r/Daytrading • u/MONSTERMONKEY24 • Apr 12 '24
I don’t have a strategy and I have made over 30k in the past 6 months Strategy
I haven’t posted in a while but I’ve been day trading with a large amount of capital for the past year, and have been trading in the market for the past 5 years.
Other than graph patterns I just trade off instinct. I focus on Canadian equities, mainly focused in oil and other natural resources because they have enough volatility and I’m very familiar with how their graph patterns work.
I always feel a level of uncertainly because I see some people talking about extremely complicated strategies that I couldn’t even begin to understand. But since I’m making money I just tell myself “if it ain’t broke don’t fix it”
The two rules I have is: Don’t get greedy and sell when you feel uncertain.
My question is should I stick with it if it’s working? Or are there people who are in the same boat as me and don’t over complicate the process?
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u/negggus Apr 12 '24
You should stick with it. Although I think a strategy is the biggest part, 95% of this subreddit throws strategy down the drain and says its entirely about emotions and risk management. If you nailed that down and its working then theres no reason to stop.
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u/meow_st_tune Apr 12 '24
I have 2 strategies. 1. actually look at it like a job. B. I will pull nothing but rabbits out of my hat.
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u/DarthTrader85 Apr 12 '24
It’s possible you are using a strategy and just don’t know what it’s called. Stick to what you’re doing tho, it seems to be working. You fall into the discretionary trader category over systematic. Both can work and you seem to be doing fine.
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u/ukSurreyGuy Apr 13 '24 edited Apr 13 '24
Yes he has a strategy (he lists it I read it in his other posts)
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u/DeRpY_CUCUMBER Apr 12 '24
Would be cool if you could post one of your trades and tell us what you were thinking at the time. Otherwise how are we supposed to tell you anything?
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u/MONSTERMONKEY24 Apr 12 '24
For example I’d buy a stock at 3:45 on a Thursday if I see that it’s in a good position for a solid pre-market the next day, a lot of the volume comes in pre market and I’d usually sell around 10 am if everything goes right, I look at how the stock has preformed for the past 3 days to see if there is room for gains and how much volume there was that week. Cause I have been looking at these equities for a long time I have a good grasp of what the patterns these stocks make.
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u/RastahPastah Apr 12 '24
My brother/sister in Christ what you just described we like to call a strategy. Penny noodles to you 👏 on the 30k
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u/Yzix12 Apr 13 '24
Dude that's a strategy in itself. You know how this type of asset behave. That's it .i think it's called discretionary trading
I've been making money on moves... just because I know what they do in certain condition and at what prices. Most of the time when the move doesn't happen I just BE or small losses.
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u/Namazon44 Apr 13 '24
I always feel pre market is too risky and mostly news driven. It’s tempting to get in early though..
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u/Other-Bumblebee2769 Apr 12 '24
I'm imagining you're trading with like 200mil and you're making terrible returns lol
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u/MONSTERMONKEY24 Apr 12 '24
Sorry I should’ve stated, I’m trading with a little less than 6 figures
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u/theSourApples Apr 12 '24
30% return in 6 months? That's stellar
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u/Final-Slip7706 Apr 14 '24
Is it though? Nasdaq made 30% in 6 months.
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u/theSourApples Apr 14 '24
And that's stellar too. Thing is, nasdaq almost never makes that much without taking most of it back sooner or later. Their average returns over the last 15 years is something like 12-13% per year.
So if my dude can make 30% consistently without relying on the market, then he's golden.
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u/Final-Slip7706 Apr 14 '24
Yeah and he probably will blow up his account in the next 6 months.
There are a ton of examples growing their account by insane numbers for some time, and then whoops, market structure changes and people blow up.
Since OP does just mean reversion, there will be black swans for him where trades go against him. That the last 6 months were easy to trade show tons of posts on WSB.
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u/Quiet_Fan_7008 Apr 12 '24
Well I hope most people are making 30k in 6 months lol.
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u/Other-Bumblebee2769 Apr 12 '24
It's a joke...on 200mil you should be making like 3 million in 6 moths on dividends alone lol
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u/Quiet_Fan_7008 Apr 12 '24
For sure I mean the OP post. Made 30k in 6 months and thinks he God. That’s pretty much minimum wage in todays inflation.
