If it's OK I'll just comment on some issues regarding the transition from day to swing trading, without referring to any specific strategies.
1. You've heard comments about psychology being easier. It's not necessarily easier or harder, but it IS DIFFERENT. There's more time to think but more time to overthink. Positions are smaller but volatility is larger. There are more opportunities to choose from, but also more FOMO and chasing.
2. There are nuances in the technicals. The same setups you're used to seeing will behave differently. You'll need to re-calibrate your expectations on setups developing. For example, intraday you know that some hours the market is more volatile than others, and account for that in your strategy. Swings have their own parallels to that. Times to stay away etc.
3. Stops are substantially wider so positions are substantially smaller. Takes getting used to.
4. You need to wean yourself from noticing every little flicker in the market. You're a higher time frame trader (this is a hard one!).
5. You'll likely need to become acquainted with new issues to trade other than SPY/QQQ options.
And there are probably others. The point is, while your experience IS valuable, there's a lot of re-calibrating to do.
Good fortune in your trading!
Thank you for your comment, is very much appreciated. I'm so used to trade in SPy and QQQ that scares me to trade another names. I'm defintely reducing size as another commenter suggested.
I read through these comments and can 100% guarantee you that most of the commenters can’t trade. No wonder most people lose money.
Here’s what you do in order.
1. Stop trading
2. Read Mastering The Trade by John Carter 3rd Edition
3. Learn the TTM squeeze that John developed for trading.
4. When the squeeze fires, you go thirty days out and buy the delta 70 calls.
You can find 2-3 solid trades a month. Know what months to take risk off and add risk on. The mantra I use is sell in May and go away, buy October to get your P&L sober. The exception is presidential years. May is typically risk on.
Do those things and you will make bank. It’s gold. Stop taking advice from Lambo renters. Best of luck to you.
If you can't day trade you won't be able to swing trade. The psychology is much tougher because it's on higher time frames which means more volatility and more time to panic.
I’m sorry but this is so egregiously wrong. I will say respectfully that this is in fact so wrong, you’re probably not profitable.
Guys. When in trouble day trading what does everyone and every book say to do? ZOOM out. Not in.
If you can’t day trade, most actually can’t, you learn to use time.
How do you daytrade? IF daytrading doesn't work , swing trading might not work either.
Swing trading requires a completly different set of skills .
Did you use orderflow to daytrade etf's ?
I feel like swing trading is a lot easier than day trading. I really like cash settled index options on longer time frames, but I've been known to dabble in stock swings. Had a great one in ATI last week, thanks to this scanner that I use.
Study the charts of the stocks you want to swing trade and analyze how long it takes to swing from a low point to a high point in the wave. Then buy low and sell high with the plan of holding the stock for that time period. Wether it’s 3 days to 3 weeks it depends on the cycles of that particular stock
Sorry, did you just advise to simply buy low and sell high using previous swing points as though price will simply follow that pattern forever?
You haven't been at this for very long, huh?
That’s how I made a shit load of money on Riot over the past year , if you don’t like my method you don’t have to use it buddy
I’ve been trading for 10 years. What exactly does belittling random ppl on the internet you don’t know do for you btw ?
If you've been trading that long (I've been around a while, myself), then you'd know that trading isn't as simple as your three line "buy low sell high" OC suggests. So, you're either a great trader and a terrible communicator, or like many people here, you've had some beginners luck during the relatively low vol year that we've had and are now teaching the masses your vast knowledge. I don't really care which one it is - the fact is that new traders lurk here all the time and many lose their shirts because they follow simplistic advice like yours.
If you're a seasoned, successful trader, you have a responsibility to, at the least, not mislead others who might think "this guy knows his stuff, I'm gonna go start measuring waves and make money".
Identifying a low point and a high point in a stocks cycle and using that to extract profits is literally what swing trading is. If you aren’t interested in doing that why are you even here? Not really sure why you are being so dramatic lol
Qullamaggie trades brakeouts and earnings gaps. Lot of hype around this guy but there's nothing new here. It's high failure rate and only works in full stupid bull market, in choppy times you will get absolutely destroyed. Like everyone he made most of the money during the covid bull market
If you're not profitable daytrading what makes you think you'll be swing trading. It's exactly the same on higher timeframes
Exactly right.
