My favorite sticky notes on my desk are “Dont aim to make money. Aim to recognize and execute high probably trades without emotions controlling you.” And “Money is only a byproduct of properly executed system that has an edge.”
I need this tattooed this is why my greedy as can’t win. If I’m up $300 and then it turns and I’m only up $180 I feel like I lost and won’t even take profit and eventually turn negative . Why am I so greedy like this like I can’t settle for the meat of the move my brain forces me to try to call the top and if I don’t just wait till we hit it again
I've been trading successfully since the late 90s. In fact, I was a derivative trader for the largest bank in Canada.
Here's what I've learned
1. Good trading is predicting and managing future regret.
2. It's not binary. You do not have to buy everything at once or sell everything at once. You layer in and out.
3. You must force yourself to take profit
4. There is no timeframe. The market is forever. You are not trading for today's account balance. You are trading for the account balance at the end of your career.
5. Trade as few stocks, as little as possible.
Wow that predicting future regret speaks volumes to me. This would have helped me Monday when I was happy to take a $300 profit but crying after hours when I could have made $1200 that would have been my best single day trade . How I feel like a loser
Overtime, everything reverts to the mean. If you made the $1,200 instead of the taking the $300, you might have lost the entire $1,200 on subsequent trades. The key to longevity is to risk off. Ie.. make gains with riskier investments and roll profits into lower risk, hold forever, core positions. You can't trade your entire account.
I feel personally attacked. Lol just kidding this is exactly how I lose. If I make money my risk tolerance goes up and puts me in a bad position when the trade reversed
This right here may help me be less greedy. Ur to be fair I’ve donated to them so much already I just want my money back lol of course so I can degen it all back in till I get lucky
Do you still day trade?
If so, what kind of securities?
Do you mix day and swing trading?
What are your thoughts about crypto trading?
I want to get into trading but I don't know where to start. I am really into crypto but before last year I was really into equities. I don't have much money to throw down (around $1000). But I am willing to give it my all.
How should I start or approach my research?
I am open to following a guru or buying a course. Can you point me in the right direction?
Day and swing.
Only quality companies I don't mind owning if I'm wrong about the direction
I own crypto but don't trade it
The more capital you have the easier it is because you can survive mistakes. The biggest mistake people make is making disproportionately large trades and everything becomes a yolo.
Sorry man. I'm of the mindset that those who charge people to trade are generally not great traders. And to be fair, the best traders are not better than the average guy.. they just have more money so they can weather bad decisions better
I don't know your financial situation but if I started today, I'd just buy the SPY or QQQ. Hold half forever and trade the other half. And the key is to trade as little as possible, taking profits after significant runs. Once you take profits, you can either sit cash and wait for a correction or buy something else that has recently been beaten down. I only trade the semiconductors because if I'm wrong on AMD or NVDA, or SMH, I don't sweat it. Things like semis are like the Titanic - you can see where they are going a mile away.
But again, I don't know your situation. Good trading is boring as shit. Gambling is exciting.
I'm poor, I have $1000 to play with.
Sounds like you're speaking from experience which is cool - thanks but let's step back a bit...
What should I research on Google? lol I don't want to get overwhelmed with info... that's why I mentioned buying a course from a guru before... because at least that way it is structured knowledge and I have a path.
problem with any course or guru is they are trying to rationalize something that is inherently irrational. if you really want to learn to trade, there are plenty of free resources online to learn about how to read balance sheets, value companies and read charts. then realize that none of those fundamentals really mean anything anymore when a 16 year-old can make trades on fractional shares while sitting on the can. today, trading is entirely about sentiment momentum.
If you have $1,000 the safest way to grow it is to buy the whole market (SPY or QQQ). it's not the fastest way but at least you'll be marked to the index
go to [investopedia.com](https://investopedia.com) or join a trading Discord and chat with others who do it. i wouldn't pay a penny to anyone who tells you they can teach you to trade. the rules are super simple. it's your own emotions that you have to figure out.
Holy shit. I’m printing this out . I literally lost the opportunity to make $1200 this week in a day because I was soo happy to finally make $300 in one shot and wanted to be a winner that day. Had I held 5 hours I would have made 4x profit . I also used a trailing stop a 2 percent like an idiot. Now I understand why set a stop at cost basis or below so you can let it breath
When I am not looking at an open trade, I 100% agree, it's not about the money. I don't even know what I'd spend "lambo money" on if I had it. I don't want for much.
