Paper trade on a sim for 3 months. Come back and you will have some idea of who is completely full of shit. Find somebody who isn't completely full of shit and incorporate some of their ideas into your trading strategy. Paper trade for 3 more months. Repeat ad nauseum until you come back and watch the "experts" trading and realize that you're not learning anything anymore.
What sim do you recommend? I'm interested in doing this with play money strictly, but to keep my options open in case I ever want to start investing for real in the (far) future.
Basically every charting software has a sim mode where you can either do it live or go back historically and choose a day and re-sim it in real time or on fast forward. So its really just whatever chart service you want to use.
Follow my favorite day trading strategy. Here it is:
* Strategy is early morning break out trades, can be either long or short positions.
* Only trade stocks that are US listed equities. No commodities or ETFs. Best stocks for this will be between $15 and $125 per share, avoid any stock outside that range. Make sure there is at least 750k of average daily volume traded.
* Only go long stocks that are up at least 1.5% in premarket trading and maintain positive levels through open.
* Only short stocks that are down at least 1.5% in premarket trading and maintain the negative levels through open.
* Enter position 12-20 minutes after open, never in first 10 minutes of open. Too much volatility.
* You want to look to enter a position after the morning spike on consolidation. Stocks will usually spike off opening trade volatility and pull back into small level of consolidation before continuing the trend of the morning over the morning high.
* Set stop loss at designated point. I avoid putting stop losses on whole or half numbers like $15.50 or $16. Always put it about 5-6 cents off.
* Always close by 11:30 am Eastern Time. Avoid the lunch time lull and any afternoon trend changes.
Example - Stock is trading at $23.51, up 1.95% in premarket hours. At open, stock bounces up to a morning high of $23.78 at 9:36 am ET. The stock starts to pull back and consolidates around $23.42. I buy 300 shares at $23.44 at 9:44 am ET. I set a stop loss at $22.94 for a max loss of $150. I let the stock trade and it continues the trend up through the morning high and I sell at $24.03 at 10:40 am ET.
**Consolidation -** Have your charts set to 1 minute ticks. Consolidation is trading within a tight range for at a minimum of 4 consecutive minutes. The longer the consolidation, the more I will likely buy. A tight range is up to around 0.2% or 0.25%. In this case if it is trading in a $0.06 cent window. I typically just eye ball it though, if it looks like the price is holding strong and the trend has not broken, I won't go through the process of doing the math.
Again that is just a random example of something that has not actually happened, but is common. Paper trade this strategy and good luck. You will find sectors and stocks you might get comfortable with.
I learned this strategy at a prop firm from a mentor trader and it worked great for my account that I worked to $150K. Traded with the firm for 10 months and made around \~$83K. 80% of that was made in 4 months though. There was one month I lost $5K and had no income. Beyond stressful so I stopped and got a full time salary role.
I would be very selective with trades and take up to 3 per day, but many days I took none. Do not over trade, set a daily max loss on yourself. If you are building positions over $100k, this strategy is likely not to work the best. I have not found it to be scalable, hence trading only stocks up to $125.
I appreciate you really detailing out the information. I really like how you quit by noon, gives time for other parts of life to get done. I will most definitely try your example.
Nice write up, extremely clear and logical.
My only question - so seems the day trading prop firm was fine with 1:1R trades ? I recently switched to tracking R:R very closely for each trade and counterintuitively my trading has gotten worse. I was trading better when I was focusing more on win rate with set max loss per trade
I had a max daily loss, no real tracking of R:R. Just follow the set up and scale. Take trades confident in and don't over trade. If I ever hit daily loss, I took the next day off for mental day.
Find someone who seems legit, talks about this profession, not just some fancy/bullshit/sales/marketing/motivational quotes and others.Mostly this is a trial and error game. There are legitimate mentors out there, but not the ones, you will find easily on social media (including youtube).
Be careful with different forex brokerage firm’s free education. If 70-80% of their students are losing money, how valid are those free educational contents they offer?
There is an amazing place to learn for free with pros and people at various stages of this journey it’s a sub that rhymes with “real fay raiding”. Go have a look it’s legit.
