It’s so much mental focus require to day trade due to the rapid changes. I was unable to capitalize on the move up from April to today in the general market. The switch from bearish to bullish and vise versa is partly why I simply could not hold on to winners. Since this rise in markets from April a lot of the price increase has come from after hours. I simply had a difficult time holding over nights. Still I look forward to the next trading session.
On the note of cutting winners to soon and holding losers too long I have learned to scale in rather than go all in. The zero commission from a lot of brokers has made this much more cost effective.
I did well on capturing the rebound in March. But I just lost badly by holding on a loser on Friday where I should cut loss way earlier.
I love your point that we should scale in the position depending on our P/L, scale in more when we are winning and exposure alot less when we are losing.
Let grow as a better trader together and take advantage in next big move.