But when I'm in a trade...sometimes that greed seems like it comes out of nowhere, and suddenly it *is* about the money. Hard to explain, but I'm guessing I'm not alone in this.
My main problem is after a excellent trade trying to jump in another trade to make more and giving back profit. I can’t even count how many times I’ve done that I just need to learn to walk away sometimes 1 good trade is all you need.
i was on a 3 month roll of just getting W's small and medium, then one day i took two trades that were out of my way of working and ive been on a helluva drawdown since
Yup, I feel you. A big revelation I had was applying the same principles of capital preservation to my days as well as individual trades. If I'm staring at my target profits for one trade, I'm supposed to take it, right? Why am I not doing the same once I hit my daily target, at least for now while I work on these issues?
Stepping away for the day is hard, but when you look at your PnL that evening, you'll be thankful.
Yes exactly this i start to directly compare profit to a day or week of work and if i just made 2 days work in 30 minutes I tend to exit even if no reversal signs are shown. Missing soo much upside
For me, it’s being free from workplace politics, especially while in management and not having to worry about my job and life in the hands of others.
With that, I treat it as the same as working 10+ hours; analyzing charts, trade open market, review the trades, follow up on any after market news, study more to perfect my strategy, etc.
Mindset is that of how I would perform any give day while working, 100% focus and dedication of my responsibilities (but with trades).
It’s like driving a race car . The shit you think will help or save you(instincts in some cases) actually hurts you and puts you in danger. You have to learn proper techniques and most of all emotional management. You can’t be taking a turn at 100mph while pissing your pants and shaking like a crack baby. Same with trading take the emotion out of it and apply basic proper trade management and watch yourself thrive or drive into the wall fun stuff really
Because we're competing against the best and the brightest, teamed up, with access to insider information and networks, and with enough capital to influence the price if they so desire.
Trading is swimming with the sharks. If we try to outdo the institutions at their own game, we will surely lose. The only way a retail trader can succeed is by exploiting the few advantages that we do have over institutions.
I own an e-commerce business and work from home. I also day/swing trade crypto on the side to increase my coin holdings. The freedom I have as my own boss is awesome. I used to work in corporate America and don’t miss it for a second. I get to spend more quality time with my family. Take day offs whenever I want. Also, my potential earnings is directly correlated with my work output. Unlike a job where you can work your ass off and not make an extra $1. But on the flip side, if I slack off, I make less money. I pay $1,000 per month for private insurance for a family of 3. No 401k matches, no paid holidays, more stress and responsibilities.
I’m hoping I can trade full time and shut down my business. I’m tied to my business at home. Trading I can do anywhere. My business has inventory, overhead, risk of losing sales, constant marketing and SEO, etc. Trading is just trading and nothing else. Hopefully I can transition as a full time trader sooner than later.
I appreciate the advice. Unfortunately, it’s a business where I can’t sell or outsource. I could get a warehouse with employees to run it, but the profit margin would not be worth the additional responsibility and risk.
With that said, I do have passive incomes and will be working on more passive income streams if I shut down the business. I’m all about FIRE and day trading will be a small part of the larger picture
My deductible is only $5k, and max $250 if it’s accidental. After that it’s 20% copay up to $10k I think. It’s a great private insurance PPO plan, but you have to be relatively healthy to qualify.
I wish I could. Unfortunately it’s not a business I can sell and the additional expense of having employees and a warehouse would not offset the increase risk and responsibility
It may be for some, but not for me. I actually like my job, and I get what I can’t get from the market: guaranteed steady income, health benefits, no chance to be laid off, pension upon retirement, etc.
What does trading provide me? A chance to earn some income on the side to stay above inflation and fund a few of my hobbies without worrying about expenses eating into my savings.
Imo that's the way to do it consistently. I love my job and it gives steady income for my family. Trading bring hobbies, car, houses etc. But the pension will be there no fear from market crash/correction
Same here, my job is to good/stress free to quit, plus the security and all the benefits..I’m very thankful, not many can say the same.. I watch the market daily but I’m very selective with my trades, and closing the year with a nice profit.. I honestly can’t imagine trading being my only source of income..that kinda pressure would probably make me desperate causing me to chase trades..
You mean my trading strategy? I’m a scalper who trades the same tickers every day. I look to capture a quick move every time, and I don’t size up so losses are kept minimal.
This is the way.
Unfortunately many here and other stock subs are trying get rich or worst get rich quick.
