Day Trader’s Aftermarket Lounge 7 Oct 2020

Originally posted by juliarrr199: ↑

Thankyou so much for your detailed reply, it has really great info and I really appreciate it. Actually funny because my style is somewhat similar to what your describe in the sense that I have all my capital in the market at any time and may hold a couple positions I'm managing.

For me the majority of my trades are longer timeframe swings. I buy undervalued stocks in an extended uptrend on pullbacks. I have worked out my indicators for these so I feel confident in these trades. These good entries allow me to hold like you say without fear. For me the issue is the day trading. Mostly just managing LESS day trades and also I think not trading anything that doesn't fit my plan and indicators. I think this goes along the lines of letting the day trades come to me rather than forcing a day trade if the market is slow and choppy. The multi day swings are actually good enough for me income wise since I just profit split some for re-investment and some to myself, but when I see a good set-up on the daily time frame I like to trade it as a DT. I've mostly learned to stay out of the forum since I often feel like I'm missing something and my little bit of overtrading earlier this week was straight up trying to manage too many positions at the one time due to too many trade ideas at the one time. I like the bus analogy, I'm going to remind myself of this always another bus coming to the stop thanks. I have since decided a particular number of DT I can manage at the one time since the volatility requires greater attention from me and quality over quantity.

I agree with you on the losses part, I never feel devastated anymore by a loss since I always bounce back, maybe when I first started it was very hard because I didn't have that experience of taking a loss and moving on to better positions. I think the thing for me is the doubt that creeps in sometimes with my process, maybe this is psychological and just fear I need to deal with or lack of perspective... I'm working on this. I overthink a lot which often gets me to study a lot and learn quick for my trades but the overthinking also kills my confidence in my plan in the back of my mind I sort of wonder if I'm wrong even if I've done my study and charting. Being wrong isn't actually the issue since I always have a stop and I just get over it its more the doubt itself. To be honest I'll probably wake up fresh tomorrow like yeah its all good and ready for a new day. This is why I started meditating haha, just learning to relax no rush in the setups might sound a bit woo woo but has helped me.

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Great post @juliarrr199 I think that we all get that anxiety when we come to a spot in the chart that we don't know well , or that presents a little differently than other uptrends . The market is designed to create fear - fear of loss and fear of missing out . Have a big watchlist - then selling is just an opportunity to buy a new share . Have so many that you have to get used to missing out , and be OK with that - can't be on every share going up. Learn what the ugly signals are that are actually bullish ,so that they bring you joy , rather than fear . It sounds like the fear is coming from the market maker's tricks - to get you to doubt your position. Because of the times that we are trading in, (potentially volatile), I tend to just trade the part of the chart that I know well at the moment . You know that you bought your share ,at the pullback of a bullish uptrend that will go higher , but you may not be certain of what happens next . If you always trade according to a set of rules , you will feel anxiety when you come to a spot that you haven't worked out the rules for . At the moment I just sell at that point, and "find another bus", - until I have time to study that part of the chart . And I make it my goal to do so . Everything can be learnt if you put in the time. I think if you can name your reason for staying in , that will reduce anxiety - as you are still trading according to some formula or rules that you can articulate - rather than just taking a gamble. At any stage , you can always say . I have made enough - I am out - next bus! Sounds like you are doing really well . Don't stay out of the daytrading forum. There is no requirement on anyone to get it right all the time, or at all. Get in there and get your hands dirty . Your reputation can be regained as you improve. The main thing is learning. I am sure people enjoy your participation anyway.
Happy trading juliarr199!