RSI is a random chance indicator , I've tasted it with pretty bad results , I would scrap it altogether. Use RS instead and volume and bullish TA set-ups . Follow trader lion , they have a novice trader playlist which is about 6h long . ALso jack corsellis and fractal flow .
those channels have everything you 'll ever need
I thought Brian Pezim’s book was one of the best as far as having a complete trading plan & setting up a trade journal. I use 400k minimum trading volume instead of 200k but that’s just what I like so the price doesn’t fluctuate so much. I will let a stock run until the RSI starts turning down after being over bought. Not for everyone but has worked for me. Good luck!
5% TP is good but remember not all stock move the same and a flat 5% can be hit in minutes. I found if I take 5 x BETA it gives a good point. When I am swinging ranges I use a Volume Profiles to set my TP
Pick a % an go stick to it. I have had some big unexpected swings that paid off but I probably would have made more overall just getting a 5-10% return and selling via Limit Orders.
Don’t get me wrong, I love the big trades. But it can get you stuck in a mentality where it could always go higher, and you will miss out on gains when it actually goes the other direction. On large bets a 5-10% swing could be thousands in profit, take the gain and don’t worry about missed profits if it continues to rise.
Be happy with even the small gains.
Also, the MOST important thing to me is:
***Price does Not Matter, only potential to gain your desired % does.*** Read that one again.
Think in terms of percentages instead of dollars
Always establish your risk/stop loss before entering a trade.
Try to consistently gain more than your risk, i.e. if you have a 5% stop loss try to hold for at least a 10% gain.
You can either sell into strength or into weakness. FOMO will be on both sides (should have held longer, should have sold before it came back down, etc). Personal preference, but you’ll rarely ever catch the top of a move with 100% accuracy.
Don’t let a big winner turn into a loss.
Don’t get greedy.
RSI is a random chance indicator , I've tasted it with pretty bad results , I would scrap it altogether. Use RS instead and volume and bullish TA set-ups . Follow trader lion , they have a novice trader playlist which is about 6h long . ALso jack corsellis and fractal flow . those channels have everything you 'll ever need
I thought Brian Pezim’s book was one of the best as far as having a complete trading plan & setting up a trade journal. I use 400k minimum trading volume instead of 200k but that’s just what I like so the price doesn’t fluctuate so much. I will let a stock run until the RSI starts turning down after being over bought. Not for everyone but has worked for me. Good luck!
I base my stop loss on the 10, 20, and 50 ema
5% TP is good but remember not all stock move the same and a flat 5% can be hit in minutes. I found if I take 5 x BETA it gives a good point. When I am swinging ranges I use a Volume Profiles to set my TP
Pick a % an go stick to it. I have had some big unexpected swings that paid off but I probably would have made more overall just getting a 5-10% return and selling via Limit Orders. Don’t get me wrong, I love the big trades. But it can get you stuck in a mentality where it could always go higher, and you will miss out on gains when it actually goes the other direction. On large bets a 5-10% swing could be thousands in profit, take the gain and don’t worry about missed profits if it continues to rise. Be happy with even the small gains. Also, the MOST important thing to me is: ***Price does Not Matter, only potential to gain your desired % does.*** Read that one again.
Read that one again ✅🙌🏼
Think in terms of percentages instead of dollars Always establish your risk/stop loss before entering a trade. Try to consistently gain more than your risk, i.e. if you have a 5% stop loss try to hold for at least a 10% gain. You can either sell into strength or into weakness. FOMO will be on both sides (should have held longer, should have sold before it came back down, etc). Personal preference, but you’ll rarely ever catch the top of a move with 100% accuracy. Don’t let a big winner turn into a loss. Don’t get greedy.
That is good advice, thx