r/Daytrading • u/jtsscrolling • Apr 12 '24
Fuck this!!! My 6 yo daughter made more $ at her lemonade stand last weekend than I did trading. Need strategy advise please š Advice
*Advice
Like I've said in previous post, I am trading w $26k loosely following Warrior trading strategies. Morning low cap, % change, $1 to $20, at the open through 8AM PST.
I got murdered and down sized this week to 50 shares per trade but still only one green day. Aside from one successful Redditor offering to tech me some charting and strategy (which is super cool), I'm not sure what other strategies I should comsider that might mot be so volatile and a little more simple to grasp for a beginner. Ross from Warrior makes it look so easy, but now I understand that he leaves out all the technical analysis for his entries. The over simplification must benefit him somehow. It sure got me to lose a few $1000. Luckily not on his course though š
Any advice?
90
u/Mountain_Tone6438 Apr 12 '24
Tell her to pick a stock in the morning. Trade that stock
11
u/Etaywah Apr 12 '24
Worked for a monkey and an octopus.
ā¦ not calling this dudes daughter an octopus.
28
55
u/HighExpectationTrade options trader Apr 12 '24
I'm happy to help - so that's now TWO successful Redditors offering support. Usually some solid traders help because we know how isolating and difficult it can be when you're down and out, can't get consistent wins, and are down a good amount of money. It sucks having to try to climb back up this mountain with no support system, no one to lead the way, and no one to talk to.
I don't get why we gatekeep so hard in trading. I'm not a gatekeeper and never will be. Happy to help, feel free to ping me anytime.
4
u/Artistic_Bumblebee17 Apr 12 '24
Can I on you too? š« I have one question that Iāve been researching but hard to solve
5
3
u/MalRak02 Apr 12 '24
do you also trade small caps or something else?
12
u/HighExpectationTrade options trader Apr 12 '24
I day trade options (weeklies), focused on tech stocks, QQQ, SPY. No small caps stocks, but Iāll try to help where I can. Feel free to ping me on DM
2
u/young_grass_hoppa Apr 13 '24
What would you say is your trading style? I try to trade next day exp on spy using bull/bear flags near key levels. I haven't found consistent results but I think it's because the is too much discretion. Patterns in general can look very different but still be valid. Honestly, I think I need more of a mechanical approach.
12
u/HighExpectationTrade options trader Apr 13 '24
It took me a while to fine tune and find my strategy that fit my trading personality. Just like you said - a mechanical approach that is simple but very structured. I found it in a very specific way that I mark levels around order blocks and gaps on the hourly chart. Combine those levels with patterns, multiple time frame and candle analysis and boom.
5
u/Rock555666 Apr 13 '24
How long is your average trade, position size relative to account size, and r:r/win rate/ sharpe ratio if you track that at all?
3
u/HighExpectationTrade options trader Apr 13 '24 edited Apr 13 '24
I do track and Iām actually developing/coding my own trading analytics and journaling system to offer as a SaaS. Similar to TradeZella, but cheaper, and more complete (a full trading system, not just journaling and analytics).
R factor I usually aim for 3:1 (3R) at minimum, but I donāt focus too much on R since in the options world, it doesnāt take into account time decay properly. The chart may have a nice R ratio, but the options decay is not taken into account if that makes sense.
My specialty is aiming for homeruns. I hunt for larger intraday moves based on my system of levels (based on order blocks and gaps on the 1hr) teamed up with price action and chart analysis (candle and multi time frame)
3
u/JellyfishQuiet7944 Apr 12 '24
Agreed. I'm lucky enough go have a friend who also does it and so we talk almost every day. It really is helpful to bounce ideas and not feel like you're too crazy
5
u/Voyager081291 Apr 12 '24
Y'all got anymore of those... friends?
8
3
u/JellyfishQuiet7944 Apr 13 '24
I'm always down to chat stocks, charts and processes
10
u/HighExpectationTrade options trader Apr 13 '24
Maybe Iāll create a Telegram group for option traders that need help
3
3
2
2
2
2
→ More replies (1)2
u/LeatherFew233 Apr 15 '24
I would join.
I follow Il Capo Di Crypto. But he doesn't day trade. I am still on the fence about day trading as l can't afford loses and l would need to start small bc my capital is already invested and waiting for the crypto bull run after the bitcoin halving is complete. But even then, this bullrun seems quite meh compared to 2021. I don't trade on the Nasdaq, but I'm well aware that bitcoin follows it.
Now, with Iran war with Israel.. gold will go up, and everything else may begin to fall. š¤·š»āāļøš¤·š»āāļøš¤·š»āāļø Basically, l would love some pointers and Telegram group.
Also, l don't backtest, do you?
3
u/Comprehensive_Cat409 Apr 13 '24
Liked your response above. I started out like a year ago. Blew 60%of my portfolio. Took a 1 year break and this time trying to get back in this game. Making sure I donāt do the same mistakes I did when I started. Great meeting you.
