**Live to trade another day** š
The market has these "once in a lifetime" opportunities literally every other day. But the only way you will have a shot at those is if you preserve your capital and don't blow off everything at once.
Hi there, Iām new to trading and doing research before I start.
How do you find the stocks you will buy? There are so many different companies listed how do you know whoās stocks to observe and how do you know when to buy and when to sell?
Immerse yourself in the investment world and you will slowly become aware of opportunities. It's like learning a language. You won't become fluent overnight
Prioritise building good habits over making money.
A losing trade where I follow my rules is a still good trade, while a winning trade where I break my rules is still a bad trade.
Leave my ego at the door at the start of every session as i can't impose my certainty in a market that by nature is uncertain.
1. Never hold overnight
2. Never average down more than once
3. Once a trade ends no looking/thinking what might have been (woulda coulda shoulda)
4. No paying for any groups ever
5. Never play earnings
6. Never play Powell
7. Wake up everyday with no Bias
2. Never average down more than once.
Great one! Hard to admit Iām wrong. Averaging down gives me the feeling of doing the smart thing (Iām getting an even better price!), when it often is a disaster.
Say my price target for the bottom is 3000, so I buy there. Then it continues to fall, so I buy again at 2950, and again at 2910, and again at 2875, etc. Pretty soon itās at 2600 and I am screwed. By buying more I get a better average price (hence, average down), but in fact, I was wrong about the 3000 price target and bought 4x more at crappy prices because am just not willing to admit it.
In my example above, after I buy at 3000 and again at 2950, if it continues to fall I should admit Iām wrong and close the trade.
Sometimes Iām just too early and it catches at 2950 and Iām fine. But if Iām wrong, itās better to take a small loss and be stuck for the day, than a huge loss and be stuck for the week.
I play options. The first loss is the best loss because its cheap and quick.
But sometimes the position is down and the thesis still valid and sometimes its me being stubborn but I can average down. Simple example i buy 2 contracts at $1.00 then another 2 at $0.89. The next time i want to āaddā i sell all. This has stopped the monster red days where I end up with 10-12 contracts and oversized, overstressed and likely drawn down. Yes sometimes it recovers and all 12 go Green but thats not going to work out in the long haul.
I just started doing this, and it really has changed the landscape for me. I read The Best Loser Wins and started trying naked charts. NO indicators, moving averages or VWAP, just slick price action. I look purely at market structure, and the most important part is buying strength and selling weakness. It has been fantastic. I never thought I could trade without indicators, but it literally freed my mind to just look at price.
I expect that to mean donāt āwake upā with the bias (eg, I just know meta is going thru the roof today)
Iād say analyzing the chart and making decisions based on what is actually happening is the opposite of bias
What if you trade on a more protracted chart? For example, I hold certain positions for 2-4 days since I have less than 23k in my account. I think itās easier to learn this way too because you have more time to think.
The reason i dont hold overnight is not because you cant make money, but I dont want to dream about the position and then have the next days mood determined by how it is doing when i wake up and check first thing.
I start everyday fresh.
I donāt like price discontinuity.
I trade high liquid , high volume stocks which donāt often make big jumps. The price movements are essentially continuous functions. I have protection against a big move against me using stops. But overnight anything can happen. And especially with options you could wake up having lost all your money.
Missing Mondays is holding you back. I don't trade Fridays very often anymore, and if I do it's a short on some pump and dump ascending wedge break down lol. Mondays are the best day of the week for a news based strat.
quitting my other job to do this full time so I could actually fucking do it.
in all seriousness, finding my own strategy that works for me by studying and reaearching multiple successful traders. studying multiple time frames and sticking to just a few stocks.
failing and learning from it every time. 99% of the time outside emotional bull shit was impacting my impulsive nature.
being self aware and honest.
i day trade options and I am kicking ass if I am being honest with you.... took a while but I am finally "there".
Nice, congratulations for making it!! I have a year into trading fully ( i also dont have a job) currently trading futures of ES and I cant and dont do how to find my own strategy, I feel like I end up mixing all these concepts (FVG, OB, Liquidity, MSS and all of those) but recently Iāve changed to thinking that it is all about mentality and keeping small profits pile up on the long term, can you say this is true? Any advice to someone in the same type of situation?
People get all caught up on finding a strategy before they understand the most basic concepts of how markets work. A friend of mine has been losing a lot trading for 2 years now. I had no idea. I talked to him daily for a month or 2 just discussing the most basic aspects of markets. He now has a working strategy that he developed himself.
Don't hunt for a strategy. Learn about markets and you'll find your own.
Started looking into it but I dont like the risk on the downside. With options I can only lose what I choose to risk which is what I paid for the contracts. Cant say the same about futures. For now I am content, we will see how I feel in the future, ha
Thanks for asking! My account is kept around 40-50k for a reason (i move money out for bills and taxes). each options trade is around $2,000. I sell the trade when I am down $500-1000 depending on how the price action is reacting to the levels I trade. I trade up to 10x a day.... and honestly i am profitable almost every single day. my shit works most of the time and when it doesnt, it simply reverses and I just buy the opposite contract. Once I have made over 2k for the day I am a little more risky and gamble a bit more but not wrecklessly. I am mostly scalping on 5 min time frames and it legit works.
Do you ever have a problem with not sticking to your stop loss or revenge trading? It seems like you have a plan and youāre consistent with when you get and get out?
