LOT Reddit Mentions | ChartExchange

It's hard, trying to work around your brain. Seeing a bunch of stocks moving. You can jump between them waiting for an opportunity and miss all of the opportunities. Or get distracted. If you have the capital you can set your entries with a stop loss and profit taker, and journal your reasoning, save the screen shots, etc.
I mostly developed my own set of strategies. I trade scammy microcaps. Lots of things have made a difference, but looking back. But three things seem to make a difference.
1. Don't use real money until you can successfully paper trade. Now I'm relatively consistent but I've burned all my capital and am working back up from a small cash account. It takes FOREVER. I average about a 1.5% gain of my capital a day.
2. You need a set strategy. What makes a good setup. What invalidates that setup. What are your price targets and what's your risk. Sometimes even a good setup doesn't have a solid R. But you don't NEED 2R or whatever people post. You can have high accuracy with 0.5R and still do well. If you can't write out your strategy and teach it to someone else you don't have a strategy. You have an idea. Once I started writing out my few strategies and forcing myself to stick to them and refine them it's more boring but it's gotten better. You MUST master the execution. It's even more important on a small cash account where a bad trade both wastes your buying power for the day AND costs you.
3. Aside from having a good strategy and sticking to it you need to try and plan your trades so you aren't jumping all over the place or hopping from one thing to another. That's why a strategy that gets somewhat ahead of the game can help a LOT because you can have a plan for the day. I remember one day my whole plan went to shit so I exited all my trades at a small gain, and friends were making fun of me. My chair broke a bolt. So I went to go get a bolt, tap and die set, and some biscuits and gravy. Came back, everything had tanked and they were crying about their losses. I got the bounce, doubled my profits for the day, and took a nap.
4. This one is mainly for small cash accounts, but I've found that it's better to try and time the entries close to the bottom because it's much easier to just take a small L, even if it later reverses, than it is to have your position sit there and go red, and have to watch it waiting or hoping it turns around. You have to just say screw it and let the buying power be done for the day. To hell with it. Otherwise you are staring at large red position, along with losing your buying power, and it makes it hard to focus on something else and for anyone, even without ADHD, it makes it hard to cut the loss and move on. On a margin account above the PDT threshold it isn't so bad. Your entry sucks you can cut it and make it back. Not a big deal.
I've asked various forms of this question several times. And about not hesitating on entries, and letting your winners run longer, and what I've found is that having a framework to stick to helps with that confidence, and gives me something to plan around, so I can make sure I'm keeping my focus where it matters.

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