im trying to figure out what i should be looking at when looking at different timeframes so i dont waste time processing irrelevant data. for example someone like ross cameron scalping in his price range of 2 dollars to 20 dollars or something like that vs tim sykes trading shit stocks from under dollar or whatever he trades(penny stocks im assuming) or someone trading 50 dollar stocks can you even scalp stocks at that price range? and longer timeframes someone holding overnight or someone holding for multiple days or weeks what type of data should i be checking? (im not talking about chart data or tape or level 2 that horse is beaten to death already) lets say for scalping are news and corporate filings important? is google analytics data important for that type of trading?
Increase your discernment regarding 'Trading Gurus' Depends on the size of your account, how much time you want to spend in front of a screen. The market digests all forms of data. You will find supporting evidence for the proficiency of FA and TA; proponents for either/or/both - it's all very tribal. As a general rule, the folks attracted to 'get rich quick' style of discretionary scalping, wash out very quickly. In terms of market microstructure, there is supporting evidence that the market is dominated by embedded interests - some would call that 'rigged'.
The market is fractal. Same tactics regardless of timeframe. 1 min, 5 min, 15 min, 60 min, daily, weekly... That being said, when the timeframe gets too short, it becomes difficult to read, at least for me (< 1 min on ES).
I think you first need to commit to what class of stock you're interested in trading before you go looking for data points. Cheap low floats? Higher priced mega caps? And yes you can scalp ANY stock,price dont matter.
i get up at 5:30 and have about an hour before market opens but i just dont know what to do with that time tbh. i look at the news but cant connect news to market yet i dont really know what type of news affect stock in what way. i look at premarket mostly trying to analyze the chart and see what it would do at the opening. alot of times i just get distracted and go off reading some random articles or click on some youtube video until 6:30 right now im trying to trade whats trading basically the top 10 most active stocks. from shit stocks to 10-15 dollar range. but i usually get my ass handed to me in 5-15 dollar range because there is alot of better traders with faster platforms and algos in that price range. so i stick more to lower priced stocks because i can get away with much smaller losses in those
im past my get rich quick time. i genuinely like faster pace lower timeframe trading. i can follow moves better. higher timeframe is not optimal for my adhd brain. i need action and less waiting time for something to happen. i started from holding for months then weeks then days and now i basically switched to intraday because i just lose track if it takes too long. my brain doesnt work like warren buffets unfortunately. im up at 5:30 5:45 and trade until 7 am at home then go hand out at a coffee shop and pretend im tim sykes and enjoy my morning coffee and just continue watching the market for abotu an hour before work and go over my trades and see where stocks are going then i keep checking whats happening throughout the day to see where the stocks go during the day etc. to see if market changes and i should trade at a different time of day to catch better moves.
What about getting a platform that allows you to playback past days, and knocking out an entire practice day or two at 10-20x speed? Do you review your journal before each day? That's a great time to. At the end of each week, I review each day's trades and make notes of the most important things to remember going forward. Each morning, I read the last few weeks recaps. It drives me crazy to mark poor trades on a chart, and even more crazy each time I review them. Basically that keeps me from repeating mistakes too many times. It's been a big factor in my journey GL mute. You'll get there, but I hope you take the fast track...
If you can only trade during the early hours of the morning I think following Ross Cameron is not a bad idea. He does 95% of his trading pre-market. He's a long-only momo trader who has developed a knack for guessing when a stock is about to go up over the next few seconds.He does get stopped out A LOT but when the smoke clears he's right more than he's wrong and that's all that matters. And trying to day trade stocks while at your day job is a disaster waiting to happen.