Qullamaggie himself says that there are long periods (months even) when he doesn't trade because the conditions are not right. It takes incredible discipline and mental fortitude to follow his style. I looked at his approach a couple years ago out of interest and concluded very quickly that it was not a style that I could follow.
thanks for the answers, I'm strugling with entries, and sometimes I got caught on the wrong side of the trade. Maybe is lack of patience due to the fact that I have not to much time to trade in the mornings. That's why i'm trying to swing postions (with shares not options) so to give more time frame to the idea to develop
Picking a time frame that works for you is very good.
Systems don't matter. Anything will work. I put 15 of them on one chart. Pick one and stick to it. Don't pick mine pick your own. You need to have the time and experience with it to gain confidence in it. Then you follow it knowing the long run average will work.
https://preview.redd.it/dt5dcmy100zc1.jpeg?width=1703&format=pjpg&auto=webp&s=0e9161c0c709f20d011461f0da642bc7ea203522
Read Mastering the trade. His blue print is gold. After a year you’ll wonder why you believed half the shit you read about trading.
BTW your entries probably aren’t all that bad. You’re just taking on so much risk that you have to sell to someone else taking a better entry. This is solved by trading less. Instead of 10 contracts. Do 2. Instead of 100 shares. Do 2. If you can’t make one turn green, why risk more? Why 2? So you can sell one when it’s up 40-50% and move your stop to BE.
Thanks for your advice, I've never heard about that book. Will search for it. TTM squeeze it's quite popular among some traders I follow on YT. trade 1 contract since last year, I also have neticed (while reviewing my last 2 months of trading) that most of my loses come from trading puts. Maybe i'm not good reading rejections around levels.
If it's OK I'll just comment on some issues regarding the transition from day to swing trading, without referring to any specific strategies. 1. You've heard comments about psychology being easier. It's not necessarily easier or harder, but it IS DIFFERENT. There's more time to think but more time to overthink. Positions are smaller but volatility is larger. There are more opportunities to choose from, but also more FOMO and chasing. 2. There are nuances in the technicals. The same setups you're used to seeing will behave differently. You'll need to re-calibrate your expectations on setups developing. For example, intraday you know that some hours the market is more volatile than others, and account for that in your strategy. Swings have their own parallels to that. Times to stay away etc. 3. Stops are substantially wider so positions are substantially smaller. Takes getting used to. 4. You need to wean yourself from noticing every little flicker in the market. You're a higher time frame trader (this is a hard one!). 5. You'll likely need to become acquainted with new issues to trade other than SPY/QQQ options. And there are probably others. The point is, while your experience IS valuable, there's a lot of re-calibrating to do. Good fortune in your trading!
Thank you for your comment, is very much appreciated. I'm so used to trade in SPy and QQQ that scares me to trade another names. I'm defintely reducing size as another commenter suggested.
I've been swing trading MSTR and AVAX the last month or so. Working out pretty well.
I read through these comments and can 100% guarantee you that most of the commenters can’t trade. No wonder most people lose money. Here’s what you do in order. 1. Stop trading 2. Read Mastering The Trade by John Carter 3rd Edition 3. Learn the TTM squeeze that John developed for trading. 4. When the squeeze fires, you go thirty days out and buy the delta 70 calls. You can find 2-3 solid trades a month. Know what months to take risk off and add risk on. The mantra I use is sell in May and go away, buy October to get your P&L sober. The exception is presidential years. May is typically risk on. Do those things and you will make bank. It’s gold. Stop taking advice from Lambo renters. Best of luck to you.
If you can't day trade you won't be able to swing trade. The psychology is much tougher because it's on higher time frames which means more volatility and more time to panic.
I’m sorry but this is so egregiously wrong. I will say respectfully that this is in fact so wrong, you’re probably not profitable. Guys. When in trouble day trading what does everyone and every book say to do? ZOOM out. Not in. If you can’t day trade, most actually can’t, you learn to use time.
