%% Do it for 10 years; try not to blow up account. You are right, ''dont have much of basis for entries'' My comments dont apply to cryptocr*p or rat poison. A personal library + 5-7 public library cards may help You can, toUcan.
What skills do you have? People who trade well have A LOT of skills. they can: Read charts patterns from memory. Predict with reasonable probability what will happen in the short term. Know when a premise or pattern is weakening or is about to be broken, let alone when it is broken. Manage risk before, during and after the trade. Manage the trade orders, VERY Well. They are just tools. Build a system for dealing with the "tail end of the trade" Thoroughly describe the markets, the players and the fundamentals. etc. So in order to improve, figure out what you can do and how well you do it, IN DETAIL. If you cannot write a plan, even after the fact, then you are not ready to trade and only ready to take a P/L thrill ride. Don't get addicted to it, as it is THE reason people start trading is the first place. Trade sim and get the mechanics down. Then trade small to get the emotional factors figured out. Then throw away manual trading, ala 1970s, and learn to write scripts to at least semi automate. This last part will show you how many holes you have and what a "rank amateur" you really are. (No criticism intended; we all start out that way). Best of luck from a multi decade trader. PS: ditch youtube, etc. Learn your tools will serve you better.
%% Good points, except is more probabilities than ''prediction''. And if one finally discerns feds keep raiding crypto-Cra*p or bar-room brawls, get a clue; unless one enjoys getting beaten up. Some do. NOt everyone can shoot a bow well; .30-06, 38-.357 magnum can work well. Memory is fine; funds help + paper charts Look for patterns anywhere, even bird feed +50# yellow horse feed bags LOL
Hello rb7, lol, you are right sir. Full Disclaimer : I am currently a Losing Trader so far of about -$1,100 on the fiscal year of 2023. Let's see how the next 2 months go. My comments are not worth a penny with a hole in it because I am losing trader right now
A tremendous turn around in the last couple of months. Hope you will turn positive this year and have a great Christmas.
%% LOL. You can, toUcan; back to my plan. Looks more like a SPY tired uptrend with downward drift@ noon,CST; perfect for turtle, toucan or pelican.[Rhyme zone helped]
Read these two threads from the Risk Management Section on this site: 1. Why Is The Obvious Not So Obvious? 2. Prudent Risk Management Is The Only True Edge In TRADING And practice taking losses. Perhaps you shouldn't listen to me, an amateur retail who failed day trading many times in the past decade but wishfully think he has found a winning way. Anyway, best of luck and I hope you can be one of the 1%.
You gave OP very good advice. My question on this: How do I automate if I don't use indicators or candles and only trade with patterns using "gut feel"?