Day trading

[bzparkes]

Any day traders here? I've been mucking around for a few years but only really started to take it seriously recently with backtesting, etc. Feels like a cloud has lifted from my brain, lol.

I've ridden the highs and lows of the crypto bullruns, from things like putting $100 in and having it be worth $30k USD, only to have it ride back to $2k because you refuse to sell, to buying a meme coin at $10 and sell it 5 minutes later at a 50% loss, only to have it worth $170k USD 6 hours later and I swear it's far more satisfying to trade successfully and get a $10 return consistently on a $100 account than that.

 

[burge13]

I think most people would benefit from just being a momentum trader short term than try to nail entry/exits on day trades...

Use the trend.

 

[Kanga Commando]

Any day traders here? I've been mucking around for a few years but only really started to take it seriously recently with backtesting, etc. Feels like a cloud has lifted from my brain, lol.

I've ridden the highs and lows of the crypto bullruns, from things like putting $100 in and having it be worth $30k USD, only to have it ride back to $2k because you refuse to sell, to buying a meme coin at $10 and sell it 5 minutes later at a 50% loss, only to have it worth $170k USD 6 hours later and I swear it's far more satisfying to trade successfully and get a $10 return consistently on a $100 account than that.

I dabble with this, and spend a lot of time back testing various algos. Some of my own, some borrowed.

I would never day trade crypto - its way too volatile for my stomach.

The most reliable things to day trade imho are usually the ES & NAS e-mini futures, maybe gold as well. Currencies if you are good at it.

I can only recommend backtest and forward test the hell out of everything. If you can do that well then you can sleep easy.

I also do think price action is a better skill, but i have learnt the hard way that i am not patient enough for it.

I have to play to my strengths, avoid my weaknesses.

 

[Kram]

May as well just go down to the casino.

 

[bzparkes]

May as well just go down to the casino.

Can you get a 60%+ winrate at the casino at a 2:1 reward to risk ratio?

 

[burge13]

Can you get a 60%+ winrate at the casino at a 2:1 reward to risk ratio?

Sorry but I don't believe you or anyone on this site is doing that either. Not with any real meaningful sample size

 

[bzparkes]

Sorry but I don't believe you or anyone on this site is doing that either. Not with any real meaningful sample size

It a small sample size(with a small account also, because I'm risk-averse), so make of it what you will, but I've increased this account balance by 50% in the past couple of days trading the 2 strategies I've been utlising of using a fib retracement to follow trends around supply and demand levels, as well as a straight up supply and demand strategy that aims to hitch-hike on the smart money moves in the market.

I spent a couple of hour setting this up in Notion, as I was sick of not being able to import chart images into Google Sheets properly + it has a night mode and I abhor day modes on websites...





The last one I just closed but I could've tripled the return(or more) if I stayed in the trade but I'm just focusing on not being greedy for now and just hitting targets.

Trading with a plan is difficult at first, because you have to take setups you otherwise wouldn't have in the past, because if it's confirmed, you just have to go for it, despite how you feel about it. It's the only way to get proper data over time. You can do by paper trading also, but I've done enough of that recently for practice to get my feet wet.

Also, if I'd let that last trade run...



That bottom wick was my original TP area but I thought I was being overly ambitious. It takes a long time to get used to market movement.

People also fail a lot, because they try one strategy a few times, then chuck it in the bin after a couple of losses and move onto the next one.

As long as you manage your RR ratio properly, any strategy can be a winner, if you have the right mindset and are comfortable with losing.

Takes a long time to get comfortable though. I still clench my anus every time there's a small reversal, so sometimes you just have to put in your order, trust your stats and close the window to stop yourself playing around with it, although you do need to manage your risk appropriately at times by moving your SL into profit when price is far enough away.

 

[Flog111]

Any day traders here? I've been mucking around for a few years but only really started to take it seriously recently with backtesting, etc. Feels like a cloud has lifted from my brain, lol.

I've ridden the highs and lows of the crypto bullruns, from things like putting $100 in and having it be worth $30k USD, only to have it ride back to $2k because you refuse to sell, to buying a meme coin at $10 and sell it 5 minutes later at a 50% loss, only to have it worth $170k USD 6 hours later and I swear it's far more satisfying to trade successfully and get a $10 return consistently on a $100 account than that.

Which platform or broker do you use???

 

[Todman]

My best tip

"Take the profit when you see it."


Hundreds of little profits can be wiped out by 1 big loss.

 

[evolved2]

It a small sample size(with a small account also, because I'm risk-averse), so make of it what you will, but I've increased this account balance by 50% in the past couple of days trading the 2 strategies I've been utlising of using a fib retracement to follow trends around supply and demand levels, as well as a straight up supply and demand strategy that aims to hitch-hike on the smart money moves in the market.

I spent a couple of hour setting this up in Notion, as I was sick of not being able to import chart images into Google Sheets properly + it has a night mode and I abhor day modes on websites...


