Just some random thoughts that have helped me and I have mentioned them before. Never buy pre market or after market: 90% of the time you will take a big hit. Try to not buy the open and wait for a stock to base and give you a set up. Of course some stocks just rocket at the open but most times they pull back ESPECIALLY on gap ups that suck traders in thinking they will miss the huge move. Stay away from low volume stocks ; let’s say under 1.5 million shares per day. One thing I do that most traders don’t agree with is this: If I make a very large 1 day profit I always take the next day off. If I take a big 1 day loss, I also take the next day off. Why? You tend to revenge trade and try to recoup the previous days loss.Never good. As to the big gain, tend to try and repeat the previous gain and you usually give back a lot doing that. It just works for me.
%% And save+ sell your brass+ lead if possible. And watch out for changing markets; Annie Moses Oakley paid off the mortgage with market hunting, as a little girl. But market hunting was legal then + passenger pigeons , could not miss them when flocks darkened the skies
Just be safe and never take the markwt for granted, you will lose everything.. I don’t want to see that happen to anyone.
When starting out, prepare to lose 23 trades in a row, either learn how to hedge and still make profits, or how to enter better than most cause this only way to reduce risk. Even with my experience, I have lost 23 trades in a row twice.
I am a theta decay trader but lately, I got interested in directional trading. I managed to catch the first big SPY move today. I have some questions on this. Appreciate help. I went in today predetermined to go long based on the daily trend. First, I watched first 15 minutes (15 minute chart), then went long. Plan was to trade the 5 minute chart with stops based on 1 minute chart. Is this a good plan? If stopped out initially, should I just not trade today or wait for SPY to come back to my initial entry point? How do you minimize the whip saw action or avoid catching the falling knife? Thanks
You're missing a lot of opportunities if you only trade stocks that average >1.5 mil shares traded daily. Sure thinner traded stocks can be a bit dangerous if you're not careful but the risk is worth the reward IMO. My personal cut-off is < 300-400K.
I know absolutely nothing about trading (other than reading the heart of the market) but based on pure logic Innervoice your stuff seems to make sense to me. Thanks for taking the time to type that out for us!!
Except he is talking about stocks. His logic does not apply to futures, which means his post is in the wrong section.
I always give these two same advice to fellow noobs: 1. Don't try to emulate smart money. Instead find and exploit the common thread among the dumb money. 2. It's not the TREND that will make you money. It's avoiding the TRAP that will give you an edge.