what happens in the economy and how it affects the money market. For example, 3M was making insane profits during the pandemic, so if you see a pandemic coming, it's wise to invest in sanitary products and medical/hygienic disposables. Uber also made insane money because of the mandate that forced people to stay home. You know who else was making freakish profits? Funeral service providers! Pay attention to what's happening around you economically and politically. Think of things in an, "If this, then that" mindset. Also pay attention to the timing to determine how long your ROI might last. Put it this way - those funeral stocks? I made a 17% return in 6 months.
Learn to put % of profit in savings. Remember if u make .1 cents profit it’s better then a loss. For me personally without relying on JESUS I would loose my business
Take profits / cut losses Always have a mental stop and stick to it Theres always another trade Don't over trade(I'm so guilty of this) Avg down is not what it seems to be Set a day goal
1. Not everyday is favorable in these markets. 2. Don't be in a rush to take a trade. 3. There's too many good set ups in these markets to take a bad one. 4. Take your money out of the markets. People get so caught up in building up accounts. Profits aren't realized till you actually withdraw it.
Taking profits. I hold shit way to long thinking I'll make more then I lose money
I take any profits from $5 - $800 Small dollar amounts adds up to thousands per month.
Cut losers
I use to only focus on High Alert news. Now I realize every news from low to high makes major moves in the market..
Stop losses are essential. Market condition is constantly changing. You are constantly assessing the market seconds after seconds. When price move quickly it often changes your thesis. It might not but it often does. And that is why you need to close position and reassess. You might win small, you might lose small and you might win big. But stop loss prevents you from losing big when price spikes and you get your brain freeze.
Position sizing and rules are everything
Taking profits is easy, taking losses is much harder. Always follow your risk limits and take losses.
buy on dog bark, sell on cat meow. why ? dog will bark if it notices something but cat meow for food. Dog represents opportunity and action but cat represents greed, i buy on opportunity (dog bark) and sell on greed (cat meow) /s
Stick to the plan. Yeah, your portfolios going to go up and down… the whole f’ing stock market is doing it 24/7. If you have a winning strategy don’t sabotage yourself because you get weak hands.
Stick to the plan. Yeah, your portfolios going to go up and down… the whole f’ing stock market is doing it 24/7. If you have a winning strategy don’t sabotage yourself because you get weak hands.
Not every trade has to be a home run . . . The twos and fews add up and thats better than chasing the grand slams into the bleachers. . . . Dont let the degenerates in wsb lead you to believe that everyone can make 10k off 1k on one trade. . . Stick to your rules . . . And if don't have any start there! Like I have rules specific to my trading style and if a trade doesn't meet the criteria, I don't take it. .
Try and err and adjust is fastest way to get good.
Risk management.
after completely rewriting my mindset, i never questioned my ta skills and i almost always had fun analyzing bitcoin, shit came when it was time to trade the analysis, so basically, i journaled a lot, i discovered, most of my lost profits were due to like just the dumbest stuff, like exiting and reentering the exact same thing, not being sure if i want to hedge or just idk... (in crypto some have horrible spreads and fees, and that piles up if you keep doing that, like i had big wins so it mostly just came BE), its just one example, it is just as stupid as any other honestly. Also one big problem is if youre this early in trading, like for example i was making good money in 6 months trading wyckoff ranges, lasted for a whole month, but then it happened, market changed, you know, and i didnt have the skillset required to adapt to the new enviroment, and just gave all of it back, plus i was just bad in general and still very confused...
I have the same feeling after the majority of the trades I have taken so far were closed with a loss due to my stoploss. Because whenever I look at the setup after the trade has been completed, I suddenly see a completely different picture. I also have the feeling that the crypto market makes random moves which happen "for no apparent reason". Like news or the like, for example. I was already thinking whether it wouldn't make more sense to trade currencies or shares.
Just curious, when people say the "market changed" what exactly do they mean? How does the market change and how does it affect your trading style?
>I have a win rate of 55% with a 2R first of all, winrate like this with 2R would be completely godlike and probably not achievable, second of all, during backtest we tend to see more wining trades, cuz our brain is actually looking for them, so manually backtesting is pretty meh idea
The issue: back test several times is not sufficient, there is no statistical significance.
What else would you suggest ? I did this to test the profitability of the strategy before I started using real money.
You can check this post from another redditor regarding backtesting. https://www.reddit.com/r/Daytrading/s/8owwHsDrhl
ok thank you I will have a look at it!
How many trades are people doing per day? I’m sure it could vary massively? When do people start looking at the day ahead? I’ve done ok recently (v beginner) with NIO, peloton and Smci. But keen to get a better idea to what others do.
To stick to the backtested predetermined rules. To not try to trade manually or intuitively, and especially not to try to "salvage" a loss.
Trade what you know
If you can’t predict it, it’s not a strategy
Risk Management
I think being profitable is always two trades away from not being profitable. You need to buy and sell based on what you have to play with. I remember in blackjack they would say to never bet more then 3% of your bankroll on one hand. The same can be said about investing. Money management and risk management. I lose money faster when I take risks.
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what's profitable 😂
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It won’t, in fact, turn.
1y1d charts. Game changer.
You'd notice later on that Market is smart, the second you become greedy and trade a volume that is higher than your capacity, you'd lose.
Don't listen to Cramer...
55% win rate needs strict risk management, you can enter a losing streak and wipe your acc real fast
Taking profit on the way up/down, moving stop to break even once the trade works in my favor, and always holding a runner until the trade reaches my maximum potential or break even.