View attachment 2038123


The last one I just closed but I could've tripled the return(or more) if I stayed in the trade but I'm just focusing on not being greedy for now and just hitting targets.

Trading with a plan is difficult at first, because you have to take setups you otherwise wouldn't have in the past, because if it's confirmed, you just have to go for it, despite how you feel about it. It's the only way to get proper data over time. You can do by paper trading also, but I've done enough of that recently for practice to get my feet wet.

Also, if I'd let that last trade run...

View attachment 2038126

That bottom wick was my original TP area but I thought I was being overly ambitious. It takes a long time to get used to market movement.

People also fail a lot, because they try one strategy a few times, then chuck it in the bin after a couple of losses and move onto the next one.

As long as you manage your RR ratio properly, any strategy can be a winner, if you have the right mindset and are comfortable with losing.

Takes a long time to get comfortable though. I still clench my anus every time there's a small reversal, so sometimes you just have to put in your order, trust your stats and close the window to stop yourself playing around with it, although you do need to manage your risk appropriately at times by moving your SL into profit when price is far enough away.

Any update?

 

[bzparkes]

Any update?

Slightly in arrears but sticking to and getting comfortable with strategy, although I haven't been putting as much time into it. Had a bit of a break from it also.

At least I can point to most of my losses being based on when I veer off strategy because I think I'm smarter(I'm not) but getting more comfortable.

Not putting in any big amounts any time soon though.

My brother been doing pretty well though.

Went from a $5k loss last financial year to roughly $20k profit the one just gone and is on track to smash that this year so I'm going to get stuck in more soon.

I've just rushed it in the past so want to make sure I'm really dialled in before I start increasing capital this time. Just erasing the stupid trades more than anything. Sounds easy in theory but gee, the temptation is always there...

 

[evolved2]

Slightly in arrears but sticking to and getting comfortable with strategy, although I haven't been putting as much time into it. Had a bit of a break from it also.

At least I can point to most of my losses being based on when I veer off strategy because I think I'm smarter(I'm not) but getting more comfortable.

Not putting in any big amounts any time soon though.

My brother been doing pretty well though.

Went from a $5k loss last financial year to roughly $20k profit the one just gone and is on track to smash that this year so I'm going to get stuck in more soon.

I've just rushed it in the past so want to make sure I'm really dialled in before I start increasing capital this time. Just erasing the stupid trades more than anything. Sounds easy in theory but gee, the temptation is always there...

I'm on the verge of going full time day trading myself. Statistically wise, probably a bad move...

Are you managing a job with trading, or is trading your primary work?

 

[bzparkes]

I'm on the verge of going full time day trading myself. Statistically wise, probably a bad move...

Are you managing a job with trading, or is trading your primary work?

I work full-time and although it's from home, jumping back and forward is a distraction, so I'll try to get more into it in the next few months as work quietens down.

Good to hear you doing well though. Even considering going full time is a huge achievement.

 

[sabre_ac]

I'm too fiscally conservative to consider day trading. I know of people who have done it for years and found success, and I also know a number who started in a bull market and were wiped out when things turned, and they gave it up.

It's fascinating to watch, and it would be good to hear updates on those who have started.

 

[Kram]

started in a bull market and were wiped out when things turned, and they gave it up.

This, not saying it can't work but long term gotta be tough.

 

[evolved2]

I'm too fiscally conservative to consider day trading. I know of people who have done it for years and found success, and I also know a number who started in a bull market and were wiped out when things turned, and they gave it up.

It's fascinating to watch, and it would be good to hear updates on those who have started.

I'll be all in on day trading by eoy with no job. If it doesn't work out, I'll find a job easy enough.

In the meantime, I hope to find part time work purely for social interaction even if trading works out.

 

[evolved2]

This, not saying it can't work but long term gotta be tough.

Flip the chart and trade the same way.

 

[BuddysBiggestFan]

Lost about $40K doing this over a few years

Did over $500K of trades one year

Managed to get some of it back through my tax returns

 

[sabre_ac]

I'll be all in on day trading by eoy with no job. If it doesn't work out, I'll find a job easy enough.

In the meantime, I hope to find part time work purely for social interaction even if trading works out.

More power to you, particularly if you have the capacity to pick up work at will.

There is a tradeoff there to confirm you can make more income and have a better life day trading compared to the work you can do.

The other recurring trend I have noticed is day traders make less than they would with their day job, though, often happier if its sufficient income.

 

[Lunchtime]

I see the ASX 200 has taken a big hit.....42 billion wiped out in 90 minutes according to some news articles.

My concern...i changed my Superannuation investment plan....it was 50% international shares and 50% australian shares which was ultra high risk (looking for high reward/bigger return), but earlier this week i changed it to 70% international shares and 30% australian shares. Again - high risk, high reward.

But with the share market falling....do i need to change investment plan to conservetive? I'm 38 so I have time to recover from falls/crashes on share markets etc.