/biz/ - Business & Finance

Okay, I lied - updated the chart w/ some additional levels on the downside since the retail sales news blew the hell out of all the pre-market levels. I did not color coat them, but these are all support levels on a 15 min chart for TSLA. I personally will be looking for one of these levels to trigger a short term bullish reversal that I can play off of.

Yesterday after the cpi news, large caps pumped and every currency dumped against the dollar. The 2 forex charts I was watching were absolutely golden with double bars and 3/4bar plays for the next hour. Im a total newb at this, but it seems like big news (good or bad) creates more emotional markets for a bit, and thus more opportunities to scalp.

>>56669767
I tend to agree. When there is more liquidity flowing the chart moves with conviction and there is less choppy hesitation, which is what destroys my P&L.

>>56670012
I'm the same anon that asked you if you were gonna keep making these threads yesterday. I was watching more T/A vids last night and I see what you're saying about the premarket trading. Some of these guys are putting limit orders in (that turned out to be incredibly accurate plays) an hour before opening, which is damned impressive! Anyway, baby steps. It almost seems too easy when the markets are crazy like yesterday morning. I can see how that would lure you into making bad trades or build overconfidence. Im gonna follow all the suggestions and only do $10-$20 trades for now and keep track of my successes. I was (on paper) taking positions on YFI yesterday afternoon for $100 gains in 20-30 seconds and I just stopped because I could feel that gambling mentality creeping in like: you could easily make a quick $500 each on bunch of these trades if you wanted to just double your trading bankroll real quick...Fuckin mind enemy lol.

>>56670114
you are way ahead of me emotionally when I first started. in trading, once you have the knowledge to succeed, the degen voice is the main thing that holds you back. I have to silence it everyday, still.

I'm done for the day. I played TSLA kinda mediocre today, primarily I wasn't fast enough on exits as the breakouts topside were getting wicked back down rather quickly. I had a couple red trades, one which was probably too red (held too long in hesitation and paid for it). Outside of TSLA, I played a daily candle over candle on COIN and I will include that setup in my next post.

on the COIN play, I actually misread the chart and I'm probably lucky that it worked out. In looking at it again, it wasn't a daily candle over candle because yesterday had a higher high than the previous day. Fortunately, there was still a breakout as we pushed past yesterday's high, but this was NOT an ideal setup. This was a rookie mistake on my part and was actually a "continuation play" if anything. COIN has a bigger spread than I typically like to play. Market in Market out on Coin is risky because you're giving up .07 to .10 ($70 to $150) on my share size - but I don't do limit orders for this strategy. Looking at the play, I probably would NOT take it again. I was scrolling tickers rapidly and saw yesterdays red candle and the approaching break of yesterday's high, so I shifted to the 1m chart to find my entry. Only after completing the trade did I realize it was a continuation and not a candle over candle. Bad form. Mistakes were made. I marked the level I was looking at on COIN - again, not a good setup at all. If the red daily candle was a pullback candle it would have been a premium setup, but it wasn't and I was fortunate it worked out.

Gross profit = $785
Net profit after fees = $753.22

>>56670215
I think I'm just cognizant of it at this point is all. I'm not sure if I'm "better" lol. I've been a fuckin degen with crypto and casinos for like 10 years now, but I am beginning to see how it really is the deciding factor between profitable traders and everyone else. My focus is to make small trades and watch my mind until I feel like I can "get in the zone", like I used to do with gambling when I was younger. I wouldn't even flinch when the dealer pushed a stack of chips at me. It was pure autismo. Anyway, Im seeing nice setups on the USD/MEX rn. I may not actually setup an account for a few more days though and just keep watching the same few charts and making mental notes. I've got no good reason to rush into it unprepared...Ive been doing that for years and I still have a mortgage and debts lol.

Your two (2) favorite time-frames and indicators. GO!