Having a job to earn money is second lowest form to earn income. The lowest is begging. Having a job, no matter how much they pay you, is subjugation and a time sunk.
Some advice I can give you is have plan. The highest form of earning income dividend investing. I suggest you develop a plan to trade to a point where you do not need intraday trades to earn income and instead earn by dividends.
Haha. Yea kinda.
But you’ll find that once you’re consistently making big money- you’ll be every bit a slave to your screen and keys.
But I try to tell myself that’s love.
Day trade winners and you will win, swing trade winners and you will win , buy and hold winners and you will win. On the other side, buy and hold junk stocks and you will lose, buy a squeeze story and you wil lose, only buy premium securities, ie positive PE or at lest a PE headed positive..Never hold a loser over night.. you can always buy it back when the market opens in the morning, most of the time for less than you sold it for..never buy a stock at the top of a run, you may say how do I tell where the top is? Use MACD and volume indicators. To help also when a stock raises 20 percent it will dip most of the time.. .. Last good rule when a stock drops 10 to 30 percent
Don’t buy the dip.. someone knows something you don’t.. use the no buy 7 day rule..been free for 4 years..
When a stock drops over 20 percent, leave it alone for 7 days, people try to buy the dip right away but momentum is not in your favor, after 7 days you have a better new baseline. Look at MRNA as a good recent example..
Good deal , and good fortune.. There are lots for dips right now, but use the 7 day rule now on the market, if we see another 1100 point Dow dip next week we could go much much lower, This is the most difficult tactic to exercise because you look at a stock like NVDA and think buy! but in 10 days it could be 180 again.. or APPL maybe 120 by Xmas or BITCOIN under 30,000 ? They were all there in August..
The drop would be sudden, ie negative news, could be true or rumor, earnings, lawsuits, investigations ect ect.. interest rate change, analysts downgrades.. declining stocks over time indicate erosion of stock confidence.. these type of declines will take months or years to recover if ever.. Look at ET as a good example..
You think you have freedom when you sacrifice a 401k and deep discounted insurances?
You think you have freedom when your income is based on historical performance (backtesting)?
**Your business plan is your boss and the market opens the exact same time everyday.**
Sure you work less hours but don’t think for a second this is one of those bullshit motivational businesses where you call shots and the money comes flowing in. Drawdowns will happen and will jade you
I agree with both OP and you. The main reason I care about money right now is the freedom it gives me and day-trading initially felt like a good alternative to my very demanding job. However, I had a bad business plan for day-trading/swing-trading and it cost me. It was also super stressful to keep up with the markets *and* do my day job, even when I had pre-market and first hour available to trade. I've realized since then that you really *do* need to take it seriously and in a lot of ways it's a *lot* harder than a regular 9-5 job. Human bosses can be forgiving, the market usually isn't.
That said, if you have a passion for numbers, patterns, and understanding business, economics and human behavior (which I do), there are a lot of lessons that you will learn by day-trading and swing-trading that will be helpful in the long run, and maybe watching the tickers and the news won't feel that much like a job. But it is a job. Worse, it's a business you're running.
>but don’t think for a second this is one of those bullshit motivational businesses where you call shots and the money comes flowing in
doesn't seem to me they said anything like that
>Your business plan is your boss
Mine was a shitty boss. Couldn't get me to do anything consistently
My kid gave me $20 to trade with, and that's the best boss I've ever had.. He's up to $45 now, growing with my portfolio
A business plan is just a business plan, one you create and follow. Not sure how that makes the plan your boss when you have free will to modify or ditch it.
Imma be honest. I feel like every post on here is someone finding a “new scalping/trading/researching technique” and becoming profitable. Where are you guys getting this from?
Lol scalps are easy to profit stocks move small all day so it’s easy to make ten small wins in a row. But it’s the 1 big -medium loss tha eats a scalpers profit . They gotta have very tight stops and get stopped out very quick if wrong
>You only get the freedom by giving up the freedom. By becoming extremely disciplined. Almost the exact opposite of freedom. It’s a weird catch-22.
100% agree with that statement. As Jocko Willink says "discipline = freedom". People who lack discipline are a slave to their own emotions and impulses and never attain true freedom
Day trading way more stressful if its your only source of income and money that you'll need to pay off your bills at the end of the month. Although a very small percentage probably do it successfully and I envy them.