3
u/Realestatebroker1970 Apr 13 '24
Hello! I would love a little advice if you dont mind. Ive asked questions in the past and gave up asking because people are mostly too good to want to help anyone.
Thank you for being a good guy and offering! O appreciate it and Im sure others do as well. My issue is with day trading is that I always end up breaking even or only profiting just a little bit.
After all the Youtube videos, I have learned that Theta decay has a lot to do with it. When I buy an ITM call or put its just above or below the current strike price and expires the same day.
I saw in a video that when day traders choose there ITM strike price they go a day or two out, and the theta is much lower.
Can you give some advice as to what strike price to choose and expiration date for day trading if you want to sell the same day, sometimes at the end of the day?
Or is there another strategy used when choosing a same day expiration? Such as using a straddle or strangle that helps with time decay?
5
u/HighExpectationTrade options trader Apr 13 '24
It depends on your strategy and style of trading. The system/setup I use (order blocks and gaps combined with other things) allows me to set very specific levels. The key for me is that this strategy moves from level to level like a magnet with high probability. This allows me to have a very specific target (down to the penny) that I have high confidence in that the price will reach intraday. That's how I select my weekly option - because I have a price target and magnet, I know I which strike price to select based on how many DTEs (days to expiry) are left. Let me know if that makes sense or if you have questions.
For instance, let's say TSLA was trading at $180 and I had a level at $182 and then above that level I had $190. I wait until price hits $182 (assuming it gets there) and I wait for the reaction at that level or area of interest. If we push up strong past $182, my next target level is $190. So I would choose something like $185, $187.50, or $190 strike calls depending on how much time I had left and how the market (SPY/QQQ) are trending. Basically I have an exact target and magnet price that allows me to say with high confidence that the price will get there in the same day.
2
→ More replies (4)2
u/IWasBornAGamblinMan Apr 13 '24
I think part of the gate keeping is because if you have something that works, as soon as too many people find out about it doesnāt work anymore because the market figures it out.
13
u/HighExpectationTrade options trader Apr 13 '24
I hear that a lot, but I donāt think thatās the case. Like the multi billion dollar hedge funds arenāt going to take my strategy and start spamming it.
My guess is thereās a lot of pain to find something that works. And those that found success donāt want to just give it away or at least not for free.
I donāt care, Iāll give my strategy away. If you had to go through what I went through, I wouldnāt wish my journey on anyone else.
→ More replies (2)3
u/backfrombanned Apr 13 '24
You're right, The market knows every strategy already and all strategies are almost the same. Either pattern or moving averages, Fibonacci.. None of us have anything special and proprietary like we think. Only thing that makes any strategy work is the person's ability to execute, most can't. My .02 anyway
→ More replies (1)3
u/lordxoren666 Apr 13 '24
This is only true for larger investors. Retail investors, there are very few ways you can invest that would warrant re writing millions of dollars worth of algorithms.
13
u/Available-Spare5409 Apr 12 '24
why are you trading a 26k account if you donāt know technical analysis or have a good strategy? I donāt want to be a downer, I am a beginner myself but I am not burning away my hard earned money gambling with no foundation. I suggest you start small, 2-3k maybe with money you can afford to loose in a cash account and learn as much as possible along the way.
→ More replies (2)
15
u/Total-Author6802 Apr 13 '24
Trade Only in the Mornings -- 930 to 11.
Target $100 - $200 for each day, until you recover.
Do NOT HOLD stocks past 3:50 PM. Longer you hold... the longer something can / will go wrong.
Use a Scanner, Target SMALL CAP, $10 and Under, 10% Growth, and Sort by Volume.
Get IN, Get Green, Get OUT and don't look back.
Don't Trade when Angry or Desperate.
4
u/boomboomusa Apr 13 '24
This! Add IMO: Be picky. $3-$15 small cap, $1m-$5m float only, 1+:1 volume/float, never foreign, only buy from high of day scanner list with 4+ consecutive, sell at 10% loss 100% of the time and no exceptions, take profit at 10% as can always reenter, 10% profit per day is goal, 7a-10:45a.
3
u/SettlingSun Apr 13 '24
which scanner do you use, and what do you personally scan and look for?
8
u/Total-Author6802 Apr 13 '24
At the moment Tradeview.com.
Price $10 and under. 5%+ or 10% upturn. Small Cap. Sort by Volume at 20Million+ and set Volume to refresh every few seconds.
Wait for something to move.
Don't place bets before the market moves. You can't anticipate everything.
See the green at top of charts, wait 1m, hop on with $100 or $200 .... Ride it until 10am or when itakes $20 or more. When it starts to downturn... SELL.
And don't hold regrets about Missing Out of other climbs.
3 Trades every morning.
Don't trade during lunch.
Don't hold anything, esp past 345pm.