>>56670501
1 & 5 minute
vwap and volume

>>56670501
>>56670675
5 minute & 4 hour
volume and volume

yes

>Day Trading

>>56670701
What do you trade anon. Curious to hear what other people are doing out there. The fact you like 5m and 4h tells me you probably like to scalp a bit but also like a longer trade. I'd like to improve at longer holds. I struggle a bit with swings. I'm correct on them > 50%, but often times I set my stop too tight and get shit on only to watch my thesis play out accurately.

>>56670797
bitgoin, good sir

Still have no idea how to use the charts, I've been looking at the order books to try and guess what other people are guessing.

>>56669591
bunch of degenerate gamblers... get a real job you yuppie wannabe cunts

>>56670946
The idea is to look for specific instances where there is an extremely high probability of particular movement. Flags are the most basic and everyone buying crypto likely knows the common ones, but the more "advanced" T/A stuff isn't necessarily complicated. It just depends what sort of trading you're trying to do. I've been having fun just watching charts and looking for the most simple bar over bar plays. I plug my order and limits in to calculate the profit and fees, then see if I'm right. I've been right most of the time doing this, and that's after just a modicum of study. Another anon suggested Jared Wesley's 3bar play videos on YouTube as a jumping off point and as a newb, I'd agree that it's a great intro. Check it out: https://youtu.be/xEjUd82NVVg?si=JyRT4UYzGkfNkrHq

>>56671108
Fuck off jared

>>56670965
this isn't one of those threads. we aren't discussing degen strategies here. we are talking about making consistent profits which requires a foundation of knowledge and extreme discipline.

picrel is a rolling 21 day chart of my win/loss ratio. tell me again how having a consistent 55% win ratio and an average win > than average loss is degen in any capacity. As for the real job, I do have a real job. I trade for 30 minutes each day and that's it. My personal trading strategy is backed up by thousands of trades over almost 3 years, and I have refined it based on a range of data points which include time of day, hold time, share size, stock price, price spread, volatility range and others. This isn't some coin flip we're talking about. This is extremely analytical analysis with significant sample size. I don't need to trade, I make a good living without trading. I enjoy trading and the extra income it provides, but most importantly - I enjoy the freedom of time it provides. I hope you will continue to pop into the threads to shit on me, and you will see that I make steady, consistent profits. Sure I will have red days, but over time as I continue to post these threads, you'll see the truth. I don't blame you for being skeptical that it's possible to win long-term while day-trading. You think its like a slot machine, and for many people it is. I'm not one of those people. Enjoy your day, I'm going to costco to buy a bunch of shelving so I can unfuck my disaster of a garage that has been an absolute pile of shit heaped up ever since I moved into this house 6 years ago. I can't even park in the thing and it's time to finally get that shit cleaned up so it can be usable. Baby steps... improve one thing at a time about your life. This one is long overdue.

>>56671185
Lol. Here's the screenshot I took from a day trading thread about 5 days ago. I haven't checked out many of the other folks yet, but I can assure I didn't write this, nor am I a successful day trader yet lol.

>>56671260
forgot to attach picrel, cheers anons

>>56671268
That's my post. I recommend people researching those traders btw

>>56669591
sup you fucking amateurs, watch me buy and sell every top and bottom today

>>56671298
good shit, I love digging into people with proven track records. thanks for posting

>>56671268
thanks for reposting. I missed this.

>>56671298
Thanks fren.

>>56669591
How long have you been doing this?
How much do you earn on average, and with what amount of port do you trade with?
How much of it do you put in each trade?
How long did you do this before you became profitable?

While I'm thinking of it, does anyone have recommendations for free charts they like? I'm not using a good trading platform and want to have 4 charts up on a second monitor.

>>56669591
>>56671381
Also, how often do you do this and how much time does it take you (how many hours per day, how many days per week)
And do you have consistent profit whether bear, bull, or crab?

>>56669591
>do not hold and hope
Literally the only reason I have success with day trading is because I don't sell losses. I feed bad trades into good trades to average out the cost, and every trade provides me with profit because of this.

