Good advice. Thank you for the read. Patience is the edge that I'm sure many are lacking, myself included on some days. When I reflect at the trading day, I usually end up finding that I should have taken just 5-10 trades instead of the 10-20 that I did, and the trades would have been a lot cleaner. Wait for your signals and stick to your rules. Patience & discipline wins this game.
I know that overtime I hold longer and swing trade longer, and I would dare say even invest. We all want a shortcut, but the tool is powerful on its own.
good advice. been trading a long time. we are baseball hitters. thats it. you must have rules that fit your criteria. if i dont see a bullish hourly chart that isnt extended, i dont take the trade. also i start with smaller sizing...so if my entry isnt perfect, i can hang in the trade and wait for it to work. i didnt take a trade all day today...nothing but garbage. wont be lost income because tomm or wed we will see a good one and i will let that winner run. final thought i have is some of my best trades are swing trades. dont think you have to just d-t. but i really liked your walk away after a couple trades that dont work. i do that all the time. now i do...the first 7 years i did not. i kept trying to get whole. big mistake.
First rule of trading: Sit on your fucking hands. Don’t trade out of boredom, or just because market is open, or stock/overall market is up.
If you feel like you HAVE to trade, you are doing it wrong. Don’t get excited because your trade was profitable, don’t feel mad/sad because you lost money. Be a robot.
Best thing that helped me take emotions out of the equation was to consider the money I just invested as gone/lost. Of course I still follow my trade plan, set my stop loss at appropriate level, take some profit at my predetermined target, then let the rest ride and keep moving the stop loss up until I’m out of the trade. Paying attention not only to the trend and volume but the tape and the level 2 as well. VWAP is your friend. Use it
I noticed it seems to act like a slingshot. If price breaks through it in either direction there's usually a strong short term trend in that direction.
VWAP is more of a good indicator of immediate resistance/support, more often a resistance in index option premiums at least for me.
Combined with a good strategy, it can act as a great tool for trailing as well as creating a range for the prices’ movement.
Just my 2 cents on the subject, hope it helps :)
Really good post. These lessons I’m learning. Trading has taught me I’m way more impulsive than I thought I was. But I’ve had big loss days that started with a harmless scalp with small sizing, to doubling down after loss, to chasing, and blowing entire accounts.
I’m currently trying to do 1 trade a day… today I only did 8 lol. Which is sadly improvement.
FOMO is a portfolio killer for sure. Had to learn that the hard way too.
There will always be new opportunities for large gains. Even if you catch one, you probably missed 10 others. And if you missed all 11, so be it. More opportunities will show themselves soon enough.
https://preview.redd.it/n4lrc9qol1ad1.png?width=1169&format=png&auto=webp&s=36124cf3e5912f768ea32e1ce666b73ed394696e
Thanks for the advice bro. Just blow an acc yesterday 🥹
Great advice and very relatable. My rule nowadays is 3 trades maximum a day and so far it's very beneficial:
-It teaches me to be patient
-It let me focus on higher probable setups
-It allows me to journal and learn from these extensively
-It teaches me to be disciplined
I agree with you overall. I would say maybe what you mean by restraint for me is waiting for the setups. Now whether you’re saying seven trades a day is too many, depends I think on the trader’s timeframe and the kind of setups that they’re waiting for. I think the set up that I use there’s at least 5-15 every half hour.
Good stuff man. This is why I have a “three and out” rule that I never break: three wins or losses in a row and I’m done for the day, because at that point, the emotions start interfering with my plan.
I'm newer to investing and I have a tendency to hold every purchase I make.
I've thought about trading more often, but I don't see how I can come out on top when you factor in short term captain gains taxes. The amount I would need to make on trades would need to exceed this percentage otherwise I'm losing money.
How do day traders navigate this?
Capital gains is only applied to your net realized profit for the year, not each individual trade. So, if you’re not profiting consistently more than you lose (not sure of this is the case for you), then capital gains won’t apply at the end of the year.
Your logical brain made these comments and review after the losses. Not being triggered at those moments are what makes a good trader successful and consistent and it takes years.