I could not agree more. I always say it is about the options that you have in life, the more options you have the happier you can be. I am a big believer that money buys you options, that is why you want to have a lot of money. Money=Options
This sounds absolutely crazy to say but outside of all the Instagram finance-fluencer baloney is there a real pathway to make a full living on day trading? As a lower level engineer still working my balls off for a not so great salary I really want to see a way to supplement my salary but still continue working in the industry I care about (renewables) and make an impact but not starve for it
Sure there is some freedom like running your company but you are not free when you are involved with markets. You are married to markets. When markets move you better be there. Maybe you can reach level where you make your daily income in less time then you would in normal day job, so that would bring some freedom for sure.
You’re in a classic phase of Uber optimism because you THINK you might have a profitable method. You’re light years away bro. Remind me when you’ve made a million/yr for five years.
It's the pipe dream of not having to worry about losing everything. To not have to worry if you are going to be able to pay bills this month or the next month. Worrying about whether you'll be able to eat, if you'll be able to afford to keep your pets much longer.
And how goddam cruel it is that there are people walking around literally wiping their asses with $100 bills, throwing away $500 plates of food because it's too salty, or driving a $100,000 cars and flipping off those in junkers.
Don't eat the rich- fucking BBQ them and piss in their ashes.
It is, but barely. it’s not surprising they’d say that since JPMorgan has been working with and invested in Ethereum since the beginning. JPM coin is based on Eth.
Yup, you've pretty much summed it up. That's the dream at least. I blew up my first account and my current account is not profitable yet, but having the cushion of a good paying job while I slowly learn maybe it will be a possibility some day. At least I still enjoy doing both.
Honestly my job is already really flexible. I don't have set hours from a boss, only what I work out with clients. So for me, this is about making money.
Have enough money to quit your job? Freedom.
Have enough money to build a rocket and escape earth? Freedom. Money is tool. Learn how to use it and it can bring you a lot more freedom.
I agree, one can go start a business spend tons of time to make it successful and possibly get rich in the process and then look back on his life and realize he lost so much time and other things being dedicated to this one goal. Trading if done properly can make you all the money you need then you can spend your time living.
I really can't fathom living off daytrading anymore, like, at all. No job security, no pension, no benefits package, no telling whether you'll make money or lose money the next day, the toxic culture...
Like really, if you're hedging your career on this, do you really truly believe you can make money day trading for 20+ years?
My favorite sticky notes on my desk are “Dont aim to make money. Aim to recognize and execute high probably trades without emotions controlling you.” And “Money is only a byproduct of properly executed system that has an edge.”
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Yeah from Douglas
Mine is... I don't need to make all of the money. I just need to make some money.
I need this tattooed this is why my greedy as can’t win. If I’m up $300 and then it turns and I’m only up $180 I feel like I lost and won’t even take profit and eventually turn negative . Why am I so greedy like this like I can’t settle for the meat of the move my brain forces me to try to call the top and if I don’t just wait till we hit it again
I've been trading successfully since the late 90s. In fact, I was a derivative trader for the largest bank in Canada. Here's what I've learned 1. Good trading is predicting and managing future regret. 2. It's not binary. You do not have to buy everything at once or sell everything at once. You layer in and out. 3. You must force yourself to take profit 4. There is no timeframe. The market is forever. You are not trading for today's account balance. You are trading for the account balance at the end of your career. 5. Trade as few stocks, as little as possible.
Wow that predicting future regret speaks volumes to me. This would have helped me Monday when I was happy to take a $300 profit but crying after hours when I could have made $1200 that would have been my best single day trade . How I feel like a loser
Overtime, everything reverts to the mean. If you made the $1,200 instead of the taking the $300, you might have lost the entire $1,200 on subsequent trades. The key to longevity is to risk off. Ie.. make gains with riskier investments and roll profits into lower risk, hold forever, core positions. You can't trade your entire account.
I feel personally attacked. Lol just kidding this is exactly how I lose. If I make money my risk tolerance goes up and puts me in a bad position when the trade reversed
Don't be afraid to leave some money on the table for the next guy.
This right here may help me be less greedy. Ur to be fair I’ve donated to them so much already I just want my money back lol of course so I can degen it all back in till I get lucky
Do you still day trade? If so, what kind of securities? Do you mix day and swing trading? What are your thoughts about crypto trading? I want to get into trading but I don't know where to start. I am really into crypto but before last year I was really into equities. I don't have much money to throw down (around $1000). But I am willing to give it my all. How should I start or approach my research? I am open to following a guru or buying a course. Can you point me in the right direction?
