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Sanrith Descartes
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Blazin
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I like that you are developing rules for yourself and keeping good records. I have seen this movie before and it's tempting to tell you the ending, but I think you are on the correct path. Don't lie to yourself, continue to keep detailed records, and continue to adjust methodology. 90%+ of people fail at this game and you are trading the easiest market maybe ever, it will be important to see how your plans adapt to different market environments. Likely to find that different mindset and rules are needed when there is a shift in sentiment and flows.
Most people who succeed long term would say they took some pretty hefty losses during the early learning process, success from failure is about who learns from those failures and successfully adapts. Seems you are already becoming aware of the number one enemy which is your emotions. Just don't ever let your guard down that it's a defeated enemy, the fight with our instincts never goes away.
Always have a plan, and stop losses by themselves are insufficient as there are situations where they won't protect you. For example a trading halt and a reopen substantially below your stop or a flash crash. Do you take the loss even if its massive? You don't have to answer that but it needs to be thought out so that you aren't left flat footed when the unlikely happens.
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Sanrith Descartes
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Big Phoenix
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What type of trading are you doing exactly? AMD was only going up up up yesterday until the last 90 minutes or so when it cooled off.
Sanrith Descartes
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ABBV
FTC Release: Federal Trade Commission Withdraws Remaining Case against AbbVie after Supreme Court Decision Strips Consumers of Relief
Despite ruling that AbbVie(ABBV) violated antitrust laws by using baseless litigation to delay generic competition, Third Circuit denied consumers right to be compensated
After the Supreme Court declined to review a ruling from the Third Circuit that AbbVie(ABBV) used sham litigation to illegally maintain a monopoly, the Federal Trade Commission has withdrawn the remaining count in its complaint.
"The Commission is deeply disappointed that we cannot compensate consumers who were the victims of AbbVie's(ABBV) and Besins's anticompetitive conduct, despite proving that the companies engaged in illegal sham litigation," said Holly Vedova, Acting Director of the Bureau of Competition. "Here, the FTC would have been able to return almost a half billion dollars directly to AndroGel consumers. Instead, AbbVie(ABBV) and Besins can retain all of the ill-gotten gains resulting from their illegal anticompetitive conduct. This case highlights the pressing need for legislation reinstating the FTC's authority to seek equitable monetary relief for consumers in competition cases. Congress should act quickly to restore Section 13(b) of the FTC act and the Commission's ability to return to consumers money lost due to illegal anticompetitive behavior by pharmaceutical companies."
In 2014, the FTC filed a complaint in federal district court, charging that AbbVie(ABBV) and its partner Besins Healthcare Inc. illegally blocked patients' access to lower-cost alternatives to AndroGel by filing baseless patent infringement lawsuits against potential generic competitors. The complaint also alleged that AbbVie(ABBV) settled one of its infringement lawsuits with an illegal reverse-payment agreement. The district court dismissed the reverse-payment claim, but in June 2018 found AbbVie(ABBV) and Besins liable for filing sham litigation in violation of the antitrust laws, and awarded the FTC $ 493.7 million in equitable monetary relief to return to consumers.
In September 2020, the Third Circuit affirmed the district court's finding of liability on the FTC's sham litigation claim, and reinstated the reverse payment claim, two important legal victories that protect competition in pharmaceutical markets. Last month, the Supreme Court denied AbbVie(ABBV) and Besins's petition for certiorari on the sham litigation claim, exhausting the companies' options for appeal and allowing the liability ruling to stand.
Since the initial filing of the lawsuit, generic AndroGel products have entered the market, so that patients now benefit from competition among multiple suppliers. In addition, AbbVie(ABBV) and Teva are now subject to Commission orders preventing them from entering into certain reverse-payment settlements. Today, the Commission has withdrawn its reverse- payment claim from federal district court, ending its litigation against AbbVie(ABBV).
While handing the Commission important legal victories, the Third Circuit reversed the district court's nearly half- billion dollar monetary judgment for consumers, holding that the FTC is not entitled to disgorgement under 13(b) of the FTC Act. This determination was effectively affirmed by the Supreme Court's decision in AMG Capital Management v. FTC.