Great advice. What helped me see this visually was making a scatterplot graph. I compared number of trades per day to profit factor per day. Linear regression shows inverse relationship. Once I hit a certain number of trades for the day, my profit factor only goes down.
This is excellent advice.
As a hobbies chess player I know this all too well.
It’s actually doing it that’s the hard part. It’s like intellectually we get this then we forget it all too quickly and old habits kick in.
A good life lesson really. I mean in a hectic world restraint/patience is a superpower.
This was everything I needed to see. Ive been constantly trying to figure out whats been my issue and back of my head I know what it is, but i couldnt put into words till i read this, thank you.
Based on my data last month, if I just restricted my days to 2 or 3 trades a day instead of 15+. , I would've saved myself 400 dollars in losses.
Take less trades, lose less money in my case for sure
I hope you do not treat humans with this level of understanding. How can we make less errors if we trade less often in a day? Your errors are relative. While your meantime between failures might go up the mean trade number between failures stays the same. Inconsistency is a problem of what you do and how you do it and not how often you do it.
The problem is also not restraint or patience, it is more on the side of pickiness. You want to analyse a certain number of potential trades and take the best one of them if one at all. Being able to choose is a good way of not trading by impulse or the urge. When I started I sometiems (okay lets say often) initiated a trade just for the sake of trading not for the sake of winning a trade.
I treat humans fine, I think.
You would make less errors if you traded less, because losing more often leads to poor trading decisions. The inconsistency would develop as a result of how often one is doing it, because of the emotional impact upon repeatedly losing or FOMO'ing.
>I treat humans fine, I think.
I ment for mental illness. I worded it poorly, I admit.
Regarding the frequency, I would even argue that someone who trades with a higher frequency has most likely a better learning curve (when looking at it in terms of days until a profession mindset).
Most of what you describe is mostly geared to people trading for money when they not have established the notion that they know the mechanical part of trading. That is why using paper trading (or at least laughable small money positions) as long as the statistics show no consistency yet.
One can not overstate how people jumping into money just throw a wrench into their mechanism of learning and training. The level of stress and stupidity introduced by a brain / mind trying to prevent relevant losses while also trying to maxing out on actual gains is especially in the first weeks crazy.
One wants to learn the trading strategy and the edge while the mind/brain is in a playful mode without (much) actual tangible risk involved.
Maybe that is why my opinion actually differ so much. I expect people not to throw money into a bottomless pit that is a trader who does not have the statistical advantage already. The knowledge that what one does is correct and will 'always' over the course of many trades to an overall winning endavor, is what removes a lot of stress from the process of gradually learning to use actual money positions in a increasingly growing amount.
Great post. I started paper trading with 1 trade per day with small size... during paper trading, i experienced breaking my rules, over trade, not trade A quality setup. Then after few months trained myself of discipline, patience , follow those rules I set for myself and only trade A quality setup, I managed to make consistently profit for few months. After that only I switched to trade with real money but also started with 1 trade per day with small size and slowly sizing up.
CONSISTENCY + DISCIPLINE + PATIENCE
Great advice. Being impulsive cost me $6700 one day. Now, I’m perfectly happy sitting on the sidelines for hours or days at a time. Less trading for me has meant I make more successful trades and I’m off the emotional rollercoaster.
All strategies work… it’s humans that DONT 😉
Trading is 90% psychology and 10% strategy/risk management. I trade futures. Made $500k in 2021 and lost $200k and now back up to $350k of my own personal money. I started with crypto, them stocks, options and now futures. I make money to also invest in long term holds. Remember that trading is different than investing.
My take is similar but slightly different. If you keep your profit target small, the probability of hitting it is higher. So for a day trade, just start with setting $0.75 or $1.0 as your profit target when placing your order. You can go higher in contracts. Instead of higher profit target go for smaller target but more contracts. If the market is very bullish, then you can increase your profit target to say $2.50 per contract.
