5 trades--down 3R
This wasn't a good day for me. Nothing worked and I kept trying to find working trades despite being down 2R by lunch time. I should have packed things up and waited until tomorrow.
The market really chopped around and seemed to reverse every time I took a position. I hate days like this.
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7 comments:
Wow! It's a rarity to see you lose money for a day! Your results are amazing over the last 2 months! How are you selecting stocks to day trade? And why aren't you trading more often during the day? Thanks, and congratulations for missing this downturn!
I use a combination of stock screens, lists (ie premarket gainers) and signals in Trade Ideas to help me pick the day's trades. I try to limit my day's loss to 2R so I initially only trade 2 stocks. Sometimes things just aren't working (like today) so I quit after one or two trades.
It's stunning how well you have done in this market. You must be up 50% or better for the year. Why doesn't the media write about people like you who have the skills that can make money in any market?
Anonymous,
I am not up 50% for the year. I was down 23% at the beginning of August and although I am up 50R, unfortunately I have been too timid to risk 1% of my account on each trade.
As I've gained more confidence in what I am doing, 50% returns seem much more feasible, even in sucky markets like this.
Deciding to short stocks this year has definitely saved my buttocks. Moving to daytrading while things are crazy was also a good decision. But, I've made my share of mistakes over the years (just go back and read posts from just months ago).
So how many R were you down at the end of August when you were down 23%?
I made 23R in August but it only translated to 5% because I was testing out my system risking very little of my portfolio.
I started risking a little more in September and in the last two weeks I started risking 1% on every trade. It's spooky watching that much money flash across the screen.
Sorry. I don't know how to compare you performance to anything.
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