Do you guys think that its really important to track statistics of stocks or do you think you can still be successful without this tool whole just focusing on your mentality and technicals? sorry im just learning to be a trader and i have so many questions to ask
Well i see on youtube other traders track things how much a particular stock at a certain price float an marketcap can gain in 1 day .... things like that . im just curious does every successful trader track stats?
The only stats I track are my trades. Win/loss set-up and did I follow my plan. I can tell you my win rate, average gain and average loss, actual R/R for each set-up and my max drawdown, but those numbers will change when I close the next trade. It's all set up on an excel spreadsheet. The only important stat is the account balance and the direction it is traveling.
why dont you feel it necessaryto track stocks statistics? and are you a successful trader? and sorry for asking are you technical trader?
I trade mainly off charts. I find looking at fundamentals biases my decision making. I like to think I trade what I see. As for being successful, I think I am. I fund my lifestyle with my trading although I'm well capitalized and don't need gigantic returns to be comfortable.
For whatever instruments you trade, yes. You can choose to be discretionary which has you constantly confront your emotions or you can choose to be systematic which implies being more mechanical in your methodology and keeping stats. The edge that cuts is whether you go for high winrate system or a high R:R system.
Statisticians collect stocks’ statistics, so they can impress others with their collection of statistics, but it won’t their bills. It’s like being in a rocking chair . . . “lots of apparent movement, yet being stuck in the same spot”. On the other hand, traders need to pay their bills, so they trade set-ups with clearly defined entries. The only stats you need to track are the ones that relates to your own trading performance so you can learn from your own trading journal. You need to decide whether you want to become a trader or something else PS: before you ask questions, why don't you post the list of the trading books you've studied so far, or the courses you took. Seems like you haven't been studying any decent material so far.
i have been mainly watching youtube videos about other traders like tim sykes and steven dux it help alittle but yes i need more education and further studying to progress.
Those two guys focus on penny stocks. There are some important nuances between trading liquid stocks and penny stocks that needs to be kept in mind. They don’t pattern up as well as liquid stocks execution can be pain in the butt you might benefit from Level 2, avoid market orders. etc. Be careful holding them overnight, penny stocks are volatile. Not many traders trade penny stocks. I’m not a fan of Tim Sykes (because of his arrogant behaviour) nevertheless he’s a good penny stock trader, and you should stick to the advice from those videos, those two guys are experts on penny stocks. The trading advice here on the forum will be geared towards big caps, therefore you need to mention penny stocks in your questions.