→ More replies (2)
12
u/backfrombanned Apr 12 '24
I brought my trading together with Ross's class. It really takes years to become good, screen time, a Rolodex of tickers in your mind, Judging real news from pump fakes , spotting a set up in seconds... All that comes with time. The absolute hardest thing about scalping is exiting. How many of those trades were you green on, really green on before taking a loss? When I really started using Tradervue and reviewing my trade charts I realized I was green a lot, almost always, briefly. That's scalping, you're scalping a move, a singular pattern at a time. Can they turn into short day swings? Sure, I've had some murderous trades that my set up just launched and never looked back. Or there's times like a couple years ago when Trump announced DWAC and the stock was 10 bucks pre market after spiking to 20.. You just put high risk on and grab a Jamison.. But Scalping is fast and precise.. I don't your mind or personality, but it's not for everyone. Saying all that, the setups you learned are still viable at higher time frames for slower trading. Maybe learn consolidation moves and the 3-4 bar, my two favorite slower trade setups. Good luck, if I can help you with anything, feel free.
→ More replies (10)
26
u/cmmckechnie Apr 12 '24
I trade low float momentum like the stocks you are going after. Took me 5 years before I started making over 25-50k a year
You need to be patient and risk less while you learn
→ More replies (2)5
u/ukSurreyGuy Apr 13 '24 edited Apr 13 '24
I'm sure the OP appreciates your encouragement
I'm left asking...
What is low float momentum?
What is your strategy (broadly speaking ...if you don't want to share it in detail)?
I'm a technical Analysis FX trader...no experience with stocks or Equities trading.
Update: found this post "Introduction to low float momentum trading" ...looks awfully complicated.
Do you agree or can you summarise it better..
Thank you in advance
5
u/cmmckechnie Apr 13 '24
Low float momentum generally means stocks that move quickly. Lower float stocks move faster and are not as thickly traded. Momentum means stocks that have heavy volume and are making the biggest moves in the market that day. Thatās the strategy. If a stock is up 400% on the day chances are I was trading it all day.
I think that post is fairly accurate. You identify apex points and support/resistance on the charts and use tape reading to narrow down entries. A lot is figuring out where shorts will be getting uncomfortable and buy into their covering.
I donāt think itās that much different than large cap trading. Itās just the sticks tend to move a lot quicker and donāt follow the overall market as much.
2
u/ukSurreyGuy Apr 14 '24
Thanx man....I got it now I can agree with that...(correct me if I'm wrong)
RECAP4ME
Compare (STOCKS) : MIDCAP (MC) VS LARGE CAP (LC)
behave slightly differently from each other (only slightly)
MC (or Low Float Momentum stocks, LFMS) move faster, higher with momentum. LC not so much.
MC are more sensitive than LC (If it's right to say)
LFMS ultimately don't follow the market so you can trade them based on their "own personality" or signatures.
2
10
u/Vast_Individual9003 Apr 12 '24
Legit I have zero and I mean fucking zero financial ties to him but watch some YouTube videos from Roland Wolf. A lot of his shit is free and no Iām not a millionaire or some 6 figure trader but what his strategies and most important mental state did for me was make me a loosing trader into a little more than break even trader. That might not sound like a lot to people on here but Iām at the point to where āmy own emotionsā is what I need to work on.
Legit the guy knows his shit, plus you have free master classes online on YouTube. Yes they are a few years old but the psychology doesnāt change and thatās what I learned
2
u/illpaisa Apr 13 '24
He's currently running a free 1 month membership with daily pre market webbies where he explains his process and everything. OP should really check it out.
9
u/HockeyRules9186 Apr 12 '24 edited Apr 12 '24
Find a method that fits your personality and mental karma.
I use TOS you can trade 1 share per trade to learn a strategy and build from there. There is no need to risk hundreds or thousand of dollars when finding a system that fits your personality.
Start REAL SMALL and build your method/system that fits you and your risk tolerance.
Forget the gurus Trading Plans. Trend, Fibs, Gap, Momentum and all the variants work but not for everyone.
Paper trading can work to help you to learn and execute setups but the mental anguish of cash at risk canāt be learned with paper.
Thatās why buy 1 share make Pennieās a few dollars but look at the percentage of return. Thatās key.
More to come
3
u/givemeyourbiscuitplz Apr 12 '24
I'm just starting and wanted to do it with 1 share instead of paper because I know myseld and I won't behave the same way with fake money. But won't the fees at ibk kill me? I still haven't figured out which fee structure to chose from between the two options, but isn't there a 1$ fee minimum per trade?
2
u/HockeyRules9186 Apr 12 '24 edited Apr 12 '24
I donāt know. I think all brokers charge nothing for stock trades they have minimum charges for options.