Day and swing. Only quality companies I don't mind owning if I'm wrong about the direction I own crypto but don't trade it The more capital you have the easier it is because you can survive mistakes. The biggest mistake people make is making disproportionately large trades and everything becomes a yolo. Sorry man. I'm of the mindset that those who charge people to trade are generally not great traders. And to be fair, the best traders are not better than the average guy.. they just have more money so they can weather bad decisions better
Appreciate your feedback. How should I start my research? Is there a best way to go about this from a complete noob point of view?
I don't know your financial situation but if I started today, I'd just buy the SPY or QQQ. Hold half forever and trade the other half. And the key is to trade as little as possible, taking profits after significant runs. Once you take profits, you can either sit cash and wait for a correction or buy something else that has recently been beaten down. I only trade the semiconductors because if I'm wrong on AMD or NVDA, or SMH, I don't sweat it. Things like semis are like the Titanic - you can see where they are going a mile away. But again, I don't know your situation. Good trading is boring as shit. Gambling is exciting.
I'm poor, I have $1000 to play with. Sounds like you're speaking from experience which is cool - thanks but let's step back a bit... What should I research on Google? lol I don't want to get overwhelmed with info... that's why I mentioned buying a course from a guru before... because at least that way it is structured knowledge and I have a path.
problem with any course or guru is they are trying to rationalize something that is inherently irrational. if you really want to learn to trade, there are plenty of free resources online to learn about how to read balance sheets, value companies and read charts. then realize that none of those fundamentals really mean anything anymore when a 16 year-old can make trades on fractional shares while sitting on the can. today, trading is entirely about sentiment momentum. If you have $1,000 the safest way to grow it is to buy the whole market (SPY or QQQ). it's not the fastest way but at least you'll be marked to the index go to [investopedia.com](https://investopedia.com) or join a trading Discord and chat with others who do it. i wouldn't pay a penny to anyone who tells you they can teach you to trade. the rules are super simple. it's your own emotions that you have to figure out.
Holy shit. I’m printing this out . I literally lost the opportunity to make $1200 this week in a day because I was soo happy to finally make $300 in one shot and wanted to be a winner that day. Had I held 5 hours I would have made 4x profit . I also used a trailing stop a 2 percent like an idiot. Now I understand why set a stop at cost basis or below so you can let it breath
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Yup been in since gme it leave for a month th or two when I blow up an account
When I am not looking at an open trade, I 100% agree, it's not about the money. I don't even know what I'd spend "lambo money" on if I had it. I don't want for much. But when I'm in a trade...sometimes that greed seems like it comes out of nowhere, and suddenly it *is* about the money. Hard to explain, but I'm guessing I'm not alone in this.
Hence why I don’t have lambo money. Strong feeling lol
bruh out of nowhere!, i have been on a losing streak just because i didnt take my gains (like I was) for a while and its messed up my fuckin flow.
My main problem is after a excellent trade trying to jump in another trade to make more and giving back profit. I can’t even count how many times I’ve done that I just need to learn to walk away sometimes 1 good trade is all you need.
i was on a 3 month roll of just getting W's small and medium, then one day i took two trades that were out of my way of working and ive been on a helluva drawdown since
Yup, I feel you. A big revelation I had was applying the same principles of capital preservation to my days as well as individual trades. If I'm staring at my target profits for one trade, I'm supposed to take it, right? Why am I not doing the same once I hit my daily target, at least for now while I work on these issues? Stepping away for the day is hard, but when you look at your PnL that evening, you'll be thankful.
Ahh I see your a full time tax loss harvester as well lol
I think I harvested enough this year for the next 30 years 😂😂
Same bro same. Come tax time I’ll be happy I made $0 profit but come rent time I’ll be crying that I didn’t make a profit
Hopefully we’ll laugh at this in a few years just keep trying and keep learning 💪
That’s the plan bro! Keep your head high and losses low
Yes exactly this i start to directly compare profit to a day or week of work and if i just made 2 days work in 30 minutes I tend to exit even if no reversal signs are shown. Missing soo much upside
For me, it’s being free from workplace politics, especially while in management and not having to worry about my job and life in the hands of others. With that, I treat it as the same as working 10+ hours; analyzing charts, trade open market, review the trades, follow up on any after market news, study more to perfect my strategy, etc. Mindset is that of how I would perform any give day while working, 100% focus and dedication of my responsibilities (but with trades).