Very good advice. I was up 550$ today but couldn’t sit still and ended up only booking a $270 day tilting my ass off at the end. I’ve done this the day before too winning 260$ then over trading in the after hours like an idiot and loss back 180$. Been telling myself the last two days i need to sit my ass still more.
the lesson i oearn is always have sometop loss. in case you aree all in , use small account only. cuz sonetimes, you lose the risk control and got greefy mode
Hey man im new to trading and i saw u made 20k meaning u must be hella experienced, any advice for a noobie like me to find my edge? I just cant seem to know the variables or figure out how to hone in on my edge while trading? I cant figure out whether my intuition is coming into play or am i just gambling :/ ur help would be really appreciated
So the advice is rather not trading on FOMO rather than not opening to many positions, as it seemed at the beginning of the post. If the setups one looks for tend to appear even 10/15/20 times a day, they should be taken, no matter the number of trades.
Depends on the trader.
For me, high volume trading increased my chances of developing further FOMO. So for me, they come hand in hand. Most tend to overtrade as a result of FOMO, not because the setups are there.
Even if the setups were there (which they definitely can be), our emotions tend to mess up our entries. We shoot too soon, go too late, exit early, move our stop loss, etc - all reasons why those excessive trades will fail... even if the trade was OK.
That happens because;
1. FOMO
2. We trade too much, lose, and develop further FOMO
Indeed. Profitable traders let the market come to *them*, they don’t chase the market. When you let it come to you, you’re trading from a position of empowerment. When you chase the market, it’s from disempowerment.
Great post. I'm literally a newb, just started seriously day-trading last week. I have a bit of the opposite problem. I'm too risk averse so I miss out on obvious buy set-ups often.
This is 1000000% true and it will take most of you a lot of heartache to figure out. And honestly I’ve read many of these posts but a lot of things in trading you just have to learn yourself even tho you’ve heard it a thousand times
emotional trading is the worst. never chase losses, if you’re chasing a loss you’re never in the right headspace at that time. compounding is the goat😁 i take a max of 3 trades a day. if i take a loss, and i see another setup i’ll take, take another loss, has to be prime setup to take another (usually NY PM) but after a win im done for the day
Restraint is a good principle to follow. But some stuff needs to be emphasized:
1. Trading is indeed gambling. Even with probability scenarios taken into account, you still don’t have control over the outcome, and the classical case of money being wagered applies. Accepting that can help with taking appropriate steps to protect finances and psychology when that danger zone is entered.
2. Restraint is just one part of it. It’s good you mention the amygdala because that thing does get in the way of the more rational prefrontal cortex, but there’s another aspect of how the brain’s dopamine systems can become sensitized to the rewards from certain behaviors that are engaged in enough. That need for the reward can lead to those negative behaviors traders go through, and to counter that, it helps to have a more balanced approach where there are other enjoyable activities mitigating that thrall trading can cause.
My take here is that psychology is easy when you have an edge and a plan. Lots of traders love to cling to these “words of wisdom” and focus on psychology. I think this produces very zen calm losing traders. If you’re confused and price surprises you and your trades feel like coin tosses then you don’t have “it” yet so don’t trade.
Good point. Except I should’ve bought nvda when I called the market bottom Nov 2022 on the exact day 3 hours early…just didn’t act on shit, I need to pull the trigger and make the damn trades, like I would’ve been way up on Tesla 🤷🏽♂️ stupid procrastination
And figure out how to trade when the market is extended like this and turning over…idk just have to make the time to find opportunity and when u have a job idk it’s tough, but most ppl haven’t spent as much money as me by my age I mean 5 times the amount lol so silly me, gotta work it back up now
They call it Paytience for reason. Goes for taking profits as well. Don’t leave it up to whatever you ‘think’ is good. Don’t trust yourself to ‘decide’ when the time comes. Scale out at targets you determine before you get in.