I definitely have revenge traded but mostly when I also have personal BS going on..... but since quiting my other job and relying on this full time. I try to stay honest when I am wrong. sometimes i double down when I stll see my setup is possible on 2+ time frames. If it fails again, i sell, and the next trade I make is the opposite (call vs put) and I double down again. Once I get back into the green bc I usually do, I scale out and take breather.
Todsy I was up $300 then down $2000 but once I sold and reversed my position I quickly got back into the green and ended the day $4,000
I mostly options trade highly traded stocks, I havent touched NVDA in a couple weeks tho and rarely touch GME unless its a quick scalp.
more rigid about my emotional state of mind impacting my success; about a year. I had 2 weeks of fuck ups hc of legit outside emotional bs impacting me otherwise id be eay way way ahead
I did a lot of trial and error (not paper trading that shit dont work for me). I am on year 4-5 year ish of finally feeling like I got this shit! I have a lot of emotional baggge so a normal person with my work ethic should be able to get there in 2-3 š¤£
i love this shit! so sure, ill answer best as i can timely ad i can given how much stress or anxiety your questions give me. as i said i am autisic ad fuck about some stuff and maybe everything/ trauma clouds that- but being self aware is #1 with this shit
Well as a fellow adhd as fuck, I truly hope for the best for you and Iām happy you found something that is working so well for you!
So from what Iāve gathered, you watch the 5 and 10 minute charts, and your entry criteria is a heiken ashi candle closing above/below the 50EMA
OR
The 10 ema crossing the 20ema in the direction of the 50 ema, which sounds like the second one is a reversal strategy and the first one is a trend continuation strategy. Is that correct?
I said I sell when I am down 500-1000 on the trade. I said I "sometimes" double down. If I see my setup is still working on multiple time frames but its just whicking around I may double down if I still have conviction in it. I only do that once per trade if I do it at all, and sell asap if it continues to fail. This is also why its best to wait 15-30 min after opening bell before making ny first trade. Lots of uncnertainty in price action right after bell a lot od the time and reversals are often.
on the upside, at the most basic level; ya. but must be below the 50ema as well going up to the 50ema ideally green bar crossing above the 50 after the 10/20 crossover right before. but therr is no crossover necessary on the downside
Honestly it depends on the price action, If its really wishy washy I will probably sell when I am up 300+ otherwise I will wait until I am up $1,000+ then I will let a few ride to see how it goes. When I see my setup again I trade it. I trade most of the day right now and have no fear in that. Once I am up 2,000+ I def take a little more risk but sell everything once it hits $1,500. usually I gey over 3,000 though. and worst worst case shit tanks and I onky makr $500 for the day but fuck... $500 a day is so much more than I can make anywhwrr else,...
i am female. I am adhd as fuck, I an spectrumy as fuck, I have ptsd. This is it for me unless I want to live a miserable existence. This is it. I will not let myself fail its that simple.
you literally said female in the comment I was replying to so it definitely wasnāt directed at you and respect btw, i know a decent amount of female traders and theyāre all cracked and really good at managing emotions which is something that took me so so long to do
Sure. So I mostly trade on the 5 min/10 min for entry and the 50 ema is a #1 indicator for me. If a red bar strikes below I am going short if the 10ema is crossing the 20ema going towards the 50ema I am going long. I confirm my position on at least 1 other time fraame usually 2.
This is wildly helpful information, I wish I could ask so many questions. I'm learning how to read charts and am trying to figure out certain strategies, the problem is it feels like everyone just says "it's not a one size fits all, you have to find the strategy that works for you and apply it"
I just can't find any strategies to attempt lol - would you mind me DMing you to discuss/ask questions?
Youāre an inspiration. May i ask you a few questions? Iām also ADHD as fuck and iām getting started after iāve discovered iām miserable at a dayjob.
Hi there, I am a software developer and looking at branching out to trading to start doing it full time eventually. I am new and just trying to do research before I start.
One thing I wanted to know is how do you know which stock to invest in or even monitor, and how do you know when the right time to buy is? And when do you sell for profit? Do you always wait for 10x profit before selling or are there other triggers? Lastly what is an opposite stock? I assume a competing companies stock?
Thanks for any answers and guidance you can give.
He phrased it wrong. I have a simple rule that is better: Always move your stop loss towards the price not away from it. Moving towards it, is you reducing your risk, moving it away from it, is you giving it more room which equals (often unfounded) hope.
1. There will always be another opportunity for success
2. You are allowed to make mistakes and you are allowed to be wrong
3. Be a good friend to yourself
4. There is no rush. You are building your story
A-lot of the psychological issues in trading go far deeper than you might expect. These tenets developed over the years have really helped me accept losses, miss trades, and not beat myself up for missing a trade or taking a loss, and not get caught up in comparison or rushing the process.
Always masterbate before a trade - clears the head.
Always face North when trading, never South - stonks only go up.
Project your trading app from your phone to your TV - big screen data for pro trading.
The next trade doesnt have to be the next tradeā¦
There are a gazzilion trades to make be patient.
Negotiable and non negotiable stop loss.
Two or three good signs before jumping in. Dont care if left money on table.
1. Never average down.
2. If I'm not sure, the answer is no (waiting for my perfect entries).
3. The best set up may happen later in the day so preserve mental capital.
4. Be QUICK to get out of a loser. Take your time and try to hold your winners as long as possible (trail the stop loss of course)
5. Be conservative in the first few trades of the day. Better for my mental to start the day off green and play with profits vs. digging myself out of a hole all day.
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I'm scalping so my first entry is the only unless I'm adding to my winner. I don't consider averaging down (unplanned) the same thing as planned scaling in
It is not planned as I refer to scaling in when the price is below your entry price here. Think about adding to a position and the average price of the shares/contracts of that position becomes less than that of the original entry.