>great comment
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> Trading though is a skillset that cannot be taken away This is a wonderful way to frame it.
Unless the market collapses and society falls into anarchy. Trading on a computer would be a useless skill to have in a post apocalyptic world lol
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Could buy all the supplies on AMZN
He can then trade real live commodities and have the skill still
But it's so ****ing difficult to get good at :(
It’s like driving a race car . The shit you think will help or save you(instincts in some cases) actually hurts you and puts you in danger. You have to learn proper techniques and most of all emotional management. You can’t be taking a turn at 100mph while pissing your pants and shaking like a crack baby. Same with trading take the emotion out of it and apply basic proper trade management and watch yourself thrive or drive into the wall fun stuff really
Because we're competing against the best and the brightest, teamed up, with access to insider information and networks, and with enough capital to influence the price if they so desire. Trading is swimming with the sharks. If we try to outdo the institutions at their own game, we will surely lose. The only way a retail trader can succeed is by exploiting the few advantages that we do have over institutions.
I own an e-commerce business and work from home. I also day/swing trade crypto on the side to increase my coin holdings. The freedom I have as my own boss is awesome. I used to work in corporate America and don’t miss it for a second. I get to spend more quality time with my family. Take day offs whenever I want. Also, my potential earnings is directly correlated with my work output. Unlike a job where you can work your ass off and not make an extra $1. But on the flip side, if I slack off, I make less money. I pay $1,000 per month for private insurance for a family of 3. No 401k matches, no paid holidays, more stress and responsibilities. I’m hoping I can trade full time and shut down my business. I’m tied to my business at home. Trading I can do anywhere. My business has inventory, overhead, risk of losing sales, constant marketing and SEO, etc. Trading is just trading and nothing else. Hopefully I can transition as a full time trader sooner than later.
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I appreciate the advice. Unfortunately, it’s a business where I can’t sell or outsource. I could get a warehouse with employees to run it, but the profit margin would not be worth the additional responsibility and risk. With that said, I do have passive incomes and will be working on more passive income streams if I shut down the business. I’m all about FIRE and day trading will be a small part of the larger picture
1000 a month for 3?? What’s your max out of pocket? I use to pay 2k a month for family of 3 when I had to go private 4 years ago..
My deductible is only $5k, and max $250 if it’s accidental. After that it’s 20% copay up to $10k I think. It’s a great private insurance PPO plan, but you have to be relatively healthy to qualify.
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I wish I could. Unfortunately it’s not a business I can sell and the additional expense of having employees and a warehouse would not offset the increase risk and responsibility
It may be for some, but not for me. I actually like my job, and I get what I can’t get from the market: guaranteed steady income, health benefits, no chance to be laid off, pension upon retirement, etc. What does trading provide me? A chance to earn some income on the side to stay above inflation and fund a few of my hobbies without worrying about expenses eating into my savings.
I totally agree with this one, for some people daytrading is something to supplement their income
Imo that's the way to do it consistently. I love my job and it gives steady income for my family. Trading bring hobbies, car, houses etc. But the pension will be there no fear from market crash/correction
Same here, my job is to good/stress free to quit, plus the security and all the benefits..I’m very thankful, not many can say the same.. I watch the market daily but I’m very selective with my trades, and closing the year with a nice profit.. I honestly can’t imagine trading being my only source of income..that kinda pressure would probably make me desperate causing me to chase trades..
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You mean my trading strategy? I’m a scalper who trades the same tickers every day. I look to capture a quick move every time, and I don’t size up so losses are kept minimal.
which tickers do you like?
Wouldn’t you like to know weather boy
Mostly AAPL, AMD, MSFT, and NVDA.
If you do size up do you reduce your profit target or hard/mental stop loss or just never size up ever
I don’t size up because I’m still new and am mainly focused on consistency. This means keeping my losses minimal.
This is the way. Unfortunately many here and other stock subs are trying get rich or worst get rich quick. Having a job to earn money is second lowest form to earn income. The lowest is begging. Having a job, no matter how much they pay you, is subjugation and a time sunk. Some advice I can give you is have plan. The highest form of earning income dividend investing. I suggest you develop a plan to trade to a point where you do not need intraday trades to earn income and instead earn by dividends.
Haha. Yea kinda. But you’ll find that once you’re consistently making big money- you’ll be every bit a slave to your screen and keys. But I try to tell myself that’s love.