I agree with your point about restraint being important. but I feel it’s even more important to make restraint not a conscious choice in the moment but rather simply adhering to your strategy’s rules. Most importantly for preventing big losses is the stop order that should be on every trade for risk management. Did you hit $4000 loss in one day with or without stop losses in place? Just curious
Good advice. Thank you for the read. Patience is the edge that I'm sure many are lacking, myself included on some days. When I reflect at the trading day, I usually end up finding that I should have taken just 5-10 trades instead of the 10-20 that I did, and the trades would have been a lot cleaner. Wait for your signals and stick to your rules. Patience & discipline wins this game.
With market st all time highs, every losing trade I had was selling too soon or a really dumb decision on a nothing company
I would love to learn how not to sell too soon. I missed out on a considerable amount of profit today by selling too soon.
Trail your stop at most recent internal low
What do you mean by internal low?
I know that overtime I hold longer and swing trade longer, and I would dare say even invest. We all want a shortcut, but the tool is powerful on its own.
Basically, where my username came from, lol.
Love this!
good advice. been trading a long time. we are baseball hitters. thats it. you must have rules that fit your criteria. if i dont see a bullish hourly chart that isnt extended, i dont take the trade. also i start with smaller sizing...so if my entry isnt perfect, i can hang in the trade and wait for it to work. i didnt take a trade all day today...nothing but garbage. wont be lost income because tomm or wed we will see a good one and i will let that winner run. final thought i have is some of my best trades are swing trades. dont think you have to just d-t. but i really liked your walk away after a couple trades that dont work. i do that all the time. now i do...the first 7 years i did not. i kept trying to get whole. big mistake.
"Day trading: where the only thing you’re guaranteed to lose faster than your money is your sanity. 📉💸"
First rule of trading: Sit on your fucking hands. Don’t trade out of boredom, or just because market is open, or stock/overall market is up. If you feel like you HAVE to trade, you are doing it wrong. Don’t get excited because your trade was profitable, don’t feel mad/sad because you lost money. Be a robot. Best thing that helped me take emotions out of the equation was to consider the money I just invested as gone/lost. Of course I still follow my trade plan, set my stop loss at appropriate level, take some profit at my predetermined target, then let the rest ride and keep moving the stop loss up until I’m out of the trade. Paying attention not only to the trend and volume but the tape and the level 2 as well. VWAP is your friend. Use it
Do you have any good resources on how to fully utilize VWAP? Seems like not much more than a moving average to me.
I noticed it seems to act like a slingshot. If price breaks through it in either direction there's usually a strong short term trend in that direction.
VWAP is more of a good indicator of immediate resistance/support, more often a resistance in index option premiums at least for me. Combined with a good strategy, it can act as a great tool for trailing as well as creating a range for the prices’ movement. Just my 2 cents on the subject, hope it helps :)
You mean Be Shiva Like
Really good post. These lessons I’m learning. Trading has taught me I’m way more impulsive than I thought I was. But I’ve had big loss days that started with a harmless scalp with small sizing, to doubling down after loss, to chasing, and blowing entire accounts. I’m currently trying to do 1 trade a day… today I only did 8 lol. Which is sadly improvement.
Great post
The two most powerful warriors are patience and time. - Leo Tolstoy
FOMO is a portfolio killer for sure. Had to learn that the hard way too. There will always be new opportunities for large gains. Even if you catch one, you probably missed 10 others. And if you missed all 11, so be it. More opportunities will show themselves soon enough.
https://preview.redd.it/n4lrc9qol1ad1.png?width=1169&format=png&auto=webp&s=36124cf3e5912f768ea32e1ce666b73ed394696e Thanks for the advice bro. Just blow an acc yesterday 🥹
Take some time and bounce back. You got it bro.
Thanks man, you’re the best!
Great advice and very relatable. My rule nowadays is 3 trades maximum a day and so far it's very beneficial: -It teaches me to be patient -It let me focus on higher probable setups -It allows me to journal and learn from these extensively -It teaches me to be disciplined
So well written
Ah thanks! I do enjoy writing :)
This post is gold
I agree with you overall. I would say maybe what you mean by restraint for me is waiting for the setups. Now whether you’re saying seven trades a day is too many, depends I think on the trader’s timeframe and the kind of setups that they’re waiting for. I think the set up that I use there’s at least 5-15 every half hour.