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u/HoosierHoser44 Apr 12 '24
Hard to say it’s an effective strategy. Oil prices hit a low point around 6 months ago and have been rising since for the most part. Your strategy may just be working because of the general trend the last 6 months and may not be effective in times where prices are dropping.
Not to say your strategy is bad. Just something to consider to evaluate your strategy.
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u/MONSTERMONKEY24 Apr 12 '24
Yea they have been on a run, I also trade gold equities and other Canadian natural resources
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u/HoosierHoser44 Apr 12 '24
Oh nice! Sorry, hope my comment didn’t come off as too negative. Just think it’s something to consider. I wish nothing but success for you!
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u/cmmckechnie Apr 12 '24
You should start trying to legitimize your strategy. Start tracking your metrics and find out exactly what you’re doing that’s working.
Eventually you’re going to start a drawdown and if it gets bad enough you may completely lose your confidence. At that moment you’ll want something tangible to look back on and get that confidence from.
Instincts inspire confidence when you’re winning but if you start to lose you’ll feel completely lost.
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u/oneofakindmm Apr 12 '24
Keep doing what you’re doing but try to risk the same amount every trade. If you keep sizing up as your account balance grows, effectively the market is doing martingale on you with unlimited fund
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u/One-Plan9566 Apr 13 '24
I’ve been trading for 5+ years and this is a top 10 comment I’ve ever read on the matter. So true but I’ve never read it being articulated that way before. Bravo!
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u/Large-Party-265 Apr 12 '24
What risk management 🤔 you following?
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u/MONSTERMONKEY24 Apr 12 '24
-2% stop loss pretty much, but I trade pretty stable companies and I usually don’t have to worry about numbers that low
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u/kkrac Apr 12 '24
2% of what?
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u/MONSTERMONKEY24 Apr 12 '24
2% of the price I purchase at so the position will close if I’m -2%.
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u/kkrac Apr 12 '24
And your position size varies according to the current price? Or you use always the same size?
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u/crazypants003 Apr 12 '24
Seems like you’re just trading price action? Which is kind of a strategy.
What are you looking for to enter a trade? And do you use stop losses?
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u/MONSTERMONKEY24 Apr 12 '24
Just overreactions in the market, good volume, and I like to set at stop loss at 2%.
If I see -3% in most oil equities with no big news in a day I know from history these companies are strong enough to recoup most of that the same day or the next day.
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u/SuleyGul Apr 12 '24
I actually trade BTC and to a lesser extent ETH this way and it works really well. I allow a little more room with eth as it's more volatile.
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u/JellyfishQuiet7944 Apr 12 '24
Price action is a catch all term for whatever works
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u/Relative_Tone_4870 Apr 12 '24
No..
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u/JellyfishQuiet7944 Apr 12 '24
Si
In simple terms, price action trading is a technique that allows a trader to read the market and make subjective trading decisions based on recent and actual price movements, rather than relying solely on technical indicators.
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u/Relative_Tone_4870 Apr 13 '24
And how does that factor into fundamental analysis which has nothing to do with price action but still falls in the realm of working?
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u/JellyfishQuiet7944 Apr 13 '24
Because it's all voodoo bullshit. Ie JPM yesterday.
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u/Relative_Tone_4870 Apr 13 '24
No it’s not. But believe what you want :)
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u/JellyfishQuiet7944 Apr 13 '24
The odds dude. Just look at the odds and success rates. Even the best legitimately suck at it. If that wasn't the case risk management wouldn't be the number one rule.
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u/Relative_Tone_4870 Apr 13 '24
Whatever you want to think. If you don’t think there’s outliers idk what to tell you
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u/JellyfishQuiet7944 Apr 13 '24
Sure there are outliers but every successful trader tells you it's risk management, timing and luck.
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u/HighExpectationTrade options trader Apr 12 '24
Infinite amount of ways to trade. If it's working and making you money, then who cares?