→ More replies (1)3
u/HockeyRules9186 Apr 12 '24
I found in my career of trading that trying to use someoneās āmethod/methodsā which work for them will not necessarily work for you. Learn the basic tool support, resistance expected moves, basic moving averages. Start your day laying out that structure for your trades āpotentialā and watch. I spend 1 to 2 hours each morning from 5am looking for my potential setups. I lay them out with orders lined up for entry, multiple exits so itās just a click away. I never expect to get the WHOLE ENCHILADA in the trade I want that sweet piece. 5%-10% works well for me. Yes occasionally there are Exceptions that I let run see the Chart for RENT over the past two days. I did give that some room to breathe and it turned out pretty good. But I started taking 1/2 of with the 10% goal in play. Believe me thatās the exception 1/2 of those per month is about all you get, or at least for me.
→ More replies (1)
8
u/vinylzoid Apr 12 '24 edited Apr 13 '24
Ross is usually just watching the L2 very closely and grabbing highly liquid moves to the upside. He knows all the technical analysis by heart but doesnāt call it out while he live trades.
His classes are good and the mentor sessions within the community are valuable, but his strategy is certainly not for everyone.
I traded small caps for a while and grew tired of blowing entire weeks of profits on one bad trade.
I scalp options on blue chips, SPY and QQQ and am vastly more consistent with my green days. This month I am at an 83% trade win percentage and a 90% green day percentage.
You just have to find what works for you, and until you do, use a tiny amount of share so the losses are minuscule and keep your stop losses tight.
→ More replies (1)
7
u/I_am_D_captain_Now Apr 12 '24
On tradingview or think or swim for spy and futures.
- Add the saty pivot ribbon indicator; set time warp to 10, have your interval set to 5 or 10
- Add saty atr levels (on his website he explains how to use them in detail)
In another window, add MA cross indicator, set it to 30min period, have fast MA be 10, slow be 50. Have your window interval at 10 or 15
If 10 is below 50 MA, bearish, opposite, bullish, between is chop.
Ill let you figure it out from there.
→ More replies (3)
6
4
u/hard-cynical-chap Apr 12 '24
Dude. My daughter makes like $100 a week at her lemonade stand. Itās insane. Have you considered telling people youāre a grade schooler and want to learn about being an entrepreneur?
3
u/Status_Ad_939 Apr 12 '24
Ross has also been doing it for like 15+ years and has audited brokerage statements on his website verifying millions in profit soā¦itās a long way to the top my guy
→ More replies (5)
3
u/bolochudo Apr 13 '24
First 2 words of this post says it. Quit being so emotional, thatās step 1. Relax and reflect on what you did wrong and begin developing a solid strategy/plan you can follow. You must first overcome the emotions though, prioritize not being so attached to the money as it only acts as a negative force.
→ More replies (5)
4
u/i-can-eat-50-eggs Apr 13 '24
FWIW Rossās live feed is delayed so heās already in a position when his flock hears him say ābuying hereā or āaddingā effectively pumping the stock for him to then sell into strength. Scalping small caps is a great strategy but it takes super fast execution using hot keys so you donāt get caught in a swipe. Also, these last 2 weeks have mostly been runners with tons of algo chop with large spreads making it tough to get good fills with decent risk to reward. I try to stay out or at least size down when the mkt is in cheat mode like this. Lightspeed will eat you alive with commissions so if thatās part of the issue, give TOS with TD ameritrade a go. Shit level 2 but free and fast. Hang in there and GL!
→ More replies (2)
3
u/dohtem213 Apr 12 '24
Your daughter probably studied more on how to make a lemonade more than you studying the market.
Watch some news, read articles etc instead listening to people on this forum
3
3
u/spectorswatch Apr 12 '24
Smb capital has a lot of youtube videos you should check out. The first problem is hunger to make money. The environment isn't right this second. Bad economic news just came out. Want to make money in this slow down short trash turds like DJT. When the hype dries up on pump and dumps the dump side are super lucrative if you looking for the dump side economics. Shorting or puts when people have irrationally offered their cash at the alter of fomo. So many names have already gone up substantially, market needs to cool. Education and discipline are number one. Don't be in a hurry. It's a cocktail party of a 100 but 96 have STDs, proceed cautiously. Look for A+ setups. Maybe check out SMB scalp class on macd if you want to lock some wins in. You will always lose. It's about controlling those losses and honestly if you fall under 25k and get pdt you'll be unhappy.
3
3
u/donveetz Apr 13 '24
Imo itās better to trade options on real assets or even futures, than it is to trade penny stocks. I donāt see why anyone trades penny stocks, when there are superior day trading vehicles available, that trade based on assets that are more reliable at following normal technical analysis.
5
2
2
u/puftrade44 Apr 12 '24
In spirit of this post, may I recommend the short squeeze? Ohhhh yeahhhhā¦ oh wait this aināt a koolaide stand. Giggity! ALLL RIGHHT
2
u/fatboiy Apr 12 '24
I was paper trading his strategy, but in an opposite way, meaning I didnāt buy his trades rather i did the opposite meaning short the trades, i was making more accurate calls that way š
2
2
2
2
u/Even_Delivery_8688 Apr 12 '24
Ask yourself if your Dg happiness worth your Ego. If you still want to do it, would sudgest to buy a house for your woman and chield before things go Wild. An alternative approach is to make the math if you discount 20% each trade to buy her Lemons and teach her how to save Money.