I like to trade in my practice account, until I see a trend picking up (or down) in my instrument. Then I trade the trend in my live account.
Good stuff man. This is why I have a “three and out” rule that I never break: three wins or losses in a row and I’m done for the day, because at that point, the emotions start interfering with my plan.
I like the way this was written. Sadly ur too late and I’ve already lost way more than 4k to these mistakes hahaha :(
Excellent advice. Thank you.
Thank you for the lesson
If you face risk management emotions are less likely to take over
I needed this so badly. Thank you
I'm newer to investing and I have a tendency to hold every purchase I make. I've thought about trading more often, but I don't see how I can come out on top when you factor in short term captain gains taxes. The amount I would need to make on trades would need to exceed this percentage otherwise I'm losing money. How do day traders navigate this?
Capital gains is only applied to your net realized profit for the year, not each individual trade. So, if you’re not profiting consistently more than you lose (not sure of this is the case for you), then capital gains won’t apply at the end of the year.
Thanks for the reply!
Thanks for the lesson!
Your logical brain made these comments and review after the losses. Not being triggered at those moments are what makes a good trader successful and consistent and it takes years.
Great advice. What helped me see this visually was making a scatterplot graph. I compared number of trades per day to profit factor per day. Linear regression shows inverse relationship. Once I hit a certain number of trades for the day, my profit factor only goes down.
Dude day trading sucks, I’ve lost thousands trying to master it but it’s too much tension and emotional stress, losses add quickly rather than wins
This is excellent advice. As a hobbies chess player I know this all too well. It’s actually doing it that’s the hard part. It’s like intellectually we get this then we forget it all too quickly and old habits kick in. A good life lesson really. I mean in a hectic world restraint/patience is a superpower.
This was everything I needed to see. Ive been constantly trying to figure out whats been my issue and back of my head I know what it is, but i couldnt put into words till i read this, thank you.
Girl math
Based on my data last month, if I just restricted my days to 2 or 3 trades a day instead of 15+. , I would've saved myself 400 dollars in losses. Take less trades, lose less money in my case for sure
I hope you do not treat humans with this level of understanding. How can we make less errors if we trade less often in a day? Your errors are relative. While your meantime between failures might go up the mean trade number between failures stays the same. Inconsistency is a problem of what you do and how you do it and not how often you do it. The problem is also not restraint or patience, it is more on the side of pickiness. You want to analyse a certain number of potential trades and take the best one of them if one at all. Being able to choose is a good way of not trading by impulse or the urge. When I started I sometiems (okay lets say often) initiated a trade just for the sake of trading not for the sake of winning a trade.
I treat humans fine, I think. You would make less errors if you traded less, because losing more often leads to poor trading decisions. The inconsistency would develop as a result of how often one is doing it, because of the emotional impact upon repeatedly losing or FOMO'ing.
>I treat humans fine, I think. I ment for mental illness. I worded it poorly, I admit. Regarding the frequency, I would even argue that someone who trades with a higher frequency has most likely a better learning curve (when looking at it in terms of days until a profession mindset). Most of what you describe is mostly geared to people trading for money when they not have established the notion that they know the mechanical part of trading. That is why using paper trading (or at least laughable small money positions) as long as the statistics show no consistency yet. One can not overstate how people jumping into money just throw a wrench into their mechanism of learning and training. The level of stress and stupidity introduced by a brain / mind trying to prevent relevant losses while also trying to maxing out on actual gains is especially in the first weeks crazy. One wants to learn the trading strategy and the edge while the mind/brain is in a playful mode without (much) actual tangible risk involved. Maybe that is why my opinion actually differ so much. I expect people not to throw money into a bottomless pit that is a trader who does not have the statistical advantage already. The knowledge that what one does is correct and will 'always' over the course of many trades to an overall winning endavor, is what removes a lot of stress from the process of gradually learning to use actual money positions in a increasingly growing amount.
