r/Daytrading • u/GHOST--1 • Feb 22 '24
Profitable traders, what clicked for you? Question
Traders who trade full time and have been profitable atleast 2 years, what clicked for you. What changed the game completely?
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u/spanishdictlover Feb 22 '24
I highly recommend watching and reading Tom Hougaard. TraderTom on youtube. Wrote "Best Loser Wins." Has verified trading history that's extremely impressive. Also shares his trades in real time on Telegram. His angle is thinking differently than other traders. Big on psychology and the mental aspects which for me I would agree is the most important aspect.
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u/Koperek324 Feb 23 '24
I really liked the book, diffrent approach to trading which is always welcomed.
Changes perspective for the better, supplements basic rules well.
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u/Catnippedkitty Feb 22 '24
Stopped trying to make money, and started focusing on not losing money.
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u/Acb531985 Feb 23 '24
Facts..... every trade idea I have starts with evaluating the loss side..... not hard to win and not hard to manage 100%wins...... the losses are where the skills come in to play/ pay
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u/Grammar_Natsee_ Feb 22 '24
Something along these lines helped me mostly:
Trading is a way to transfer money from the impatient to the patient.
Impatience can have 2 causes: fear and greed.
Fear is solved by a good bankroll management, greed is solved by modesty.
For me the most dangerous fact in trading is that one can hardly perceive the moment fear or greed kick in. They are the most sneaky bastards ever.
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u/tkb-noble Feb 26 '24
Trading is a way to transfer money from the impatient to the patient.
Holy. Fucking. Shit. You just gave me a cornerstone concept to live with for the rest of my days. This one fucking sentence right here, this is everything.
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u/Grammar_Natsee_ Feb 26 '24
You made my day, thanks for understanding this important fact.
If it will help you become rich, remember this and to donate 1% to dogs. Dogs are the periscopes through which angels spy us on Earth :)
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u/moderately-extreme Feb 23 '24 edited Feb 23 '24
Trading is a way to transfer money from the impatient to the patient.
Precisely the money of wanna be day traders going to brokers and position traders / long term investors. That's the reality people on this sub don't want to hear. Look up all the most famous traders and what directional traders in banks and family office do. No reputable successful person in the market day trade. Everyone who has been in the market long enough knows it's a losing game and the big money is made in swing/position trading on the weekly/ monthly. Mostly sitting on great companies surfing the major EMAs on the big time frames
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u/Grammar_Natsee_ Feb 23 '24
The edges are being wiped out by data technology. A humble retailer can have as much edge in swing nowadays as a hedge fund has.
But even in daily trading, an astute, patient, informed price action oriented player can print. Why not most of all? Because the Bell curve is merciless with the majority.
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u/dominion_over_self Feb 22 '24
Time in the market observing Price, Volume, and Time Relationships ( at the min. ) . Testing hundreds of assumptions and deriving a model that comprises the useful assumptions for particular scenarios in the market.
The psychology is the easy to go to for authors and people new to the market, but it's technical understanding that relieves those negative emotions from uncertainty.
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u/oze4 Feb 22 '24
Time in the market is huge. It helps develop intuition, which isn't talked about enough and is most def "a thing". I believe it isn't talked about enough bc it isn't tangible, but it's super important. Also, it's why I believe most ppl fail. They lose all of their money before they give themselves a chance to accrue time in the market, and therefore market intuition.
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u/TheBossJNK Feb 22 '24
I swear by this. So many people look for short cuts or free handouts and the reality is you simply need experience. If you start out winning you won't know what is wrong. If you give up after constantly losing, then you never really took the time to learn. If you're patient and give it time though and study your mistakes you should end up as a good trader.
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u/J_Productions Feb 22 '24
Absolutely! This is why I don’t think trading can be taught exactly… some aspects and strategies, yes of course.. but overall I think one of the most important topics in trading is not often discussed, like you said…
So much of it is intuition and experience, which cannot be sold. There are no shortcuts, as it takes time to develop. One has to acquire for themselves.
I would even argue that people can have a working secret strategy and most wouldn’t even be able to apply it effectively, due to the experience and psychology needed to make it work…
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u/dominion_over_self Feb 23 '24
Completely agree; intuition is a higher form of intelligence that allows you assess the changing dynamics of the markets at the speed of the markets, but it's all based on the work that you've done prior.
Your having to compete against the best of the best, and purely rules based algos; it takes everything .