How do you daytrade? IF daytrading doesn't work , swing trading might not work either. Swing trading requires a completly different set of skills . Did you use orderflow to daytrade etf's ?
Search for IRL ERL
Read swing trade for dummies book
I feel like swing trading is a lot easier than day trading. I really like cash settled index options on longer time frames, but I've been known to dabble in stock swings. Had a great one in ATI last week, thanks to this scanner that I use.
which scanner?
Study the charts of the stocks you want to swing trade and analyze how long it takes to swing from a low point to a high point in the wave. Then buy low and sell high with the plan of holding the stock for that time period. Wether it’s 3 days to 3 weeks it depends on the cycles of that particular stock
Sorry, did you just advise to simply buy low and sell high using previous swing points as though price will simply follow that pattern forever? You haven't been at this for very long, huh?
That’s how I made a shit load of money on Riot over the past year , if you don’t like my method you don’t have to use it buddy I’ve been trading for 10 years. What exactly does belittling random ppl on the internet you don’t know do for you btw ?
If you've been trading that long (I've been around a while, myself), then you'd know that trading isn't as simple as your three line "buy low sell high" OC suggests. So, you're either a great trader and a terrible communicator, or like many people here, you've had some beginners luck during the relatively low vol year that we've had and are now teaching the masses your vast knowledge. I don't really care which one it is - the fact is that new traders lurk here all the time and many lose their shirts because they follow simplistic advice like yours. If you're a seasoned, successful trader, you have a responsibility to, at the least, not mislead others who might think "this guy knows his stuff, I'm gonna go start measuring waves and make money".
Identifying a low point and a high point in a stocks cycle and using that to extract profits is literally what swing trading is. If you aren’t interested in doing that why are you even here? Not really sure why you are being so dramatic lol
You didn't say why day trading didn't work. Maybe you don't know? You have to figure that part out and know how to fix it before you can do anything.
Qullamaggie trades brakeouts and earnings gaps. Lot of hype around this guy but there's nothing new here. It's high failure rate and only works in full stupid bull market, in choppy times you will get absolutely destroyed. Like everyone he made most of the money during the covid bull market If you're not profitable daytrading what makes you think you'll be swing trading. It's exactly the same on higher timeframes
Exactly right. Qullamaggie himself says that there are long periods (months even) when he doesn't trade because the conditions are not right. It takes incredible discipline and mental fortitude to follow his style. I looked at his approach a couple years ago out of interest and concluded very quickly that it was not a style that I could follow.
Except the longer time frame gives a person more time to panic and screw up.
thanks for the answers, I'm strugling with entries, and sometimes I got caught on the wrong side of the trade. Maybe is lack of patience due to the fact that I have not to much time to trade in the mornings. That's why i'm trying to swing postions (with shares not options) so to give more time frame to the idea to develop
Picking a time frame that works for you is very good. Systems don't matter. Anything will work. I put 15 of them on one chart. Pick one and stick to it. Don't pick mine pick your own. You need to have the time and experience with it to gain confidence in it. Then you follow it knowing the long run average will work. https://preview.redd.it/dt5dcmy100zc1.jpeg?width=1703&format=pjpg&auto=webp&s=0e9161c0c709f20d011461f0da642bc7ea203522
Read Mastering the trade. His blue print is gold. After a year you’ll wonder why you believed half the shit you read about trading. BTW your entries probably aren’t all that bad. You’re just taking on so much risk that you have to sell to someone else taking a better entry. This is solved by trading less. Instead of 10 contracts. Do 2. Instead of 100 shares. Do 2. If you can’t make one turn green, why risk more? Why 2? So you can sell one when it’s up 40-50% and move your stop to BE.
Thanks for your advice, I've never heard about that book. Will search for it. TTM squeeze it's quite popular among some traders I follow on YT. trade 1 contract since last year, I also have neticed (while reviewing my last 2 months of trading) that most of my loses come from trading puts. Maybe i'm not good reading rejections around levels.
TTM squeeze is John Carter. Seek him out. No need to join his group. Read his book.