$100,000 is just $500 a day away!
Actually this is a small collection of my lessons from today -- specifically the past hour and a half.
1. Indicators are always a lagging indicator. I really don't believe anyone can trade with technical analysis with the actual price chart turned off (though not enough people remind us to look back at the actual chart) and what we all look for in them is follow through.
- I got scared at the arrow, beginning of the candle because it registered a sell signal here. While I had always been playing on a bounce, that sell signal really reflected the past hour more than predicted the next 20 minutes.
2. It's about the long game. Don't beat yourself up and try to make up for a missed opportunity you decided not to take by chasing profits -- either in continuation of the trend or by playing on a reversal.
- And here's where the title comes in. I exited my position too early because of fears. Which is fine because its about where you end up cumulatively at the end of the year, not the pride or bragging rights that you managed to snag a 2-300% profit on a single trade. If it was a signal, note what went right and how you can use that setup to repeat profits in the future, if it didn't pan out, whether or not you actually had money on it, figure out say, if it was the signal and its settings, or your application and interpretation of it that could be tweaked. There are 202 trading days left in 2022. (or 203, depending on whether you're still counting today). If you make $500 a day average with minimal losses, that's $100,000 gross. And while most people are going to roll their eyes at that, I honestly was kicking myself for the $60 loss I took from exiting this trade early while losing sight of my daily realized gain (only went from $588 to $522) and so technically if I was to aim for $100,000 I would still be ahead of the game today, whether or not I made the extra $100 or so had my trade panned out.
3. Decide on your time frame. After my loss I took a deep breath and looked to the charts for my next move. And while that arrow was pure profit, nothing I could glean from it nor the surrounding 10 candles to really say whether the markets would be at A or B. You can make lots of money riding small variations in price action, but if thats the resolution you have your chart set to, don't expect to be able to see patterns forming that comprise the next day or two.
But seriously, there are more trading days left this year than the average school year. Since they both happen on weekdays I always figured there were only like 120 more chances to make money by the end of march. If you look to make 20% per trade, you only have to make 1-2 trades a month to beat 90% of wall st. If you go for 200% per trade, you should be really patient for the perfect signal because you only need 2-3 per year. As I always say... actually I don't have a catchy way of phrasing it yet but when you hold on to your losses, you're losing ammunition to make money on the next movement.
4. And actually I've been vindicated in both directions. Yeah if I had held for another 10 minutes I would have profited from my calls. But another 30 minutes and my calls would have been worth less than when I did sell.
Fun fact - originally I had titled it 'I never knew how easy it was to make $100,000!' but I really think most people would report me for spam.
1. Indicators are always a lagging indicator. I really don't believe anyone can trade with technical analysis with the actual price chart turned off (though not enough people remind us to look back at the actual chart) and what we all look for in them is follow through.
- I got scared at the arrow, beginning of the candle because it registered a sell signal here. While I had always been playing on a bounce, that sell signal really reflected the past hour more than predicted the next 20 minutes.
2. It's about the long game. Don't beat yourself up and try to make up for a missed opportunity you decided not to take by chasing profits -- either in continuation of the trend or by playing on a reversal.
- And here's where the title comes in. I exited my position too early because of fears. Which is fine because its about where you end up cumulatively at the end of the year, not the pride or bragging rights that you managed to snag a 2-300% profit on a single trade. If it was a signal, note what went right and how you can use that setup to repeat profits in the future, if it didn't pan out, whether or not you actually had money on it, figure out say, if it was the signal and its settings, or your application and interpretation of it that could be tweaked. There are 202 trading days left in 2022. (or 203, depending on whether you're still counting today). If you make $500 a day average with minimal losses, that's $100,000 gross. And while most people are going to roll their eyes at that, I honestly was kicking myself for the $60 loss I took from exiting this trade early while losing sight of my daily realized gain (only went from $588 to $522) and so technically if I was to aim for $100,000 I would still be ahead of the game today, whether or not I made the extra $100 or so had my trade panned out.
3. Decide on your time frame. After my loss I took a deep breath and looked to the charts for my next move. And while that arrow was pure profit, nothing I could glean from it nor the surrounding 10 candles to really say whether the markets would be at A or B. You can make lots of money riding small variations in price action, but if thats the resolution you have your chart set to, don't expect to be able to see patterns forming that comprise the next day or two.
But seriously, there are more trading days left this year than the average school year. Since they both happen on weekdays I always figured there were only like 120 more chances to make money by the end of march. If you look to make 20% per trade, you only have to make 1-2 trades a month to beat 90% of wall st. If you go for 200% per trade, you should be really patient for the perfect signal because you only need 2-3 per year. As I always say... actually I don't have a catchy way of phrasing it yet but when you hold on to your losses, you're losing ammunition to make money on the next movement.
4. And actually I've been vindicated in both directions. Yeah if I had held for another 10 minutes I would have profited from my calls. But another 30 minutes and my calls would have been worth less than when I did sell.
Fun fact - originally I had titled it 'I never knew how easy it was to make $100,000!' but I really think most people would report me for spam.
I usually try not to tell you what to do -- too crowded there. I'll point out what price points/trends/patterns the pros are looking at and let you interpret what that means for your portfolio.
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