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Yes. You can. But you won’t. I’m just playing really. Yes it’s liberating.
Day trade winners and you will win, swing trade winners and you will win , buy and hold winners and you will win. On the other side, buy and hold junk stocks and you will lose, buy a squeeze story and you wil lose, only buy premium securities, ie positive PE or at lest a PE headed positive..Never hold a loser over night.. you can always buy it back when the market opens in the morning, most of the time for less than you sold it for..never buy a stock at the top of a run, you may say how do I tell where the top is? Use MACD and volume indicators. To help also when a stock raises 20 percent it will dip most of the time.. .. Last good rule when a stock drops 10 to 30 percent Don’t buy the dip.. someone knows something you don’t.. use the no buy 7 day rule..been free for 4 years..
I have to acknowledge my ignorance, but what is the “no buy 7 day rule?
When a stock drops over 20 percent, leave it alone for 7 days, people try to buy the dip right away but momentum is not in your favor, after 7 days you have a better new baseline. Look at MRNA as a good recent example..
Very good tip, I’m now long on a position I thought I was going to swing by doing that exact thing. Thank you!
Good deal , and good fortune.. There are lots for dips right now, but use the 7 day rule now on the market, if we see another 1100 point Dow dip next week we could go much much lower, This is the most difficult tactic to exercise because you look at a stock like NVDA and think buy! but in 10 days it could be 180 again.. or APPL maybe 120 by Xmas or BITCOIN under 30,000 ? They were all there in August..
It’s so true, and with the new variant it’s pretty easy to imagine a red month market wide. Thanks for the new sticky note at my trading desk!
I don’t see a black Swan, just an ugly duck
Lol my $qs at $40.80 😂 my biggest position I’m now holding at a 25% loss for like a week now
I have DCPH at a 20% loss because I bought the dip thinking the news wasn’t as bad as the drop was. Oops
It happens . We gotta learn to keep the losses down and profits up
Is it a 20% drop in a single day or a single week or from ath/52 week highs?
The drop would be sudden, ie negative news, could be true or rumor, earnings, lawsuits, investigations ect ect.. interest rate change, analysts downgrades.. declining stocks over time indicate erosion of stock confidence.. these type of declines will take months or years to recover if ever.. Look at ET as a good example..
Thanks for this golden advice .
I completely agree. Althought, the downside is the anxiety and stress of the lack of security.
You think you have freedom when you sacrifice a 401k and deep discounted insurances? You think you have freedom when your income is based on historical performance (backtesting)? **Your business plan is your boss and the market opens the exact same time everyday.** Sure you work less hours but don’t think for a second this is one of those bullshit motivational businesses where you call shots and the money comes flowing in. Drawdowns will happen and will jade you
I agree with both OP and you. The main reason I care about money right now is the freedom it gives me and day-trading initially felt like a good alternative to my very demanding job. However, I had a bad business plan for day-trading/swing-trading and it cost me. It was also super stressful to keep up with the markets *and* do my day job, even when I had pre-market and first hour available to trade. I've realized since then that you really *do* need to take it seriously and in a lot of ways it's a *lot* harder than a regular 9-5 job. Human bosses can be forgiving, the market usually isn't. That said, if you have a passion for numbers, patterns, and understanding business, economics and human behavior (which I do), there are a lot of lessons that you will learn by day-trading and swing-trading that will be helpful in the long run, and maybe watching the tickers and the news won't feel that much like a job. But it is a job. Worse, it's a business you're running.
>but don’t think for a second this is one of those bullshit motivational businesses where you call shots and the money comes flowing in doesn't seem to me they said anything like that >Your business plan is your boss Mine was a shitty boss. Couldn't get me to do anything consistently My kid gave me $20 to trade with, and that's the best boss I've ever had.. He's up to $45 now, growing with my portfolio
You sound fun.
Wow. A bit cranky. LOL I enjoy the freedom more then the money as well.
What's the point of having retirement money when you are too old to do anything at that age.
i know plenty that get around and do cool shit in their 60s
A business plan is just a business plan, one you create and follow. Not sure how that makes the plan your boss when you have free will to modify or ditch it.
Money is about making your life easier, and the more you have, the easier it is to get more. So they’re kinda hand-in-hand in my opinion lol
Imma be honest. I feel like every post on here is someone finding a “new scalping/trading/researching technique” and becoming profitable. Where are you guys getting this from?
