watchlist from e-book level 0 stress test on stock selection
options available, enter as close to strike price
swing trade, have cut loss level in case of shit & practical exit level
new high or momentum trading, enter now & reenter again at pullback, have cut loss price ready
http://www.trade2win.com/boards/us-stocks
DT: you are on the right track, and there is one thing that will blow you away when you crack it, and what is more, when you see it you will not want to tell anyone, as I was never told it, but I did see it, eventually, and likewise, I will never tell anyone, but like me, that does not mean that anyone else will never see it, for beauty is in the eye of the beholder.
Time restriction puts additional pressure and forces you to take unecessary trades.
The less constraints, the less pressure, the better you learn how to trade.
''Look at the graph and see what it is showing you, not what you think it might be showing you''
If, when you look at a chart, you do not see the OHLC, and instead you see a myriad of other things, then odds are your are going to get screwed, for that is exactly what they will do to you.
You must, and I will repeat again, You must, know your ranges if you are to succeed at daytrading Us stocks. If you are stupid enough to play around with silly shapes and squiggles, then you deserve exactly what you will get.
Norn Iron:
you guys with your esoteric mumbo-jumbo claptrap just don't get it, with all your fancy charts, pretty colours and waffle.
you may well have some insight into market or price behaviour.
but so what ?
does it make you a better, more successful trader ? I doubt it.
all you need is a plan ! a simple plan !
draw a simple horizontal line on your chart, any distance away from where price is now.
decide in advance what you're going to do if/when price hits that line - go Long or go Short
then
decide in advance
a) how much pain you can take if you're wrong and
b), partly based on the answer to a), how much you will target as profit.
and that's it mate, no BS
or if drawing a horizontal line is beyond you , simply make the same plan now about Stops and Targets and enter at Market now !!!, Long or Short I don't care, the market doesn't care, it doesn't matter.
It's how you manage the trade according to your plan that will make a successful trader.
if u can't accept that only 2 or 3 trades out of 10 will be small winners, & that 2 or 3 will be scratched for even & that 3 or 4, even 5 will be losers, with possibly only 1 in 10 trades being "payday" then u shouldn't even consider trading
