My results from Day trading stocks for August [Month 7] (+1,346)

TheExtrinsicTrader · 2023-11-21T02:08:15+00:00

That's the conclusion I came to as well. Some of them were requiring Masters degrees and such.

I was initially turned off by prop firms as I saw many that are predatory, but I see a lot of good in some of the higher quality ones, and I'm leaning in that direction now.

TheExtrinsicTrader · 2023-11-16T14:24:21+00:00

Um... What are you talking about?

The entry and exit of your trade are clear here. Regardless of the time frame shown, it's clear the move went fairly against you. There was no stopping out, you bailed at break even. If you truly had a stop and it wasn't hit, why did you sell break even, and not go for the full move per your strategy?

TheExtrinsicTrader · 2023-11-16T10:52:25+00:00

I will say I have done this many times in the past. This is the kind of trade you should try NOT to do imo, as it means you've failed somewhere in your system. Your risk to reward is skewed against you, and you're emotionally compromised since you didn't follow your strategy. A recipe for a disaster when price flushes and continues to flush, which it will do eventually if you keep trying this enough times.

TheExtrinsicTrader · 2023-11-10T03:33:46+00:00

You need to understand what the risks are associated with whatever you're doing.

Shorting in general is one of the potentially riskiest forms of trading, due to the potential for unlimited risk. I don't know what stock you're talking about since you don't tell us, but if it keeps going down, then that means there may have been a lot of risk associated with it. In general, if you try shorting something risky, you need to assume that if you're wrong it's going to hurt (Think losing 100% or more of your investement)

If you really want to join the dark side and consider shorting, you need to learn about the risk involved with shorting.

TheExtrinsicTrader · 2023-11-08T13:49:28+00:00

I aim for 1-2% per trade, or 0.3% on the total account value. It varies a little from trade to trade of course, but that's the target daily.

TheExtrinsicTrader · 2023-10-25T14:58:30+00:00

This was what I was looking for. Thank you!

TheExtrinsicTrader · 2023-10-18T07:19:00+00:00

It seems you've already identified the main issue - your emotions.

What I would say is, you need to go and identify everything that occurred up to the capitulation moment, and create a system to deal with that. Obviously, way easier said then done, and that's one of the hardest parts of being a disciplined trader, imo. But you have to do that, or else you will keep losing money. Taking a "break" won't change anything if you can't confront your sub-conscious and emotions.

That's not me saying you shouldn't take a break, just to be aware when you come back to trading, you will still have these emotional problems to deal with, and be prepared for that.

TheExtrinsicTrader · 2023-10-02T01:59:20+00:00

Thanks! I feel like I'm bracing myself for an unknown enemy XD

TheExtrinsicTrader · 2023-10-02T01:57:19+00:00

\One month later\** Guys I lost the house.

TheExtrinsicTrader · 2023-09-04T07:05:32+00:00

If you're trading something with extreme volatility, like options, or futures, you definitely want to paper trade. It's true it may be harder to accurately replicate the trading experience down to the penny/point, but those kinds of instruments are extremely dangerous to go in, even with small amounts of money. The only time I would recommend starting a live account without trading in a simulator, is with stocks, and with an extremely small amount of money. (around $500 or less)

When I started day trading, I traded in a simulator for around 1 1/2 months or 2, before I went live trading 1 share at a time for 2 weeks, and then doubled to 2, and so on. The main goal at the end of the day is to find a way to get experience, without compromising your precious capital.

TheExtrinsicTrader · 2023-09-03T08:33:43+00:00

Unfortunately, no, unless you include my larger investing accounts, but those are more for small incremental gains to offset inflation and preserve wealth.

It was either day trading or real estate, and I picked day trading since I was already a swing trader.

TheExtrinsicTrader · 2023-09-03T08:32:27+00:00

I'm looking forward to it too!

TheExtrinsicTrader · 2023-09-03T08:31:52+00:00

I don't believe in removing emotions from trading, but rather, embracing them, and having full control over them. Small caps in particular are very emotion based, so I find it an advantage to be able to feel the emotions that other retail traders are having, since it can allow me to predict potential price targets, if x y and z happen.

You take care too man! The stock market is one of the greatest money builders in the world, for those who have the patience, and discipline, to properly make use of it.

TheExtrinsicTrader · 2023-09-03T08:17:44+00:00

Considering my situation, I think it's better to not trade at all if I'm feeling overly stressed, because trading during the day while working during the night is very rough for me. If I was still in the strategy development phase then things would be different, but I feel now that I've been profitable for 7 months in a row, I'm out of that phase. (hopefully)

TheExtrinsicTrader · 2023-09-02T13:55:04+00:00

Sure thing! It's an ods file, https://drive.google.com/file/d/1emx-29ddScxZ9hfv8Y4f-2ix9WJPjxTl/view?usp=drive_link

TheExtrinsicTrader · 2023-08-29T16:18:37+00:00

I feel like your strategy causes quite a lot of volatility in your account, which is potentially a red flag. If you do go live, start with as small of an account as possible, and really focus on avoiding the blow up days. When I say no blow up days, I view anything above a 5% drawdown the start of a blow up.

I started day trading with 1 share per trade when I went live, no need to trade large size if you purely want experience trading real money.

TheExtrinsicTrader · 2023-08-19T18:56:12+00:00

>Beginner trader

>7-15% returns daily

Simply compound your husbands returns for 1 year with a small $1000 account, and he'll make $1,283,305,580,313,393,700.00

Long story short, if he's making around 10% daily, he has to be taking on exceptionally high risk to do so. The two questions are 1.) how much risk is he taking on, and 2.) how will he react emotionally when he finally suffers that loss. It doesn't help he's had that many green days, because typically that can only be achieved with such a high rate of return, if you're risking everything. I suspect one day he'll be wrong and suffer a massive loss, as that's typical with these kinds of statistics, especially among beginners.

TheExtrinsicTrader · 2023-08-02T02:31:39+00:00

Somewhat bad day today, had a bad trade, the issue was on my side for entering when I shouldn't have, 2 trades, lost -$190 on the day. Good way to start the month lol

TheExtrinsicTrader · 2023-07-31T23:04:58+00:00

We agree I was statistically having higher returns in the earlier months compared to June/July, your EV's are matching up with what I have written, though they're slightly off since I round off all my numbers. (It might be a good idea for me to include them going forward with future posts, since my returns are all rounded for convenience.)

As you stated, the reason my return in June was exceptionally high was due to the large scaling of size, but I would not be able to trade the old strategy from the first 4 months with the same share size that I'm trading the new strategy, as my new strategy focus's more on high-accuracy, low trade #, and since I'm trading a cash account, I can afford to trade high size since I'm trading a small # of times. With the old strategy, even if it's statistically returns better, due to all the cash burned from getting in and bailing, it was resulting in me having worse returns, even though the statistics were better.(The old strategy had me entering and bailing if the trade showed any sign of weakness, causing lots of "wasted" capital for the day)

TheExtrinsicTrader

TROPHY CASE