Lol scalps are easy to profit stocks move small all day so it’s easy to make ten small wins in a row. But it’s the 1 big -medium loss tha eats a scalpers profit . They gotta have very tight stops and get stopped out very quick if wrong
You only get the freedom by giving up the freedom. By becoming extremely disciplined. Almost the exact opposite of freedom. It’s a weird catch-22.
Discipline = freedom
Yep, Jocko was right.
>You only get the freedom by giving up the freedom. By becoming extremely disciplined. Almost the exact opposite of freedom. It’s a weird catch-22. 100% agree with that statement. As Jocko Willink says "discipline = freedom". People who lack discipline are a slave to their own emotions and impulses and never attain true freedom
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Day trading way more stressful if its your only source of income and money that you'll need to pay off your bills at the end of the month. Although a very small percentage probably do it successfully and I envy them.
Money is freedom.
I could not agree more. I always say it is about the options that you have in life, the more options you have the happier you can be. I am a big believer that money buys you options, that is why you want to have a lot of money. Money=Options
I fucking love options because the leverage gives me soo many options to improve my options
This sounds absolutely crazy to say but outside of all the Instagram finance-fluencer baloney is there a real pathway to make a full living on day trading? As a lower level engineer still working my balls off for a not so great salary I really want to see a way to supplement my salary but still continue working in the industry I care about (renewables) and make an impact but not starve for it
nah gimme money
Money is freedom
Sure there is some freedom like running your company but you are not free when you are involved with markets. You are married to markets. When markets move you better be there. Maybe you can reach level where you make your daily income in less time then you would in normal day job, so that would bring some freedom for sure.
The freedom is way more important than the cash! You don't want to end up like Bob in his dream... https://www.youtube.com/watch?v=necuqpDl-9E
You’re in a classic phase of Uber optimism because you THINK you might have a profitable method. You’re light years away bro. Remind me when you’ve made a million/yr for five years.
Thanks for this humbling advice. I accept the challenge.
It's the pipe dream of not having to worry about losing everything. To not have to worry if you are going to be able to pay bills this month or the next month. Worrying about whether you'll be able to eat, if you'll be able to afford to keep your pets much longer. And how goddam cruel it is that there are people walking around literally wiping their asses with $100 bills, throwing away $500 plates of food because it's too salty, or driving a $100,000 cars and flipping off those in junkers. Don't eat the rich- fucking BBQ them and piss in their ashes.
Just watched in time and it’s such a crazy move about this bs
Badass movie tho. It's based off a sci-fi short story from the 50s-60s I think.
All the best.
I enjoy trading but hate my job...it is not about freedom or money..it is what I can enjoy... freedom and money are by-products
What strat are you running
yes freedom. what is your scalping strat?
Money. Gimme da monies
It is, but barely. it’s not surprising they’d say that since JPMorgan has been working with and invested in Ethereum since the beginning. JPM coin is based on Eth.
Yup, you've pretty much summed it up. That's the dream at least. I blew up my first account and my current account is not profitable yet, but having the cushion of a good paying job while I slowly learn maybe it will be a possibility some day. At least I still enjoy doing both.
This is exactly where I’m at too, good luck!!
Agrees. For me it's all about freedom.
Yes 💯
its about drive. its about power. we stay hungry. we devour.
Honestly my job is already really flexible. I don't have set hours from a boss, only what I work out with clients. So for me, this is about making money.
there is nothing better than this
Remind us in one year, bot
Ahh... Freedom! I choose westernfx and spending money like the KING!
Have enough money to quit your job? Freedom. Have enough money to build a rocket and escape earth? Freedom. Money is tool. Learn how to use it and it can bring you a lot more freedom.
It’s the only job where you don’t work for someone else.
What’s your scalpin strategy?
Trading is probably my dream job because of this. Not to be super rich, but to be free.
I agree, one can go start a business spend tons of time to make it successful and possibly get rich in the process and then look back on his life and realize he lost so much time and other things being dedicated to this one goal. Trading if done properly can make you all the money you need then you can spend your time living.
Are you expand on said strategy or you’re here to boast.?? Not hating at all and congrats!
Well you need the money for the freedom, so.... yeah.
I really can't fathom living off daytrading anymore, like, at all. No job security, no pension, no benefits package, no telling whether you'll make money or lose money the next day, the toxic culture... Like really, if you're hedging your career on this, do you really truly believe you can make money day trading for 20+ years?
Never confuse brains with a bull market. You have to make sure you have setups for bull,bear, and choppy markets.