3 Reasons You Should Not Trade
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- Опубликовано: 3 окт 2024
- This video is intended for all that are interested in day trading and it gives a short list of ways to gain or lose an edge. This is mostly related to day trading but it can be applied to other things. If you enjoy these videos let us know down below!
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Great video. It looks like the less popular a trading channel is, the more gems you can find.
indeed
Kind words!
Facts 😂😂😂
@Mazda Tranyo Cabrio the big short référence 👌🏽😂
Great video, Chris. Point one is bang on. One of the oldest sayings on Wall Street is, "scared money never wins." I've always strongly believed people who aren't financially secure shouldn't day trade. It doesn't mean wealthy, it just means enough money where it's not a "worry" and you can have the one essential trait in trading....detachment. It is such a powerfully important thing to have....the ability (and not some bullsh*t mind over matter, "I don't care if I win or lose on this trade" statement a person doesn't believe) to just be impassionate about losing...and winning. Very VERY hard to have if you DO care about losing....because it's money that affects your bottom line. If I had to say, it's the number one reason I've been profitable from the day I left the sim, why I only had 6 down days last year, and only 3 this year (trading 100% on the long side....even in this market). Your point on odds was great as well. I have my growth portfolio, down for the year, but large enough so I never have to worry, and, I have my income portfolio (enough invested in QYLD where the dividend payout is 3 times larger than I ever made while working). So when I sit down and trade at 6 AM (my time) every day (8 eastern), I'm not thinking at all about how I hope this trade works out. And I'm not doing it because I need the money....I'm doing it because it's fun as hell. As a result, I'm not paralyzed looking for the "perfect" trade, scared into selling too fast so a small profit doesn't turn into a loss, or frozen in a trade moving down because I don't want to take a loss. By the way, your point on male versus female traders was bang on, too. The reason is 100% how we're engineered by evolution. We are built for life 200,000 years ago on the plains of Africa (and even earlier)....not for this modern life (evolution is a very slow process). Back in the day, just finding enough food to live on...competing against predators all of which could kill us quite easily....required two things--a willingness (a built in drive) to take risks, and, an optimism that we'd be successful. If you were afraid of the risks, or didn't think you'd be successful in killing the day's food, you'd never leave the cave, or fire, or wherever the hell we found safety back then. Fast forward 200K years, and that same drive to take risks....and the optimism that we'll be successful, are literally part of our DNA blueprint. Those are two traits that can get you into real trouble, trading. Women, staying home looking after the little cave kids were driven by something else....caution and the elimination/avoidance of "danger."
Wow love it. You nailed it . Subscribed
Thanks and welcome
I really like how honest you are in your videos. I 100% agree with you on the fact that if I don't pay 100% attention to the market, I don't deserve any gains from the market. I also can't imagine getting up and trade straight away at 0930 (stock) without pre market planning. that'll be practically gambling to me now
Bro, I feel a slight negative sentiment in some of the recent videos. I hope you did not hit a dry patch in trading recently.
However, this content is really perfect. I've only started seeing success in trading after I was able to dedicate time for it. As you said, I've been jumping around strategies hoping for a better balance of risk/reward/stability of outcome. Had a great 10 month winning stretch and then a stretch of losing months. I can tell firsthand how hard it is to stay confident. But I really think these losing months have taught me way more than what I learned in the winning months.
Trying to day trade with IB just doesn't work well, they cap the shit out of your buying power on all the low float large percentage gainers and also the leveraged ETFs SQQQ and TQQQ. They allow you to trade TQQQ but reduce your allowed BP, thus, negating the purpose a leveraged ETF in the first place.
From what I remember they don't offer leverage for leveraged ETFs since they are already leveraged. IB is not really a niche day trading broker, especially for the low floats. Depends on the product, it's not a one size fits all solution.
ya trading at certain time of the day is important, need to be there for those setups that have higher odds
What’s that chart?
The charts on this screen during this video, one was 15m for the symbol ZT (Two year treasury note) and the other was TWTR stock.
I agree with with the essence of your message for it is the simple truth. Most people do not realise the ammount of efforts underlying the path to consistency. I consider myself extremely fortunate; i started this journey financially stable with alot of time on hand and virtually no responsabilities and managed to be a breakeven trader from the start. The expense of cognitive capital going into is extreme. Therefore, I would add that an additional requirement one probably need to have in order to have a certain degree of sucess in this endeavor is a genuine and profound passion for everything related to finance, economical science and so on. To anyone reading this: size small, apply the Kelly Criterion or another metric, it never really stops being about process first and foremost. To me at least that is. Learn everything that you possibly can and then some and keep showing up. hehe
🍻big time reminder
Cheers
would be nice if u could ask ur editor to add timestamps for vids
There are timestamps on most videos, we didn't think this one needed any.
Maybe you can learn to see opportunity in less volatile markets. I do better on less volatile days and trade the afternoons more or less exclusively (in addition to longer term strategies).
Thanks. Afternoons are interesting, we sometimes watch stocks and the stock index futures during that time.
being from canada, how do you fund your Ironbeam account? Do you do ACH payments? or just wire?
We use an IBKR account to wire funds to Ironbeam. They allow a free wire transfer once per month.
@@VerrilloTrading Does that affect your taxes in some way when withdrawing from IB?
"I'm old not obsolete" - Arnold Schwarzenegger
I watched half the video confused until I realized he’s talking about DAY trading… lmao
Yes mainly regarding day trading, however not exclusively.
@@VerrilloTrading yeah, as a swing trader some of these things didn’t make sense
basically u fighting robots somewhat like terminator if u not ready for them and arent qualified dont even try that day )))
I will tell you a secret. Nobody on youtube are profitable trader. Not even the channels with millions subs.
If someone could make just 1%, steadily each month for some years, he could make easily millions.
They would not bother with youtube.
They would operate their own hedge fund.
It is just that.
The unprofitable 99,999%.
And the several millions each year 0,0001%.
Have to somewhat agree with the idea but my experience suggests not falling for FOMO alone can get a trader to profit consistently. My current challenge is exactly that. If I am trading consciously, I am kicking out 2% daily without much struggle.
Keeping trading simple like Cris had mentioned in many videos is also a key. Its just having to deal with the boredom of simple strategies without losing interest/attention makes it successful. While I recognize that, its not that easy to implement in practice...