@SimpleMeLike are you trying the self-Taser approach? Just incase you forgot "You have to be willing to die to become a millionaire Trader" SimpleMeLike circa 2025
SimpleMeLike needs to quit watching YouTube, social media, playing video games, idolizing Floyd Mayweather's millions, Porn, rap music, maybe become vegan, maybe yoga and cardio, read a few books....purify and cleanse his mind and life....and he would be halfway there
he will i have no doubts - he understands losing is not an option. he will tell you that when the market takes most peoples money they lay down and die. but if you are going to be successful at day trading you have to get your money back and more. this is very hard psychology until you gain the confidence and experience to just do it whatever is necessary - he has both.
Maturity as a trader is hard earned. You will lose going on tilt. You will lose extending your hold, in an attempt to wait out a loss (grieving a loss). In the end, it's inevitable. Discipline is realizing that you never go on tilt and you never write a check that you can't cash. When you look at an outsized loss or are forced to de-risk because you when on tilt, you're learning this lesson. A loss is a loss -- is a loss. It's a very humbling experience when you realize there are no shortcuts in trading. I had to learn this lesson on more than one occasion.
My guess is the plan is far from good enough. It may also be too complex and lengthy. For example, if you're out of shape, but you have a simple proven training regime that worked excellent in the past, would you follow it to a T and rebuild your muscles (capital) quickly or would you start doing random exercises out of boredom? Just look at your 10 last threads in quick succession. One day it's quitting your day job. Day trading. Next day it's swing trading. Then you're back to day trading. Then it's puts. Then it's calls. You're all over the place. I find it hard to believe you have a good plan in light of that. Share the plan with us if you want some constructive criticism. Make it vague or censor it if there's any secret sauce. Also, make sure you know why you're trading and what your goal is. Surprisingly, for many, making money doesn't seem to be the top priority. Some may want to prove to themselves that they are a loser. Some may want entertainment. Attention. Fame. Quick action (gambling). Anyone who's starting 'How to' posts on trading simply ain't there yet. Far from it. Harsh, maybe, but losing money in the financial markets should be worse and it's entirely your choice. PS: I think a good trading plan should be fairly compact (1-3 pages) and on point. This should detail your trading operation with trading hours, products traded, strategy, some basic rules, money management (could be as simple as always taking 1:3 R/R trades with 1-2 % risked), etc. In addition to that basic plan, you may have 100s of pages with market knowledge which should be internalized to the point of muscle memory where you don't have to think to access it. You simply know. But you may choose to have it in writing still.
Good Morning LionsWarthogsMillions, Prove to me with concrete numerical data evidence, without a shadow of a doubt within 1 minute the following 1. The mindset required to make a million dollars in 1 year trading. Do not respond back with sentences, I need to see numerical results. Otherwise, get that correct mindset bullshit outta here and take that crap back to the trading theory scamming ass books you been reading. All that mindset stuff is bullshit with day trading. Get rich or get poor.
trading not a 0 sum game. you are paying commission, slippage, network and mechanical issue, human error all that. So even you have a plan, you need to cover all that cost. Already sounds too hard. Your ability to profit really comes down to making 2 less errors per day which is still hard. Then One of the above errors happened and it could take away all your profit. I have not seen or read about a trader who was not already rich, or already earning good income before he turned fulltime trading. Its too hard if you don't have second source of income.
I look at my plan as an operators manual. For any situation it answers the question "What do I do now?"