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08-20-2022, 12:27 PM | #886 |
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There are thousands of trading methods. This is just one method.
I prefer it because it doesn't allow for large draw downs and the mental anguish for a trader that comes with that. Too many traders who have a style that allows for large swings end up getting more risky AFTER they have large draw downs, trying to make that cash back faster. This is the opposite of what you should be doing but many traders are unsuccessful because they can't regulate themselves. This method I'd described is what works best for me and my trading mindset as it leaves no room for guessing. |
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08-20-2022, 12:30 PM | #887 |
Dazed and Confused
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08-20-2022, 12:37 PM | #888 | |
Fish are scared of me
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Quote:
Wouldn't this be known as a cup and handle formation ? I know when I follow a ticker and see this it's normally a good set up as they normally break to the upside. The handle is the consolidation phase. Also, wondering about your use of a stop loss. How often do you find yourself getting stopped out just to see it rise immediately afterwards ? That seemed to happen to me quite often so I basically quit using it and doing like Johnny said and making a mental stop and selling at that point. On a side note , one thing I've learned to do is that if I want to get into a stock at the open I'll set my buy order 3-5% below the open and that wick will drop down and grab it 75% of the time so I'm wondering if it's grabbing someones stop loss ?? |
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08-20-2022, 12:44 PM | #889 | |
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Quote:
Yes, there are times a stop loss gets me out with the stock then moving higher. But if your number 1 rule is to control risk, I cannot break that rule. What if I ignored having a stop loss and the stop plummeted 10%+ more from when I should have gotten out? That happens too. With this strategy, you just scan for other stocks and find the next target. The mindset is there's numerous other patterns to find, don't get glued to one stock. Also, I have to use stops. I rarely can watch the market while at work. If I was truly day trading I'd just use mental stops. I don't like to buy a stock on a dip. The breakout method has it moving up when buying. That way you trade with the trend instead of guessing if you're catching a short term bottom or a falling knife. |
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08-20-2022, 01:16 PM | #890 | |
Fish are scared of me
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Quote:
NOT FINANCIAL ADVICE. I've been able to really focus this year and will make as much money as I did jerking off those ****ing pigs and have fun doing it. Well , most days. And watching people like TZ make 30K on a single trade that lasts minutes is real inspiring to me. I'll get there. And yes I've seen him do it multiple times just over the last month. |
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08-20-2022, 02:01 PM | #891 | |
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Quote:
My retirement goal is 60 given my current savings pace. But retiring at 50ish and day trading for income doesn't sound bad. The problems with this are not being able to take withdraws this early from retirement accounts to use as day trading capital and paying for health insurance. I'd need a MUCH larger amount of capital to be day trading for income. If I started diverting investment money away from retirement accounts such as my 401k, to build up a larger trading account, I'd take a large hit on the tax side though. Doing this would put me in a higher tax bracket AND would increase my taxable income paying higher short term capital gains. Just not sure I could retire super early to accomplish this. |
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08-20-2022, 06:59 PM | #892 | |
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08-21-2022, 01:57 PM | #893 |
Fish are scared of me
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Sounds like GCT may blow up tomorrow AGAIN
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08-22-2022, 06:56 AM | #894 |
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Prepare thy anus. Did we just see a text book bear market rally?
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08-22-2022, 07:26 AM | #895 |
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08-22-2022, 02:27 PM | #896 |
Fish are scared of me
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08-22-2022, 03:42 PM | #897 |
Fish are scared of me
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Top two today :
MOS up 3.44% (Neech) HDGE up 2.93% (Neech) 7/1 play Good job Neech you won the bloody tampon award on this shitty day. We had 8 green stocks today. Spy down -2.08% CP down -2.66% |
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08-23-2022, 05:41 AM | #898 |
Fish are scared of me
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Todays IPO Rug Pull challenge
STBX Who's in !! |
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08-23-2022, 08:46 AM | #899 |
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08-23-2022, 08:58 AM | #900 |
Fish are scared of me
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