I believe many 'want to be' traders focus entirely on the wrong things and are not open to working on what would make them successful. And that is ok. My experience of successful trading has nothing to do with systems, indicators, charts, or whatever. It is all imagination, low-risk ideas, and discipline.
I identify early trend based on two aspects: 1. Market opening OR trend reversal 2. Early support/resistance Stop loss has to be proportionate to the potential profits. I recommend a liberal stop loss to avoid frequent hits. I would recommend 5% for stock trading and 15% for options trading. But first develop the skill of catching the trend early. Then you will see that my stop loss suggestions makes some sense.
I am introducing a concept, theory, a busines philosophy, art of trading. 98% of traders failing mainly because they jump into trading without have solid theory and a sound mindset.
There are a few aspects involved in trading... 1. Statistical analysis 2. Trading Psychology 3. Business Philosophy 4. Creative problem solving 5. Innovative thinking Trading is simply a blend of art and science.
You are an imaginative mind. You have the potential to master your trading skills as a blend of art and science. All the best.