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After 4 months my first profitable month started the day after I made these 3 changes


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After 4 months my first profitable month started the day after I made these 3 changes

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  #1 (permalink)
 bajaho 
Portland Oregon
 
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Posts: 6 since May 2019
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Hey guys. I've been day trading for 4 months now, which I know isn't long in terms of trading, but I just achieved 5 straight weeks of being profitable and consistent with my strategy/rules. Previously I would have 3-7 days of profit before going deeply red.

Disclaimer: I'm not offering any proof but the ideas below are here for you to evaluate on your own. I have no reason to be deceptive. I'm not offering any service or anything. I just know that these 3 specific changes will help most traders no matter what type of trading you do.

It feels like a big breakthrough (probably not my last breakthrough) and I did 3 specific things to achieve it:

(1) I stopped micromanaging my trades. I now set a stop and a profit, that's it. I don't scale in, I don't scale out. I only break even when it falls from being within 1 or 2 ticks of my take profit, to being within 1 or 2 ticks of my breakeven point. In most cases, my stop loses X amount or my profit wins Y amount. No more micromanaging this allows you to accurately record your win-to-loss ratio, which you must use to determine if your Risk-Reward is feasible.

(2) I tailored my strategy to fit my personality. More specially, I realized that I didn't have a the necessary amount of ice in my veins to trade a strategy that loses 6 times in a row before winning. I need the positive emotional reinforcement from winning trades consistently so I tailored my R:R closer to 50% win rate.

(3) Lastly and related to #2, I had to accept that I was going to lose trades. I needed to DROP THE MINDSET that I could come out profitable everyday. The mindset of trying to win back your losses on the same day is extremely detrimental. To combat this I PLANNED ON LOSING everyday, knowing that I will be profitable with just winning every 1 out of 3 days.

*bonus* (4) READ THIS IF YOU FEEL LIKE YOU'VE HEARD THOSE THREE TIPS PREVIOUSLY. The bonus tip is that I felt like I had already been doing good following my rules and managing risk etc. However, in reality I was sometimes telling myself that "well, since I've already lost a few trades, it's not a huge deal to break my rules and take 2 more." I was convincing myself that it didn't matter if I broke my rules in this instance, so it was possible for me to keep feeling like I didn't need to work on those things more. But in reality when I stopped cheating myself IN ANY CIRCUMSTANCE, is when I began my first profitable month+. You just have to stop cheating yourself. Said otherwise, every time you enter a trade you're building a trading habit. Every trade needs to go towards building good habits.

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 DavidHP 
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 SBtrader82 
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bajaho View Post
Hey guys. I've been day trading for 4 months now, which I know isn't long in terms of trading, but I just achieved 5 straight weeks of being profitable and consistent with my strategy/rules. Previously I would have 3-7 days of profit before going deeply red.

Disclaimer: I'm not offering any proof but the ideas below are here for you to evaluate on your own. I have no reason to be deceptive. I'm not offering any service or anything. I just know that these 3 specific changes will help most traders no matter what type of trading you do.

It feels like a big breakthrough (probably not my last breakthrough) and I did 3 specific things to achieve it:

(1) I stopped micromanaging my trades. I now set a stop and a profit, that's it. I don't scale in, I don't scale out. I only break even when it falls from being within 1 or 2 ticks of my take profit, to being within 1 or 2 ticks of my breakeven point. In most cases, my stop loses X amount or my profit wins Y amount. No more micromanaging this allows you to accurately record your win-to-loss ratio, which you must use to determine if your Risk-Reward is feasible.

(2) I tailored my strategy to fit my personality. More specially, I realized that I didn't have a the necessary amount of ice in my veins to trade a strategy that loses 6 times in a row before winning. I need the positive emotional reinforcement from winning trades consistently so I tailored my R:R closer to 50% win rate.

(3) Lastly and related to #2, I had to accept that I was going to lose trades. I needed to DROP THE MINDSET that I could come out profitable everyday. The mindset of trying to win back your losses on the same day is extremely detrimental. To combat this I PLANNED ON LOSING everyday, knowing that I will be profitable with just winning every 1 out of 3 days.

*bonus* (4) READ THIS IF YOU FEEL LIKE YOU'VE HEARD THOSE THREE TIPS PREVIOUSLY. The bonus tip is that I felt like I had already been doing good following my rules and managing risk etc. However, in reality I was sometimes telling myself that "well, since I've already lost a few trades, it's not a huge deal to break my rules and take 2 more." I was convincing myself that it didn't matter if I broke my rules in this instance, so it was possible for me to keep feeling like I didn't need to work on those things more. But in reality when I stopped cheating myself IN ANY CIRCUMSTANCE, is when I began my first profitable month+. You just have to stop cheating yourself. Said otherwise, every time you enter a trade you're building a trading habit. Every trade needs to go towards building good habits.

Very interesting, probably the bonus tip is the part that resonates with me the most.

