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How I bought my Porsche 911 with Cash
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How I bought my Porsche 911 with Cash

  #21 (permalink)
Posts: 1 since Mar 2015
Thanks: 0 given, 1 received

Interesting stuff, keep it coming. I started with a 7k account 4 weeks ago with only papertrading ES for one week!. Thought I had it figured out and dove in, thinking I could scalp all day for 2 tick to 4 tick gains. By the end of the week I was up 1k and it only made my ego worse. ES wrecked me the following week and I lost my profits from the first week and slowly took another 1k with it. Going back to papertrading and remaining there until I'm 100% with a more definitive concrete strategy. Thanks for sharing your experiences

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  #22 (permalink)
Luxembourg, Luxembourg
Trading Experience: Advanced
Platform: TWS
Broker/Data: Interactive Brokers
Favorite Futures: Stocks
Posts: 491 since May 2012
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bcabebe View Post
Hi All,

I haven't posted in a while because I haven't been paper trading. I've been trying to educate myself on proper risk and money management.

When I was paper trading, I started to feel that the reasons for me entering and exiting trades was based more on feeling than solid reason. I decided that sitting in front of a computer all day trying to trade wasn't going to improve my reasons for making trades. I guess I realized that the process I was using, just didn't work.

As I read up on risk management and money management, I realized that I was being too aggressive. This was being confirmed by the drawdown in my paper account. So, I needed to stop, re-assess and come up with a better plan.

My initial beliefs about what day trading was going to be like, were wrong. I was hoping that I could just trade on technical analysis, but now I don't think that's realistic for me. I still want to make day trading my "job", but it's going to take longer that I had hoped. Since, I'll still have to keep my day job for a while longer, I'll have to be more of a swing trader than a day trader. Also, I'm not sure I can start out with as small an account as I wanted to.

Currently, I'm learning more about fundamental analysis and saving more money. I'll post again when I open a real account and start trading live.

That is actually quite a good step forward. Glad you figured out those things as it will make your odds of success a little better.

I posted about some recommended books in these two links, but there is also some other info in there that may be useful:

Short summary
1. Darvas, O'Neil & Minervini - Their books provide concrete methods that you can use quite successfully to trade stocks. I know you are primarily interested in daytrading, but these books are a nice read and you may learn something useful.
2. Market Wizards (first 2 required, 3rd optional, 4th meh), Reminiscences of a Stock Operator - These should be on every traders bookshelf. A lot of insights from traders who have made millions.

Reading about risk management & money management is good, but it is not that complicated. The most complicated you need to get is probably ATR-based position sizing as explained in the Turtle rules. You can find those online quite easily.

Regarding fundamental analysis, yes, some people find it quite useful, but there is very little you really need to know. Same with technical analysis. Neither will help you understand the market or neither will an understanding of the market improve your win%. How you manage your trades is much more important. Once you have read the above books, this paragraph may make more sense.

Final note - Subscribe to eIBD (Stock Investment Research & Education - Business & Financial News - IBD - I save every single issue and it can provide some nice insights while not costing that much. Just ensure that you subscribe to eIBD and not the website itself as these are 2 different services. After a while you can judge for yourself whether you might find it useful, and it won't cost much to explore this avenue.

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