Sticking to one main timeframe isn’t a bad idea, this should be based on personality, trading style, results, how long you want to hold, do you want to hold over night, stress levels etc.Ī trading plan won’t make money every single day and every trader goes through drawdown. When testing a trading plan you MUST follow it properly or the results will be heavily skewed, once you take it to live trading you’ll be like wtf why’s it not working. Google risk of ruin and look at the calculator on the fx website, gives you an idea of what position sizing you should use to avoid ruin once you have proven edge and are live trading. Each win is 3+ to a 1 risk), which will be up to your personality, timeframe traded, strategy and trading plan. You either need a strategy with a high win rate, or a strategy with a high reward to risk (eg. It should be detailed enough that you have no or little doubt of entry when you see the setup. The 2% rule doesn’t apply here (not to mention the 2% rule is irrelevant for many trading strategies).Ī trading plan should have your strategy, setups you’re looking for, entry criteria, exit criteria (both win or loss), R:R requirements, position sizing, max losses, detailed rules to follow etc. This is where you may want to start trading with real money, but REALLY small size. If you’ve developed a strategy into a written trading plan from backtests that has proven edge in backtests, take it to forward testing (live trades). If you don’t have a backtested strategy that has proven edge at least in backtests then there’s really no point risking ANY money in live trading. ![]() Trading is a game of probabilities, you only need to develop a slight edge consistently over the market to make money, your first goal is to develop a backtested and forward tested strategy to this effect. Hi mate, firstly it’s very normal for you not to be making money (consistently) in 7/8 months, secondly, some things that have been helpful for me, MAYBE something will help you. I know 3 months isn't a long time but I feel like I should have some idea of when it's a good time to enter a trade or not.Īny advice/strategies/indicator/help/ANYTHING is appreciated. Take a look at TSLA today.I mentally entered trades thinking a new trend is about to begin but I'd lose every time.Īt this point, I'm not sure where to study because I feel stuck. I've watched TSLA, QQQ, and SPY every day for at least 5 hours a day since April and it seems like nothing after the first 1-2 hours makes sense to me. Most of them seem to be with Forex or Crypto. Everywhere I look, it's indicator this and that, "100% win rate tradingview strategy", and it seems that most of these strategies don't work with stocks like TSLA. I've been researching different strategies but it seems tough when it comes to these large caps. Last week, I got stopped out of TSLA puts 5 times in about 15 minutes, and then it finally went in my favor without me. Overall has gotten me better results, but I struggle timing my entries and he does as well sometimes too. Second guy - bounces/rejects off supply/demand zones. ![]() I've lost a ton doing this because instead of a breakout, it would turn into a reversal. ![]() Right now, I follow 2 guys and I've learned a lot from them, but there are issues with both of their strategies that I struggle with:įirst guy - breakouts ONLY off of premarket low/high and intraday levels. Since April, I've been working with large caps (mostly TSLA, QQQ, and SPY) and I've done better overall but still cannot find a strategy I'm comfortable with. I've been at this since December, starting off with small cap stocks but I'm completely done with that mess. visit each related community on Reddit and join their discord chat too!.If you're trying to be an asshole, it's probably because you're raging from a loss, stop and deal with your issues or ask for help instead of taking it out on other people. No spamming, selling, or promoting do that with Reddit advertising here! Content creators must follow these guidelines if they want to post here.ĭon't be an asshole: You can provide constrictive criticism, but outright being an asshole doesn't belong here. Stay on topic: No content unrelated to Daytradingĭon't glorify losses or post wins without context details here. Posting & commenting requirements: Three (3) day old accounts and minimum 10 comment karma also follow the rules below: Subreddit Rules If you're new to day trading, please see the getting started wiki.
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