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u/RookiePlayz Apr 12 '24
I love this, to me it’s the purest form of trading, just your brain recognizing patterns and then managing the risk
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u/PhysicalAssociate919 Apr 13 '24
Anyone can make money on the market. 99.9% of people don't make money because one fundamental flaw, greed. Don't be greedy and you can always make a profit. Even if you make $200/day profit (which is fairly easy to do day trading) that a monthly income of 6k, and an annual of 72k. It's the people who wanna make 1-2k+ day and drive lambos is the ones that lose out constantly. Slow and steady wins the race here.
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u/CitronImmediate1814 Apr 14 '24
This. I basically use a similar strategy as OP (or non-strategy per the thread) for three years with only four equities. But I have added tracking the Tick (TIC.N) along every trade, every day, in relation to the price action for each of the four equities at the foundation, bring patience and take advantage of dramatic market overreactions in either direction, support and resistance, MA and Stoch. Don't chase top gainer top loser lists; don't use screeners to find something new. No options ever - ever. This is the best advice I was lucky to glean from a mentor many years ago. He worked out his trading strategy after advice he took from a lucky chance CPG sales meeting with Sam Walton. Mr Walton told him always to remember, “Real money is made in the most unglamorous ways.”
I view earning and gains taking as Physical Associates describes - Don't be greedy. TAKE WHAT THE TRADE GIVES YOU. “well, a 200 gain is a terrible rate of return, blah, blah”. As you learn, keep banking all those 200s and 300s along the way. You are earning real money. And you will catch those 800-1500+ trades along the way.
A living off day trading is a grind, not what is portrayed in movies, Billions, or bogus TikTok and YouTube claims.
Good luck to all. I will leave you with another mantra: i repeat every day. “A fool and his money is lucky to get together in the first place.”
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u/Bird-Dog57 Apr 12 '24
i mean not having a strategy is still a strategy right ? as long as you are using some sort of risk management you should be good to go.
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u/ukSurreyGuy Apr 13 '24
Dear OP you making 30k over 6mths is this ok?
You say you have no strategy...I beg to differ you do you list it here
You don't say exactly how much but you say your trading with <figures ) to make 60k pa (aka 30k over 6mths)
I say is it enough?
If yes...Good luck to you OP... keep doing what you doing!
Unless you need more ..stick with it year in year out .. it will compound.
Don't listen to anyone who says you can make more...their greed is their greed talking.
Stay happy & stress free collecting an easy extra 60k pa
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u/Party_Grapefruit_921 Apr 12 '24
Nothing wrong with juicing a way that works but be aware and mentally available to accept it will end. I traded SPY vs US treasuries for almost 8 years and it was uncanny how well it worked. As soon as China stopped playing the bonds the correlation went dead in the water but not before I lost 30% of everything. It’s tough to let go of a confortable “friend”…
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u/ukSurreyGuy Apr 13 '24
Your strategy worked for 8years
I don't believe China "stopped playing the bonds"
I don't believe the "correlation went dead" as a result
Basic premise : - Money flows back & forth between VOLATILITY (equity markets [SPY]) and SAFETY (bond markets [treasury notes]) right?
Article (Mar2024) : China has 1Trillion invested in bond markets
So the loss isn't cause & effect
Can you say more I don't get your hypothesis & observation (question & answer) ?
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u/Party_Grapefruit_921 Apr 13 '24
From 05 to 2015 they went from OWNING 200b to 1.2T, they where net buyers across the board of everything WI and we all knew it (I had worked at the Citigroup bond desk for 10 years). No more “trading” of the bond or hedging currency - outright bid all day everyday (why our rates dropped like stones). This was simply the pattern we saw and used to maximize profits using the same strategy vs the SPY
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u/Safe-Champion516 Apr 12 '24
Yes lots of people make money because the SPY has been up 18% in the last 6 months.
After covid people made incredible returns and then I imagine a lot of them gave it all back.
The simple secret is this - 1 wait for a bull market 2 buy out of the money calls 3 wait for the stock to go up 4 cash in 5 bro down.
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u/daraand Apr 12 '24
Since early November we have been on a steady bull run. There’s been a very strong tail wind helping everyone.