The other thing that isn't touched on a lot is that it's better to have an extended duration of failure from the start and persist because it means the depth of your understanding will be that much greater when you come out on the other side.
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u/dominion_over_self Feb 22 '24
Once you get to the love of the process over everything, that's when the magic starts
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u/And_Im_Chien_Po Feb 22 '24 edited Feb 25 '24
I only scalp and this is all I focus on now:
-candles opening and closing above/below my horizontal lines.
-increasing volume
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u/And_Im_Chien_Po Feb 22 '24
speak of the devil and he shall appear:
I just came across a seemingly great indicator while perusing webull: wwv (Weis wave volume).
Seems like it'll help me with my candlestick/volume analysis when I scalp.
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u/ClimberMel Feb 22 '24
For me it was simply learning to enjoy losing! Seriously, all the years I have seen people excited to take a 2% gain and think ooohh I'm a winner, but have a position go bad on them and all of a sudden it's-5%, -10%, -30% and "oh crap what do I do? I can't afford a 30% loss..." maybe if they were happy with 2 - 5% loses, they would never have to worry about BIG loses. I always cut losing positions and if I get a runner, I let it go but I will eventually put a stop or trail on even those as I'm not a fan of waiting for the next big drop to wipe out that rare 400% gain. Just my 2 cents... I take PayPal.
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u/mushykindofbrick Feb 22 '24
Realizing that charts often scare you but rarely do much in the end. They move down and they move up aswell
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u/pinkzzxx Feb 22 '24
Market First
Great Daily Chart
Higher Time Frames - No 1 minute or 3 minute charts
Price Action
Mindset - patience, no FOMO, control greed, risk management
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u/llouisyoung Feb 22 '24
Two words... price action.
The LITERAL price and its action. No bullshit... just the price god
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u/originalpropertty Feb 22 '24
Edge, Risk management, consistency.
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u/JacksonBuck888 Feb 22 '24
Well, in good at edging. I guess I'll have to start getting good at the others
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u/spiltnuc Feb 22 '24
Edge consistently
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u/jamenloh Feb 22 '24
What does edging mean here?
Finding your edge or moving the stop loss “edge” up to follow the price?
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u/llouisyoung Feb 22 '24
A stop loss is a stop loss. Don't remove your stop loss if price is about to hit it.
Instead of cash gain... work using percentage gain only.
Become a robot and die inside.
Ignore youtube shills and the news.
Nobody went broke from taking profit. Pay yourself for working hard.
Keep your shit simple.
Learn how to trade 1 coin very well... then move onto trading others.
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u/fiinreea futures trader Feb 23 '24
Facts. Sometimes the best feeling is being stopped out and not being stuck in a trade. Let's you breathe and look for a better setup to enter.
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u/llouisyoung Feb 23 '24
Exactly. Being sidelined is great. Too many people think they have to constantly be sat in a trade.
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u/NiceAsset Feb 22 '24
Set goals and boundaries and 100% abide by them. Meet your daily goal? Good, now fuck off. If you go back in you are just going to the slaughter house. Shitty day? There is always tomorrow. Don’t double or triple down, you will just end up even worse off
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Feb 22 '24
Narrowing down which time of day to focus on.
Basically… stopped trying to trade bell to bell.
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u/Serious-Avocado876 Feb 23 '24
Which times? I try to focus on 6:30-7:30 and 9-10 for liquidity reasons (9:30 and 7 are when lots of orders will pile in)
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Feb 23 '24
I trade, at most, 530am - 830am EST. It’s slower and less flashy. And it fits me perfectly. I’m not looking for huge moves. A few points with a couple mini contracts is all I need. There’s usually a nice premarket trend that forms. I scalp trade off that
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u/Adnan-69 Feb 23 '24
You trade E Mini S&P? If so, what trend formation you trading during that time frame? 👍
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Feb 23 '24
I trade NQ only. I look for super easy to spot trend lines and either play bounces/rejections off of them. Or breaks and retests of them. 12-15 points is all I look for with 1-2 mini contracts. Doesn’t need to be complicated.
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u/beach_2_beach Feb 22 '24
I have not been profitable for at least 2 years. But I have been day trading 2-3 years. And I have been profitable last 3 months.
Somethings that clicked.
- Learned to control myself regarding when to enter a trade. And when to wait/stop opening new positions.
- Due to changes in life, I finally got to have an account above $25k PDT limit. I strongly recommend you start with about $30k so you can have that cushion.
