Trying to create an uptick in a downward moving market, by throwing a 1/16 above bid, is falling into the MM's game. They are ahead of you in terms of where the net buy/stops are in their books, and usually they will hit you when they they have exhausted or hit their stops, and ready to take it the other way.
I was just browsing this site and its really a very helpful site for someone new. My suggestion to a new person will be first that soes is simply not the way it was before---its a lot more sophisticated to make money in daytrading---Ask someone who has been in this market for more then a year or preferably couple of years.
Secondly, all the elements like discipline, adequate funds, good trading system, excellent execution, knowledge, experience are important, but in a nutshell all the advice in the world will not suffice until u learn by making your own mistakes unfortunately.
However, the best advice, I would humbly suggest is:
No matter how much of the above elements you feel you have acquired, start in the following progression
skip the paper trading route, its a waste of time and infact misleading
start with 100 share lots and stick with that number, until you can consistently make profit in those over a period of time, say a month. Here fear will not be a dominant factor, but greed will be, so dont increase your limit until u meet your criteria. if u can do that---you then move on to 500 share lots. Repeat the same cycle and if u are sucessfull--then move on to higher ground.
it so easy to say this but this is where discipline falls short.
best of luck |