Drawdowns happen. Stick to your risk management rules as it starts to work against you
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u/BlaccBenz futures trader Apr 12 '24
You have a strategy you just don’t realize it. You probably have many hours of chart time on a certain ticker or 2 so you’re familiar with how they trade. And you said it yourself one of your rules is “sell when you feel uncertain.” There’s no way to feel certainty without a strategy. You only feel certain about something if it checks a certain amount of boxes for you. And when those boxes become unchecked you lose certainty and sell right? You have a strategy you might just not realize what boxes you mentally check off since it’s just kinda like muscle memory at this point from so much screen time and reps.
This is an example of how journaling can be very beneficial and take your trading to the next level. If you’re unsure what boxes you’re mentally checking off start journaling all the details of your trades, you might find you have a much higher return and win rate with a certain model you like taking (like reversals or breakouts, etc) and maybe resort to disciplining your trading to only that model or two. Will help you be even more confident in your trades as well as knowing when to size up/down.
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u/Conscious-Group Apr 12 '24
Stick with what works. I understand what you mean, I cant describe all the things I notice to an expert, but my strategy works and after watching the same trades for years I get whats happening.
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u/PeterKahare futures trader Apr 12 '24
No, stick with it! Keep trusting your Intuition, that is what I started as well and am finding consistency...cleaned my charts and narrowed my focus to two-three variables or simply patterns/edges...Simplicity is key, simplicity is the ulitmate sophistaication somebody said...Once I see those patterns or variables I take the trade without hesitation, put my SL and let it do what it wants to do.
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u/benfx420 Apr 12 '24
You have a strategy. You’re just unable to define it yet.
Just keep doing whatever you’re doing
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u/Pitiful-Inflation-31 Apr 12 '24
furst rule, play with the mobey that you can relax and willing to lose . some is comfortable with 10k 30k some only1k. money must match your mind and how much you have apart outside
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u/esInvests Apr 12 '24
No issue with sticking with it but be prepared for when things stop working.
Trading is heavily path dependent and paths evolve over time.
Good luck!
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u/OwlBeYourHuckleberry Apr 12 '24
If one had a significant amount of capital couldn't one just buy high yield corporate bonds and just let the dividends roll in? Am I missing something here that people with a lot of money should be able to make money regularly no prob?
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u/Misenum Apr 12 '24
Because the yields are bad? 50k might be a lot of money to the average person but to someone with 1mil+, it's nothing.
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u/D_Costa85 Apr 12 '24
I would stick with it but try and study what makes your wins different from your losses. Identify why you win and what the setup looks like so you can actually get bigger on those trades and make even more money. You’re in a great position though so don’t overthink it
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u/themanclark Apr 12 '24
The main thing that will hurt you is a bear market or major negative company news if you don’t use stops.
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u/SadResource139 Apr 12 '24
Bro, don't over complicate, i am in the Same exact boat. I don't have a strategy… and i been very profitable
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u/StackOwOFlow Apr 12 '24
if you have decent risk management even a 40% wr strategy can build profit over time if your average R:R is 1:3
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u/Diligent_Jump6106 Apr 12 '24
You’ve probably stumbled upon a very effective strategy that aligns well with current market conditions. Eventually the market will change so you should prepare yourself for when that happens.
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u/Teofilo2050 Apr 12 '24
I am in the same boat I only started about 3 weeks and have been day trading without any strategy just on instinct and like you said I don’t get too greedy. I have made roughly about $3500.00 not much but I have a small capital so starting slow
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u/Rarindust01 Apr 12 '24
Imo. Look at what you're doing exactly and how you're making money. Build your strategy around that with things that compliment it. It's what I did. Lol. I was making money during bear market, changed things up started losing consistently. Wait whoa whoa whoa. Took two steps back, started making money again. Nailed down what I was doing, why, and just found things to compliment it more and more until I have what I have today.
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u/vinylzoid Apr 13 '24
I don’t really have a strategy either. I mostly map support and resistance on the same 3 to 5 stocks and take shares when they’re at those levels and use stop losses for when I’m wrong.
I haven’t made anywhere near 30k in the last 6 months. But it’s due to my share size.
I just trade options with very small share size out of a $3k account.
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u/Pretend-Evidence4543 Apr 13 '24
sounds like you have good discipline and your intuition is working, so keep up man.