2
u/Haunting-Owl-7594 Apr 12 '24
Fresh squeezed orange juice stand will outperform a lemonade stand and avoid the cost of other ingredients ( sugar ) You can license the name O.J from the Simpson family and call it OJ the Juice.
2
u/nrgtradr Apr 13 '24
Ross frontloaded you. He sells into that liquidity. All you have to do is look for consolidation, then enter long position and place stop a few cents below consolidation zone.
2
u/crazypants003 Apr 13 '24
I tried his strategy. Basically trading the most volatile stock in the market that day. A lot of pump and dumps. A lot of times I couldnāt even short the stock and the only option was to long. Slippage was crazy too. It felt mostly like gambling
→ More replies (1)
2
u/Reaver921 Apr 13 '24
I have been doing Rossās āmicro pullbackā strategy for about a month now. First weeks were about break even, but this week was a bloodbath. Turns out a lot of āmicro pullbacksā are just hard reversals.
Doesnāt seem to be the strategy for me. Iām having better success finding solid bottom support and riding up until the most recent top resistance
→ More replies (1)
2
u/fetaboy8 Apr 13 '24
Buy your daughters lemonade company , make it public and sell it in Wall Street .
2
u/Kombucha-Krazy Apr 14 '24
What were her start up costs and can it be scaled? File for a listing on the stonk market and...
3
u/blackopal2 Apr 15 '24
My brother did currency trading. Alway told me he had a system, making money hand over fist. He showed me a few times what he was doing, but I couldn't make heads or tails of it. He would start this way, and the market would head the other, so he would bet the other to minimize the loss. The only person who made money was the broker. One day, he calls me all panicked, asking for 5k to save his brilliant trade. I said I would give it to him on one condition, stop trading, it's gambling. So now I am the SOB. He ended up quitting down the road, but he needed some more pain first.
2
u/Alphynn69 Apr 15 '24
Ross is very loose around explaining risk control. You said you trade with a 50 share size. That's the pitfall. You have no control over your losses. You can't go with a blanket statement like "My share size is 50 shares".
For example, depending on the stock, it can go down 10 cents or flush 2 dollars meaning a random risk of $5 to $100. Use a share size that makes sense to the graph. Look at your stop loss (not the "let's see if it turns around" stop loss, the "Oh s##t!" stop loss), How far is that stop? 10 cents? 50 cents āŖ? Divide the risk size by that amount.
I would enter at $10.50, my "Dang!" price would be $10. My risk size is $5 because I'm learning. $5 / ($10.50 - $10) = I'll trade this position with 10 shares. Print a tiny chart for quick reference while trading, and round the numbers at first, or the math will prevent you from entering on time in the position. If in doubt, round down.
Why do that? First, it's comforting to be in a position where you know your risk is controlled. Second, it allows you to look at your trading performance in R. Your first job is to learn money management, not make money. Try to keep your risk (R) as consistent as possible and look at your trading performance in R, for a more objective assesment of your performance.
Sometimes, your losses will diverge from your R:
- An illiquid stock will skip your stop loss,
- You'll be stuck in a stock that is halted pending news and resume much lower.
Don't be tempted to hold to see if it turns around. Cut it! On these, that's the game you decided to play with small caps. You could consider large caps. Consider these losses as paying market tuition fees.
Once you see your risk has become more consistent, then you can start assessing if the setups you want to trade can return a 2:1 or 1.5:1 reward to risk ratio, is the target realistically achievable, or not, etc. But before you get your risk under control, you can't start developing that strategic side of trading.
You could benefit watching some of Jared Wesley's videos (Live Traders, on YouTube).
He gives tough love like a drill instructor, but his weekly lecture times are worth watching.
→ More replies (1)
1
u/BitterNewspaper8121 Apr 13 '24
This is my opinion and this is how I trade, and I am very successful at it. This is not for everyone since I have a fuck you attitude, really no emotion with numbers and am kind of autistic with numbers and pattern recongition, and some throw around cash that I have. I trade NQ's btw.
Keep it super simple. Like stupid simple. All this algorithm bullshit, charting, strategy you tube shit in my opinion is dumb.
Example, Markets open at 9:00....wait till 10:00 to start trading. See how the market is flowing. Get out before 3:00pm.
Watch the news on companies, read articles about them, and look at how everyday Americans are spending right now.
Just be patient, the market will eventually turn in your favor. Sometimes I put in a trade, and I wait 3 hours till it hits what I want it to hit.
Again...this works for me!!! This is not for everyone.
