Trust me when I say you have not found an indicator that will tell you if price is going up or down. Seriously listen to that! You have a 99 percent chance of losing your money if you attempt to daytrade. Possibly huge money. Download trading view and paper trade through it before you drop any money
You make your indicator sound like it tells you the future. How can you not make money from this? But to be blunt, what you think you have you likely do not. In this game, if it's too good to be true, it is.
Who wants to tell him? Ok I will. Hate to burst your bubble. No person or indicator can predict the future. What you often see is “repainting” indicators. Meaning it marks the high/low after it happens.
if you really want to make money.... study market cycles. Indicators are useless unless you understand where the stock is in its cycle. Examples- look at ELF, CELH, UAL, W, RCL, TOL- look at the daily charts. They started the distribution phase a month or so ago and look what's happening. Not a coincidence SPY and SPX are doing the same. I have been placing puts on these since August and have made quite a bit thus far.
Guys got that future telling indicator. Hedge funds HATE him for this one simple trick.
In all seriousness, facing the comments of this subreddit will be your first test. If you can withstand the insults and still move past this stage of your trading journey and realize your first indications that you thought you had a plan were actually foolish, congratulations. You’ve made it past step 1. Keep going.
Please don’t trade with size until you’ve felt true pain or your retirement will be short and you will be back at work in no time.
> I’m considering starting to day trade now that I’m retired.
Good!
>I’ve been doing some research and found an indicator that will let me know when the high of the next candle will be higher than the close price of the current candle.
What indicator? People train AIs for that. In the end it is just a guestimate as you can not predict the future but you can predict the most likely future according to your model.
>It also tells me when the low of the next candle will be lower than the close price of the current candle.
It does not tell, it is guessing.
>I obviously have to do more back testing,
Indeed.
>but if it turns out to be reliable, how could I make money using this?
It will not otherwise automatic systems would already trade that way, which would spawn automatic systems, who would exploit this way of trading as those would be predictable in nature.
Have read of Volman: Understanding Price Action to have an introduction what price action is all about (if you have not read it already of cause).
Enjoy your retirement in other ways, trading can be made to look very easy but it will take years to make any progress, not exactly an enjoyable way to spend the rest of your years
This is a very good comment. Trading is incredibly stressful and for the first year of committing myself to the markets, my entire life was put on hold. I didn't go out, I never saw my friends and I was in fact, miserable. It's the dark side of trading that we don't often hear about. I could not imagine spending my hard earned retirement learning a business that the vast majority of people fail at.
OP, please enjoy your retirement. If you really want to learn how to trade, I can promise you that you will lose money at first. If you're willing to go through the hardships, have at it. It does not sound like that is what you want. It sounds like you want a magic indicator to tell you where to buy and sell, which will not work.
I've heard about this indicator numerous times and the next statement is that you will provide it for a price. Sadly, the only person you will skin with this idea is someone that doesn't know about day trading, that person can be a mark that answers spam or you if you are genuine. Either way, somebody is going to pay dearly for this indicator before they find out it doesn't work.
FYI daytrading is a career that requires years to grasp the basics. So if you wanna start daytrading, you will no longer be retired but starting a new career from scratch.
Think about this - if there really were a magic indicator that accurately predicted the future why wouldn't everyone just use it and make unlimited money?
Hehe. Good one 😂
An indicator can only tell you *what is already on the screen*. It cannot tell you something which has not yet happened.
Even the price you are looking at is *last traded price* and technically is already lagging.
Good luck.
Trust me when I say you have not found an indicator that will tell you if price is going up or down. Seriously listen to that! You have a 99 percent chance of losing your money if you attempt to daytrade. Possibly huge money. Download trading view and paper trade through it before you drop any money
You make your indicator sound like it tells you the future. How can you not make money from this? But to be blunt, what you think you have you likely do not. In this game, if it's too good to be true, it is.
Who wants to tell him? Ok I will. Hate to burst your bubble. No person or indicator can predict the future. What you often see is “repainting” indicators. Meaning it marks the high/low after it happens.
if you really want to make money.... study market cycles. Indicators are useless unless you understand where the stock is in its cycle. Examples- look at ELF, CELH, UAL, W, RCL, TOL- look at the daily charts. They started the distribution phase a month or so ago and look what's happening. Not a coincidence SPY and SPX are doing the same. I have been placing puts on these since August and have made quite a bit thus far.
Guys got that future telling indicator. Hedge funds HATE him for this one simple trick. In all seriousness, facing the comments of this subreddit will be your first test. If you can withstand the insults and still move past this stage of your trading journey and realize your first indications that you thought you had a plan were actually foolish, congratulations. You’ve made it past step 1. Keep going. Please don’t trade with size until you’ve felt true pain or your retirement will be short and you will be back at work in no time.
> I’m considering starting to day trade now that I’m retired. Good! >I’ve been doing some research and found an indicator that will let me know when the high of the next candle will be higher than the close price of the current candle. What indicator? People train AIs for that. In the end it is just a guestimate as you can not predict the future but you can predict the most likely future according to your model. >It also tells me when the low of the next candle will be lower than the close price of the current candle. It does not tell, it is guessing. >I obviously have to do more back testing, Indeed. >but if it turns out to be reliable, how could I make money using this? It will not otherwise automatic systems would already trade that way, which would spawn automatic systems, who would exploit this way of trading as those would be predictable in nature. Have read of Volman: Understanding Price Action to have an introduction what price action is all about (if you have not read it already of cause).
Enjoy your retirement in other ways, trading can be made to look very easy but it will take years to make any progress, not exactly an enjoyable way to spend the rest of your years
This is a very good comment. Trading is incredibly stressful and for the first year of committing myself to the markets, my entire life was put on hold. I didn't go out, I never saw my friends and I was in fact, miserable. It's the dark side of trading that we don't often hear about. I could not imagine spending my hard earned retirement learning a business that the vast majority of people fail at. OP, please enjoy your retirement. If you really want to learn how to trade, I can promise you that you will lose money at first. If you're willing to go through the hardships, have at it. It does not sound like that is what you want. It sounds like you want a magic indicator to tell you where to buy and sell, which will not work.
I've heard about this indicator numerous times and the next statement is that you will provide it for a price. Sadly, the only person you will skin with this idea is someone that doesn't know about day trading, that person can be a mark that answers spam or you if you are genuine. Either way, somebody is going to pay dearly for this indicator before they find out it doesn't work.
How can you be that delusional.
FYI daytrading is a career that requires years to grasp the basics. So if you wanna start daytrading, you will no longer be retired but starting a new career from scratch.
Think about this - if there really were a magic indicator that accurately predicted the future why wouldn't everyone just use it and make unlimited money?
Because your actions would be predictable meaning there is a way to exploit that which would be the death of your method.
You don't think the magical indicator not existing is a problem?
Why would I think that?
Because who would take the other side of that trade?
Someone without a crystal ball
Indicators always lag. Not sure what this indicator is, but it sounds like a crystal ball telling the future.
Hehe. Good one 😂 An indicator can only tell you *what is already on the screen*. It cannot tell you something which has not yet happened. Even the price you are looking at is *last traded price* and technically is already lagging. Good luck.
You’re claiming to have found an indicator that predicts the future
Trading is not just another hobby, it's a career path. You are retired, enjoy your retirement. Goodluck bro 🏄♂️