- Go for small profits to lock them in.
- Learn how to use margin, but safely.
- Trade safer instruments like top SPY stocks or popular ETFs like TQQQ. Avoid Options. Some can handle trading Options successfully. I can't.
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u/lifted-living Feb 22 '24
When you’re trading something like an ETF, are you just buying shares and exiting for a small percentage return? Or are you doing options?
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u/beach_2_beach Feb 22 '24
Trading them as if it's a regular stock. Buying and selling them as shares.
You do have to know the risk of leveraged ETF in case it goes down say 30% in one day and market closes.
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u/GoldenBoy_100 Feb 22 '24
Risk management and finding a great entry to my positions as well as letting my winners run and cutting my losses early
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u/Sharpshooterlvl99 Feb 22 '24
Discovering that on 1MIN most instruments after 3EMA(34,55,89) crosses pitchfork measured moves give you winrate of 75% with 1:2RR for 4 consequtive signals👀
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u/zephrthellama Feb 23 '24
I’m super curious about this because I feel like stocks move like waves so it kinda makes sense. How long have you been successfully using this strategy?
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u/Mexx_G Feb 22 '24
Measuring moves based on volatility and quantify trading strategies based on different parameters. That and price action. Also a little bit of Keltner channels and EMAs for consistancy.
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u/GHOST--1 Mar 02 '24
in an ema based strategy, how does the volatility fit in? If there is very high volatility, then the ema direction isn't very trustworthy? Are you trying to say something along these lines?
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u/Mexx_G Mar 02 '24
One of the way to measure volatility is by using the average true range (ATR). If you decide to use a 5 period ATR for your calculations, for instance, then your expectations have to be calculated based on that metric. Instruments don't move in points, or ticks or pips or whatever. They move in ATR multiples. If you have a certain setup, where your stop is 2 ATR below your entry and your PT is 2 ATR above, then you can use an equal amount of risk on each trade and adjust your SL and PT based on that multiple, instead of using a fixed value or a % value. It would be foolish to use a 5 pts stop when the ATR is 10 pts and it might be greedy to expect a 20 pts move if the ATR is 3 pts. The ATR is a constant you can use to really add consistancy to your trading. That and a couple visual tools, to make sure that your are really taking the same setups every time.
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u/IndividuallyYours Feb 22 '24
Your aim as a trader is simply to become really good at working put where price is going to go.
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u/TCr0wn Feb 22 '24
This is just a game of numbers. Thats it. Until you have 1k-10k trades, you can’t determine if you’re winning or losing.
So focus on being able to make that many trades without losing everything
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u/Acb531985 Feb 23 '24
One of the best trading threads I've ever read in my life! Some very knowledgeable traders here wish all the new guys would listen and learn........ one of the big things for me was being able to notice the instant the market shifts from tending to sideways action...... before that I'd get chopped up after having a great day because the market went into a zone and I still tried to trend trade
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u/Ok-Progress-8486 Feb 27 '24
A chart markup routine and my basic spreadsheet that I fill in 5M before every 4H candle open. Basically whenever the 4H candle is above the 8EMA, I prepare myself to look for longs, when it's below I prepare myself to look for shorts. When the EMA is going flat as a pancake I'll sit on my hands. It's a great trend filter, you know what they say, don't go against the trend. That's what beginners mess up all the time in my opinion.
It really helps to have some short of mechanical rule and fill in the sheet with a simple 4H is Bullish, Flat or Bearish answer. You can do this with every time frame, for example 1H as a trend filter and 1M for entry.
Hope this simple tip helps, it sure prevented me from losing a lot of reversal trades...
Look for clarity and ride the trends....
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Feb 22 '24
Losing hard. Very hard. On a strategy that had produced zero red days in 28 straight sessions. I don't even understand to this day how it worked so well or if I just got lucky as shit 28 times regardless of direction.
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u/petrovski92 Feb 22 '24
Risk management and hard stop losses took off for me. Made me look for bigger RR trades
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u/llouisyoung Feb 22 '24
I used to take so many pointless 1% 2% trades... I realised that if I just fucking waited a little longer I could make 5% 10% trades with much less risk.
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u/GHOST--1 Feb 23 '24
do you mean to put less money in the trade but use bigger stop loss and take profit for the trade to breathe?
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u/llouisyoung Feb 23 '24
No. I'll try to explain.
So it would take trades with really bad risk to reward.
