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Yeah I hear you, that was more of a figure of speech. I wake up with an open mind, I just don't know how to take into account what premarket does to the open, so I regularly miss the big move and then feel like I'm chasing it over and over the next couple hours as a result.

Thanks VST! I'll give it a look. I need anything I can get to help me understand the open. Today for instance, I froze up on a pretty gimme AMD short because I don't trust what I think I'm seeing from about 9:27 to 9:45 and a lot of that self-doubt I've realized is caused by premarket...

Yeah but on a day like today, premarket makes me second guess shorting AMD at the ball, and it was a nice smooth ride down I missed out on. I guess all I'm really trying to get out of this thread is a little more confidence at the ball.

What up easymon!

I'd love to ignore it, and I realize the illiquidity makes the price action less meaningful and all. Problem is there is no reset button at the open, so it does affect those first 20 mins at least of correction, but I just can't figure out how to anticipate direction and levels with that.

General question on Premarket. I've been trading part-time for about a year now so forgive me if this is a naive question, but here's what I don't get with premarket. I'll go to bed with a stock I want to trade the next day in mind, price targets, right. I wake up and the price target was...

A So true Radex!

LOL. Easymon and anyone else, just one more rookie question on this, and yes I know this is laughably rhetorical, but if the amount of the risk on a reasonable stop loss is too high, I just have to size down my trades huh? I've been trying to play catch up last couple trades to make up for...

Alright I've got another play that was a cluster. Really struggling lately, first arrow is entry, 2nd arrow is where stop loss got tripped. As you can see, I didn't set it too tight, set it at that previous low of the wick, maintained discipline at least and stuck to my stop, but in the...

I hadn't heard that distinction before: logical vs probability stop. Makes sense. So say I set the stop that much further down, then it's a matter of sizing the trade so I can live with the amount not panning out? Reason I ask is I'm wondering what a good beginner's rule of thumb is for max %...

Here's one from today I regret not playing but there's a "tight ass stop" conundrum in it, as you put it. Arrow for entry point with my system, and I put the stop where it seems I should along that support line from the previous 4 candles, I can ride this one all the way up, inching the...

Thanks Doc! I've gotten burned by a couple stupid stop loss trips too already, one with MRNA last year still pisses me off. I'll start working towards a less rigid system where I identify the key level but also set it at an amount I can live with.

50, I like to use half the acct, hold half back in case I see a move I like even better. What do you recommend?

927

Entry on this short is around $922 and exit is around $913, so 1% move thereabouts.

My humble system doesn't work as well on 5 min charts. Here's a couple entries and exits on the 1 min charts for 2/18 on MSTR. Green arrow is open and red arrow is close with a dotted line for stop loss. Don't understand why yet but when I use the 5 min chart, I miss too much of the move...

LOL, you've inspired me. I promise I just wrote a couple things down and will add to it tomorrow and by the end of this week I will have something more detailed. Whole reason I did this thread was I knew I needed a riot act like this read to me.

ps - that other trading plan thread you linked to looks great, gonna read it front to back, thanks!

Yes and no is the truthful answer. I have a written morning premarket routine. It's at about 9 things I should do while I'm figuring out my watchlist. I've been groping towards a solution on the trade size question. Not having that pinned down definitely screwed me on my last loss. I bought...

You're being cryptic my man. Long answer is I use a daily watchlist. Going into the bell, I hone in one or two promising crossover setups. I check the secondary indicators. (1) If RSI doesn't talk me out of it by being at like 98 for 5 mins or something and (2) if volume isn't clearly...