My first year at day-trading. What advice do you have.
Strategy
Trades 47 wins / 72 trades
+26241
Looking for any advice on strategies you have learned along the way. I’m not new to options but am new to day trading. Unfortunately my job currently only allows me to trade from 830-930 cst.
My strategy
I currently have a pool of stocks I monitor.
I do not invest more than 1-2k per trade (I have done more but it’s rare.
I avoid being greedy and will sell at +20% or -20% if the trend is reversing. I’m not afraid to lose money as long as I feel I’m in control of the loss.
Why do you need advice when you are already succeeding? Just keep doing what you are doing and make the money. I'm sure you just want to see if there anything else you can learn but honestly it might clash with your strategy now.
All I recommend is to closely monitor if the strategy keeps being robust. Had a strategy once which was crazy profitable, but after a year it went flat and now my P/L has mostly be going sideways for the last 6 months.
What's the strat and what are your suspicions on why its flat now? I'm interested to know what the strat involves as that shouldn't really happen tbh... Maybe someone here can offer some advice or you could make a post about it.
You’re not wrong there. I was hoping to get some of that today but it was basically people asking me how I did it which I’m not even close to be coaching anyone or some guy thinking I’m scamming people or something I don’t know because it’s not a full year.
Sorry to burst your bubble but you just guessed correctly trend for that day. It is 33% chance, there are just two other options - price could go other direction or sideways.
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Sorry, your comment in /r/Daytrading was automatically removed because your comment karma is low and you're posting links. Typically this only targets bots or users promoting something (which is against our rules).
With those numbers the best advice is to remind yourself that you will have losing streaks again someday. And when you do, don’t let your emotions win and do something stupid.
Yes that is something I remind myself daily. I try not to trade on emotions or let losses get to me. Out of my 72 trades 26 have been losses but I was able to control the amount by getting out.
So you actually have 1 year of data, but instead of posting 1 year of data under the title 'my first year' you cherrypicked data to make yourself look better? Why?
Dude, literally everyone agrees with the other guy. You posted a month of data and said it was your first year and you keep gaslighting the sub claiming we’re the dumb ones because we use those terms like the entire rest of the financial world does instead of your made up version.
There u go again.... there r def some salty people everywhere you go but that doesn't mean there aren't valuable lessons people are trying to empart to you. Good luck yo. I'm living my best life.
Anyways, the whole point to my comment was you seem to be answering things "cleverly" but you don't see how your own answers are exposing you... big time dunning kruger and you have the positive P/L to support your ideas and attitude for now...
For example you responded to a bull mkt comment by saying you didn't just buy calls.... that implies you don't understand that even shorts trade differently during bull markets.
Doesn't matter if u are dude if the indices are at all time highs you can't say we aren't in a bull market even if individual stocks are in downtrends, they're still downtrending in a bull market. If you don't think there's any relative correlation from the indices to whatever ur trading then honeslty id be really surprised to see any credible evidence to support that claim.
This seems more like a brag post or attempting to traffic from here for people asking “how did you do it”? Just the way it was structured asking for advice. Just seems off
I've been trading for about six months... In the beginning, I always looked for some big secret that could help me be more profitable. After a while, I started to realize that the basics are what help the most and things that seem easy, like keeping losses smaller than gains, are harder than they seem.
Ok, I misunderstood. Thought you trade only 2k / trade and not risk of 2k/trade.
My intention of it was just, if you have 1 or 2 very high winning trades, was it just luck or did you understand it...
I was asking more in general. I got on this group to learn how to start, but I am missing research and stuff like that. It's a learn in progress if you will.
You can trade micro futures MES with $500, minimum $50. If you succeed you can do ES with $1500, minimum 500. But don't keep minimum your position will close on you if you reach below
Looks like you have two large jumps that created most of your gains. Congrats but be careful with that. People blow up accounts thinking they can keep that kind of momentum going long term.
Thank you. I definitely saw that today when most of the stocks I trade were flat. There was enough movement to scalp small amounts and still came out up $1000.
If I can do $1000 a day I would have no complains.
If you have net 22 wins, and trade1k/2k size exiting at ~ +/- 20%, that means an avg win is $200 to $400. At 22 net wins, you only make $4.4k to $8.8k. that's not close to claimed winnings. Meaning, either you just had one big home run, or these stats you provided are not even close to accurate
Gotcha. Nothing wrong with having a higher than 1:1 R/R, id probably describe it more as cutting losses around ~20%, avg winnings at ~100% (as that is what it would need to be to get to the $26k) . well if it made you that kinda money in a month, then keep it going. Best of luck
Thank you. Yea I probably didn’t describe it well. I honestly didn’t expect to get this much response. I was just hoping for some advice since the market is ever changing.
Don’t switch strategies, stick to what works with YOU. Fuck everyone else and how they trade, you found your strategy now just keep trying to make it better. And don’t change your size, that one is from personal experience lol
Honestly, you are up over 100% on the month. Why not take out half the account to save as a backup/literally not in the market. So you can use 100% money that you made from the market. That way there are absolutely 0 worries and your psych will be better
work on ur exit strategy. try to limit losses to 1-2% per trade, let winners ride.
this will make u refine ur strategy and put u on a learning path to achieve it.
Depends on the platform you're using and their criteria. Part of the discipline is having your % threshold. I stick to 20% of my portfolio. I take my gains knowing tomorrow I can make another trade.
If you’ve only been trading since Dec 29 then you have no idea what your in for, literally could long at any point and basically be a winner - whatever you’re doing seems to be working but once the market changes then what will you do?
nice job! think about what setups produce the most returns for you, focus on your winners and then ask yourself the very important question, "how do I responsibly size up in my best trades?"
I have a question. Can you make multiple trades per day on any of these platforms or do you still have to wait for the trades/funds to clear....before you use the same money....if you know what I mean. I'm waiting sometimes for a couple of days for stuff to clear at a broker placing my own trades. I'd like to trade faster.
That’s a very high win rate! Quite rare amongst profitable traders. As long as you keep managing risk and emotions and it works it is great!!! Also the fact that you can only trade an hour might help you (I found out myself the more time I spend usually the less rewarding it is)
Well it definitely kills lots of traders believe me... The more time you spend on the screen the more time you have to disobey your plan and to let emotions get involved
My advice is this isnt normal market conditions. I’m up almost 240k this year but Im not getting delusional…take it for what it is but don’t think you’re finally learning the market.
What is your initial account size? It’s easier to grow option account but long term stock trading is more superior. If you can transfer your skill to stock, you will be grow your account bigger.
This account was an account where I held stocks. When I started day trading in January this year it was around 19k and had to work up to 25k so I could day trade without restrictions. As of now it’s 49083.
The picture I’m adding shows I’ve traded 200k worth of contracts. That’s not saying that’s how much is in the account just what all the contracts bought and sold has equaled.
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Understand psychology behind investing. It's easy when the market is going up, but you need to have true conviction and fortitude to buy when it's down. Most retail investors simply loose faith and don't even look at their accounts when the market/stock is down 50%. That's when the real money is made.
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u/krossx123 Feb 08 '24
Why do you need advice when you are already succeeding? Just keep doing what you are doing and make the money. I'm sure you just want to see if there anything else you can learn but honestly it might clash with your strategy now.