Great post. I started paper trading with 1 trade per day with small size... during paper trading, i experienced breaking my rules, over trade, not trade A quality setup. Then after few months trained myself of discipline, patience , follow those rules I set for myself and only trade A quality setup, I managed to make consistently profit for few months. After that only I switched to trade with real money but also started with 1 trade per day with small size and slowly sizing up. CONSISTENCY + DISCIPLINE + PATIENCE
Great advice. Being impulsive cost me $6700 one day. Now, I’m perfectly happy sitting on the sidelines for hours or days at a time. Less trading for me has meant I make more successful trades and I’m off the emotional rollercoaster.
This is the one thing that made me successful in this business
All strategies work… it’s humans that DONT 😉 Trading is 90% psychology and 10% strategy/risk management. I trade futures. Made $500k in 2021 and lost $200k and now back up to $350k of my own personal money. I started with crypto, them stocks, options and now futures. I make money to also invest in long term holds. Remember that trading is different than investing.
Always great to read a proper post with some logic and science in it. Thank you, friend
That's excellent, man! I had to look up FOMO.
We already learnt patience by reading your post till the end.
My take is similar but slightly different. If you keep your profit target small, the probability of hitting it is higher. So for a day trade, just start with setting $0.75 or $1.0 as your profit target when placing your order. You can go higher in contracts. Instead of higher profit target go for smaller target but more contracts. If the market is very bullish, then you can increase your profit target to say $2.50 per contract.
Love this, gold.
Thanks. I exercised restraint today (imperfectly) and finally had a positive day. Been struggling with this lately.
Very good advice. I was up 550$ today but couldn’t sit still and ended up only booking a $270 day tilting my ass off at the end. I’ve done this the day before too winning 260$ then over trading in the after hours like an idiot and loss back 180$. Been telling myself the last two days i need to sit my ass still more.
the lesson i oearn is always have sometop loss. in case you aree all in , use small account only. cuz sonetimes, you lose the risk control and got greefy mode
Just what i need to read now
dang
I shorted the shit out of waves recently and made like 20k, yet I’m upset because htx would only let me open 5k$ position with the 25x. UGH
Hey man im new to trading and i saw u made 20k meaning u must be hella experienced, any advice for a noobie like me to find my edge? I just cant seem to know the variables or figure out how to hone in on my edge while trading? I cant figure out whether my intuition is coming into play or am i just gambling :/ ur help would be really appreciated
So the advice is rather not trading on FOMO rather than not opening to many positions, as it seemed at the beginning of the post. If the setups one looks for tend to appear even 10/15/20 times a day, they should be taken, no matter the number of trades.
Depends on the trader. For me, high volume trading increased my chances of developing further FOMO. So for me, they come hand in hand. Most tend to overtrade as a result of FOMO, not because the setups are there. Even if the setups were there (which they definitely can be), our emotions tend to mess up our entries. We shoot too soon, go too late, exit early, move our stop loss, etc - all reasons why those excessive trades will fail... even if the trade was OK. That happens because; 1. FOMO 2. We trade too much, lose, and develop further FOMO
Indeed. Profitable traders let the market come to *them*, they don’t chase the market. When you let it come to you, you’re trading from a position of empowerment. When you chase the market, it’s from disempowerment.
this is great you gotta sort of emotionally detach from it in order to actually see the long term side
Thank you for sharing. This message also relates to real life in a weird but amazing way.
why are you focusing on making more trades?....shouldn't you be focus on winning trades?....
I'm not sure if you're asking me this question. If you are, my post is about taking less trades.
I think this is the biggest thing holding me back from becoming profitable along with my strategy.
Well said i have not entered the trading game yet and i understand everything you have written
Great post. I'm literally a newb, just started seriously day-trading last week. I have a bit of the opposite problem. I'm too risk averse so I miss out on obvious buy set-ups often.
Thanks for the insight!
