Originally posted by TraderRR
struggling with day trading for months
i think i may just have to step out for a bit
dont get me wrong im not in a bad state i made 6 figures last financial year on stocks alone
its just the last six months constant losses about 30% and no wins really taken me emotionally as to whether i know what i am doing
hope everyone is doing better than me!
Best wishes
Traderrr
IMO its a intra day and short term game now. maybe 3 days ?
The market has seem to be morphed into a game of musical chairs so if you consider a short term holds in weeks/months you are more at risk of these mini pump and dumps that seem to happen a lot. Breakouts are mostly orchestrated now.
might need to use a percent of your portfolio in market and leave rest at home.
Implement a position strategy based on a tick value. Like a fixed Amount per pip that you are comfortable with and work around that.
eg $5k on a 1c stock is around $500 per pip. 5k on a 50c stock is $50.thats $500 vs $50 ..
so a tick loss on the 1c stock and your gonna lose money fast.
review what is your reason is to sell.
Review the trades that didnt work against trades that did. Focus more on the setups that worked for you before and focus on your best one for now until the confidence comes back. A trading diary will help with this. When your happy with your best play then Increase the position size just for that setup.
FA seem to mean sweet F.A now and maybe forever? Its not necessarily the state of the market right now, its more about this on demand world we live in. we just want things now and as younger generations enter the market there will be more of this. Even older generations are becoming more computer savvy and becoming used to on demand.
This is the market now and will end up looking back saying this was the "Good Times".