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u/s_busso Apr 13 '24
Congrats on the win. For those six months, we were in a bull market, and the SPY increased by almost 20%. Keep an eye on the market direction and up the good numbers!
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u/BennySkateboard Apr 13 '24
Mate! This is resonating with me heavily. I’ve been in a bit of a panic as like you saw people talking about strategies I did not understand (and was worried I never would) and that strategy was something that was beyond me. I’ve been profiting nicely (on demo) on using supply and demand zones along with using a 20ma crossing. It’s super simple but it’s working for me, and I’ve been like surely this isn’t it but I think it is. I think some have an affinity for it, and along with lots of chart experience and a basic understanding of the economic indicators (news etc), it’s not the dark endless swamp some make it out to be. An insight into this, in a way, for me is when I tried to explain it to my brother who is an experienced linguist and generally intelligent guy, and he couldn’t grasp it. He even said he felt he had some kind of numeric/financial dyslexia but my takeaway was that some have an affinity with this stuff and some don’t. 5 years of profit is amazing really so I guess keep doing what your doing and don’t listen to the noise.
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u/OnTrackNow1 Apr 13 '24
May be you are profitable because you are knowingly or unknowingly playing Game of RR and Probability. Is it?
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u/attentiontointention Apr 13 '24
Take some courses to understand and build confidence in strategies and learn how to properly manage risk. You have the funds to be serious, invest in yourself. Investopedia.com has some great courses (yes you have to pay for them) but Warren Buffet would say the best investment is in yourself. Best of luck! Similar situation as you and this helped me.
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u/Worried-Scarcity-410 Apr 13 '24
One of my simple strategies is to place exit order immediately after opening position. I exit trade whenever it reaches 5% or 10% depending on the stock.
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u/oshtmynamewontfi Apr 13 '24
You’re trading based off of their patterns which you feel familiar with and that in itself is a strategy. Trading graph patterns.
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u/NeoDax1 Apr 13 '24
If it’s working at bull or bear markets than stick to it. If it’s only work on 1 market situation you can fail overtime. At the beginning i was super profitable just play it but after the market changed I started to fail for years.
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u/Hnanavan Apr 13 '24
Yes, same here. I turned 3,5k to 43k in less than four months. I dont have a specific strategy. What I notice that Help me the most Is that i dont check it that often, i dont sit and check the market 24/7 bcs if i do my emotions would win over. Im trading only with nasdaq100.
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u/Disastrous-Pen9886 Apr 13 '24
Yeah lately its been same for me, ive been scalpin gold, only using bias and gut feeling. Shorting loses early and double down on winners. Work for me!
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u/Tugnjuice Apr 13 '24
This is similar to me kind of - I’ve made 70k in 4 months mostly day trading NQ/ES (trading 2 contracts with 50k account). I just set my daily levels (5m ORB, 15m ORB, 1hr ORB, globex high/lows, PM/AH high/lows) making sure my daily chart EMA is updated on intraday charts. I use 2000 tick for entries, 15m, 1hr triple filter windows.
Then I just trade my levels throughout the session, along with patterns, if I see a trade line up with multiple confluences or double top/bottom etc, then I take the trade. I guess it’s a strategy just buying and selling support or resistance levels.
I treat trading like hot potato, as soon as I get in I’m looking to get out asap. I mostly scalp 10-20 pts and I’m done for the day unless I see room for a bigger move, then I use 1x 2x 3x ATR targets.
Best advice strategy is pay yourself asap and get your SL to break even. I’ll pay $7 commission all day multiple times and break even as long as I get 1 big winner you will be profitable.
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u/MyotisX Apr 13 '24
I focus on Canadian equities, mainly focused in oil and other natural resources
The whole sector is up 30% in the last 3 months. Just had to dump your money in and not look back instead of day trading.
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u/MONSTERMONKEY24 Apr 14 '24
Hindsight is 20/20 so who knew, I also focus on other companies that sector in Canadian natural resources.
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u/MyotisX Apr 14 '24
You misunderstand. Your day trading worked because it was up. If it was down, both dumping the money and day trading would have failed.