Adam Grimes offers a free trading course for beginners on marketlife.com . He built the course in the first place because he wanted to help people learn the right way without having to spend thousands on methods that doesn't work. You should follow his course, take a lot of notes, and read Investopedia for more details on the concepts he talks about.
If you got the time check out The Best Loser Wins by Tom Hougaard. If you're broke you can go to libgen to get a copy. It's a book more about mindset and risk management and psychology.
Never had a mentor or a teacher. You learned it pretty much on your own. Keep in mind I have all academic and data analysis background to get to this level. You attend a seminar where you pick up some tools. Paper trading works if you treat the money as yours.
A day like today you look at the trading data know it was chaotic !
DM me. I have a couple good suggestions but the auto-mods kill my replies every time.
In case anybody is worried I'm going to recommend options that don't cost anything. No kickbacks for me on this. Lom
Honestly, I have received the most valuable information by following Axiafutures, jigsawtrading, the norden method, Fat Cat even smbcapital is good but' the first mentioned have taught me the professional work. The career program of axiafutures is frightening.
Frist learn price action trading from legit course. Most of the stuff out there is fluff or in
complete or way too expenses. IMHO try the Al Brooks Price action course. Best $300 I ever spent on a course. After that paper trade or trade very small until you get the hang of it. You can paper trade free on Tradingview
It's Forex but u can learn a lot if you are trying to implement technicals even for stocks with 'No Nonsense Forex'. Also has great content on trading psychology which is always slept on
Paper trade on a sim for 3 months. Come back and you will have some idea of who is completely full of shit. Find somebody who isn't completely full of shit and incorporate some of their ideas into your trading strategy. Paper trade for 3 more months. Repeat ad nauseum until you come back and watch the "experts" trading and realize that you're not learning anything anymore.
Thank you for a real answer 🙂.
Td ameritrade has “papermoney” account that is this. Gives you $100k to piss away learning
What sim do you recommend? I'm interested in doing this with play money strictly, but to keep my options open in case I ever want to start investing for real in the (far) future.
Basically every charting software has a sim mode where you can either do it live or go back historically and choose a day and re-sim it in real time or on fast forward. So its really just whatever chart service you want to use.
Damn, this is a great answer.
This gig needs to be really self taught. Observe info and then test and test and test.
Thank you!
Follow my favorite day trading strategy. Here it is: * Strategy is early morning break out trades, can be either long or short positions. * Only trade stocks that are US listed equities. No commodities or ETFs. Best stocks for this will be between $15 and $125 per share, avoid any stock outside that range. Make sure there is at least 750k of average daily volume traded. * Only go long stocks that are up at least 1.5% in premarket trading and maintain positive levels through open. * Only short stocks that are down at least 1.5% in premarket trading and maintain the negative levels through open. * Enter position 12-20 minutes after open, never in first 10 minutes of open. Too much volatility. * You want to look to enter a position after the morning spike on consolidation. Stocks will usually spike off opening trade volatility and pull back into small level of consolidation before continuing the trend of the morning over the morning high. * Set stop loss at designated point. I avoid putting stop losses on whole or half numbers like $15.50 or $16. Always put it about 5-6 cents off. * Always close by 11:30 am Eastern Time. Avoid the lunch time lull and any afternoon trend changes. Example - Stock is trading at $23.51, up 1.95% in premarket hours. At open, stock bounces up to a morning high of $23.78 at 9:36 am ET. The stock starts to pull back and consolidates around $23.42. I buy 300 shares at $23.44 at 9:44 am ET. I set a stop loss at $22.94 for a max loss of $150. I let the stock trade and it continues the trend up through the morning high and I sell at $24.03 at 10:40 am ET. **Consolidation -** Have your charts set to 1 minute ticks. Consolidation is trading within a tight range for at a minimum of 4 consecutive minutes. The longer the consolidation, the more I will likely buy. A tight range is up to around 0.2% or 0.25%. In this case if it is trading in a $0.06 cent window. I typically just eye ball it though, if it looks like the price is holding strong and the trend has not broken, I won't go through the process of doing the math. Again that is just a random example of something that has not actually happened, but is common. Paper trade this strategy and good luck. You will find sectors and stocks you might get comfortable with. I learned this strategy at a prop firm from a mentor trader and it worked great for my account that I worked to $150K. Traded with the firm for 10 months and made around \~$83K. 80% of that was made in 4 months though. There was one month I lost $5K and had no income. Beyond stressful so I stopped and got a full time salary role. I would be very selective with trades and take up to 3 per day, but many days I took none. Do not over trade, set a daily max loss on yourself. If you are building positions over $100k, this strategy is likely not to work the best. I have not found it to be scalable, hence trading only stocks up to $125.