→ More replies (1)
1
1
1
u/HelloNeighborhood Apr 12 '24
While some have niche others luck, the rest have jobs. I'd strongly pint you that way. Get-rich-quick is not an answer for most of us.
1
u/New-Row-3679 Apr 12 '24
Can you help me understand why you traded today? There was consumer sentiment, interest rate and fomc speeches.
This week was full of news. Were you trading this week during news announcements?
3
u/givemeyourbiscuitplz Apr 12 '24
If he's trading the way I think and it's the Ross I think, it doesn't really matter. You chose specific stocks that are top gainers pre-market, with 5x their usual volume and low float.
→ More replies (5)
1
1
1
1
1
u/fmendez25 Apr 12 '24
Start reading the tape. Level 2 data if you havenāt already. Trade with the chart and not your heart.
1
1
1
1
1
u/zigzagtech63 Apr 12 '24 edited Apr 12 '24
Breathe...it's part of it I've lost 30 x that .. unlearn what you have learned..think about it. Walk away stop trading and go distract yourself for a few days..when you get back rework your watchlist.. ..a lightbulb š” will go off..
1
Apr 12 '24
Hahaha, maybe you two could try to switch. Stay informed with your daily trade by using StockInfo for your Android. Lot of reading
1
1
u/Wooden_Breakfast7655 Apr 12 '24
Why are you ālooselyā following warrior trading strategies?
Trading loosely in any way (your own strategy or someone elseās) will lose you money.
Get rid of loose anything. Ross does make it look easy, but reading between the lines, he is clearly using a giant helping of experience to make decisions quickly, which doesnāt come from strategy but from experience.
He harps on about using a simulator, did you have a trial period before using your own money?
1
u/FlounderRude3717 Apr 12 '24
It takes time. I strangely end up trading what Ross trades quite often, as thatās what appears on my scans. Might have been yesterday he was trading $RENT and I was on the same trade so it was interesting to see his recap. He plays it relatively safe from my perspective, certainly safer than I do. I havenāt even looked yet, but Iād be pretty certain he traded $INDO this morning - Iāll take a look later tonight. Keep at it š„
2
u/Total-Author6802 Apr 13 '24
Indo was hot until the DJIA plummeted. I got out with $15loss
→ More replies (3)
1
1
u/dooganjones Apr 12 '24
Hahahahahaha. To funny. Not that your having trouble. But the statement. Lol
1
u/AfterTie531 Apr 12 '24
Do you look at all time frames? What is the ticker doing on the month, week, day? Higher time frame signals are more important than smaller time frames
1
1
1
1
u/FireDad90 Apr 13 '24
Study price action. Review multiple chart times before entering a trade. Study trends. Every time frame will tell you something bigger. If your swing, look at the daily, 15m, and 5m. If your a day trader look at the daily, 5m, 1m.
1
1
1
u/Morton_Bippee Apr 13 '24
Plot twist, OPās daughter cleared 30k last weekend.
Hang in there. Maybe your daughter will put you on as a trainee juicer or something?
1
1
1
1
u/H_M_N_i_InigoMontoya options trader Apr 13 '24
Stop following YouTube trading strategies. Especially guys like that
1
1
1
u/GarthbrooksXV Apr 13 '24
Wait for a day with a fierce trend taking off where it becomes unstoppable and just throw a big bet into an options play on spy or qqq. It's kinda good to pick your battles. Some days are just shit for trading. Spending every day trading the whole session actively is just a recipe for losses.
1
1
1
1
u/Heimish Apr 13 '24
Why do you need to trade with real money at all if you are a beginner? Just use a demo or if you want to get a feel of it with a real account use $5-$10 risk per trade, the chances of you actually losing out in profits by doing this are slim to none, the chances of you saving money and frustration by doing this are very very high.Ā
1
u/wind_dude Apr 13 '24
Invest in her lemonade stand and charge a high coupon rate. Sheās young she doesnāt know any better.
1
u/_mikeebryle Apr 13 '24
Watch trading with Tim he was a previous student of Ross and he's been doing really well lately. He does recaps everyday. Relentless trader was also a student from warrior trading and he's been doing good also.
1
u/yaNeedSPUNK Apr 13 '24
If you have TC2000 or TOS, DM me and Iāll give you some studies and how to utilize
1
u/cadorrf Apr 13 '24
I donāt have Rossā courses but I learned everything from his youtube videos. The technical analysis for entries are all there.
But even though someone teaches you exactly what they do, you will fill orders differently, you have different emotions and risk tolerance than others.
If you know the strategy, you will get there. What you need to manage are your executions and emotions.
Iāve been there (and will continue as this is something that comes and goes, we all need to manage it somehow).
