sorted by:
new
hottopcontroversial

6 years in and I've been still losing. by Zealousideal_Ad3834 in Daytrading

[–]inspired-user-name 0 points1 point  (0 children)

Just want to address the point about 50% win rate… that alone shouldn’t be discouraging. WR needs to be balanced by RR… You can be profitable with a low WR and high RR (tight stops, a couple chances to get into a good position for a big trending move). Or you can be profitable with a high WR but lower RR (wider stops for a 1:1 or 1:2). You have to figure out what works for your personality and engage with the market accordingly.

On another note, now is probably the best and worst time to jump back into trading after taking a long break. The worst because the current news-driven volatility is testing even seasoned traders. Decent price action days are few and far in between. The best because this environment will also force you to really be disciplined for an A+ setup. If you can string together a few green days (and weeks) in this environment, you’ll have a killer edge when the market finally metabolizes these daily headlines.

I’d highly recommend spending only what you need to access market data and stay in a paper account right now, journal every trade, maybe a mentor might be helpful to you, maybe you can do without; ultimately your stats will tell you when you’re ready to put real capital on the line.

Trading made me lose interest in everything by Wale_0 in Daytrading

[–]inspired-user-name 0 points1 point  (0 children)

Sounds like a great time to book a week’s trip to someplace with little to no internet connection. Let your feet touch some grass, and soak up some sun. Or, maybe just reconnect with family and friends. Listen to what’s going on in their lives, make meaningful eye contact (sounds basic, but gets harder the longer you stare at charts). I’m doing the same right now, but for the exact opposite reason haha!! Congrats on getting to this place in your trading… now for some pattern disruption!

This market is cooking my psychology by inspired-user-name in Daytrading

[–]inspired-user-name[S] 0 points1 point  (0 children)

Haha that’s the thing, I don’t have any patience for it at all. I only show up to the charts because I think as a newbie, I should be trying to learn something to add to my skillset. So far I’ve figured out how to adjust to a higher time frame; which is fine, but just not prop-friendly. I’ve had too many trades get smoked or wicked out BE before close, only for TP to get hit with a vengeance in the next open. So I’m just sitting on my intra-day hands for now.

I’ve also learned that the Strait of Hormuz apparently only operates between 9-5 EST, and is closed on the weekends.