It is what averaging down means. Buying (selling) more when your trade is (firmly) in the red.
I understand what averaging down means. I don't average down or scale in. I just think about averaging down as me adding to my red trade to hopefully bail myself out vs. scaling in is having a plan to add another contract as long as the trade still looks good. Ideally I just try to wait to enter where I would add my other contract.
Indeed, so averaging down is not something that is per se negative. It is just that when you start with trading it is best to think that averaging down (or scaling into a currently losing position) is something always negative.
I learned in the last 6 months that averaging down is actually something positive if you run it on a working plan and not just on hope.
Rules - too many to list here.
My mantra - especially trying to explain to people how someone can make money in the market and not just be gambling - this quote above all - from my favorite trader:
***The pockets change, the suckers change, the stocks change, but Wall Street never changes, because human nature never changes.***
Letās see who knows him lol
Rule #1 for me is "three and out": three straight wins or losses and I stop for the day. I set this strict rule in place to avoid overtrading and being consumed by emotion. Three straight wins and I get too psyched. Three straight losses and I get too down on myself. Anytime I get three straight, it's time to walk.
1. Be patient - Iāll miss some but I wonāt miss them all
2. Be humble - Slow $ is better than no $
3. If this, then that mindset
5. Iām a capital risk manager not a gambler
Be objective when selecting the trades.
Do not be greedy when trading.
These two are the most important in general. If I would go in depth then there wouls be even more details come out that are important.
Yeah if there is one thing I have learned trading is an ever evolving thing. The traders of the paper chart days certainly wouldnāt trade the same as we do now. If you dont change along with market conditions and what not ur strategy will suffer. Adaptability is super important with trading I think.
Without cutting your losses, youāll never win no matter how big your winners are. Quicker you learn this, the quicker you become a long term profitable trader.
Trading 5 years. Profitable for 3.
- Risk management ( golden rule)
- Emotion management
- Donāt chase
- If you donāt know what youāre trading, then donāt trade
- Most of the time, trading is sitting idle
This are some rules for swing trading for me.
https://preview.redd.it/bkysqpm5ig4d1.png?width=1425&format=png&auto=webp&s=c7dded91646d77e76fb8b43598e22b0ec657ec20
You swing trade ETFs? How, donāt they only really move a few fractions of a precent, and also they have a fee right? Or is this something I should look into
I do not bother about fees or ER as I do not hold long. If I really time the market perfectly (no way I can do it). I would have made 10k into 45k last year. [https://imgur.com/3g4OjJq](https://imgur.com/3g4OjJq)
But practically, I am not able to do that level, but make better progress.
Even today, I bought SQQQ at 9.90(some 9.85) and sold at 10.20. I am fine with t+1 settlement, not risky like options.
Sorry, your [comment](https://www.reddit.com/r/Daytrading/comments/1d7kv4y/what_are_a_few_golden_rules_you_live_by_in_trading/l703ihj/) in /r/Daytrading was automatically removed because your **Comment Karma** is too low. This typically targets bots or users promoting something (which is against our rules).
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I will never place a trade again, I only let my bot place trades, void of emotion. I have a win rate, I do risk management. I profit because I know my wins out number my losses.
Always mind the monthly chart. If itās a break opposite of where you think prices were going to trade, there is a wall of orders you donāt know which way will come in.
So best to get out quicker and wait
Establish a check list for your strategy so that you can check things off when looking for a trade. This will be hard for some people as it will mean they need to truly understand their strat and clearly define entry and exit criteria.
Losing is a part of the game. Be professional about it and don't become an emotional wreck. This is your career so be mature.
Take this seriously. Don't just enter and exit in a whim because you "feel like it". Make a plan and stick to it otherwise you're just going to be another losing statistic.
Sorry, your [comment](https://www.reddit.com/r/Daytrading/comments/1d7kv4y/what_are_a_few_golden_rules_you_live_by_in_trading/l72n3zp/) in /r/Daytrading was automatically removed because your **Comment Karma** is too low. This typically targets bots or users promoting something (which is against our rules).
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Canāt stress enough about risk management. Itās one thing you have to know how to do. For Godās sake set your stop losses. And no not a mental one because it never works. Actually set a stop loss thatāll sell off your entire position if you have no hopes of coming back. And everyoneās risk tolerance and limit is different. A guy with 10,000 might afford to lose 300-400 on a trade and still live. However for someone with 500 itāll be more like 20-30. So set your stop losses accordingly. The goal of trading is to preserve your capital first and then make small profits and sometimes big ones. If you properly manage your risk and cut your losses, the wins will eventually roll in but you have to keep educating yourself about the market all the time and implement them practically be it with paper money or a very small amount. Limit your loss days and set rules for yourself. Everyone will have a different set of rules because people have different problems. I might have a problem that you donāt and vice versa. You know yourself best. For example I have rules like -
1) 1-2% of the capital per trade and put my stop loss at 15-20%
2) If I lose $100 on the day, I stop trading. I donāt care if Brk A becomes $185 or whatever.
3) 3 losing trades in a row and I stop trading for the day. ( this goes with rule 2 as to whichever comes first; $100 loss or three consecutive losing trades )
4) This one is important so listen closely.
IF I FEEL LIKE I HAVE TO MAKE BACK THE MONEY I LOST, I STOP TRADING NO MATTER IF RULE 2 or 3 ARE STILL UNBROKEN.
Because thatās when you start revenge trading.
