Trading for 4 years with no success

[Tiplayer236]

Hi all, been trying to day trade for 4 years with no success. Blew a few accounts, and need some help figuring a strategy. I'm currently using the BTD strategy from Benten, and also use the reversal indicator (repaints) he posted a while back. Have not been able to be consistent. Can someone give me a good setup and strategy to use for day trading?

 

[csricksdds]

Hi all, been trying to day trade for 4 years with no success. Blew a few accounts, and need some help figuring a strategy. I'm currently using the BTD strategy from Benten, and also use the reversal indicator (repaints) he posted a while back. Have not been able to be consistent. Can someone give me a good setup and strategy to use for day trading?

Sorry to hear about your travails. Several traders are using my AGAIG (AsGoodAsItGets) charts which have been successful for me. You might want to give one of my charts a try? I see you're a new member and you will find lots of help on this website.

 

[Tiplayer236]

Thank you! much appreciated i will give it a try. Any guides available on how to use/read the AGAIG chart?

 

[csricksdds]

Thank you! much appreciated i will give it a try. Any guides available on how to use/read the AGAIG chart?

I’m not at my computer but most of my charts (on the first page) have write ups about the chart. One of mine (I think it’s called the Best Trading Chart is probably the most viewed.

https://usethinkscript.com/threads/agaig-trading-guide-summary-in-thinkorswim.19935/

 

[useThinkScript]

@Tiplayer236

Most members here can relate to the frustration of putting in the time and still not seeing results.

There may be a short-coming in your approach.
Here’s a quick set of standard questions, which generally can help pinpoint exactly where things might be breaking down.

1. How did you create the corrals of instruments to trade each day?
(Is it systematic, or more “whatever looks active”?)
The decision-process, in choosing what to trade, is the greatest determinate of success.
https://usethinkscript.com/threads/the-premise-of-trading.21386/

2. How would you describe your trading style—scalping, day trading, or swing trading?
(Being clear here helps avoid the “I just trade” trap.)

3. What do you analyze and confirm and what timeframes do you use, before entering a trade?
For example, checking higher and lower timeframes for trend and support zones, and your middle chart for entry.

4. What indicators or signals do you rely on, before making entry and when you exit.
—and are they giving independent confirmation, or collinear; basically saying the same thing?
Are they part of every good basic strategy?
https://usethinkscript.com/threads/good-strategy-basics-in-thinkorswim.8058/

5. Please go here: https://usethinkscript.com/threads/review-my-setup.18402/
And share a recent trade with a shared chart links of your timeframes and your reasoning?
(This is usually where the gap between theory and execution shows up.)

6. How much do you risk per trade as a percentage of your account?
(Are you consistent, or does it vary depending on mood/conviction?)

7. Do you have written trading rules, what are they? —and do you actually follow them?

8. How do you handle the emotional side—things like FOMO, revenge trading, or chasing losses?

Answering these honestly should help shine a light on whether the main issue is strategy, risk management, or psychology. Most struggling traders discover it’s a mix of all three, but identifying which one dominates is the first step toward fixing it.

 

[Tiplayer236]

I’m not at my computer but most of my charts (on the first page) have write ups about the chart. One of mine (I think it’s called the Best Trading Chart is probably the most viewed.

https://usethinkscript.com/threads/agaig-trading-guide-summary-in-thinkorswim.19935/

@csricksdds really like your chart! starting to use it let me ask you, is it possible to create an alert or scanner for your indicators so that when we get long signal + yellow arrow + White arrow + Green Arrow all on 1 green candle that it triggers an alert or scanner for that stock? Same would be true for short. That would be really good to have.

 

[Tiplayer236]

@Tiplayer236

Most members here can relate to the frustration of putting in the time and still not seeing results.

There may be a short-coming in your approach.
Here’s a quick set of standard questions, which generally can help pinpoint exactly where things might be breaking down.

