You touch upon a very important point in your post. Why do so many traders fail at this endeavor and eventually quit.
Every year one can count on 10 monster plays throughout the markets, yet only a handful can ever make the big money off them. Many traders are biased with all the BS they heave read or heard over the years. Cut losses at this level, never go all in, avoid OTC, the SEC will suspend DRYS LOL, learn technical analysis, listen to Sykes or Bao LMAO, always short POS plays, etc etc etc.
The market must be approached with NO BIAS whatsoever, hence why i always say in posts that you have to buy them all and then manage your risk, since NO ONE knows the next DRYS or DCGD, absolutely NO ONE!!
Yet most cannot buy them all due to their BIAS ( not their account size) against some plays that they assume are; scams, bloated, not going to run ever, etc etc etc.
You know how David Harding, John Henry and many of the elite trend followers build huge accounts?????
They buy everything that is moving, they manage the overall portfolio risk, they have specific loss parameters that are automatically executed, and they let the runners RUN.
They don't know DRYS from DCGD, and they don't care. As long as price and volume are cooperating they stay in the trade.
Furthermore, they don't trade hourly or daily since they realize that the bigger moves come after the big moves.
So as you can see my dear ihub legend, it is all in the mind. Trading is 95% mental and 5% all the rest IMHO.
Several good trades per year is all that is required to make the big bucks, yet most want to compete at the hft level against Jim Simons and company all the while enriching their brokerage firms( before the free commissions came in )
A former buddy of mine paid out $70k in commissions one year and had no idea if he made any money that year, but did get an invite to lunch from a TD Ameritrade VP lmao.....
:-)
Moral of this post;
AVOID MEDIA AT ALL COSTS,only thing one should listen to during trading hours is MUSIC,
Identify plays according to preset parameters,
If price/volume confirm thesis, HIT IT HARD, it takes big positions to make big money,
Manage the risk daily to preset loss parameters,
Slowly sell into the move as to secure profit, yet maintaining sizable position to profit in case it is the next DRYS, DCGD, PLUG, GEVO, etc etc.
Stay humble, love a dog or 10 ;-)
Very easy and simple yet simplicity is the hardest thing for an intelligent human to ever master, hence why some folks referred to as "idiots" LOL, can ride a move to a 10,000% ROI and some self proclaimed experts will scalp it for a 10% ROI and gloat for a year lol.
:-)
IMHO, and no disrespect intended to all experts and idiots alike, as no greater fool exists after myself ;-)
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