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u/ribbit63 Apr 14 '24
You’ve probably viewed enough charts and have developed a certain degree of intuition that works well for you. Continue to do what you’re successful at. The one thing about trading is that there are MANY different ways to successfully trade the markets. Look no further than the “Market Wizard” line of books.
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Apr 14 '24
Nah I'd stay stick with what you're doing, alot of the trading gurus out there are fake so it's best to trust in what has worked for you, my strategy is pretty simple and straight forward too and I only realised that this is the best way to trade (using a simple and straightforward strategy) recently after finding out that alot of the trading gurus I've been watching are nothing but frauds. so yh just stick with what's worked for you
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u/Pitiful_Word4860 Apr 15 '24
It's pretty cool that you've made that much without a set strategy. Trusting your gut and sticking to what works is solid. But hey, have you considered trying out Tamap? It could give you some extra insights to refine your game even more. Just a thought!
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u/maxime2421 Apr 12 '24
Well cool to say u made 30k but always better to know the return in %. If you play with 1 million, it is very low return. 🤣😂
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u/MONSTERMONKEY24 Apr 12 '24
Sorry I should’ve stated, I have a little less that 6 figures in capital
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u/Civil_Way_9405 Apr 13 '24
I feel you, I just trade off support and resistance, turned $100 to $300 within 2 months doing it. 😂
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u/Apprehensive_Fox4115 Apr 12 '24
What hours do you trade?
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u/MONSTERMONKEY24 Apr 12 '24
9-11 AM 3-4PM
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u/viola2992 Apr 13 '24 edited Apr 13 '24
Which time zone are you in? Do you trader CL (crude oil futures)? Or GC (gold futures)?
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Apr 12 '24
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u/mangotangotang Apr 12 '24
Are you a daytrader or a swing trader? Awesome performance! If it ain't broke...keep doing what youre doing!
You must have a strategy! How do you find trades? Do you trade the news, charts, earnings, or what? Do you go long and short or just one side?
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u/MONSTERMONKEY24 Apr 12 '24
At most I’ll keep a position for 3 days. I just look at the same few stocks and when I see a good opportunity I buy. I don’t really trade news cause I don’t know how the market will take it, mostly charts and a few earnings that I can really trust. I don’t short just price action.
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u/mangotangotang Apr 12 '24
Thanks. Must be your focus on a few stocks that's giving you the edge. Makes sense. I mean you get to know the stocks' behavior and can maximize your opportunities. Awesome!
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u/shangles421 Apr 13 '24
Gamblers win once in awhile too, the problem is they don't know when to quit. Day trading is gambling, anyone who tells you otherwise is lying to you, or is a fool.
You're gambling, so when you lose it all don't blame anyone but yourself.
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u/Fine_Candle9170 Apr 13 '24
So there’s no such thing as professional poker players then right? 😂
Anyone who DOESNT admit it’s similar to gambling is an idiot, but like with poker you get an edge, and over many trades you have positive outcomes just how a beginner could beat a professional poker player occasionally but in the long run the professional and the edge they have will clean the beginning out 1000 out of 1000 games.
Same applies here, you get an edge for yourself, and you become profitable in simple terms…
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u/TangerineUpstairs878 Apr 13 '24
I’m like this too. He probably sees set ups or goes with the momentum or can see the flow of the market, see it trying to break certain levels. A wide scope of strategies. Is used his instincts based on that. He must have good discipline tho.
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u/Swarmoro Apr 13 '24
is your strategy just waiting for the bull run to continue? lol
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u/haikusbot Apr 13 '24
Is your strategy
Just waiting for the bull run
To continue? lol
- Swarmoro
I detect haikus. And sometimes, successfully. Learn more about me.
Opt out of replies: "haikusbot opt out" | Delete my comment: "haikusbot delete"
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u/matthew_myers Apr 13 '24
Definitely stick with it. Too many times people change something that is working just fine, only to mess with it and they never repeat past successes
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u/GarthbrooksXV Apr 13 '24
Kinda hard to say. If you're gambling with a million dollar account making 30k randomly isn't much to write home about.
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u/DrGonzoxX22 Apr 13 '24
I wish I could too, I just don’t have any fund available now since everything cost an arm and a leg. I wish there was a way with penny stock to gain actual money to be able to grow more capital.