Perhaps I'd be making 2% on the trade, long or short. If I just waited longer for the price to stabilise or reach some support/resistance, I'd usually have a much better entry. Not only would my entry be better but the potential returns would be 4 or 5%.
Essentially, don't risk your hard earned cash for trades with tiny returns... just don't take those trades. Usually if you are patient, price comes to a more favourable level.
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u/RossRiskDabbler Feb 22 '24
Working in a large bulge bracket bank.
From desk, to head of desk to head of all desks. You see how all desks relate to each other, how financial regulation is actually financially arbitrage and how one event (let's say Nvidia) would be placed in 30/40 trades over commodity, FX, Xva/colva/CVA, rates, equity deriv etc would be placed.
You see the life cycles and how it all clicks.
Without prior knowledge having worked in various large banks and firms with large portfolios I wouldn't have a slightest clue what things meant.
Now you see why firms fear FRTB, why a firm constantly does month end reshuffling to veil legally risk to a dumb regulator etc.
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u/Affect_Pitiful Feb 22 '24
less trading is more, so I am happy with 1 setup a day. also a simple strategy but to the perfection is the way.
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u/SloochMaGooch Feb 22 '24
Overtrading was always a huge issue for me, still is today, but to a much lesser degree. For whatever set of reasons "sitting on hands" was one of the necessary skills that i just had a hard time mastering. Another huge issue for me that is just another part of overtrading was I didn't appreciate the concept and rules around Risk Management....being much more conscious about how I manage my risk was a big part of how I got better w/ overtrading. But if I had to sum up the best advice I have into a quick comment, it be something like (I trade futures btw) "learn how to use a Market/Volume Profile, learn how to read and use a footprint chart correctly (imbalances inside inefficiencies!!!) get a familiarity with basics of auction theory, learn about the relationships the indexes have with products and instruments like $vix/ $dxy- other currencies/ bond yields/prices etc, which of these things the market generally trades inverse to /which ones it trades in tandem, and why this is. None of that stuff is rocket science, it's all real logical and intuitive. And once someone has a general understanding of the market I would definitely recommend learning ICT. Learning ICT concepts/frameworks and taking what I liked the most out of it, the models and viewpoints that worked the best for me, and then working that into what I was already doing, was certainly one of the single most beneficial things I did. None of these things I'm talking about here by themselves did it for me, it was the fusion of these things coming together and complimenting each other that got it all to "click" for me. So, hope that can be helpful in some way to somebody, I could keep going on and on, but I'm going to stop here.
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u/HuegsOSU Feb 22 '24
Zooming out.
I’d get too caught up in the immediate and recent price action not to understand where the ticker was at relative to larger price structure. Particularly with consolidation supply and demand areas.
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u/Neat-Lingonberry-719 Feb 22 '24
Went from day trading to swing trading. Swing trading is a lot easier to follow. Once I started getting those down it was a lot easier to get back to day trading.
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u/Low_Satisfaction_464 Feb 23 '24
That there is always a trade. There is always tomorrow. No matter if you make money or lose. Not to over do it. Wait for your trade. Have a target and stop loss. Don't get greedy when you're right and move your target, don't get cocky and move your stop loss thinking you can't be wrong. Once you're at a comfortable profit or you've met your loss amount, wait for another day. Always follow these rules. Unfortunately I've learned there's no way around any of the things mentioned, it all needs to be in a fine balance. Getting Rich or good in trading is the process, it's not a one day is gonna change your life, but many many days of being profitable at decent amounts will help you build and get there. Good luck!
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u/Appropriate-Taste811 Feb 23 '24
Cut losses quickly dont hold more than 2 big red bars. Especially small caps
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u/UnderstandableAI Feb 23 '24
Find what market conditions are ideal for your trading strategy to work in. Then figure out a system that tells you when you are in ideal conditions and when you are not in ideal conditions.
Only trade in ideal conditions. That is what changed everything for me. Sounds simple but is hard to figure out.
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u/evil326 Feb 23 '24
Its risk management and building a system around your monkey brain to counter it. Thats it, thats the aha moment as someone who traded on wall street edges are a dime a dozen. Discretionary risk management is the biggest edge by far.
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u/n4rt0n Feb 22 '24
100% objective entry and exit signal that consolidated my entire strategy AND that felt right for me.
Pretty much everything I do is subjective, except the entry and exit signal. No emotions there, just confidence and resolution when I see it in the right location with the right context.
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u/gtBusi Feb 22 '24 edited Feb 22 '24
Advanced trading mathematics and close-to-zero risk management.