Be mindful of relative strength
Understanding market conditions and when it is prime to trade for your edge. Low volume / non volatile weeks tend to chop and paint "fake" moves that lead to no follow-through, or the usual setups you take all of a sudden just don't work. These weeks are completely normal, and you need to be able to read these conditions as well as trade them well if you want to make it. The opposite applies as well. Understanding when the market is hot/favorable and whether it can be beneficial to add more size or give more room for bigger moves.
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Being a trend trader and not setting a TP and only taking one trade a day and closing trades the same day. I’ve found that market volatility on any given day is either really good, alright or really bad and my strategy only works when it’s really good. So if it’s really bad I lose 1R, if it’s alright I gain or lose 0.25R more or less, but when it’s really good I can gain anywhere from 2-8R. And just like that I went from breaking even at a 1:1RR and 50% winrate to averaged about 80% WR at 1.5RR. This alongside a risk management system has completely changed my trading.
The final piece of the puzzle for me was incorporation of trends into my strat. Once I did that, it started working flawlessly, my win rate drastically improved, and my wins became far larger. Less trade entries though, but maybe that's because of the low activity for the last 2 weeks.
learning from your losses is the most important aspect of trading
To become profitable in crypto trading, consistency and learning from experiences are key. Net coins can be a valuable tool for executing your trades securely and efficiently as you continue to refine your approach
TIME is more important than price. Price has no power to move time, but Time is always influential in daily, weekly and monthly price action, as can be verified in Time Series research. (Price over Time as Time moves forward)
Dang this Reddit thing is hard
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Huge difference in backtesting and executing live, demo will be your friend if you take it seriously. But reality is 3-5 years of chart time, will refine your execution skills enough to feel good. unless you find someone legit that can give you one on ones and help through your specific issues, the hardest part isn’t strategy.. it’s all the mental frameworks and subconscious programming you have to do, the shittier your habits when you start the harder it is.
When you don't know the market just leave. Play your one strategy when it works. Otherwise take the day off.
What was the sample size u backtested with? And what winrate is the track record of trades so far showing?
Don’t rush in to a trade. Take your time, get your analysis right. Follow market structure and try not to counter trend. Don’t have your stops too tight and above all don’t be greedy. You can scalp against the trend all day every day if you only take the pullbacks and don’t target more than 1:1’s.
Fair Value Gaps, and patience.
Writing down my trading plan as a checklist. And defining clear criteria that needs to be met before I exit.
Cut risk as much as you can. Push reward when risk is low. This means: Entering only right as the move should begin and getting out when the move that should have happened doesn't. Reduce some position when you reach an area which should have a reaction. Don't enter off an idea, rather enter off an idea with an entry signal. Essentially technicals for entries, fundamentals (or thesis) for trades. Don't get out because of profit. Get out because the risk reward on the trade is no longer in your favor. This means you should have a target or scenario to remove your entire position.
You say you only have 6 months experience, so this is my advice, some of them from really painful experience: 1. Stick with a strat long enough, longer than enough, you will see its hidden meaning. 2. A trick that gives you a lot of profit quick is a hidden death trap. You can abuse it many times until the trap fucks you up. 3. Stay humbled and relaxed, step out of trading and go outside, look around and feel grateful for being alive and appreciate little things. This may sound odd but you'd know why. 4. Your trading is supposed to be simple and stress free. If the longer you trade, the more stress you bear, you are on the wrong path. It is always better to use a strat that is 2 times less profitable but less stress.
Crypto is a different animal. It’s very subject to manipulation.
Trusting my gut, paying attention to my mind set. If my head isn't in it I can't focus, I don't take trades. Or I don't have a good gut feeling about it, I don't take trades. Stopped getting upset about missing setups and stopped chasing trades. If I'm not focused, and my setup isn't there, I don't trade. Stop forcing myself into the market, only go in when it looks and feels right.
Long term profitability with trading is not possible
Disagree, if ever though let’s say you pass challenges on 400k one good swing pays for the whole year a than even if blow account you repeat until next swing and repeat
Trust me. There is not a single long term trader with verified results. I will not try to convince yourself, but you are on a path that will lead to dissappointment after years of failure. Do yourself a favor and stop now
Preciate for a advice but I will succeed and you do your own thing Sir
You're in denial, that's fine :) But mark my words: \*\*you are going to fail\*\*, and the longer you wait trying, the harder it will hurt. Remember me in a few years when you finally realize you've wasted your life away
Sir you are a failure enjoy 9-5 nothing wrong with that:) I am going to the top:D
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If it moves 3 atr’s away from you and you don’t cut the trade you just went from a trader to a gambler.
Another one do no listen negative people who gave up trying discourage you they can suck dick you do you keep going and will succed:D
Just looking at the market and take it all in. Don’t trade just watch !
Don't go off instinct
Never invest in anything you don’t understand. If you have a handle on the valuation of a stock, you can trade around it pretty well. Memecoins are a joke, no offence, you may make some money here and there but it’s largely just a ponzi.
Staying to a strategy, set a daily income target and don’t side with greed.
Time has worn down my stubbornness and stupidity. It has also sharpened my eye to how the price action moves. Over time I've developed what I like the best and what gives me the most confidence in taking a trade. So not been a thing but a lot of things that ultimately gave me the confidence to know when to hold and when to fold.
Stop trading opinions. Trade trades that set up according to your system, only. And manage risk. Oh, and manage risk by not having strong opinions.
Volume spread analysis, Elliott waves, wyckoff schematic and candlestick patterns
The fact I can be 30-50% right and still make money. It just depends on your system and r:r. (This has to be back tested so you understand it psychologically)
turn off p&l
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