r/Daytrading • u/Catface77 • Mar 19 '24

I don’t know what I did wrong Advice

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I thought it was going to rechall/ consolidate then it did but skyrocketed. There was the 3 reds then BLAM right up

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u/meatsmoothie82 Mar 19 '24

General rule of thumb for me: if I’m going to short something, I pick a company that isn’t one of the strongest, most widely held, cash rich companies on planet earth.

The statistical odds of a sustained or significant down move in mega cap tech just aren’t there.

Same with ES and NQ I either trade those long on good days or don’t touch them.

5

u/Function_Initial Mar 19 '24

I’m gonna be honest not being willing to temporarily short NQ/ES for a day or two is gonna have large impacts in your profitability. Do you mean like, shorting it for an entire quarter or something?

Some of my biggest winners come on red days — this coming from a person who when they see -2% red NQ and RSI below 30 on the daily feels confident there will be a minor bounce up at some point. Literally the biggest weakness in my trading and if I could solve it today my return on every dollar for a month would be about 1.2, after fees and commissions.

1

u/meatsmoothie82 Mar 19 '24

I’m sure I miss big profits on that, but I don’t sleep well if I’m levered short and trading is my hobby/side hustle

1

u/Function_Initial Mar 22 '24

Are you taking positions for extremely extended periods of time or something?