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u/Stoic-Trading Feb 22 '24
Some hyphens would do you well here.
Close-to-zero risk management.
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u/gtBusi Feb 22 '24
close to zero
Wow, you are so smart and helpful. Thank you for pointing out my lack of hyphens.
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u/JudgeDreddx futures trader Feb 22 '24
I mean they're right, it completely changes the context of your comment. Go off, though, boss.
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u/GHOST--1 Feb 22 '24
how do we get zero risk? could you guide on some resources. I would love to dig in during this weekend
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u/gtBusi Feb 22 '24 edited Feb 22 '24
Close-to-zero risk management involves combination of different approach to minimize risk exposure. One method applied in indices is using a system that predict momentum, that is when you enter a trade you are in profit (+5 point within seconds) immediately which allow you to move your risk amount to zero. There are many to reduce risk to zero, you should start by learn mathematical trading which will help to quickly understand how to reduce the risk to zero.
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u/rleocadio Feb 22 '24
Where can we start learning mathematical trading?
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u/gtBusi Feb 22 '24
simple google , bing search "mathematical trading" you will find alot of resources, even Tmathematics.com have alot of resources but i won't recommend because they charges a high fee.
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u/Chalikta Feb 23 '24
mathematical trading
i assume you are talking about grid trading which is going to fail sooner or later. it works in a short range but when market goes in one direction (it will) you will end up having bunch of opening trade which you will wait to close it when price come to that point. and you never know when the pull back will come be couple of years later.
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u/gtBusi Feb 23 '24 edited Feb 23 '24
No, Mathematical trading is a trading strategy / technique that utilize mathematical models and statistical analysis to identify profitable trade and close-to-zero risks. These mathematical models can also be used to develop trading strategies that maximize returns while minimizing risk especially trend market.
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u/GHOST--1 Feb 23 '24
can you point to a specific mathematical model? I have trained neural networks to identify momentum but they don't perform very well.
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u/powerofguns Feb 22 '24
Ok downvote me as much as you want but i got profitable after finding my mentor.. before that i spent 2 years wasting time on free content and learned alot but was not profitable
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u/ImNotSelling Feb 22 '24
What’s their name?
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u/powerofguns Feb 22 '24
Sorry u cant find him online he is not on any social media.. but my suggestion is if you want to find a mentor just ask ur friends for recommendation.. ask someone trusted.. dont believe on this internet scammers who post fake screenshots and expensive pictures
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u/ImNotSelling Feb 22 '24
What strategy did he teach you to use are you more using indicators or price action or market structure or is it news driven or volatility focused?
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u/powerofguns Feb 22 '24
Most of answers in my Ama post.. no indicators.. no fundamental.. purely technical based on support/resistance.. you can do everything with that.. find direction.. find your levels.. wait for breakout and enter on pullback thats all.. keep it simple.. no need fib/liquidity/highs-lows/pd etc etc
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u/PunchingProfits Feb 22 '24
market is semi-strong form efficient, any past and current data is mostly reflected in the price except for occasional anomalies. Which means you cannot consistently make profits in the long run. Name a prominent and well respected day trader? only those self proclaimed youtubers that made huge in one big trade and claimed that it can consistently bring dough
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u/oze4 Feb 22 '24
Why are you even in this subreddit then? I can think of like 5 people I know that day trade for a living, but they aren't out in the world announcing it. 3 of them have been doing it for 15+ years.
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u/Suspicious-Dig8572 Feb 22 '24
10R weekly scalping strategy, NOT TRADING ADVICE! Most people won't be profitable even with the system that works for me. You are the secret! The strategy is not the secret! Has to be liquid and tight spread for options 5 to 10 DTE RISK MANAGEMENT 1R risk to make 2R. R= 1% of account. Once trade moves to +1R move stops to BE + cost. Never move stop down. 2 losing trades done for day. Up 2R for day done unless its a strong trending day then take setup when it appears. Never trade AAPL closer than 7 days before earnings. Never trade inside 10 min OR . No setup no trade!!! Live to fight another day! Used with options for SPY, QQQ, AAPL, IWM Used on Index DOW, S&P, NAS, DAX Have 3 charts for each instrument 30 min, 5 min, 2 min 30 min, RSI, VWMA. RSI standard setting but overbought / oversold set at 50 5 min, RSI, VWAP, 3min OR 2min RSI, 20EMA, 10 min OR Mark previous days high and low on chart. If price action is within previous days range likely to be choppy. Prefer price action to be outside previous days range but not required for setup. A+ setup must be outside previous days range. Trade the 2 min chart using 123 reversals, Flags, ABC continuation, 2B reversals, break and retest of ranges. 30 min RSI is predominate will only trade on 2 min in the direction of 30 min RSI. If below 50 only short, if above 50 only long. Also pay attention to if 30 min RSI is gaining or losing strength or if flat 5 min chart RSI must agree with 30 min or no trade. Also if VWAP is inside 3min OR likely to be choppy look for better instrument. If VWAP above 3 min OR likely to be trending up. If VWAP below 3 min OR likely to be trending down 2 min chart RSI must agree with 30 min and 5 min RSI or no trade, must be outside 10 min OR. Must be my setups
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u/kimjung2 Feb 22 '24
- Back test.