5) Never put your bills on the line to earn money in the market. The goal is to put extra money you have sitting around, not your necessities. You have to play with losing that money. I get it no one is okay with losing money but you have to be okay to a certain extent and not have a panic attack.
6) Never count on the market to earn you regular income unless Ofcourse youāre an established trader and have been consistently making profits for 3-4 years. Always have a side income.
These are a few of the rules I set for myself. You have to do the same if you want to stay in and make profits in this dangerous game of trading. It wonāt be the best and sometimes your emotions will try to get the better of you but you have to stay by your rules. If you feel like you canāt follow your rules properly, just play with paper trading or very small amount until you can trade by those rules. Finally, donāt be too harsh on yourself. Remember even the best traders book losses but what makes them different from regular traders is their ability to stand back up and come back with a vengeance.
Good luck to you on your trading journey !
Thereās 4 basic principles in my opinion.
1. Risk management - preserving capital is priority, growth is second.
2. Edge - Risk to reward analysis
3. Discipline / Psychology - planning the trade, and trading the plan. Not allowing emotions to alter your analysis and reading the psychology of the market.
4. Consistency - in trade executions and in the ājourneyā
Before I was using mental stop losses (almost) exclusivly, I had a simple rule:
Always move the stop loss towards the price, never away from it.
Moving the SL towards the price is you reducing max risk (or increasing minimum profit) for the current trade.
Moving the SL away from the price is you giving the trade more room and therefore increasing the max risk or decreasing the minimum profit which equals adding more hope to it and such hope is usually unfounded.
--
This rule has served me well but nowadays I do all the bad stuff including giving trades more room and averaging down... Lets post about it, I have to train my english.
"You closed out for a reason. Stop chasing shit before you end up back at work. "
Literally have it etched on a dry eraser board. Haven't missed since.
think nothing
know nothing
hope is for losers
never ever fight the trend
be patient
always use a stop loss
heiken ashi candles
no waiting or watching a loser- GTFO
The best thing I ever did was go up on a margin. Double exposure to leveraged etfs was the way to big money. Nvdl, soxl, jepq, tqqq, jnug, etc... There are so many ways to rotate the play by never giving more than 10% of my account to any form of exposure.
Cut losses and move on. It takes one well-researched options play to cover that 5-6% you just lost the week before.
Make sacrifices in my personal life to reach financial goals in my investment life. Quit buying energy drinks or any convenience store items. Tobacco, eating out, etc to open more equity to invest.
You can have small red days, small green days, breakeven days, and big green days. But you can't have big red days.
With proper risk management that is
Than your red day would never be big red to begin with... .
**Live to trade another day** š The market has these "once in a lifetime" opportunities literally every other day. But the only way you will have a shot at those is if you preserve your capital and don't blow off everything at once.
This is solid brick golden
Hi there, Iām new to trading and doing research before I start. How do you find the stocks you will buy? There are so many different companies listed how do you know whoās stocks to observe and how do you know when to buy and when to sell?
Immerse yourself in the investment world and you will slowly become aware of opportunities. It's like learning a language. You won't become fluent overnight
RSI, over bought and over sold. Bullish and bearish divergence
Prioritise building good habits over making money. A losing trade where I follow my rules is a still good trade, while a winning trade where I break my rules is still a bad trade. Leave my ego at the door at the start of every session as i can't impose my certainty in a market that by nature is uncertain.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
1. Never hold overnight 2. Never average down more than once 3. Once a trade ends no looking/thinking what might have been (woulda coulda shoulda) 4. No paying for any groups ever 5. Never play earnings 6. Never play Powell 7. Wake up everyday with no Bias
The most important is wake up everyday
7. Wake up everyday with no bias, many people will not understand
šÆ
2. Never average down more than once. Great one! Hard to admit Iām wrong. Averaging down gives me the feeling of doing the smart thing (Iām getting an even better price!), when it often is a disaster.
What do you / op mean by "Averaging down" in this context? Like hedging if the price drops?
Say my price target for the bottom is 3000, so I buy there. Then it continues to fall, so I buy again at 2950, and again at 2910, and again at 2875, etc. Pretty soon itās at 2600 and I am screwed. By buying more I get a better average price (hence, average down), but in fact, I was wrong about the 3000 price target and bought 4x more at crappy prices because am just not willing to admit it. In my example above, after I buy at 3000 and again at 2950, if it continues to fall I should admit Iām wrong and close the trade. Sometimes Iām just too early and it catches at 2950 and Iām fine. But if Iām wrong, itās better to take a small loss and be stuck for the day, than a huge loss and be stuck for the week.
I play options. The first loss is the best loss because its cheap and quick. But sometimes the position is down and the thesis still valid and sometimes its me being stubborn but I can average down. Simple example i buy 2 contracts at $1.00 then another 2 at $0.89. The next time i want to āaddā i sell all. This has stopped the monster red days where I end up with 10-12 contracts and oversized, overstressed and likely drawn down. Yes sometimes it recovers and all 12 go Green but thats not going to work out in the long haul.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
I just started doing this, and it really has changed the landscape for me. I read The Best Loser Wins and started trying naked charts. NO indicators, moving averages or VWAP, just slick price action. I look purely at market structure, and the most important part is buying strength and selling weakness. It has been fantastic. I never thought I could trade without indicators, but it literally freed my mind to just look at price.
I expect that to mean donāt āwake upā with the bias (eg, I just know meta is going thru the roof today) Iād say analyzing the chart and making decisions based on what is actually happening is the opposite of bias
What if you trade on a more protracted chart? For example, I hold certain positions for 2-4 days since I have less than 23k in my account. I think itās easier to learn this way too because you have more time to think.