1. How did you create the corrals of instruments to trade each day?
(Is it systematic, or more “whatever looks active”?)
The decision-process, in choosing what to trade, is the greatest determinate of success.
https://usethinkscript.com/threads/the-premise-of-trading.21386/

2. How would you describe your trading style—scalping, day trading, or swing trading?
(Being clear here helps avoid the “I just trade” trap.)

3. What do you analyze and confirm and what timeframes do you use, before entering a trade?
For example, checking higher and lower timeframes for trend and support zones, and your middle chart for entry.

4. What indicators or signals do you rely on, before making entry and when you exit.
—and are they giving independent confirmation, or collinear; basically saying the same thing?
Are they part of every good basic strategy?
https://usethinkscript.com/threads/good-strategy-basics-in-thinkorswim.8058/

5. Please go here: https://usethinkscript.com/threads/review-my-setup.18402/
And share a recent trade with a shared chart links of your timeframes and your reasoning?
(This is usually where the gap between theory and execution shows up.)

6. How much do you risk per trade as a percentage of your account?
(Are you consistent, or does it vary depending on mood/conviction?)

7. Do you have written trading rules, what are they? —and do you actually follow them?

8. How do you handle the emotional side—things like FOMO, revenge trading, or chasing losses?

Answering these honestly should help shine a light on whether the main issue is strategy, risk management, or psychology. Most struggling traders discover it’s a mix of all three, but identifying which one dominates is the first step toward fixing it.

Thanks! Those are all good and fair questions. I think my issue is more related to collinear indicators, giving false signals. I will focus on working on the questions you asked, and let you know if i dont see any progress.

 

[merryDay]

@csricksdds really like your chart! starting to use it let me ask you, is it possible to create an alert or scanner for your indicators so that when we get long signal + yellow arrow + White arrow + Green Arrow all on 1 green candle that it triggers an alert or scanner for that stock? Same would be true for short. That would be really good to have.

The AGAIG long / short signals are repainters. Only use for confirmation.
read more:
https://usethinkscript.com/threads/...ing-with-thinkorswim.20844/page-4#post-155104
https://usethinkscript.com/threads/why-repainters-have-great-backtested-results.21511/#post-156072
https://usethinkscript.com/threads/...ing-with-thinkorswim.20844/page-6#post-156065

@csricksdds recommends using the repainters as a confirming indicator when used with these non-repainters:
https://usethinkscript.com/threads/agaig-trading-guide-summary-in-thinkorswim.19935/
https://usethinkscript.com/threads/...ses-repaint-indicators-for-thinkorswim.20126/
https://usethinkscript.com/threads/agaig-daytrading-scalping-for-success-in-thinkorswim.20383/

 

[antwerks]

Thanks! Those are all good and fair questions. I think my issue is more related to collinear indicators, giving false signals. I will focus on working on the questions you asked, and let you know if i dont see any progress.

It would behoove you to go into detail about your methodology and criteria on how you first choose a stock to play (it all starts with a "good" stock)

Then give us how you choose the instrument of your trade whether it be just buying selling the stock or options or weighted vehicles like funds or futures.

Then tell us how you choose directions and which particular criteria drove you to that decision. Tell us how and whys and wheres would help.

Then tell us how do you choose the timing (when) how long will you hold what specific things will make you sell or make you hold or make you take profits.

Do you know how to correct or adjust your holding?

do you use stop loss or know how to hedge (insurance).

You can write it all down on a piece of paper (legible) and shoot a picture and put it here if that makes it simpler, but be complete.

Without that we won't know where you might need the help.

A script is not going to be the answer, those are just tools and if you don't know why or how or when or where or even what tool to use then you might as well invest in VTI or VOO alittle VXUS and go about your life, in time all those will do ok. ( oh and also put it in order please )

 

[antwerks]

Thanks! Those are all good and fair questions. I think my issue is more related to collinear indicators, giving false signals. I will focus on working on the questions you asked, and let you know if i dont see any progress.

Use this template to get you started - (this is not an all encompassing list add to it if needed)
Trading Checklist (Step-by-Step)
https://usethinkscript.com/threads/trading-checklist-step-by-step-for-thinkorswim.21628/