The Commission vote to withdraw its complaint against AbbVie(ABBV) and close the case was 4-0-1. Commissioner Christine S. Wilson did not participate.
The Federal Trade Commission works to promote competition, and protect and educate consumers. You can learn more about how competition benefits consumers or file an antitrust complaint. Like the FTC on Facebook, follow us on Twitter, read our blogs, and subscribe to press releases for the latest FTC news and resources.
FTC Release: Federal Trade Commission Withdraws Remaining Case against AbbVie after Supreme Court Decision Strips Consumers of Relief
Despite ruling that AbbVie(ABBV) violated antitrust laws by using baseless litigation to delay generic competition, Third Circuit denied consumers right to be compensated
After the Supreme Court declined to review a ruling from the Third Circuit that AbbVie(ABBV) used sham litigation to illegally maintain a monopoly, the Federal Trade Commission has withdrawn the remaining count in its complaint.
"The Commission is deeply disappointed that we cannot compensate consumers who were the victims of AbbVie's(ABBV) and Besins's anticompetitive conduct, despite proving that the companies engaged in illegal sham litigation," said Holly Vedova, Acting Director of the Bureau of Competition. "Here, the FTC would have been able to return almost a half billion dollars directly to AndroGel consumers. Instead, AbbVie(ABBV) and Besins can retain all of the ill-gotten gains resulting from their illegal anticompetitive conduct. This case highlights the pressing need for legislation reinstating the FTC's authority to seek equitable monetary relief for consumers in competition cases. Congress should act quickly to restore Section 13(b) of the FTC act and the Commission's ability to return to consumers money lost due to illegal anticompetitive behavior by pharmaceutical companies."
In 2014, the FTC filed a complaint in federal district court, charging that AbbVie(ABBV) and its partner Besins Healthcare Inc. illegally blocked patients' access to lower-cost alternatives to AndroGel by filing baseless patent infringement lawsuits against potential generic competitors. The complaint also alleged that AbbVie(ABBV) settled one of its infringement lawsuits with an illegal reverse-payment agreement. The district court dismissed the reverse-payment claim, but in June 2018 found AbbVie(ABBV) and Besins liable for filing sham litigation in violation of the antitrust laws, and awarded the FTC $ 493.7 million in equitable monetary relief to return to consumers.
In September 2020, the Third Circuit affirmed the district court's finding of liability on the FTC's sham litigation claim, and reinstated the reverse payment claim, two important legal victories that protect competition in pharmaceutical markets. Last month, the Supreme Court denied AbbVie(ABBV) and Besins's petition for certiorari on the sham litigation claim, exhausting the companies' options for appeal and allowing the liability ruling to stand.
Since the initial filing of the lawsuit, generic AndroGel products have entered the market, so that patients now benefit from competition among multiple suppliers. In addition, AbbVie(ABBV) and Teva are now subject to Commission orders preventing them from entering into certain reverse-payment settlements. Today, the Commission has withdrawn its reverse- payment claim from federal district court, ending its litigation against AbbVie(ABBV).
While handing the Commission important legal victories, the Third Circuit reversed the district court's nearly half- billion dollar monetary judgment for consumers, holding that the FTC is not entitled to disgorgement under 13(b) of the FTC Act. This determination was effectively affirmed by the Supreme Court's decision in AMG Capital Management v. FTC.
The Commission vote to withdraw its complaint against AbbVie(ABBV) and close the case was 4-0-1. Commissioner Christine S. Wilson did not participate.
The Federal Trade Commission works to promote competition, and protect and educate consumers. You can learn more about how competition benefits consumers or file an antitrust complaint. Like the FTC on Facebook, follow us on Twitter, read our blogs, and subscribe to press releases for the latest FTC news and resources.
Shonuff
Mr. Poopybutthole
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I had heavy losses and gains in February, but I've been at my PC every day since then. I do keep a log, I do go over the data, I try not to make the same mistake twice. The last two months I consistently make 500-700 four days a week. And one day, I lose 1,000-1,500.