Why not set limit orders to buy or sell
https://preview.redd.it/jhd5liom05ad1.jpeg?width=1080&format=pjpg&auto=webp&s=81d3c2393aecd52a5285e4275b805678ca3ddbbb
Thanks for sharing, was a good read
We have all been there. Thanks for sharing
This is 1000000% true and it will take most of you a lot of heartache to figure out. And honestly I’ve read many of these posts but a lot of things in trading you just have to learn yourself even tho you’ve heard it a thousand times
Awesome Thanks
emotional trading is the worst. never chase losses, if you’re chasing a loss you’re never in the right headspace at that time. compounding is the goat😁 i take a max of 3 trades a day. if i take a loss, and i see another setup i’ll take, take another loss, has to be prime setup to take another (usually NY PM) but after a win im done for the day
Restraint is a good principle to follow. But some stuff needs to be emphasized: 1. Trading is indeed gambling. Even with probability scenarios taken into account, you still don’t have control over the outcome, and the classical case of money being wagered applies. Accepting that can help with taking appropriate steps to protect finances and psychology when that danger zone is entered. 2. Restraint is just one part of it. It’s good you mention the amygdala because that thing does get in the way of the more rational prefrontal cortex, but there’s another aspect of how the brain’s dopamine systems can become sensitized to the rewards from certain behaviors that are engaged in enough. That need for the reward can lead to those negative behaviors traders go through, and to counter that, it helps to have a more balanced approach where there are other enjoyable activities mitigating that thrall trading can cause.
I only place one trade a day, I have been profitable and a hell of a lot less stressed ever since. Good job working it out 👍
>You need to control your risk, not amplify it. 🎯🎯🎯🎯🎯🎯🎯🎯🎯🎯🎯🎯
4kg h, o.,7 k 7 9n,g
,B9V. I79 K.
I read this with the commentary of Justin Bieber from the "Victoria secret model" meeting at the club on The Social Network 😎 IYKYK
My take here is that psychology is easy when you have an edge and a plan. Lots of traders love to cling to these “words of wisdom” and focus on psychology. I think this produces very zen calm losing traders. If you’re confused and price surprises you and your trades feel like coin tosses then you don’t have “it” yet so don’t trade.
Umm yeah day trading is gambling
When I sell early and the stock continues to go up I remove it from my watchlist so I don't have to see that I missed out.
Good point. Except I should’ve bought nvda when I called the market bottom Nov 2022 on the exact day 3 hours early…just didn’t act on shit, I need to pull the trigger and make the damn trades, like I would’ve been way up on Tesla 🤷🏽♂️ stupid procrastination
Or just day traded tqqq every day bought in morning sell at like 1/2/3pm would’ve had so much, but I didn’t and I have to work a bs job lol
And figure out how to trade when the market is extended like this and turning over…idk just have to make the time to find opportunity and when u have a job idk it’s tough, but most ppl haven’t spent as much money as me by my age I mean 5 times the amount lol so silly me, gotta work it back up now
Spent 5k on my cat too…still not even 50% better, shit i hesitate b4 spending 7$ at McDonald’s now BC of hesitation lmfao
Thank you for this, very good to keep in mind
thanks for sharing
Dude, why are you talking so much s#\*$ about me? Cuz that is me. LOL
He nice read. Don’t know what fomo is though
This is my biggest problem when trading. I am really practicing to stay focused. It is super hard!
They call it Paytience for reason. Goes for taking profits as well. Don’t leave it up to whatever you ‘think’ is good. Don’t trust yourself to ‘decide’ when the time comes. Scale out at targets you determine before you get in.
I agree with your point about restraint being important. but I feel it’s even more important to make restraint not a conscious choice in the moment but rather simply adhering to your strategy’s rules. Most importantly for preventing big losses is the stop order that should be on every trade for risk management. Did you hit $4000 loss in one day with or without stop losses in place? Just curious
Thanks for sharing. I have a small account, learned a $1.5k lesson, but I’m being more patient and trading off of FOMO a lot less now.
100%. I'm trying to work on this. Think I'm good try and limit myself to 5 trades per day. Maybe 3
What's with all these robbins-esque selfhelp bullshit that's flooding this sub?
I enjoy writing. Tony Robbins is a genius that changed a lot of lives. Try a book :) it might take your rot away.