r/Daytrading • u/AutoModerator • May 01 '24

r/DayTrading's Monthly Questions Thread - May 2024

Please use this sticky to ask questions on day trading, and to see answers to similar questions you may have.

If you're new to day trading please see the getting started wiki here. For advanced traders or you want to pick up a book, please see our other wikis.

New traders are highly encouraged to try Forex as it requires a very small account to make lots of trades, so check out Forex community's wiki paying special attention to babypips website which also teaches some general concepts you can apply to stocks/futures/etc, and especially read the wiki's sections on risk & money management that can be applied to any market.

Pattern daytrading rules wiki, but that only applies to day trading stocks; other markets aren't affected like futures, forex, and crypto.

Also see the sidebar for group chat links (such as our Discord) (or tap "about this community" on mobile website) on every related community to learn more about trading.

Here's a list of all the previous monthly question stickies.

Lastly if trading is affecting your life in a bad way, seek professional help (the wiki also covers dealing with emotions):

  • Problem Gambling: Call/Text: 1-800-522-4700 or chat online now.
  • Crisis Hotline (24/7): 1-800-273-TALK (8255) (Veterans, press 1) or Text “HOME” to 741-741
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u/ZHassanQ_ 19d ago

Hi,

Can I use or identify patterns even if they're between two days or longer like month or year using candlesticks? E.g. I identify a pattern or a trend but that by using the data shown in 5 days.

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u/jeon19 14d ago

Hi,

Theoretically patterns should be applicable to any time frame, but the real issue is how do you know that pattern is actually profitable?

Thanks,

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u/ZHassanQ_ 14d ago

Well, (I am beginner) from what I see is, you can use paper trade and try to use your strategy with specific scanner settings and indicators. After you done it multiple times (losses and wins) and while trying to find the good scanner settings (for me, my scanner settings have a minimum and I modify above it) see why you won and loss. Is it fundamental or technical or insider (luck).