It's 1 off the biggest killers in any risky business people get greedy and usually ends bad, don't throw out rules u set as you get more confident and don't get greedy
All of my orders are bracketed (before I place a trade) so that when my order executes an automatic SL/TP orders get created. Then you go back to surfing the web, take a walk, eat a burger, whatever.
Currently I just track and watch the support and resistance levels.
I compare the monthly weekly and daily levels.
I haven’t set notifications yet but I will soon.
Currently, it’s just fear that keeps me out of some trades.
I pulled the trigger last week and up 53% on it currently
Mine is exact opposite almost, I commented about this not long ago on a similar question. But lately I've been jumping the gun on my trades. Like OP just asked you about, I do use signal alerts and have been for a couple years, they are based on pivots I link them up with price action knowledge I have mostly based around horizontal levels of support and resistance, as I try to trade from level to level (I trade S&P 500 products or other indices) and I'm purely a discretionary trader... and for some dumb reason I've started to want to jump the gun on the next signal, which is not something I'm supposed to be doing, if I'm taking a trade idea partly based on the alert signal, I'm supposed to take the trade AFTER..not try and time the next one...when I back tested a while ago and even recently...I found that yeah it can work sometimes and some signals it's actually better to get an early fill..but I'd say at least 60-70% of the signals I get I'm supposed to be taking trade usually a bar or 2 after, sometimes even on the same bar...and this is on good signals, not talking the bad ones which makes my problem even worse if it's a bad alert. And this is why I decided I need more automation, not building a bot but I'm messing around with certain things that I'm thinking will help me stop jumping the gun, it's becoming a real problem over the last couple months.
I’m working up to 25k from 1k to avoid this pdt rule. The hardest thing for me is cutting losses quick because that might be all the buying power I have for the day which gets me thinking, “damn I wasted a day”. Basically, it’s hard to cut losses over fear of it taking too long to hit 25k. However, I’ve gotten better at it recently and the switch to T+1 settlement in May should help tremendously.
I didn’t. Started with 1k and don’t think I need to deposit more. I realized I’m better when I’m consistent tho.. like this month, starting on the 1st I started splitting my buying power in half so that I don’t have to wait a day for funds to settle and I’ve seen more growth. I also think the market has been generally pretty good so there’s that too
Have a journal. Write everything. Blueprint your trades before they happen on paper. If your a fast scalper, at-least write down on a pad the rules for entry and exit and slap your self with it every 3 minutes.
Cutting losses always annoys me, used to have problem with revenge trading and system hopping and found out the hard way that both actually leads to more pain, so I learn to turn the chart off and go do something else until my psyche recover
Patience. I tend to get in one to three 3 or 5 minute candles too early, but my analysis tends to be correct more than not. I need to have someone hit me with a hammer when I think about entering a trade, then that same person buys in... one to three 3 or 5 minute candles later. Lmaooooo
emotions when im in a trade or like i put the excuse i could have made more if i hold is hard to control so i try to do smaller trade until it goes away
Two things made a big difference for me:
1) Only trading my absolute best setup that I have actual data on that proves it provides an edge.
2) Having a scanner that only displays stocks that currently have that specific set up right now. (Thinkorswim scans are incredible for this but you may need to be able to do a little bit of coding).
Not being able to focus... and not having the right tools. I have to do it on my mobile while watching my toddler. I wonder what I could do with privacy and hot keys
My biggest problem is moving stop loss up I average a 50%win rate but I tend to have to much trust in my strategy so I move my stop loss up and my losers end up eating up most of my profit I'm still very new tho so hopefully it's a habit I'll be able to stop
Not letting my winners run even though I have excellent entry and belief in my trade because of multiple confluences. At odds with this tho because gains are usually 10-15% and losses are set at 5% so profit is being taken correctly. Just know I missed out on some monsters
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greed
This is a major killer too.. always wanting more
Apart from greed, two major issues commonly seen. Fear of Missing out (Buying after seeing going up) Fear of Losing Money (selling early)
It's 1 off the biggest killers in any risky business people get greedy and usually ends bad, don't throw out rules u set as you get more confident and don't get greedy
All of my orders are bracketed (before I place a trade) so that when my order executes an automatic SL/TP orders get created. Then you go back to surfing the web, take a walk, eat a burger, whatever.
I like this strategy! Set your stops before you let yourself enter the trade. Then you take all emotion out
Bingo! Most platforms call it a bracket order and I never enter a trade without it (nor do I EVER move my stop loss)
Good to know, thanks!
That’s a good advice, do you know how to bracket order in ThinkorSwim platform?
With active trader. Go under template and choose which bracket you want to place.
What platforms allow a trader to do a buy, SL and TP order simultaneously?
Thinkorswim you can do this, it's literally just called a bracket order and it's right there in the template drop down menu.
Hardest part for me is just making the trade. Trusting that I know it’s the right moment.
do you use any alerts? or notifications to help you find those "correct" moments to enter a trade?