Six months of never missing and training, I've grown more consistent. That one day where I blow up my account, several things are at play:
1- At first, I did trades with no stop losses. And when I did stop losses, I didn't know how to set them based on volatility. Fixed. I get emotional, say the company is worth it, and the next thing you know I'm holding over night.
2- I used to be the biggest revenge trader out there. Now I realize every trade is separate. Because if I get stopped out, then I'm trying to make crazy moves to get even, and then it gets worse. On the bad days, instead of losing 1k, maybe I lose 400 on this alone.
3- I don't make the trade unless everything is lined up. If its not, I wait. By going over the tape, I can see that if I waited five more minutes for a clear signal, I'd have won. Its better to wait for confirmation, because your mind can play tricks on you.
4- I don't trade on anything with more than 5% volatility. Too hard to get a clear signal.
5- Its OK to have a losing day! Mistakes start happening if you stay too long. I try to not trade past 10 AM CST. Again, I've kind of figured out how to limit my one losing day to 500, and make at least 400 on the other days of the week.
6- I don't try to trade more than two stocks at a time, I do own a business and get distracted.
I'm still a work in process, because I realize that this is more emotional for me than anything. I didn't think I had emotional issues, until I found myself cussing at my screen at the top of my lungs and scaring my children.
Oh, I've found that the more I spend per trade, the higher the degree of success for me. I tend to be a scalper, I don't stay in positions long. I'd rather buy 152 shares of Tesla and make a quick $45 trade that lasts a minute. I found that when I was doing lower amounts, my profit expectations were too unrealistic. So my winning percent when down.
Like I said, December is when I start moving to 100k a trade, every trade. It is 100k a trade when I simulate and 50k for real trades right now.
I know 100% its my emotions. Wife goes to the ER, I'm still trading and lost my ass. Employee got stolen by another company, shit trading day. In a rush for a customer appointment, shit trading session. I actually log my mood at the time, and try to stay away from things that put me in a mood. I no longer cheer or cuss at my screen. If you were to see me trading, you wouldn't know if I was winning or losing. My wife and kids, walk in, see my trades and clap, and I tell them we don't have emotion when trading.
I'm my own worst enemy. I have to master me. I will say this is the most fun I've had in a long time. I'm 50, and I'm having to teach myself a different way of thinking. In my business, I have to be an alpha. In trading, I have to be a beta. You know, when you own a business, you have to get what you want, not take no for an answer and never take a loss? Its the opposite. I have to take acceptable losses.
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Shonuff
Mr. Poopybutthole
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I did get stopped out with a stop loss of 1%. And the last hour, I held. I sold it this AM at 106 and did some scalping. I can go look at the times, but I haven't had time to review the tape yet.
Shonuff
Mr. Poopybutthole
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I try to not be on anything so risky that it has a trading halt. I used to, but last time I was on something that was halted was BIIB, and that was just three shares. In general, I hate hate hate pharmaceutical companies after playing the covid vaccine companies last year. Sure, I had winners like Moderna and NVAX, but also had losers like INO or VXRT. I believe ABBV is the only pharma company I own right now.
Big Phoenix
Pronouns: zie/zhem/zer
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Zog
Blackwing Lair Raider
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I really wanted to hold AHPI over the weekend but that price was just so overextended that the inevitable happened and I still don't think its done, will see how the opener is on monday and will watch this a bit depending how people react to the mask mandates. It should have been a no brainer hold but theres a ton of pushback for masks.
Blazin
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1. Mental stop losses are better, but it takes really paying attention and much more discipline. A very common move is to just breach support hit peoples obvious stops then move immediately up. Sticking to actual stops is the safer play but you are going to get dumped out of winning trades.
2. Size should be incremental, if you are succeeding and not spending your gains then size should be able to naturally progress from your success. I stayed at the 100k range for quite awhile on trade size. I trade seven figure trades now with a fraction of the emotion I use to have on a 100k trade.
3. Record the trades you don't take see what the win/loss is on the trades you aren't taking. Part of really getting better at this for me was learning to take some trades that I previously wasn't.
