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When I started daytrading over 8 years ago, I didn't know what I didn't know. I started messing with penny stocks. I lost money. I paid for alerts, gigantic mistake and lost money. I then started watching YouTube videos on how to actually trade and... lost money. I would see posts everywhere from people making 1400% returns, or $12,371 days and I'd wonder if it was real and if I could get there.
I didn't. I make my living from this business and have never had a 1000% day. I never will. I have, however, gotten extremely good at having a 20% return on my trades. When the market is right, and my setup presents itself, 20% is simply a matter of entering snd exiting for me.
I say this because people will tell you that it's impossible. They will call me a liar. That's fine. I'm not selling anything. If you DM me, you'll be ignored (and blocked so if you appreciate my comments, don't DM me). What I am saying is that you have to find YOUR method. Not just your strategy. Your method. And then, you have to be 100% ok with your race. You aren't running my race. You aren't running anyone else's. But YOURS. I kept looking at other people making these crazy returns and then the next day, I'd be up maybe 50% on a trade...and instead of moving my SL up to not lose the gains, I'd hold it in blind faith of "maybe today's the day!" only to watch my gains leave, and then I'd go red, etc. I had to set up a road map and then follow it. I told myself.. if I can just average a $10 day over a month, AVERAGE it, I'd be up $200. Then I'd try to average $20. And so on. Eventually, that daily average was in the thousands. (Some people seem to think that means EVERYDAY not realizing that it's an average, and that when you start making BIG money, you don't necessarily trade everyday. You become even more of a sniper, only trading A setups)
Set YOUR goals. Run YOUR race. Or, since I use the surfing analogy a lot, ride YOUR wave. But every single time you compare yourself to other people.. You'll lose. Everytime yoy try to trade their method/strategy" for *their gains, you'll lose. Or, you might make some money but then you'll feel like you're missing out and you'll overtrade and.... you'll lose.
Hope this helps. Take a breath. Break down your big goals from where you want to be in 7 years, to where you have to be in 3, then to where you want to be just next year, then 6 months, then 90 days, then next month. Focus on your daily strategy/acceptable loss/hoped for profit, and start being ok with just crossing that daily goal m, moving your SL up to it if it passes it, and walking away. Celebrate others success! Journal. Breathe. Relax if you take a small red day. They happen and are acceptable. Don't allow big red days to happen. Why would you? There's always another wave to catch. Just don't.
Like I said, hope this helps.
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- 10 months ago
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