Quote (TheHitman @ May 1 2021 06:42am)
I have hundreds if not thousands of hours of charting and testing multiple indicators, spent several thousand dollars for fancy indicators when I was beginning my trading journey. At the end I would say that confused me more than anything, most of these tools are lagging. In my opinion what matter the most and what is usually not done by most is simply lay down a plan.
In trading I believe it always have to be the same over and over, if you developed a strategy that is trading the bounce off a 200day moving average then you stick to it, much easier to know before clicking when and where you are exiting and be prepared for the worst. Trading should be boring, you should be bored out of your skull but should always respect your rules. Most people are thinking about the next 5 trades, they should be looking for the next 500. This is what separate moon boys from the real deal, studying and understanding human behavior and the rush for dopamine play a big role in trading, understand your vulnerability and work with them.
At the end if I can throw my 2 cents about charts and trading it would be to study price action. There is a thing that does not lag and tells you SO MUCH information and is massively underated. The candles and their wicks, it gives SO MUCH information. Personally reading candles and using support/resistances is what fits my personality the best. Cutting the noise is usually a very good technic in life, can be applied to anything. I would be curious to know what time frame are you using to trade or generate idea, 200 fcr players might like a certain type of trading, would be an interesting study.
i definitely agree that u can get lost in trying to count ever wave. tried doing that when i 1st started. now i just gather relative patterns (triangles, head n shoulders, flags and what not).
I mostly day trade looking for quick ins and outs, but also have longterm investments going in on the background. (crypto only)
got about 3-4 ppl irl bouncing ideas around to, figured there would be people on here doing the same tbh
Quote (KRR @ May 1 2021 07:00am)
Hype will make you millions if you’re early enough
Charts and analytics will make you 5-10% gain .. maybe, just do this 1000x with no loss, you’ll maybe make a millie
charts and analytics will make u more in long term and actually can be a career, rather than trying to hit a hype b4 it pops like the jackpot of a slot machine XD
Quote (birdman5 @ May 1 2021 01:30pm)
I'm be down to chat trading strategy. You talking long term or short term?
Long term I have a mix of 80% blue chips and 20% dart throws. I buy in multiples of 100 shares and sell covered calls on all of it so I make that extra income, but cap any very large gains if something pops unexpectedly. I make an extra 3% per year selling covered calls, and only have things called away less than 5% of the time. If they are called away, it was always at a profit point.
Short term I day trade on margin. Rather than chase what's hot or up that day, I usually target stocks that are down for no good reason, or stocks that are having a sell-off after good earnings (again, for no good reason). I only buy stocks that I am ok with holding overnight, and I plan my outs. I don't set stop losses, but I check the IV of its options to see if I can make some income selling covered calls on it in the coming weeks if I end up having to bag hold for a big in order to turn a profit. I really don't like taking losses so I am pretty picky on which stocks I will day trade. I look for opportunities every day, but I only trade about 50% of available trading days. On a good day I could have over 10 day trades in the same day. On bad days I could skip a few days in a row. Things have to be just right for me to throw margin around like that. When I time an entry, I like the RSI to be below 30 and to be well below VWAP. I also like to see that the market is on an up trend. To do that, I make sure that the S&P500 or NASDAQ MACD line is steadily above the signal, or at least showing signs of crossing over it soon. I like using the MACD and signal metric better for the whole market index rather than the individual stock. If everything looks good I will throw some margin money at the stock. The amount I use depends on how confident I am in the pick and how much of the stock I would be ok with holding on margin. If it is a riskier trade I may only use 10-20% of my available margin. If it looks like a sure thing I may use all of it. Right after I enter the trade I record in my day trade spreadsheet what the RSI, VWAP, and MACD was at that moment so I can hone my craft. At this point I refresh my trade screen to see how much I am up. Sometimes I am already up over $100, and I will sell immediately. If I am not up over $100 in the minute after the buy, I will look to see how the stock behaved early in the day and in recent days as it recovered from its dips. Then I will pick a limit sell price and move on and look for another opportunity. Sometimes I end up down thousands of dollars on the trade after an hour or so, but still hold on. More often than not it recovers to a profit point for me later in the day or the next day. On very few occasions I will take a big loss. I have done that about 3 times. 2 of them I should have held, and 1 of them saved me from taking a much bigger loss. Still glad I don't set stop limits though. If I sell for a loss it is because I have decided to in that moment. I have friends that use stop losses and they end up selling for loss all the time when they should have just held out for the recovery. They have lost money and can no longer day trade, whereas I continue to make money day trading using my strategy and grow my portfolio month after month. I also tend to check financials of companies so see their revenue growth, cash to debt ratio (which is not a typical ratio, but I like see those 2 number and calculate it in my head), recent earnings and date of the next one, price targets from analysists, PE ratio, support/resistance lines, candle sticks, recent news, etc. I don't always look at everything before I make a decision to buy because there is not always enough time. But I often trade the same stocks multiple times a day and for days at a time, so most of that I only have to check once, then it is right back to just timing the RSI, VWAP, and MACD stuff for the right time to buy.
Typically long term on big coins and short term on alts. Always day trade alts while making sure bitcoin isnt gonna crash lol
Honestly i trade very similar but only crpyto. I use elliot wave patterns then look at the rsi and macd to confirm them. i typically use binance.us to trade, but since they dont have margin trading i just created a kraken account and am going to dabble into shorting n longing.
agreed af on the stop losses. got screwed a few times with it hitting my SL and it shooting up. only really use it now if btc looks iffy and it could break down. (which would cause most alts to go down 2-3x as much)
if ur into crypto lmk, atm im doing 3x types of trades:
little money in a few long term, eos, btc, and eth, will sell if they have a huge spike up and get back in when it corrects
medium money in a few mid term trades (week-month)
then each day i look for a coin to hit 3-7% off a decent chunk of my portfolio - can't get 1 everyday but sometimes more than 1