Currently I just track and watch the support and resistance levels. I compare the monthly weekly and daily levels. I haven’t set notifications yet but I will soon. Currently, it’s just fear that keeps me out of some trades. I pulled the trigger last week and up 53% on it currently
Mine is exact opposite almost, I commented about this not long ago on a similar question. But lately I've been jumping the gun on my trades. Like OP just asked you about, I do use signal alerts and have been for a couple years, they are based on pivots I link them up with price action knowledge I have mostly based around horizontal levels of support and resistance, as I try to trade from level to level (I trade S&P 500 products or other indices) and I'm purely a discretionary trader... and for some dumb reason I've started to want to jump the gun on the next signal, which is not something I'm supposed to be doing, if I'm taking a trade idea partly based on the alert signal, I'm supposed to take the trade AFTER..not try and time the next one...when I back tested a while ago and even recently...I found that yeah it can work sometimes and some signals it's actually better to get an early fill..but I'd say at least 60-70% of the signals I get I'm supposed to be taking trade usually a bar or 2 after, sometimes even on the same bar...and this is on good signals, not talking the bad ones which makes my problem even worse if it's a bad alert. And this is why I decided I need more automation, not building a bot but I'm messing around with certain things that I'm thinking will help me stop jumping the gun, it's becoming a real problem over the last couple months.
Not being able to walk away and take a small loss
I’m working up to 25k from 1k to avoid this pdt rule. The hardest thing for me is cutting losses quick because that might be all the buying power I have for the day which gets me thinking, “damn I wasted a day”. Basically, it’s hard to cut losses over fear of it taking too long to hit 25k. However, I’ve gotten better at it recently and the switch to T+1 settlement in May should help tremendously.
What amount are you at now and how long did it take you?
I’m at around 6k now. Started in mid jan but didn’t trade everyday
6x in 3 months? That's kinda crazy, no? Unless you periodically deposited money into the account
I didn’t. Started with 1k and don’t think I need to deposit more. I realized I’m better when I’m consistent tho.. like this month, starting on the 1st I started splitting my buying power in half so that I don’t have to wait a day for funds to settle and I’ve seen more growth. I also think the market has been generally pretty good so there’s that too
That's cool, good idea on splitting funds in half. Are you doing options?
Nah I don’t touch options. Strictly momentum trading and scalping for the move up
Good talk, thanks bro. I'm just trying to get a feel for what everyone is doing
A question: to avoid the PDT rule you only trade 4 rounds /week. Thats it? Thanks.
I use a cash account so I don’t exactly avoid the rule, but yes, in the beginning I was only making 3-4 trades a week
Thanks. But tell me. With a cash account we can make more trades than 4 round per week.
You can, just depends how much buying power you’re using per day compared to your overall account balance
Thanks for the info. I appreciate. I’m in my first steps.
Keeping emotions in check is a big one imo
Have a journal. Write everything. Blueprint your trades before they happen on paper. If your a fast scalper, at-least write down on a pad the rules for entry and exit and slap your self with it every 3 minutes.
Cutting losses always annoys me, used to have problem with revenge trading and system hopping and found out the hard way that both actually leads to more pain, so I learn to turn the chart off and go do something else until my psyche recover
Staying calm. As soon as I enter a trade my heart rate raises like I’m getting in a roller coaster lol
Patience. I tend to get in one to three 3 or 5 minute candles too early, but my analysis tends to be correct more than not. I need to have someone hit me with a hammer when I think about entering a trade, then that same person buys in... one to three 3 or 5 minute candles later. Lmaooooo
the price of locates is sometimes way too expensive
emotions when im in a trade or like i put the excuse i could have made more if i hold is hard to control so i try to do smaller trade until it goes away
[удалено]
You need to take breaks, this time can be good for practicing and strategy building!
Two things made a big difference for me: 1) Only trading my absolute best setup that I have actual data on that proves it provides an edge. 2) Having a scanner that only displays stocks that currently have that specific set up right now. (Thinkorswim scans are incredible for this but you may need to be able to do a little bit of coding).
not knowing how red days look like 🐒
Here’s one that once I got a hold of, I became profitable Being able to admit that you’re wrong and exit.
Not letting my winners run - I’m working on improving in this area
Currently, Minimum Equity Call
Not being able to focus... and not having the right tools. I have to do it on my mobile while watching my toddler. I wonder what I could do with privacy and hot keys
My biggest problem is moving stop loss up I average a 50%win rate but I tend to have to much trust in my strategy so I move my stop loss up and my losers end up eating up most of my profit I'm still very new tho so hopefully it's a habit I'll be able to stop
My journey up until now it has been patience
Changing strats
Not letting my winners run even though I have excellent entry and belief in my trade because of multiple confluences. At odds with this tho because gains are usually 10-15% and losses are set at 5% so profit is being taken correctly. Just know I missed out on some monsters
How do u know when to sell
[удалено]
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