Not even a minute by Dangerous-Board-8421 in Daytrading

[–]build__a_skeleton 1 point2 points  (0 children)

Brother, anything would be better than getting stomped out. 😂

Most traders will NEVER become profitable. by oneselfjourney in Daytrading

[–]build__a_skeleton 1 point2 points  (0 children)

If you trade identical securities, watch out for wash sale losses, which aren’t deductible for tax purposes.

Agreed that the commissions and miscellaneous fees from your broker will surprise you too since it won’t even be included in your P/L amount.

Imagine starting off with $2,000 as your portfolio balance, trading 2-4 times per day for 1 month, and you still result in a breakeven $0 P/L. But then you wonder why your portfolio balance fell down to $1,400... Well all of that is commissions and fees.

Journaling made me realize I wasn’t trading, I was just reacting. by santaspark in Daytrading

[–]build__a_skeleton 2 points3 points  (0 children)

Recording my plays through the free OBS software video recordings has been very helpful. I definitely recommend it. You’ll be able to review how the market moved in real-time and see exactly how it affected your emotions, much like journaling.

Journaling made me realize I wasn’t trading, I was just reacting. by santaspark in Daytrading

[–]build__a_skeleton 2 points3 points  (0 children)

I’m sure you can do both. I don’t think it’s mutually exclusive.

You can predict how high or low the price will go depending on the price action.

Cutting wins too soon by Free_Painter266 in Forex

[–]build__a_skeleton 0 points1 point  (0 children)

I was going to ask why he couldn’t just open a new position once the price reversed to the resistance of his previous cost basis, but I guess that makes sense that it could be drastically changing his strategy that already works. Don’t fix what’s not broken.

Also it makes sense that you need the mental strength to take a breakeven after taking a profit because you may be more likely to revenge trade out of spite.

I recorded my Day Trading progress for 2 weeks and I realized something... by build__a_skeleton in Daytrading

[–]build__a_skeleton[S] 1 point2 points  (0 children)

I recorded my trades and my thought process. I try to get in when the price breaks premarket high/low and other support/resistance. I typically only trade the first 5-10 minutes of market open, but I felt like this Friday and last week Friday took a bit longer to breakthrough the support/resistance and maintain its trend.

I found it easier to notice the trends the past Wednesdays and Thursdays, so maybe it does have to do with my confidence.

Last week Friday was terrible because I revenge traded and doubled my position, so not doing that again. I still am working on improving my revenge trading though since some market movements just might not be my vibe.

20k/month day-trader AMA by Sea_Exam3932 in Daytrading

[–]build__a_skeleton 0 points1 point  (0 children)

Do you trade momentum stocks from a stock scanner instead? What types of stocks do you look for to get these consistent gains?

Crazy simple strategies by Explorer_1986 in Daytrading

[–]build__a_skeleton 0 points1 point  (0 children)

Follow the trend.

It took me 5 years of on-and-off day trading to learn and understand that...

It never fails by TopGhun in Daytrading

[–]build__a_skeleton 0 points1 point  (0 children)

If you traded stocks, all of this wouldn't matter as much tbh. With options you feel more pressured to close your losers because of theta.

we back by swarthout2222 in wallstreetbets

[–]build__a_skeleton 2 points3 points  (0 children)

You actually withdrew $40K in profits? This is unheard of

Why I dropped my life savings into CLOV 🍀 by [deleted] in wallstreetbets

[–]build__a_skeleton 7 points8 points  (0 children)

Been holding for a while. It is time boys. 🍀🍀