4. Vol is both friend and foe, I tend to stick to tamer names.
5. Losing days are inevitable with day trading the key is to not blow up 3 weeks of gains in a day.
6. Good move on limiting the number, I have added the caveat that I only trade names I would actually invest in. This is largely done for psychological reasons, I have more patient and less fear when trading a name that I wouldn't mind being caught in. A trade may go wrong but that doesn't have to mean loss of capital. This is just part of how I do it and for others maybe they don't need or want that. I very rarely take a loss only a few a year for peanuts. A trade may go "wrong" that usually just means a period of some capital being tied up. This came about because I tracked what positions did after I took a loss, and after a few years I looked and it was like 97% of my loss trades would have swung to a gain within 5 days.
I no longer day trade after doing so for years, it taught me a lot and helped me hone my overall strategy but swing trading and options selling has been far more profitable. I wait for the right setup I pounce on it when it comes. There are times when I get impatient because it takes awhile and nothing and I'm getting antsy but I usually find something.
2020 averaged 32 trades a month which was above average
2021 YTD has been 26 trades a month and trending down (current market is a yawn fest)
Again sounds like you are on the right path, I do think allowing for a 1% loss while going for .25% wins can feel like the right move, I did the exact same thing for a period. I think longer term success is going to take shifting that to allowing wins to be much bigger than losses, grizzled traders are going to very consistently tell you this. 1% loss/5% gain with a lower win rate will make more money. 95% win rates feel great but in the end of the day I assume you are doing this to make money. I kept track of how much further my trades went after I exited them. Do the same and I bet you will soon see how much is being left on the table when you have a good setup. Those big gains are what let you shrug off the trades that don't work. I'm hesitant to tell you this because I think it's a process to mature into as a trader. So do what you are doing but keep in the back of your head that it's not the goal line it's skill building.
Now 1% loss/5% win isn't going to happen in a day trade without switching to options, it's also why a lot of people gravitate to swing trading over time. If you really want to stick to scalping then stop thinking about % at all. Obviously varies by share price but a scalper should still be looking for a 1:3 or 1:4 loss vs gain (.25 loss limit/0.75-$1 gain goal)
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Sanrith Descartes
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I put the band back together a few weeks ago when ABT came out ahead of earnings and said since testing was down they expected less "super human" revenue the rest of the year. Algos sold it down brutally. I bought it and of course they crushed earnings a few weeks later. Im up like 10% in a month. Just in case you dont know, ABBV was spun off from ABT a while back. I put them back together.
Sanrith Descartes
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ShakyJake
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Shonuff
Mr. Poopybutthole
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I scalp with 50k trades, yeah. 50k real, 100k on the simulator. Yesterday, I must have done 100 trades with 50k, was a bit too many and made me get careless.
For instance, today, I made $72 on a trade of 50k shares at 9:44 (see below). Total trade took 40 seconds to open and close. Used an OCO bracket order, its hotkeyed. So when I see the shot, I take it. Took me a while to get used to hotkeying OCO bracket orders. Before, I used to manually do it, and miss my trade window. I think I did about 15-17 trades total today (one closing the swing on AMD, more trades on AMD and TSLA) to make that 2k.
I ask you, where else in the world can you make 72 in 40 seconds?
I have day traded before. I did it back sub 2000 when we didn't have instant quotes and paid 20 a trade in commissions. I ended up going to grad school at the University of Texas (MBA), and I was working full time also, so that killed my trading time.
Now, that I'm older and own my business, I have my wife in the business, a Manager and two Crew Leaders. So I can set aside an hour a day to trade. I traded last year, but did more swing trades than day. This year, I am investing, swing trading and doing more day trading. Like day trading is a job for me. I used to wake up and follow the premarket and make trades, and trade all day, but eventually figured out that 8:40 to 10 AM is the sweet spot for me.
I spend money on different services, maybe 400 a month. I treat it like its a business. I like it from the standpoint I don't have to deal with employees when they have too much to drink the night before, or crazy customers. I can put more money into my trades, but I won't do it until I'm super consistent. Like I said, there's always one day a week I blow up my account. Best to just walk away on those days.