>>56671381
>How long have you been doing this?
Fist trade was in 2017 (crypto). Started trading stocks in 2021.
> How much do you earn on average, and with what amount of port do you trade with?
average is around 800/day trading with a balance of currently around 165k with. I pull from my day trading account to feed my annual contributions for my (and wifes) solo 401k.
> How much of it do you put in each trade?
Depends on the ticker, but I generally aim for around 1500 shares, often times that means I'm using margin, which i NEVER hold or incur fees on
>How long did you do this before you became profitable?
2 years. Year 1 I lost roughly $50k, mostly holding and hoping. I didn't have a strategy, it was more or less gambling. Year 2 was a growth year. I still finished slightly red, but I learned what worked and didn't work for me. Year 3 (this year) I made two key changes that propelled me to very consistent profit. I switched to trading large caps exclusively and I stopped trading all day long, limiting myself to the first 30 minutes of open only (as that's where 80% of my profit was anyways and trading all day caused me to take shitty trades and chop up my gains from the morning) Now I either work on other business endeavors for the rest of the day or do whatever the hell I want (fishing, hunting, trying to shag wifey, etc)

>>56671408
tradingview, if you can stand the annoying pop ups trying to sell you shit. Also I think you can use thinkorswim in "test" mode for free, but I'm not sure if the charts will be real-time.

>>56671426
I did this in my 2nd year and ultimately I landed on a stock that just never went back up. I continued to average down again and again and again and eventually ran out of dry powder. The opportunity cost of holding it for months in addition to the actual losses, made me realize this strategy works every time, until it doesn't. I had an 80% win rate when I employed this strategy, but it is akin to martingale in that when it blows up, it blows up majorly.

>>56671426
Never average losing trades, you can get away with it for a while.

>>56671320
>>56671333
No problem frens
If anyones curious
https://pastebin.com/Vtg1hD2G

>>56671381
Not OP, but to answer
"How much of it do you put in each trade?"
You should always think in terms of how much $ to risk, not how much $ to put into a trade.
Differing trades will have differing amounts of risk. For example
Tesla might = 1% Risk
Small Cap Momentum Name = 5-10% Risk
Weekly Option Contract on a Monday-Thursday might be 10-20% Risk
A 0DTE (0 Day Till Expiration) might be 50%
So depending on what you're trading you need to line up your position size so that the amount risked if you get stopped out will be fairly equal. (When you're newer, as you get experience you can start using exponential bet sizing on higher quality higher EV generating names)
If you're risking $100 per trade you'd buy
$10,000 of Tesla
$1,000-2,000 of The Small Cap
$500-$1,000 of the Weekly Option
$200 of the 0DTE
All of those would equal roughly $100 when stopped out.
Just look at your entry price minus your stop price to calculate your risk per share, then divide the amount of risk you want to take per trade by that # and it'll tell you how many shares to buy.
If you want to risk $200 on a trade, and your entry is $75.50, your stop is at $74.50, then you're risking $1.00 per share (ignoring slippage), take $200 / by $1 of risk and it'll tell you to buy 200 shares.
>>56671501
>"I switched to trading large caps exclusively and I stopped trading all day long, limiting myself to the first 30 minutes of open only (as that's where 80% of my profit was anyways and trading all day caused me to take shitty trades and chop up my gains from the morning)"
This is the way. There's lots of very successful day traders that trade nothing but the open. I find that by around 11:00am you can usually call it day. Newer trades have a bad habit of thinking more trades = more money, when it's usually the opposite.

>>56671715
Thanks brother and thanks for the info.

https://puzzled-savory-63c.notion.site/24fb0b88f4fc42248d726505dad2b596?v=a426b5c5100149a88150fc6fe13649c1&p=d666915301f64f6580c1dc509e1a5a06&pm=s

Here's another great resource I used for learning. Someone a while back went through all of Mark Minervinis twitter post when he had said that he had bought a stock, then took a screenshot of the corresponding chart on that day so that you can see what exactly he was looking at. This is a great way to really drill into your head what good basing patterns look like.

>>56671880
Verification not sneeded

>>56671891

Bump

>>56671414
rerolling this question and bumping the thread.
>do you have consistent profit whether bear, bull, or crab?