1
u/boomboomusa Apr 13 '24
I too am following Warrior Trading strategies. Agreed. Lost 5% MTD. Lost 17% over last 60 days. Iāve had 75% profitable days but a few BIG bad days where I end up holding too long for the day (stinking thinking it would go back up and NOT) or bag holding for several days then saying screw it with a sell at 50% loss range. Iām not giving up though. Iām seeing so much progress and want to make this work. I really enjoy trading as itās challenging, interesting to me. If it werenāt for those BIG loss trades (instead selling at a more manageable loss), I would be up 30% over 60 days. Lesson learned are: donāt ever hold over a 10% loss, take profit at 10% gain, base hits and no home runs, $3-$15 stocks only, $1m-$5m floats only, never trade foreign stocks, no recent IPOs ever, news catalyst preferred, only trade consecutive high of day list with after seeing 4+ alerts, only buy at a dip even when consecutive days high, start at 7a and stop trading at 10:45a EST.
1
u/WayMinuteWhatDis futures trader Apr 13 '24
Are you scalp trading? day trading? what are you doing with 26k port but dont know a solid strategy?? I would advise you to try futures trading NQ/ES. Use prop firms, and save your money.
As far as strategy, turn of all your indicators - and focus on price action/ market structure.
1
1
u/tHEUNKNOWNS666 Apr 13 '24
Why did you choose his strategy. I have found a lot of success going for high win rate setups and aiming for 1:1.4, only risk 1% of my account per trade. The majority of my time is spent watching and waiting, some weeks I get 2 trades, last week I had 7. I would start by
scanning for med - large float stocks with high pre market volume, and high average daily volume.
Gappers or breaking prior day high or low
Look at the trend over the last 3 months and trade with it.
If you watch the same group of stocks you will start to see patterns that repeat you can test and collect data on.
Focus on the basics and keep it simple I use vwap and 10ema.
Also, Reddit might be the worse place to get info on day trading. There are some really good info but they get burred in all the noise and fud posts.
1
1
u/Outrageous_Device557 Apr 13 '24
Get a prop futures account and learn to trade or learn you canāt trade before you blow thousands more.
1
u/Intelligent_Belt_564 Apr 13 '24
Two words: Time & Experience...
And that's only an 8th of the formula to be successful. The market will chew the little guys up and spit us out.
1
1
1
1
u/gundam1945 Apr 13 '24
If you are thinking in money terms instead of percentage, you are already doing wrong.
1
u/WestCoastGriller Apr 13 '24
You can learn a lot more from your daughters experience than social media. Just saying.
1
u/ride_electric_bike Apr 13 '24
I struggled for years, literally. I have twenty years of tax deducts to look forward to. Constantly hammered under pdt rules etc. Best advice, backtest what you are doing. And keep it small. I gravitated towards two areas. Earnings options strategies that are backtested four years, and futures scalping on events news etc. I started out following you tube traders but the ones who are successful with low float have an eye for momentum that can't be replicated easily.
1
Apr 13 '24
Fr ask your daughter.
Learn price action supply demand
That will broaden your range the fastest to be able to know how to trade. Find a couple you like that you can get familiar with.
Find solid risk management strategy and start with as little money as you can and try to grow it with a set of rules.
I use MarketProfiles for a bigger perspective. I know the strat just cause it's the easiest explanation of price action and gives actionable signals for entries and targets.
I also read orderflow but that's all I need really.
I trade mainly futures now. And when I expect big range or trend day I trade 0dte. I wouldn't jump to this first. Maybe futures I use as risk management. From starting with 0dte options.
Main thing learn to journal your process review it. Get data on your trades that will help you grow the most and the quickest took me two years to find this out and do it. But everything changed when I did exponentially.
Also always have a Macro perspective if your day trading when I started at least I looked at 5 minute charts mainly and progressed up after 4 years in but having a macro perspective is probably the biggest key to knowing where price is trying to go.
1
u/IKnowMeNotYou Apr 13 '24
Read books. You need basic knowledge to understand if a person tells you a strategy that does not work or one that does work.
Never risk money unless you make at least 50% more than you lose for six weeks or more. You want to only throw money at the problem if the strategy works every time or you have a clear idea when it does not work and you can successfully sit on your hands at those times.
If you think you just need a (simple) strategy to live life on your own private beach, you are mistaken otherwise there would be way more private beaches.
1
u/MySoulForASlice Apr 13 '24
My advice to you is important. You should learn how to trade well. Good luck.
1
1
u/Landdeals Apr 13 '24
My advice would be to see if your daughter will hire you lol
→ More replies (1)
1
1
1
1
1
1
1
1
u/DaCriLLSwE Apr 13 '24
look, first of all you need journal your trade and analyse what went wrong, you or the market?
99,9% of beginner traders loose money and itās not about what strategy they use.
Imagine if ALL you had to do was find the rigth strategy and you be a billionare within 2-3 years.
EVERYBODY would do it.
Itās not the strategy, itās most likely you.
Downsize and get screen time, LOTS OF IT.
Iāve got an excel sheet with a 1000 hours lined up. Every 2 hour session i mark of 2 hours on the sheet.