Shonuff
Mr. Poopybutthole
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I understand that I have mental limitations that cause me to not be able to stop loss myself out. For real. I used to be one of the worst revenge traders out there. I'd rather program it in. When I used to have a $1500 loss day, it was from not having the self control to get out. I have to have the bracket order force me out. That cut my loss days in half.
I do invest and swing trade.
I am finding that with 100k simulated, I take big swings, and with 50k, I get real conservative. I might limit my trade to $11, 22 or 51 profit with real money, but with simulated trades, I double it.
Its all a part of the maturation process, and one reason why I won't be doing 100k trades until January. I've finally desensitized myself to be able to do 50k in a trade. There was a time when 30k trades would me do stupid shit. I'd start sweating, heart would race, and I'd make stupid decisions. Now I could give a shit. I've practiced over and over again on the 100k trades to the point that I am numb on it.
I'll get there, but I have to continue to study and hone my craft. Only 4% of traders can make a living off of it.
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Shonuff
Mr. Poopybutthole
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I look at it this way, if I can make 500 a day doing five trades at .1% profit apiece, why take on more risk? I know I'm scalping for pennies, but I've had times where I can go one week with no losing trades.
I'm open to other ways of thinking, but my goal is 500 a day, and sometimes I make 700-900 at .1% a trade (or .05% or less when I think the trade has higher odds of failing).
I'm definitely open to changing it up, but this is what has worked for me the last 60 days. And if I look at my log, trading like this is where I make my gains in other times earlier this year.
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Zog
Blackwing Lair Raider
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It's always interesting to see how other traders think and do things. I haven't been doing this very long, I am one of the millions that got into it with the publicity from GME.
I've lost a ton of money "figuring things out" and I had no choice but to chalk it up to investing in knowledge but the reality was I didn't do real $$ trades until after paper trading for 6 months and I consider it an entire waste of time.
Nothing can prepare you for putting real money on the line and it's honestly only gotten harder as I go because I know so much more about how those little charts can fuck you in the blink of an eye.
Everything I thought I knew and tried to put it into little logic algorithms didn't work because theres some guy out there trading against that very logic.
The stop loss is a powerful tool but its also a crutch that will more often than not guarantee losses as oppose to guaranteeing gains.
The second you think you figured everything out is when you're going to get your precious stop loss gapped and you lose a mortgage payment(or multiple) in the blink of an eye as you desperately try to get out of a trade.
There was a guy who invested his entire life savings into GME not far from where I live, when the stock dropped from 483 down to the 50's he blew his brains out, thinking he lost everything he worked for and the sad part is the stock did go back up to 350 not even a month later. That has stuck with me throughout my trading career and I really dont know how to wrap my head around it... It's a double edged sword really, to hold on to a loss in the event it can recover or you end up holding for something that never recovers.
I've lost a ton of money "figuring things out" and I had no choice but to chalk it up to investing in knowledge but the reality was I didn't do real $$ trades until after paper trading for 6 months and I consider it an entire waste of time.
Nothing can prepare you for putting real money on the line and it's honestly only gotten harder as I go because I know so much more about how those little charts can fuck you in the blink of an eye.
Everything I thought I knew and tried to put it into little logic algorithms didn't work because theres some guy out there trading against that very logic.
The stop loss is a powerful tool but its also a crutch that will more often than not guarantee losses as oppose to guaranteeing gains.
The second you think you figured everything out is when you're going to get your precious stop loss gapped and you lose a mortgage payment(or multiple) in the blink of an eye as you desperately try to get out of a trade.
There was a guy who invested his entire life savings into GME not far from where I live, when the stock dropped from 483 down to the 50's he blew his brains out, thinking he lost everything he worked for and the sad part is the stock did go back up to 350 not even a month later. That has stuck with me throughout my trading career and I really dont know how to wrap my head around it... It's a double edged sword really, to hold on to a loss in the event it can recover or you end up holding for something that never recovers.
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