You're right. I really have no routine now that I reflect back in time, the only thing I can do is wakeup at 6am to trade and take a walk every day. Other then that, school life I study and prepare for test near their due dates, procrastinate during studying. When I get bored/procrastinate I just read up on options/trading. Really got nothing for me. It's crazy, but I guess if no one tells you or you never reflect on your day to day actions, you don't really notice. I got tons of time, but don't make the best use of it. Saying that it isn't like I can change over night. So I will start small and improve on it weekly.
An Attempt to Learn How to Trade Consistently and Profitably
- Thread starter attempt
- Start date
You're right. I really have no routine now that I reflect back in time, the only thing I can do is wakeup at 6am to trade and take a walk every day. Other then that, school life I study and prepare for test near their due dates, procrastinate during studying. When I get bored/procrastinate I just read up on options/trading. Really got nothing for me. It's crazy, but I guess if no one tells you or you never reflect on your day to day actions, you don't really notice. I got tons of time, but don't make the best use of it. Saying that it isn't like I can change over night. So I will start small and improve on it weekly.
25 minutes dude. Ain't no thang. You may well find 2 or 3 of those websites that offer some good information for further 25 minutes tomorrow. Start small, it feeds on itself.
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What chart package do you use?
Chart package isn't critical. I think all the popular ones are good enough. I'm with TDA so I use their charting software just because it's convenient and free for clients, but it wouldn't be one of my top choices otherwise. I have used an older version of Metatrader before and I really liked it. I have heard good things about Ninjatrader and Tradestation, but I haven't used them myself. I wouldn't sweat over choice of charting packages. It won't make you or break you.
Exactly, knowledge and research are must haves.
Yeah, the number of chart packages is broad and deep. That's a good thing, no doubt.
Search term: Trading the Double Top and Bottom
https://yippy.com/search?query=Trading+the+Double+Top+and+Bottom
Clicking on the "Pattern" cluster can bring up sites not on the general return.
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TNA-ETF Double Bottom,Hammer@Support
Does anybody know how to find out what the Bid - Ask price for that TNA FEB05'21 85 Call would have been at around 10:45 -10:50 Tuesday Feb 02 morning?
Does anybody know how to find out what the Bid - Ask price for that TNA FEB05'21 85 Call would have been at around 10:45 -10:50 Tuesday Feb 02 morning?
Attachments
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options iwm Feb05'21 call.png
https://www.elitetrader.com/et/threads/charts-for-no-reason.344272/page-9#post-5315092
https://www.elitetrader.com/et/threads/charts-for-no-reason.344272/page-9#post-5315092
Hey kiddo.
I wish you would take heed of the advice to stop trading until you find success on demo.
It’s a shame to see you wasting your money and that you’ve now gone negative.
Some last ditch advice from someone who makes money trading the S&P. There’s a lot of frauds out there, don’t get yourself drawn in by them.
1. Ditch the intraday correlations from your chart. Ain’t gonna help. Track VIX, 10yr, TLT, DXY etc for market health - sure.
2. Swing trade. You’re a deer in the headlights on the lower timeframes and I can see panic and confusion in your exits.
Swing trading on support and resistance even with MAs is... so easy.
3. Patience. It’s what you don’t have and it’s the only reason why you are losing. I know this. After time you’ll develop a feel for the market and it’s easy. You won’t develop that feel when you’re constantly rushing in and out of positions, panicking.
4. You’re trading options without knowing about the Greeks it seems? They’re important. Gamma and delta.
It took me a few years to realise with trading that all that’s truly needed is just solid psychology combined with some basic math skills.
You’ve heard it all before but impatience and leverage kills.
I went long at the bottom of the market this week and bought strength on the way up. Heavy leverage, 80% off the table at new highs and now I’m sleeping easy at night with my stop loss comfortably above my entry (but not where a retracement should touch).
This is where you want to be. Based on regime (bullish/bearish, risk on/off), when a market rips or dips, you should be ready to act. You’re acting in between the real action and getting tossed around like a rag doll.
Posted this as I don’t want to see the market cause a smart young guy trouble. Please be wise. Best of luck...
I wish you would take heed of the advice to stop trading until you find success on demo.
It’s a shame to see you wasting your money and that you’ve now gone negative.
Some last ditch advice from someone who makes money trading the S&P. There’s a lot of frauds out there, don’t get yourself drawn in by them.
1. Ditch the intraday correlations from your chart. Ain’t gonna help. Track VIX, 10yr, TLT, DXY etc for market health - sure.
2. Swing trade. You’re a deer in the headlights on the lower timeframes and I can see panic and confusion in your exits.
Swing trading on support and resistance even with MAs is... so easy.
3. Patience. It’s what you don’t have and it’s the only reason why you are losing. I know this. After time you’ll develop a feel for the market and it’s easy. You won’t develop that feel when you’re constantly rushing in and out of positions, panicking.
4. You’re trading options without knowing about the Greeks it seems? They’re important. Gamma and delta.
It took me a few years to realise with trading that all that’s truly needed is just solid psychology combined with some basic math skills.
You’ve heard it all before but impatience and leverage kills.
I went long at the bottom of the market this week and bought strength on the way up. Heavy leverage, 80% off the table at new highs and now I’m sleeping easy at night with my stop loss comfortably above my entry (but not where a retracement should touch).
This is where you want to be. Based on regime (bullish/bearish, risk on/off), when a market rips or dips, you should be ready to act. You’re acting in between the real action and getting tossed around like a rag doll.
Posted this as I don’t want to see the market cause a smart young guy trouble. Please be wise. Best of luck...
Word.
Beauty.
More details, if not asking too much.
Some chart pics would be icing on the cake.
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