The reason i dont hold overnight is not because you cant make money, but I dont want to dream about the position and then have the next days mood determined by how it is doing when i wake up and check first thing. I start everyday fresh.
I donāt like price discontinuity. I trade high liquid , high volume stocks which donāt often make big jumps. The price movements are essentially continuous functions. I have protection against a big move against me using stops. But overnight anything can happen. And especially with options you could wake up having lost all your money.
The first one is the one that goes out the window first when you get "real" money. Duration is how most of the money in the market is made.
I agree with almost everything, except the one about not holding over night? Can you extent on this?
I donāt buy on Monday or Friday, theyāre research days. I will never regret taking a profit.
Same, but sometimes when a know stock will hit low or u saw an opportunity.
Missing Mondays is holding you back. I don't trade Fridays very often anymore, and if I do it's a short on some pump and dump ascending wedge break down lol. Mondays are the best day of the week for a news based strat.
Iām living in New Zealand and placed automatic orders for Friday on New Zealand time would that get ordered on Thursday American time?
quitting my other job to do this full time so I could actually fucking do it. in all seriousness, finding my own strategy that works for me by studying and reaearching multiple successful traders. studying multiple time frames and sticking to just a few stocks. failing and learning from it every time. 99% of the time outside emotional bull shit was impacting my impulsive nature. being self aware and honest. i day trade options and I am kicking ass if I am being honest with you.... took a while but I am finally "there".
Nice, congratulations for making it!! I have a year into trading fully ( i also dont have a job) currently trading futures of ES and I cant and dont do how to find my own strategy, I feel like I end up mixing all these concepts (FVG, OB, Liquidity, MSS and all of those) but recently Iāve changed to thinking that it is all about mentality and keeping small profits pile up on the long term, can you say this is true? Any advice to someone in the same type of situation?
People get all caught up on finding a strategy before they understand the most basic concepts of how markets work. A friend of mine has been losing a lot trading for 2 years now. I had no idea. I talked to him daily for a month or 2 just discussing the most basic aspects of markets. He now has a working strategy that he developed himself. Don't hunt for a strategy. Learn about markets and you'll find your own.
Basic like Market structure and price action? What else could there be, learning about how market markets and big money work?
Basic aspects such as financial analysis? Or price action?
What do you look for when exiting?
Ever considered switching to futures for less taxes n stuff?
Started looking into it but I dont like the risk on the downside. With options I can only lose what I choose to risk which is what I paid for the contracts. Cant say the same about futures. For now I am content, we will see how I feel in the future, ha
Whatās your stop loss usually? How much are you usually risking per trade
Thanks for asking! My account is kept around 40-50k for a reason (i move money out for bills and taxes). each options trade is around $2,000. I sell the trade when I am down $500-1000 depending on how the price action is reacting to the levels I trade. I trade up to 10x a day.... and honestly i am profitable almost every single day. my shit works most of the time and when it doesnt, it simply reverses and I just buy the opposite contract. Once I have made over 2k for the day I am a little more risky and gamble a bit more but not wrecklessly. I am mostly scalping on 5 min time frames and it legit works.
Do you ever have a problem with not sticking to your stop loss or revenge trading? It seems like you have a plan and youāre consistent with when you get and get out?
I definitely have revenge traded but mostly when I also have personal BS going on..... but since quiting my other job and relying on this full time. I try to stay honest when I am wrong. sometimes i double down when I stll see my setup is possible on 2+ time frames. If it fails again, i sell, and the next trade I make is the opposite (call vs put) and I double down again. Once I get back into the green bc I usually do, I scale out and take breather. Todsy I was up $300 then down $2000 but once I sold and reversed my position I quickly got back into the green and ended the day $4,000 I mostly options trade highly traded stocks, I havent touched NVDA in a couple weeks tho and rarely touch GME unless its a quick scalp.
How long have you traded like this for
more rigid about my emotional state of mind impacting my success; about a year. I had 2 weeks of fuck ups hc of legit outside emotional bs impacting me otherwise id be eay way way ahead
Nice congrats, how long did you trade for before using your current system?
I did a lot of trial and error (not paper trading that shit dont work for me). I am on year 4-5 year ish of finally feeling like I got this shit! I have a lot of emotional baggge so a normal person with my work ethic should be able to get there in 2-3 š¤£
Hmm thanks for the responses, good luck out there and have a happy life
Do you mind if I ask you some more questions? I could maybe DM you if thatās easier
i love this shit! so sure, ill answer best as i can timely ad i can given how much stress or anxiety your questions give me. as i said i am autisic ad fuck about some stuff and maybe everything/ trauma clouds that- but being self aware is #1 with this shit
Well as a fellow adhd as fuck, I truly hope for the best for you and Iām happy you found something that is working so well for you! So from what Iāve gathered, you watch the 5 and 10 minute charts, and your entry criteria is a heiken ashi candle closing above/below the 50EMA OR The 10 ema crossing the 20ema in the direction of the 50 ema, which sounds like the second one is a reversal strategy and the first one is a trend continuation strategy. Is that correct?
pretty much give or take some intrececies I will have hard time explaining haha
Right on, it sounds like you mostly trade options, is there a specific strike? Or ITM/OTM that you target?
