I'm pretty frustrated. At first I just wanted to write since I was gloating in my misery and needed to vent... but that doesn't help anybody and doesn't really help me become better either.
Right now I'm about 5 months into this, have a 32% winning rate, am about 50% down on my account, and can not get consistently profitable. My confidence is shot and now I find myself overthinking and second guessing every trading decision I make.
I know most veterans out there will tell me to keep studying. I have watched "How to Make Millions" and skimmed through it a second time to brush up on things. I have watched a lot of videos here on profitly. Im reading books as well. My struggle is how to convert the knowledge Im getting while studying into what that looks like on my screen while trading... with emotions and everything else running.
I have been consistent in one thing... botching up potential great plays. Was in and out of NXTD yesterday before close at 3.18 because I thought it was going to drop... went the 8s today. Was in MGTI twice entering too high, getting shook, and then it running within the day and days after. Was in RIOT at 10.23 on 11/20, held overnight, sold real quick into morning spike and it went 2 dollars higher... and then ran and we know the rest of the story. Same with GLBR, DPW, BTSC. I have a bunch of loses or really small gains... when if played right each could have been account changing... Ok there is my vent... sorry.
HERE IS MY QUESTION:
What I would like to glean from this community is this: When you were starting out (and I know each of us has to find our own niche) what was the pattern that helped you become consistently profitable? (Multi-Day Breakouts, Dip Buying, Shorting Spikes, etc)
Any input and constructive comments are greatly appreciated. Thanks in advance.
Hopefully this helps! https://profit.ly/user/AuthenticCrow/blog/how-to-determine-morning-spikes you can also check out my 1 trade on VTGN to see my thinking I'm still in highschool so hard to trade but that was my first trade ever. Good Luck on your path to profitability!
If you haven't been tracking the setups you are playing, then you should start doing that. That is how I found success. I thought I was really good at identifying ABCD patterns and buying morning panics. But after i started tracking the setup for every play I made, I found I wasn't actually profitable in either of those, and I was actually really profitable playing breakouts. It is okay for you to get an idea of what other people are successful with, but you really need to find out what is worki
I think that buying first red day panics, especially OTC overextended panics, is a real good pattern, and it's all about the entry. If you enter at the wrong time it can completely screw up your risk and make you nervous in a trade. So if you see a potential setup unfold, pull the trigger - don't hesitate. And above all remember: It's a war not a battle.
Screen time. That is the only thing I can recommend that will allow you to get better. Keep studying and keep trading. Its like sports. You have to practice and practice and practice and even then you still arent good until you play in the game and know what pressure feels like. Be patient and be consistent. It will eventually come together.
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