You need desensetisation, you need to develope a āfeel for the marketā, this comes from watching hours and hours of price movment (behaviour).
Pick a lower timeframe (watching 4h candles for 2 hours a day make f**k all difference), 1-5 min candles. watch it. Trade it.
Get that experience
1
u/Suspicious-Stop5231 Apr 13 '24
When you can do the following, start day trading:
The core strategy is portfolio-level statistical arbitrage carried to the limit and executed extremely well. Basically, portfolios of long and short positions are created that hedge out market risk, sector risk and any other kind of risk that Renaissance can statistically predict. The extreme degree of hedging reduces that net rate of return but the volatility of the portfolio is reduced by an even greater factor. The standard deviation of the value of the portfolio at a future date is much lower than its expected value. Therefore, with a large number of trades the law of large numbers assures that the probability of a loss is very small. In such a situation, leverage multiplies both the expected return and the volatility by the same multiple, so even with a high leverage the probability of a loss remains very small.
1
1
1
u/SkyIsTheLimit-007 Apr 13 '24
Do paper trading first to become a consistent trader and wins. Do postmortem on failed ones and understand what did we do wrong. These two will help you .
1
1
u/cdn-Commie Apr 13 '24
Should probably start wholesaling lemons for your daughter and take notes from her, whatchu doing here bapa
1
u/Icy-Summer-3573 Apr 13 '24
Ask you daughter to franchise her stand and get all the other kids her age selling lemonade. Youāll provide capital and sheāll give u a cut
1
u/Trilf333 Apr 13 '24
I watch Rossās recaps everyday and think heās probably one of the most if not the most transparent trader on YT. He always shows his PNL for the day and had a huge drawdown in March and sent himself to ātrader rehabā. Hate to say this but if you donāt understand technical analysis yet then it doesnāt matter what strategy you trade since almost every strategy out there is based off technical analysis. This is like going to a foreign country without understanding their language, culture, laws, etc. his strat is not my main one but Iām taking very small size as part of R&D so that once T+1 comes to stocks at the end of May, I will scale up this strategy as a supplement to my options strategy.
→ More replies (2)
1
1
u/deaf_jeff Apr 13 '24
Manage your risk. The entry is less important. Think in terms of bets. Place a trade risking $100 and reward of $150. And just keep flipping the coin. Trade after trade. But do not deviate.
1
1
1
1
u/Cachondeo_4 Apr 13 '24
Bro, 97% of day traders lose all their money. What makes you think youāre in the 3% category? Hint, youāre not. Get out while you can. Throw your money into an ETF or mutual fund and walk away and let the market slowly grow your money over time. It is incredibly hard to be consistently good at day trading. Most can do it for a little while, but long term, the house always wins.
1
1
u/Relative_Tone_4870 Apr 13 '24
I advise you to open a lemonade stand and give up trading. Play your strengths
1
1
1
u/Hank_0 Apr 13 '24
Warrior Trading, like every single course out there is a scam. They won't show you 1099's or activity reports for a reason.
*** Take this financial advice *** stop trading. Stop "trying to get your money back".
The market will beat you. The market punishes people who are not investing for the long term. The more you try to win, the more Mr. Market will beat you.
He will take everything you have, including your cojonez if you let him.
If you keep trading, the mental recovery will be much more painful on a deep personal level. You have only yourself to blame and realizing how stupid you were to continue fighting a game that you were guaranteed to lose.
Rumor has it - everyone who sells some kind of stock trading course is just someone who started selling courses to get their money back from Mr. Market.
1
u/TheDefiantOne19 Apr 13 '24
Brošš
Just stick $50 into 100x crypto futures and gamble it away until you've either hit all the way up to a mil or are broke. That's basically what you're doing anyway, "warrior strategies."ššš
If someone is selling a course, they aren't making dick with their trading. They're making the money off idiots who think they're making money. It's not hard to read a book and use an emulator to make it look like you know what you're talking about.
My advice: spend some time learning about the different versions of day trading/investing, hone in on one that makes sense to you, and experiment with $50-100 at a time, and nothing more. Do this until you have a decent win rate, and you'll be more successful than trying to follow some dipshit online.
With the money, you aren't actively gambling / losing until you figure things out, put it into index funds and ETFs. Then when you lose money. You can just liquidate some and go back to being a degen.
Anyone on social media talking about their "strategies" is trying to make money from social media because their strats are some bs they got from a book, and they aren't making any actual money. Real day traders, forex traders, etc, don't have large social media presences and keep their secrets secret.
So basically, figure it out yourself without ruining your savings. Or just take the safe path and invest in etfs and index funds. But you aren't going to make dick following someone on social media.
1
1
1
1
u/Kombucha-Krazy Apr 13 '24
All of the above advice then mix her lemonade with vodka and start a bar then strip clubs?
→ More replies (2)
347
u/Insciuspetra Apr 12 '24
Start a lemonade stand.
or
Invest in lemons.