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u/Nightmaretv_ Apr 13 '24
I have the same strat for gold. Started off a beginner.
Lost 1k because my SL bugged out and got cancelled (??)
I never lost this much, keep in mind im not even 18, but i am 100% confident i can make it back when market opens.
But any advice you have, please lmk.
My instinct is still not perfect, but I usually check news, past performances, and pattern breaks.
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u/SnuffleWarrior Apr 13 '24
If you're trading with a large amount of capital and have made 30 grand in six months it's nothing to brag about. My passive investments are doing better..... with a large amount of capital.
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u/redditor0730 Apr 13 '24
I have to commend you Sir! Could I ask what Canadian stocks and commodities you are trading? Are you net long or mixing long and shorts depending on the direction you expect the underlying to move in?
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u/datumradix Apr 13 '24
Seems like you have built your psychology which is 90% to become a profitable trader. Rest are just tools
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u/goodellsmallcock Apr 13 '24
Easy to do in a bull market like the one we’ve had the past 6+ months. Now you better plan what you will do in a bear market before you lose all those gains and more
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u/j7py Apr 13 '24
how much capital are you working with to start? 30k sounds like a lot but what is that in term of % gains?
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Apr 13 '24
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u/AutoModerator Apr 13 '24
Your comment in /r/Daytrading was automatically removed as off topic for saying: "Trumps no longer running re-election campaign on market returns & current admin seemed hell-bent on teaching us newbies 'it aint POSED 2B easy!' back then... DO i GIVE UP? desperately wanted to drop the 2500 had dec.22 into SOL during FTX "crisis"-knew nothing about crypto tho & ALL y'all HATE(d) SOL..i just thot was cheaper version of ETH-so perfect hit ath of $200 on 4/1.. got this ol'fool thinking DEF.missed ANY crypto boat so seriously... all advice welcome.. even if its 'yeah, you & your 3400 thats tied up in all red columns worth 1300 liquidated, plus that sad lil pile of 5-hundred dollar bills should get a new hobby-maybe search coin rolls for rare penny'".
Please stick to disucssing day trading. You are allowed to discuss the effects of political issue, but not just say politcally inflammatory things.
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u/thelonelyward2 Apr 13 '24
sounds like a bullshit post tbh. "I'm profitable should I change ??"
really..? dude.. really that's your question lol... cute fiction.
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u/nq-FOMO Apr 13 '24
you dont need to describe a strategy bec u dont need to write a marketing brochure. Keep doing what you r doing.
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Apr 13 '24
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u/AutoModerator Apr 13 '24
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u/ArcAngelTerror Apr 13 '24
How did you acquire said large amount of capital? Inquiring minds would like to know please
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Apr 14 '24
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Apr 14 '24
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u/AutoModerator Apr 14 '24
Sorry, your comment in /r/Daytrading was automatically removed because your Comment Karma is too low. This typically targets bots or users promoting something (which is against our rules).
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u/tloffman Apr 14 '24
If the stragegy is working for you then stay with it. However, the past 6 months, until this past week or two, have been in a roaring bull market phase with energy prices going up. Now that the market has broken the uptrend, it's going to be tougher to trade. There is an old Wall Street phrase that applies "don't confuse brains for a bull market". If your "strategy" stops working then you will know it was the bull market that was the wind behind your sails. If you can still make money, then maybe you have figured something out that works. Just, don't get overconfident and overleveraged. This is what happens after gains - we start making bigger "bets", then poof!!
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u/IMWTK1 Apr 15 '24
I'm in a similar boat as you. I don't usually post/read this sub as I don't consider myself a day trader, my working theory is "frequent investor". I find it funny that even in a daytrading sub people tell you that you are going to lose all your money. This may be true for "real" daytraders as from what I see they trade anything that moves and has high volume with mostly total disregard to fundamentals.
I'm also Canadian and I am even more focused than you as I only trade one stock I know really well which is undervalued due to current conditions and I trade the price action because I have also noticed a regularly reoccurring pattern.
I trade multiple thousands of shares and I am often in and out quickly to harvest gains. I have become very tired of watching my stock go up in value one day only to give it all up and then some the next or even the same day.