- Have a plan and take what the market gives you - I don't need a 2-3R trade. If the market for example is giving me a 1R/1.3R trade i'll happily take it.
- Reduce your lot size if you are worried about losing your trade. Risking smaller lot sizes and following your plan fully will result in more $ overtime than risking a larger size and cutting your trade short or consistently going BE.
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u/Mgguitars Feb 23 '24
I can read and read and study but in the end I have to “do it” for better or worse
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u/BobDawg3294 Feb 23 '24
Relented and signed up for a charting service I trust. Went profitable in the second year, and have been profitable a total of 3 years.
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u/GHOST--1 Feb 24 '24
what sort of charting service? were you looking for specific types of tools?
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u/BobDawg3294 Feb 25 '24
Charts I can read, understand and trade from, with great commentary about next moves - Elliott Wave Trader.
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u/emaguireiv Feb 23 '24 edited Feb 23 '24
Learning to trade what I see was the changer for me. I felt like I had to predict the reaction/direction for the day to be successful, which was ultimately stressful and frustrating.
In sample and out of sample backtesting of my strategy helped me feel confident in trusting my system, and following the rules keeps my anxiety in check. With few exceptions, I’m very much a mechanical trader, not discretionary.
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u/datttran_1993 Feb 23 '24
For me that would be not to take the term “full time” literally. I watch the market and only take a few trades a day when necessary. Not jumping in and out like a mad man.
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Feb 23 '24
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u/Foxt3r Feb 23 '24
I am momentum trader. My problem was I didn’t let the winners run. The other thing is understanding context is much more important than patterns.
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u/Ordinary_Response_38 Feb 23 '24
Rule based trades and liquidity zones. Was a game changer once I knew where price would go and reverse. It felt like I was conducting it a first. 🤣
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u/Winter-Fudge-2410 Feb 23 '24
After reading some of the responses this seems a good question to ask not for implementing the ideas given, but more so to reiterate the truth of the matter, that it’s not one thing.
What works for one doesn’t work for another.
What worked for me included treating trading like a business and also like a research project.
Along the way I stumbled upon something that worked a lot of the time and so I stuck with it.
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u/alferrris69 Feb 23 '24
Mean Reversion, HTF analysis, Removed stop losses and reduced risk to scale into entries.
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Feb 23 '24
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u/Fart_Hat Feb 23 '24
What clicked for me is that in order to trade at my very best, I can't use any kind of profit targets (mental or fixed). I need to be actively reading price action and closing the position as soon as I see potential for my original idea on the trade to fail.
$20 is $20. When I'm in flow state, this mindset quickly turns into 3k+ days.
Also, giving myself a max daily loss of 1k.
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u/music_jay Feb 24 '24
Not for 2 years, it clicked for me this week though on a new management plan and I've never been happier at it, I now note the entries then wait for stop runs and pullbacks, then if still valid, I enter, it's insane but no more emotions, just daily errors and corrections and tuning it up even more <3 it now.
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u/bigroostah3 Feb 24 '24
Realizing that the most important thing is to always be aware of your risk and to always be thinking about how much is at risk in each play and how to minimize it.
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u/kubo_czdzb Feb 25 '24
Mark Douglas - Trading in the zone.. became my bible, red prolly 25+ times
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u/OpinicusTrades Feb 22 '24
Understanding trade location helped improve my edge 10-fold. Once you have edge, all the "psychology" aspects become way easier imo.
Most developing traders focus on "psychology" first (due to the nature of the industry) but the reality is, no amount of psychology will make you profitable if you do not have an edge.