advise

[Gordon Bennet]

Hello T2W

Just a quick question for some of you experienced traders out there. I have been day trading live now for aboiut 3 months. Although i am happy with my analysis (seem to get it right a majority of the time with the occasional mistakes), dont seem to be progressing.

Let me give yoiu an example. Today i went live in the morning on some trades and during the morning session was down by approx £700. By closing bell, i had recouped my £700 and made about £80 on top. This is a scenario i have week in week out, give or take a couple of hundred pounds.

I know the answer is probably staring me in the face, but have not quite understood where i am going wrong. Just feel that i am that close yet so far away.

Any help would be appreciated, though i do understand that i may be being a bit vague.

Thx

Gordon

 

[Trader333]

What is your trading capital ? The reason I ask is that to be down £700 is a lot unless you have a very large capital base to start from. In my own case I never risk more than 0.2 of 1% of my account on any trade which equates to a maximum loss position of around $100.

I would suggest that you tighten your stop limits.


Paul

 

[nobrainer]

Hypothetically, Trader333, if one has a maximum stop loss on postions of $100........what would be a realistic monetary target for a daytrader of the US markets. I'm intrigued cos that's an amazingly tight stop for an experienced daytrader like yourself.

 

[Trader333]

There are no absolute hard and fast rules on this but I would be disappointed if I didnt make a minimum of $250 profit on each one of my successful trades.


Paul