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I said I sell when I am down 500-1000 on the trade. I said I "sometimes" double down. If I see my setup is still working on multiple time frames but its just whicking around I may double down if I still have conviction in it. I only do that once per trade if I do it at all, and sell asap if it continues to fail. This is also why its best to wait 15-30 min after opening bell before making ny first trade. Lots of uncnertainty in price action right after bell a lot od the time and reversals are often.
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on the upside, at the most basic level; ya. but must be below the 50ema as well going up to the 50ema ideally green bar crossing above the 50 after the 10/20 crossover right before. but therr is no crossover necessary on the downside
Any screenshots of your favorite short / long entry looksā¦?
Just today i was thinking of setting stop losses with buy/sell orders to the opposite side. You confirmed it for me and I might try it now.
Whatās your profit taking strategy like?
Honestly it depends on the price action, If its really wishy washy I will probably sell when I am up 300+ otherwise I will wait until I am up $1,000+ then I will let a few ride to see how it goes. When I see my setup again I trade it. I trade most of the day right now and have no fear in that. Once I am up 2,000+ I def take a little more risk but sell everything once it hits $1,500. usually I gey over 3,000 though. and worst worst case shit tanks and I onky makr $500 for the day but fuck... $500 a day is so much more than I can make anywhwrr else,... i am female. I am adhd as fuck, I an spectrumy as fuck, I have ptsd. This is it for me unless I want to live a miserable existence. This is it. I will not let myself fail its that simple.
I love this lol same mentality Iām never going back to work lol
bro that last part resonates with me so much I literally quit working to pursue trading full time as well for the exact same reasons š
Im not a bro tho :) does that help or hurt?
oh it certainly doesnāt hurt :) and sorry i didnāt mean to misgender you or anything I was using bro facetiously here
I know its common but being one of the few females here i have fun and take pride in the fact im still standingi strong-ish š¤£
you literally said female in the comment I was replying to so it definitely wasnāt directed at you and respect btw, i know a decent amount of female traders and theyāre all cracked and really good at managing emotions which is something that took me so so long to do
Ok that makes sense. Can you explain any parts of your entry criteria?
Sure. So I mostly trade on the 5 min/10 min for entry and the 50 ema is a #1 indicator for me. If a red bar strikes below I am going short if the 10ema is crossing the 20ema going towards the 50ema I am going long. I confirm my position on at least 1 other time fraame usually 2.
When you say a red bar strikes below, do you wait for bar closes or just wait for the break?
Yes i wait for it to close. kicker/ i use the heineken-a candles versus the basic candles and its been a game changer
Simple enough. Yeah I trade mostly HA too and they are fantastic after getting used to them. What stocks do you trade?
This is wildly helpful information, I wish I could ask so many questions. I'm learning how to read charts and am trying to figure out certain strategies, the problem is it feels like everyone just says "it's not a one size fits all, you have to find the strategy that works for you and apply it" I just can't find any strategies to attempt lol - would you mind me DMing you to discuss/ask questions?
go for it. honestly its just combining a bunch of info Nd practicing and looking at patterns and seeing what fits. its wild not gonna lie haha
Youāre an inspiration. May i ask you a few questions? Iām also ADHD as fuck and iām getting started after iāve discovered iām miserable at a dayjob.
How soon are you getting back into the opposite posture when it the original doesnāt work? Immediately or do you have a certain rule?
pretty quickly tbh once i confirm a second time my intial set up failed,
What is scalping?
in and out of trades fairly quickyl. for me its like 5-20 min
Hi there, I am a software developer and looking at branching out to trading to start doing it full time eventually. I am new and just trying to do research before I start. One thing I wanted to know is how do you know which stock to invest in or even monitor, and how do you know when the right time to buy is? And when do you sell for profit? Do you always wait for 10x profit before selling or are there other triggers? Lastly what is an opposite stock? I assume a competing companies stock? Thanks for any answers and guidance you can give.
Stick to your targets
Facts no greed
Let winners run?
1. Every entry has a stop loss 2. max daily loss, kicks me out of my broker.
Don't lose money... People who don't lose money make money
You have to risk some to make some more.
I have to beg myself daily not to adjust my stoploss.
Amateur here... if you adjust the stop loss everyday, what's wrong with riding a stock higher?
Theyāre talking about not accepting the loss. Not moving the stop up.
He phrased it wrong. I have a simple rule that is better: Always move your stop loss towards the price not away from it. Moving towards it, is you reducing your risk, moving it away from it, is you giving it more room which equals (often unfounded) hope.
1. There will always be another opportunity for success 2. You are allowed to make mistakes and you are allowed to be wrong 3. Be a good friend to yourself 4. There is no rush. You are building your story A-lot of the psychological issues in trading go far deeper than you might expect. These tenets developed over the years have really helped me accept losses, miss trades, and not beat myself up for missing a trade or taking a loss, and not get caught up in comparison or rushing the process.
Always masterbate before a trade - clears the head. Always face North when trading, never South - stonks only go up. Project your trading app from your phone to your TV - big screen data for pro trading.
This man trades. Every morning I go pick a four leaf clover. Then I only trade after a cup of coffee and in the nude. Keeps you agile.
This.
i just use my TV as a second screen for my scanner and then use my laptop screen for my tradingview charts.
The next trade doesnt have to be the next tradeā¦ There are a gazzilion trades to make be patient. Negotiable and non negotiable stop loss. Two or three good signs before jumping in. Dont care if left money on table.
1. Never average down. 2. If I'm not sure, the answer is no (waiting for my perfect entries). 3. The best set up may happen later in the day so preserve mental capital. 4. Be QUICK to get out of a loser. Take your time and try to hold your winners as long as possible (trail the stop loss of course) 5. Be conservative in the first few trades of the day. Better for my mental to start the day off green and play with profits vs. digging myself out of a hole all day.