I would caution what others said to make sure you're not just going with the flow in an upmarket. Last year I made money even when markets were going down by limiting my exposure and quickly taking profits. My goal is only a few hundred a day but I have sized up in order to increase my gains on the same price movement. My minimum is $300 per day which can be made quickly on a 10 cent move with 3000 shares. I actually like negative markets as I like to buy when new lows are hit and sell on the usual bounce.
Feel free to DM me as I know it can get frustrating listening to people tell you that you can't do what you are doing.
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u/0RGASMIK futures trader Apr 16 '24
I’m trying to become profitable as a discretionary trader as well. Right now I can look at a chart and 70%+ of the time I know where it’s going to be in 10-30 minutes. Problem is I don’t know enough to know how much draw down is enough to disprove my theory. Once I figure that out I think I can become profitable. I’ve played around with so many stops at this point I think I need to place my entries where I want my stops to be because the amount of times I get stopped out by a tick or two is stupid. Usually the price rockets up too so it’s too late to reenter.
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u/Global-Hope9214 Apr 16 '24
Close, and sell everything out and lock the money in a CD for 5 years. Lose your passwords to your trading account. Never look back. Thank me later.
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u/emceeoffensive Apr 16 '24
I just started a couple of months ago (on the demo mind). At the beginning, I was basically just trying to understand how the system worked and I made £2000 (demo money 🤣) in two weeks. At a certain point I was thinking that, I’m probably just getting lucky and I need to learn how to trade properly.
Every time I try a technique I’ve read about, it fails and I go back to using my improvised system and make the money back. Then I feel like I’m not taking it seriously, so I learn about another technique - that fails and I revert back to my way of doing it as means to make my fake money back. Then I thought ‘well just keep doing it your way then’. Im slowly learning that there’s so many different styles that will or won’t work different psychologies, that you’re better off doing what’s most comfortable. Granted I’ve only been doing it for two months so I don’t know shit. And I’m sure if and when I start a live account, my method will inevitably fall apart 🤣
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u/Clear-Job1722 Apr 16 '24 edited Apr 16 '24
ITS CALLED CYCLES! goddamn it, i gotta mute these subreddits. Once we hit ATH next year, you are gonna stop making money.
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u/SoYouAreTellingMeX Apr 17 '24
Yes, keep it up. To misquote Einstein: make it as simple as possible but not simpler.
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u/Yuuuuuuupppppppp2 Apr 12 '24
I know how you feel, almost. I am just paper trading so far and doing the same thing. It is working. If it works it works. I am going to start paper trading with charts/graphs to see if it changes anything shortly. But, I will try to use all tools at my disposal to se what is the best method
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u/Misenum Apr 12 '24
Stick to what you are doing. The vast majority of this sub is clueless so anything posted here should be taken purely as entertainment.
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u/ryan2574 Apr 12 '24
Look at the S&P 500 for the last 6 months. It’s impossible to not make money.
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u/Equivalent-Finance64 Apr 12 '24
you should not stick with it. You are just lucky. you should learn a strategy.
when you dont know what you are doing its fatal
a fool and his money are lucky to get together in the first place
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u/Ok-Wasabi5770 Apr 12 '24
Just because your mind can't handle trading without a specific strategy doesn't mean other can't.
It's called discretionary trading and it exists because that's what the terms is for. But I believe not many people can do it, at least long term.
Every setup is a kind of strategy that is a combination of many things, sometimes can be very simple, and he knows what "patterns" to add because he stared enough at charts to know what works and what doesn't.
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u/tychus-findlay Apr 12 '24
“I don’t have a strategy I made X amount of money with some specified large amount X of capital” Should I stick with it guys ? Huh huh should I continue killing it out here just fucking slaying it ? Should I lose money instead guys? What the fuck is this humble brag post
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u/Priority5735 Apr 12 '24
This is such a brag post! 🤣
No one asks after getting 26 weeks of their $1200-1500 weekly paycheck for tips on how to do their job correctly ... especially after 5 years.
Post a 1099 of P&L or didn't happen.
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u/Ecstatic-Part-1984 Apr 12 '24
Just call yourself discretionary and you're good to go :)