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???