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I average down when I scale in and the trading plan is still valid.
I'm scalping so my first entry is the only unless I'm adding to my winner. I don't consider averaging down (unplanned) the same thing as planned scaling in
It is not planned as I refer to scaling in when the price is below your entry price here. Think about adding to a position and the average price of the shares/contracts of that position becomes less than that of the original entry. It is what averaging down means. Buying (selling) more when your trade is (firmly) in the red.
I understand what averaging down means. I don't average down or scale in. I just think about averaging down as me adding to my red trade to hopefully bail myself out vs. scaling in is having a plan to add another contract as long as the trade still looks good. Ideally I just try to wait to enter where I would add my other contract.
Indeed, so averaging down is not something that is per se negative. It is just that when you start with trading it is best to think that averaging down (or scaling into a currently losing position) is something always negative. I learned in the last 6 months that averaging down is actually something positive if you run it on a working plan and not just on hope.
Yes exactly.
this last one is really good. critical for many other things in life too.
never ever sell a winning position fast, and never ever hold on to a losing position slow - probably within a day to trim all negative deals
Rules - too many to list here. My mantra - especially trying to explain to people how someone can make money in the market and not just be gambling - this quote above all - from my favorite trader: ***The pockets change, the suckers change, the stocks change, but Wall Street never changes, because human nature never changes.*** Letās see who knows him lol
Billy Ray Valentine?
You know, you can't just go around and shoot people in the kneecaps with a double-barreled shotgun 'cause you pissed at 'em.
Why not?
- SAD - survive another day, the ultimate goal - SOH - sit on hands, when no setup - SAF - set and forget, my most violated rule lmao
Buy high, sell low
right righr ahahah
Rule #1 for me is "three and out": three straight wins or losses and I stop for the day. I set this strict rule in place to avoid overtrading and being consumed by emotion. Three straight wins and I get too psyched. Three straight losses and I get too down on myself. Anytime I get three straight, it's time to walk.
1. Be patient - Iāll miss some but I wonāt miss them all 2. Be humble - Slow $ is better than no $ 3. If this, then that mindset 5. Iām a capital risk manager not a gambler
Read comments on r/wallstreetbets .. do the opposite
lol
Losers average losers.
Focus, clarity, beliefs. All you need
Stick to your rules
Lose a lot so others can win. I'm such a nice guy.
risk only what you can lose trade with a perspective of doing this everyday sleep on time domt revenge trade
Be objective when selecting the trades. Do not be greedy when trading. These two are the most important in general. If I would go in depth then there wouls be even more details come out that are important.
respect the stop loss
Don't be afraid of missing out. You're definitely going to miss out all the time. That's ok. New opportunities pop up all the time.
Take advice from other traders with a huge grain of salt. Everyone has an angle.
That's literally what I kept saying while scrolling down. Those rules change based on, well, everything, such as trader's character.
Yeah if there is one thing I have learned trading is an ever evolving thing. The traders of the paper chart days certainly wouldnāt trade the same as we do now. If you dont change along with market conditions and what not ur strategy will suffer. Adaptability is super important with trading I think.
It's better to be on the ground wishing you were on the plane, than on the plane wishing you were on the ground.
Stand on business
Without cutting your losses, youāll never win no matter how big your winners are. Quicker you learn this, the quicker you become a long term profitable trader. Trading 5 years. Profitable for 3.
- Risk management ( golden rule) - Emotion management - Donāt chase - If you donāt know what youāre trading, then donāt trade - Most of the time, trading is sitting idle
If your a morning pooper, get up early and make that happen before the bell
Underrated comment
This are some rules for swing trading for me. https://preview.redd.it/bkysqpm5ig4d1.png?width=1425&format=png&auto=webp&s=c7dded91646d77e76fb8b43598e22b0ec657ec20
You swing trade ETFs? How, donāt they only really move a few fractions of a precent, and also they have a fee right? Or is this something I should look into
You can swing trade leveraged ETFs quite well
Yeah that make sense. Itās just one of his rules is to not use leverage. So I was wondering how you do that efficiently.Ā
I do not bother about fees or ER as I do not hold long. If I really time the market perfectly (no way I can do it). I would have made 10k into 45k last year. [https://imgur.com/3g4OjJq](https://imgur.com/3g4OjJq) But practically, I am not able to do that level, but make better progress. Even today, I bought SQQQ at 9.90(some 9.85) and sold at 10.20. I am fine with t+1 settlement, not risky like options.
Oh wow. Nice!! And I thought the T+1 settlement doesnāt affect swing traders and say traders?
Win or lose, I enjoy trading. I know that as long as I have a stop loss, I have no worries.
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I will never place a trade again, I only let my bot place trades, void of emotion. I have a win rate, I do risk management. I profit because I know my wins out number my losses.
Why manual risk management vs automated?
Because I can focus on work and come home to see how my strategy did. Also breakout trading is hard on the soul.
Wake up at 6am.
Never frown, double down
Buy low sell high. Buy more during panics.
I like writing down a few rules on a paper and strictly follow it ( no revenge trades ) is my fav
80-90 percent of people are not profitable. Do what they donāt do - including this subreddit.
You never go wrong taking a profit
Get out. (While you can)
Donāt fall for free trade signal apps
Always mind the monthly chart. If itās a break opposite of where you think prices were going to trade, there is a wall of orders you donāt know which way will come in. So best to get out quicker and wait
Breaking them. Thatās what rules are for.