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 RC33 
SINGAPORE
 
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bajaho View Post
Hey guys. I've been day trading for 4 months now, which I know isn't long in terms of trading, but I just achieved 5 straight weeks of being profitable and consistent with my strategy/rules. Previously I would have 3-7 days of profit before going deeply red.

Disclaimer: I'm not offering any proof but the ideas below are here for you to evaluate on your own. I have no reason to be deceptive. I'm not offering any service or anything. I just know that these 3 specific changes will help most traders no matter what type of trading you do.

It feels like a big breakthrough (probably not my last breakthrough) and I did 3 specific things to achieve it:

(1) I stopped micromanaging my trades. I now set a stop and a profit, that's it. I don't scale in, I don't scale out. I only break even when it falls from being within 1 or 2 ticks of my take profit, to being within 1 or 2 ticks of my breakeven point. In most cases, my stop loses X amount or my profit wins Y amount. No more micromanaging this allows you to accurately record your win-to-loss ratio, which you must use to determine if your Risk-Reward is feasible.

(2) I tailored my strategy to fit my personality. More specially, I realized that I didn't have a the necessary amount of ice in my veins to trade a strategy that loses 6 times in a row before winning. I need the positive emotional reinforcement from winning trades consistently so I tailored my R:R closer to 50% win rate.

(3) Lastly and related to #2, I had to accept that I was going to lose trades. I needed to DROP THE MINDSET that I could come out profitable everyday. The mindset of trying to win back your losses on the same day is extremely detrimental. To combat this I PLANNED ON LOSING everyday, knowing that I will be profitable with just winning every 1 out of 3 days.

*bonus* (4) READ THIS IF YOU FEEL LIKE YOU'VE HEARD THOSE THREE TIPS PREVIOUSLY. The bonus tip is that I felt like I had already been doing good following my rules and managing risk etc. However, in reality I was sometimes telling myself that "well, since I've already lost a few trades, it's not a huge deal to break my rules and take 2 more." I was convincing myself that it didn't matter if I broke my rules in this instance, so it was possible for me to keep feeling like I didn't need to work on those things more. But in reality when I stopped cheating myself IN ANY CIRCUMSTANCE, is when I began my first profitable month+. You just have to stop cheating yourself. Said otherwise, every time you enter a trade you're building a trading habit. Every trade needs to go towards building good habits.


good to know that its only take u 4 months.
took me a few years.
Point 3 is the most game changing point in my opinion.

I added 1 more point for my trading , that is to plan my next move in advance if i lose a trade.
what should i do if i lose this trade ? if there's no answer then the answer is STOP trading.

hope this helps and thanks for sharing

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BullandBear19
Vancouver, Canada
 
 
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Biggest hurdle of trading for most is the self journey along the way to understanding one's own personality. If you have discovered the type of trader you are in such a short time, hats off to you. I doubt you will find many that did in less than a year (or several in my case).

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samsolid
Los Angeles, CA
 
 
Posts: 1 since Apr 2021
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bajaho View Post



I only break even when it falls from being within 1 or 2 ticks of my take profit, to being within 1 or 2 ticks of my breakeven point.


Holy cannoli. This is friggin genius right here. I will start implementing this strategy on my next sample set!

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 michaelroth 
Gillette Wyoming
 
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bajaho View Post

*bonus* (4) READ THIS IF YOU FEEL LIKE YOU'VE HEARD THOSE THREE TIPS PREVIOUSLY. The bonus tip is that I felt like I had already been doing good following my rules and managing risk etc. However, in reality I was sometimes telling myself that "well, since I've already lost a few trades, it's not a huge deal to break my rules and take 2 more." I was convincing myself that it didn't matter if I broke my rules in this instance, so it was possible for me to keep feeling like I didn't need to work on those things more. But in reality when I stopped cheating myself IN ANY CIRCUMSTANCE, is when I began my first profitable month+. You just have to stop cheating yourself. Said otherwise, every time you enter a trade you're building a trading habit. Every trade needs to go towards building good habits.


This is what I love about trading, its the fact that trading wont let me lie to myself. Every losing trade can become a constructive critique. Why did I just lose that trade? The answer more often then not has to do with a defect in my plan, and when remedied, takes me closer to consistency.

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 gloricle 
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Thanks for sharing!!


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 kevinkdog   is a Vendor
 
 
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michaelroth View Post
This is what I love about trading, its the fact that trading wont let me lie to myself. Every losing trade can become a constructive critique. Why did I just lose that trade? The answer more often then not has to do with a defect in my plan, and when remedied, takes me closer to consistency.

The trick here is knowing when the loss is actually a defect in your plan, and not just some random bad luck. Hard to make any kind of observation on a single trade.

I've seen people work for years trying to perfect their plan or backtest, but never find any real time success with the adjusted plan/strategy. They are constantly chasing a moving target. And since they are in effect trying to correct the defect that is random bad luck, they will never succeed.

Luck - good or bad - plays a much bigger role in trading than people believe.

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