Time to throw in the towel with Intra-day Trading

[CanOz]

Can

I may be wrong but are you finding that your being whipsawed?
You just don't seem to be quick enough.
Suffering by death of a thousand cuts?
Suffering analysis paralysis?

I've been there.
This is what I did.

(1) Stripped it back to raw basics.
(2) Widened my timeframe to cut back noise 3 min minimum
This doesn't mean that an obvious impulse move within my 3 minute timeframe can't and won't be taken.
(3) Widened my stop so I don't get involved in hunting --- as often.
(4) Move my stop to B/E as soon as possible ----- then and only then widen timeframe for the trade
IE select an obvious price target which is the most likely and furthest away.

Became a lot less stressful and profitable (4) is in my view a valuable weapon.

Maybe this will be helpful.

Don't let it beat you!

Thanks Tech, i really appreciate the advice, i certainly am not dismissing the advice either.

However, I only listed the main reason for not continuing, obviously there are others, one of which is being able to spend more time on some other projects. So changing time frame wins out on several fronts at the moment. Perhaps when we move back to civilization I'll give it another crack.

Thanks as well to those that have sent me emails or PMs, all the advice is greatly appreciated!

CanOz

 

[ThingyMajiggy]

What a pity Can, know the feeling though. I'm a little in the same boat, would love to be a TH or Tech like genius at this and just know what I'm doing wrong(other than funding and internet stopping me!) and be able to nail it but it just isn't happening and it comes to the point where you have to ask yourself if it's worth it to keep on going, or try something else.

Prop definitely is the best chance but even then a lot of the prop guys(especially new ones) aren't making any profits either, just kind of sucks when you've put in a **** load of effort since 2007/08ish and have nothing to show for it, but that's the way it goes.

Hope you find better profits with your new style and adventure All the best, keep us informed!

 

[skc]

What a pity Can, know the feeling though. I'm a little in the same boat, would love to be a TH or Tech like genius at this and just know what I'm doing wrong(other than funding and internet stopping me!) and be able to nail it but it just isn't happening and it comes to the point where you have to ask yourself if it's worth it to keep on going, or try something else.

Prop definitely is the best chance but even then a lot of the prop guys(especially new ones) aren't making any profits either

Yes. Don't under-estimate how frequently good/profitable traders go through losing or flat periods. You can reduce these by trading more frequently, trading more markets and trading more strategies. But you can't avoid them.

CanOz, if you are trading just one market, one set up, as a beginner for only 2 months... I don't think you can conclude either way.

Come over and waddle in the equities kiddie pool

Lol but so true.

 

[Trembling Hand]

However, I only listed the main reason for not continuing, obviously there are others,

The wife got sick of the bad moods didn't she...

esok:

 

[CanOz]

The wife got sick of the bad moods didn't she...

esok:

...i think it was more me that was sick of my moods than her....

 

[Trembling Hand]

Canoz, you tried everyone else's suggestions but mine. Isn't that the truth? You got directed away from the psychological aspects, as everyone does. Without going into the 'hows' and 'whys', successful people such as TH always downplay the psychological.

Do this for a month, change nothing in your method, and try again. Risk another 2K. You can even get him to do a personalized tape for you.

http://hypnotictapes.com/transcript...MARKET_POTENTIAL_PROSPERITY_STOCK_TRADE.shtml

Was goimng to let this slide but...

Actually Can didn't try my approach. Not by about 4 years worth pain and persistence. So sorry nothing to learn from this either way.

 

[CanOz]

Was going to let this slide but...

Actually Can didn't try my approach. Not by about 4 years worth of pain and persistence. So sorry nothing to learn from this either way.

Yeah, and there lies the reason you get all the respect. Its not for big days where you beat your daily best, its for the persistence through all that pain, while not having any other income....anyone here that has been through that for even a short period of time will give you the respect because you are still in the game, not because of your ROI...

CanOz

 

[Gringotts Bank]

Yeah, and there lies the reason you get all the respect. Its not for big days where you beat your daily best, its for the persistence through all that pain, while not having any other income....anyone here that has been through that for even a short period of time will give you the respect because you are still in the game, not because of your ROI...

CanOz

A while back, a suggestion was made by TH to use bar replay on fast-forward and make thousands of trades in the space of a week. Combined with my idea, I would have thought this was the perfect training....and quick. How did you go with that exercise?

 

[notting]

I think it's a good decision.
it's also a courageous thing to open up about and act on.
Cool!

Bottom line is happiness.

That's what we want. That's why we want money. If you had all the money in the world I doubt youd be choosing to sit in front of a screen all day and achieve what we do!

If you spending your entire days and nights doing something that is just taxing you and making you unhappy then your actually risking degenerating your mental health as well as not getting very far financially.

It shouldn't be thought of as a waist of time. The experience can make you sharper and wiser and help you in other areas of life like cutting loses in other areas sooner than you would have when you see issues that could spiral out of control.

The market has a serious ability to turn you bipolar if you sit their watching it and playing it all day.

With regards to intuition, method acting and stepping out of yourself and so on. That stuff is all blocked when we are constantly attending to what is going on via our 5 senses. For that you need to able to shut down and go inward and not be swept up in the momentum of what is seeming to go on out there now. Intraday trading is an environment that is almost the worst possible for that to be developed. It captivates our attention in a way that keeps the rest shut down! So unless you have already developed it then you will not be able to use it effectively whilst trading.
Ive failed at manny things in life that oddly helped me in completely different things later on. I even feel later on, that, 'thank god I did not succeed with that ambition as it would have stopped me getting all this!' Like the woman of your dreams which no money could every give you what she gave and gives ! And certainly wasn't discovered in the high end of town!

I never learnt much from my successes, you kind of just swallow them and open your mouth for he next one!

 

[CanOz]

A while back, a suggestion was made by TH to use bar replay on fast-forward and make thousands of trades in the space of a week. Combined with my idea, I would have thought this was the perfect training....and quick. How did you go with that exercise?

Yup, I've pretty wore out the market replay function GB...

Everyone can put all the remedies they want, and i and others appreciate it I'm sure. I'm just not willing to persist with this anymore. This won't change until my personal circumstances and location change.

CanOz

 

[Vixs]

The wife got sick of the bad moods didn't she...

esok:

There's no doubt that having the pressure/support of another person can have an impact on your state of mind.

I've done some stupid things with the little money I had to spare over the last few years but my Mrs still always has the same thing to say: "It's just money. I trust you."

If I had her telling me "Well of course you lost it you idiot, I can't go on a holiday but you can blow thousands in a week? Bastard." It would be a very different attitude I had towards giving it a run in the future haha.

 

[havaiana]

Much respect for your decision Canoz. This is one of the most competitive businesses in the world, few realise the sacrifices that have to be made to put in the time/energy/money to become successful. I hope i know when to call it quits if the need arises, i doubt it