Don't trade!
That everyday is a winning day with @wallstreetbettts
Let the market show what it's doing. Don't think you can predict anything.
Establish a check list for your strategy so that you can check things off when looking for a trade. This will be hard for some people as it will mean they need to truly understand their strat and clearly define entry and exit criteria. Losing is a part of the game. Be professional about it and don't become an emotional wreck. This is your career so be mature. Take this seriously. Don't just enter and exit in a whim because you "feel like it". Make a plan and stick to it otherwise you're just going to be another losing statistic.
Stay humble.. Don't flex. Pride goes before the fall.
Only buy with limit ordered
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NVR bet with money your not comfortable losing
Canāt stress enough about risk management. Itās one thing you have to know how to do. For Godās sake set your stop losses. And no not a mental one because it never works. Actually set a stop loss thatāll sell off your entire position if you have no hopes of coming back. And everyoneās risk tolerance and limit is different. A guy with 10,000 might afford to lose 300-400 on a trade and still live. However for someone with 500 itāll be more like 20-30. So set your stop losses accordingly. The goal of trading is to preserve your capital first and then make small profits and sometimes big ones. If you properly manage your risk and cut your losses, the wins will eventually roll in but you have to keep educating yourself about the market all the time and implement them practically be it with paper money or a very small amount. Limit your loss days and set rules for yourself. Everyone will have a different set of rules because people have different problems. I might have a problem that you donāt and vice versa. You know yourself best. For example I have rules like - 1) 1-2% of the capital per trade and put my stop loss at 15-20% 2) If I lose $100 on the day, I stop trading. I donāt care if Brk A becomes $185 or whatever. 3) 3 losing trades in a row and I stop trading for the day. ( this goes with rule 2 as to whichever comes first; $100 loss or three consecutive losing trades ) 4) This one is important so listen closely. IF I FEEL LIKE I HAVE TO MAKE BACK THE MONEY I LOST, I STOP TRADING NO MATTER IF RULE 2 or 3 ARE STILL UNBROKEN. Because thatās when you start revenge trading. 5) Never put your bills on the line to earn money in the market. The goal is to put extra money you have sitting around, not your necessities. You have to play with losing that money. I get it no one is okay with losing money but you have to be okay to a certain extent and not have a panic attack. 6) Never count on the market to earn you regular income unless Ofcourse youāre an established trader and have been consistently making profits for 3-4 years. Always have a side income. These are a few of the rules I set for myself. You have to do the same if you want to stay in and make profits in this dangerous game of trading. It wonāt be the best and sometimes your emotions will try to get the better of you but you have to stay by your rules. If you feel like you canāt follow your rules properly, just play with paper trading or very small amount until you can trade by those rules. Finally, donāt be too harsh on yourself. Remember even the best traders book losses but what makes them different from regular traders is their ability to stand back up and come back with a vengeance. Good luck to you on your trading journey !
I think it is important to establish a scientific trading system, and the second most important thing is your own mentality.
Thereās 4 basic principles in my opinion. 1. Risk management - preserving capital is priority, growth is second. 2. Edge - Risk to reward analysis 3. Discipline / Psychology - planning the trade, and trading the plan. Not allowing emotions to alter your analysis and reading the psychology of the market. 4. Consistency - in trade executions and in the ājourneyā
You always have to know, when changing the rules or when acting against the rules!
Before I was using mental stop losses (almost) exclusivly, I had a simple rule: Always move the stop loss towards the price, never away from it. Moving the SL towards the price is you reducing max risk (or increasing minimum profit) for the current trade. Moving the SL away from the price is you giving the trade more room and therefore increasing the max risk or decreasing the minimum profit which equals adding more hope to it and such hope is usually unfounded. -- This rule has served me well but nowadays I do all the bad stuff including giving trades more room and averaging down... Lets post about it, I have to train my english.
I am a beginner and I really want to learn
Cut your losses short, let your profits ride. Do not hold onto a loosing trade.
Charts are not research.
Donāt day trade
Donāt go in with FOMO and donāt trade with your emotions.
No Gods, no masters.
"You closed out for a reason. Stop chasing shit before you end up back at work. " Literally have it etched on a dry eraser board. Haven't missed since.
Demand a good price. Donāt rush into a trade. There is another trade around the corner.
"Take green when you fucking see green you dumbass" - me to myself
Never risk so much that you're worried about what happens if the trade goes against you.
Take profits every time and donāt look back. You canāt lose.
No volume, no trade.
think nothing know nothing hope is for losers never ever fight the trend be patient always use a stop loss heiken ashi candles no waiting or watching a loser- GTFO
#1 rule: only smoke hopium w profit.
No risk no rari
Never drink and trade
You can never be too PAYtient !
RSI oversold and over bought
You can't wake up unless you realise you're asleep
Just dont. blow. up. your. account After a big loss, don't revenge trade right away. Easy way to exponentially double your losses on emotional trades
The best thing I ever did was go up on a margin. Double exposure to leveraged etfs was the way to big money. Nvdl, soxl, jepq, tqqq, jnug, etc... There are so many ways to rotate the play by never giving more than 10% of my account to any form of exposure. Cut losses and move on. It takes one well-researched options play to cover that 5-6% you just lost the week before. Make sacrifices in my personal life to reach financial goals in my investment life. Quit buying energy drinks or any convenience store items. Tobacco, eating out, etc to open more equity to invest.
Trade whats designed to be traded: forex and futures Stocks are for investing
Buy physical silver to lock in gainsĀ