[noego]

No offense to you and your struggles but in the big scheme of things time-wise you are still in grade school as a trader. I am a trading educator (I do not solicit or take business from this or any other site so I am not tooting my horn---just giving an opinion from a vantage point that others may have missed). For most of us this is a lifetime labor of love. As with most difficult things becoming a professional can take +- 10,000 hours to gain true skill and competence. I am not saying you are or are not going to make this work. Most do not have the discipline to go along with the technical skills they gain so for some it doesnt matter if its 10,000, 20,000 or 50,000 hours of study. I truly wish you well in your trading and your study. I caution you not to focus on "system" over solid market technical skills across multiple time frames using volume and price action as your keys. This is where the time comes in...watching live markets for many hours days weeks months and years is the greatest lesson of all....charts are easy to read when they are not moving (right to left reads vs. left to right). Again good luck and good trading to you.

[Enigmatics]

Originally Posted by illcrx »

What is your trading style? Are you a day trader or a swing trader? Do you just trade pivots or counter moves? VSA has many uses, intraday or daily.

I day trade. I have a particular pattern I look for on intraday dippers, a lot of which focus on stocks that break the lower bollinger band .... and as I said before, I use volume spread analysis as my primary gauge for entry/exit.

I would like to take more advantage of daily set ups, but I just haven't been comfortable going long in this market, especially when using my margin. I've had to use my margin because I didn't have a ton of start up capital, which is also the reason I am so adverse to widening my stops. That in turn has shook me out of many of these set ups which run pretty hard for an intraday move.

[illcrx]

Well if you are daytrading or scalping you have to expect lots of trading fees and be prepared for the drawdown that has on a small account. I also have a small account.

I myself "try" to swing trade lol but in the chatroom I go to there is a terrific day trader who has profit targets and when those get hit he takes it. I think thats the way to day trade, though to each their own.

If your account is getting smaller and smaller you need to see if its due to your trading or due to your commissions. I was astonished at how much commission i was paying.

But you need to be very cautious with a smaller account and if you are having problems and arent profitable then you need to look back and see what has and hasnt worked and focus on what did.

Oh by the way, were in a bear market now. Just my 2c

[Enigmatics]

Originally Posted by noego »

No offense to you and your struggles but in the big scheme of things time-wise you are still in grade school as a trader. I am a trading educator (I do not solicit or take business from this or any other site so I am not tooting my horn---just giving an opinion from a vantage point that others may have missed). For most of us this is a lifetime labor of love. As with most difficult things becoming a professional can take +- 10,000 hours to gain true skill and competence. I am not saying you are or are not going to make this work. Most do not have the discipline to go along with the technical skills they gain so for some it doesnt matter if its 10,000, 20,000 or 50,000 hours of study. I truly wish you well in your trading and your study. I caution you not to focus on "system" over solid market technical skills across multiple time frames using volume and price action as your keys. This is where the time comes in...watching live markets for many hours days weeks months and years is the greatest lesson of all....charts are easy to read when they are not moving (right to left reads vs. left to right). Again good luck and good trading to you.

Oh I agree with everything you've said. As the months have dragged on since I officially started day trading, I have learned things I couldn't possibly have known before when I used to just chart and read. It's like I'm constantly peeling back another layer of the market onion. In the last couple months I've focused heavily on watching the SPY/Dow, the TICK, the US Dollar, particular sectors, and options volume. It's crazy to think how "compartmentalized" my trading really was when I first began. Volume spread analysis was also key in helping me see the bigger picture.

Unfortunately, I took on quite a bit when I started. I only had 10k equity (along with 4:1 buying power) and I was trying to pay bills, pay back money, and build the account. It put me in the position where I've been using margin to offset the lack of capital, but I've kept such tight stops that it's hindered my progress ... even though I know without a doubt when the market is conducive my set up can yield very nice results. I also haven't focused on learning how to properly short the market, which also limits my ability to trade on certain days.

I'm freshman when it comes to all of this ..... but I want to complete my degree. I just don't have the proper capitalization to outlast my growing pains.

[Enigmatics]

Originally Posted by illcrx »

Well if you are daytrading or scalping you have to expect lots of trading fees and be prepared for the drawdown that has on a small account. I also have a small account.

I myself "try" to swing trade lol but in the chatroom I go to there is a terrific day trader who has profit targets and when those get hit he takes it. I think thats the way to day trade, though to each their own.

If your account is getting smaller and smaller you need to see if its due to your trading or due to your commissions. I was astonished at how much commission i was paying.

But you need to be very cautious with a smaller account and if you are having problems and arent profitable then you need to look back and see what has and hasnt worked and focus on what did.

Oh by the way, were in a bear market now. Just my 2c

My trading commission aren't too bad at $7.99.

The problem isn't my set up. The problem is a few things here which I've mentioned. I needed to pick my spots better. I've attempted these set ups on days when the market was getting beaten or better yet options expirations, which I had very little understanding of it's effect on the market. I'm also trading so "tightly" because again when I'm using my margin, if I don't keep losses under control it impacts my real equity moreso than the average. I've repeatedly tried to keep my losses to around $100-$150 (lately being even stingier) and there have been NUMEROUS occasions where I'm getting shaken out because of it, even though the stock ends up bouncing like I thought. I also find myself over-valuing a move because of prior losses, so I'm holding on too long to make up the difference, which I've repeatedly told others not to do.

These have all added to the mental gridlock I've found myself in. I know this setup works for people who are patient and pick their spots. I taught a friend of mine everything I know and he's taken the material and earned himself a nice 45% on his money in about 3 months. I just wish I could outlast this moment somehow. I've never felt like I had purpose in my life until I got into this. I've wanted to soak in everything I possibly can about it.

[illcrx]

I hear you Enigmatics, with a small account you have lots of disadvantages but I will say this.

You must not rely on trading when you have debt and bills to pay! The NEED to make money will cloud your judgement and only make you loose more. Now everyone has bills to pay but if you can only see living 1-4 months on the money you have left then your only hurting yourself. It is the best advice that Ive heard and Im in the process of doing just that, I am trading with fake money right now so I can still be involved and get a feel for whats going on. Im also trading my Roth IRA.

I dont know your financial situation but if your stressing about income that much its going to really hinder you.

[Enigmatics]

Originally Posted by illcrx »

I hear you Enigmatics, with a small account you have lots of disadvantages but I will say this.

You must not rely on trading when you have debt and bills to pay! The NEED to make money will cloud your judgement and only make you loose more. Now everyone has bills to pay but if you can only see living 1-4 months on the money you have left then your only hurting yourself. It is the best advice that Ive heard and Im in the process of doing just that, I am trading with fake money right now so I can still be involved and get a feel for whats going on. Im also trading my Roth IRA.

I dont know your financial situation but if your stressing about income that much its going to really hinder you.

Sigh .... you're right. Trading out of necessity instead of opportunity.

[bigsnack]

Unfortunately it sounds like you are in a crippling situation. I've attempted trading for a living and couldn't do it. Mentally I couldn't take the stress, and this was trading 1 lots on the ES!

Now I only trade for 2 hours a day in the morning, and then I go off to my day job. I'm in much better shape mentally and financially. My daily goal is 150 bucks a day on the ES, and after that I switch to SIM and trade huge lot sizes as a "game" of sorts to blow off steam. I've accepted that this may be my trading reality for years to come, and because of that I do a lot better than ever before. Good luck to you if you decide to continue to pursue trading as a full time career, but I myself couldn't deal with it, even with a win rate in the 70% range and a solid plan. Take care!