Isn't there some irony here? So many people - who are other traders - are saying, "Don't ever listen to other traders........"?
Many a folk like that, who braged about their 500% from crypto in late 2017. Never heard of em since. Assuming that members here know their craft better than OP's ,,friends" - then it's not. (and yes, ironic/contradicting/hippocratic, if they know as much as those friends)
Well, sure, but he knows his friends are making money and he doesn't know any such thing abut anybody on ET.
Quite frankly it sounds to me like you should quit trading, as it's clearly just draining your time and mental health. Find something to direct that energy towards which is more tractable, and fits better with your personality. As to your friends, just ignore them, save diligently and invest wisely - which does NOT mean chasing hot stocks on tips. If your financial situation isn't good, then get more education and a better job.
It sounds like you are too focused on the money. Whatever kind of trading you are doing, I'm assuming you're trying to day trade? Maybe try a different way of trading long term and forget the money. Forget the holy grail because a holy grail doesn't work in all markets. Just focus on selling when the time is right. 95% of day traders become losers. You've already lost, even I have already lost because the markets I trade are very hard to day trade. I found that swing trading is a better fit for my lifestyle and market. Good luck
Well, then it is just gambling. It is as they are having a lucky-streak in a "heads-tail" tossing contest. Such luck will eventually run out, and it probably doesn't take long either. Most people that win just by luck, think it is skills. Then they increase their bet-size, and when the luck turns....... So just ignore the trading talk. It is going to be soon over anyways
You should focus on yourself and your trading. Obviously, you have not done enough to improve your trading. Part of the learning process is being able to accept losses. You will lose monies when you trade in the stockmarket. Nobody bats 100%. Check your ego at the door. Focus instead, on risk management. Risk only 2% per trade. For newer traders they recommend 1% per trade. Personally, I limit trades to 5 trades maximum most times. That limits my risk to 10% of my capital on a worst case scenario. When I close a trade, I add a new trade. Now, a lot of times, you will not lose 2% if you have stop losses and trail it higher as a stock moves in your favor. So, your actual risk on that trade is even less. Trade with the trend, make sure your trade is aligned with the trend. Otherwise, you will lose money needlessly and foolishly. You want the odds in your favor. Do not try to reinvent the wheel.
thats idiotic advice. you should only stay with the trend if the underlying series is indeed persistent