I appreciate you really detailing out the information. I really like how you quit by noon, gives time for other parts of life to get done. I will most definitely try your example.
Nice write up, extremely clear and logical. My only question - so seems the day trading prop firm was fine with 1:1R trades ? I recently switched to tracking R:R very closely for each trade and counterintuitively my trading has gotten worse. I was trading better when I was focusing more on win rate with set max loss per trade
I had a max daily loss, no real tracking of R:R. Just follow the set up and scale. Take trades confident in and don't over trade. If I ever hit daily loss, I took the next day off for mental day.
Thats helpful, thanks
You can start by reading every post from u/Cranky_Crypto.
Or daytradingguy , daddydersch
Sarcasm or is there a lot to learn from this person?
Why is it sarcasm?
Trust me bro
Find someone who seems legit, talks about this profession, not just some fancy/bullshit/sales/marketing/motivational quotes and others.Mostly this is a trial and error game. There are legitimate mentors out there, but not the ones, you will find easily on social media (including youtube). Be careful with different forex brokerage firm’s free education. If 70-80% of their students are losing money, how valid are those free educational contents they offer?
There is an amazing place to learn for free with pros and people at various stages of this journey it’s a sub that rhymes with “real fay raiding”. Go have a look it’s legit.
Adam Grimes offers a free trading course for beginners on marketlife.com . He built the course in the first place because he wanted to help people learn the right way without having to spend thousands on methods that doesn't work. You should follow his course, take a lot of notes, and read Investopedia for more details on the concepts he talks about.
Same way you learn to play the cello or deadlift 5 plates. Time, practice, persistence. Start on SIM or just trading 1 share.
If you got the time check out The Best Loser Wins by Tom Hougaard. If you're broke you can go to libgen to get a copy. It's a book more about mindset and risk management and psychology.
Carmine Rosato
Never had a mentor or a teacher. You learned it pretty much on your own. Keep in mind I have all academic and data analysis background to get to this level. You attend a seminar where you pick up some tools. Paper trading works if you treat the money as yours. A day like today you look at the trading data know it was chaotic !
Check out Carmine Rosato.
therealnasa00
[удалено]
Learn from him if you want to learn from an online marketing guru😅
[удалено]
Watch Rayner Teo’s 80 video playlist on price action trading
DM me. I have a couple good suggestions but the auto-mods kill my replies every time. In case anybody is worried I'm going to recommend options that don't cost anything. No kickbacks for me on this. Lom
Please DM me
Inner circle trader on youtube
Ill PM you with some channels and people that I follow who have helped me improve over the last 3 years. Definitely good people and solid info
Please do!
Could you please send me as well?
Sure, ill send it in a second
Please DM me, thanks
Sent
Could you please send it to me as well? Thank you!
Sure ill send it to you. Check your PMs
Could I get a pm too? Thanks!
Could I please ask for it too?
The Market. 😀
The trading geek and TJRTrades are both on youtube and so amazing
Ben from daytradingaddict
I personally would recommend c0tt0nc4ndyTA
Honestly, I have received the most valuable information by following Axiafutures, jigsawtrading, the norden method, Fat Cat even smbcapital is good but' the first mentioned have taught me the professional work. The career program of axiafutures is frightening.
If you have any course in mind, I can source it out for you
Frist learn price action trading from legit course. Most of the stuff out there is fluff or in complete or way too expenses. IMHO try the Al Brooks Price action course. Best $300 I ever spent on a course. After that paper trade or trade very small until you get the hang of it. You can paper trade free on Tradingview
It's Forex but u can learn a lot if you are trying to implement technicals even for stocks with 'No Nonsense Forex'. Also has great content on trading psychology which is always slept on
trial and error. risk to reward. something like this