ChatGPT: One Page Manifesto on Day Trading & Trading Plan

schizo said:
If you consider "50 day" as "50-period" MA, it shouldn't sound so out of place.
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THAT's more clear if one has a chart service that automatic does a 50dma into a 50 period moving average. I use 2 types of charts + one does + the other does not.
[20] I would also have a secondary goal of less than 20% a month, just in case the market does not help you take out 20%, say by the last day of month:caution::caution:
Some stuff that is ''Artificial '' = quite good; I use good artificial light all the time, but not near as good as sunlight-partial disclosure:D:D
[21] Some stuff that is '' artificial'' = a figure of speech+ not based in reality. Think about all times we have heard ''free college'' LOL . Someone paid for it, seldom if ever is it '' free''.
[21+]Wow @ end of day, quite a few ETF benchmarks hit > daily goal, for 20%@ month, today anyway.
Maybe market thinks MSFT getting blocked on ACTVI is good or maybe just does not care?? Or budget plan, dont know.
Not a stock tip, but I like the MSFT pattern of more than one income stream;
especially a 2nd business income ,I can control hours on. Good post.
 
murray t turtle said:
%%
THAT's more clear if one has a chart service that automatic does a 50dma into a 50 period moving average. I use 2 types of charts + one does + the other does not.
[20] I would also have a secondary goal of less than 20% a month, just in case the market does not help you take out 20%, say by the last day of month:caution::caution:
Some stuff that is ''Artificial '' = quite good; I use good artificial light all the time, but not near as good as sunlight-partial disclosure:D:D
[21] Some stuff that is '' artificial'' = a figure of speech+ not based in reality. Think about all times we have heard ''free college'' LOL . Someone paid for it, seldom if ever is it '' free''.
[21+]Wow @ end of day, quite a few ETF benchmarks hit > daily goal, for 20%@ month, today anyway.
Maybe market thinks MSFT getting blocked on ACTVI is good or maybe just does not care?? Or budget plan, dont know.
Not a stock tip, but I like the MSFT pattern of more than one income stream;
especially a 2nd business income ,I can control hours on. Good post.
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You (and others) are taking this too literally. It's just a trading PLAN. How you decide to use it is up to you. That said, how many traders do you know who incorporates many of the things outlined in the above manifesto? Not that many, I would think.
 
schizo said:
This is a one page manifesto on day trading.

Day Trading Manifesto: The Simple Art of Creating Wealth

I believe that day trading is a rewarding career that offers me freedom, flexibility, and financial independence. I am committed to improving my skills and achieving my potential as a day trader. I am proud to be a part of the day trading community that strives for excellence and innovation. As a day trader, I pledge to:
  • Educate myself on the fundamentals of trading, the markets, and the instruments I trade.
  • Develop and test a trading plan that suits my personality, goals, and risk tolerance.
  • Follow my trading plan with discipline and consistency, and adapt it as I learn from my experience.
  • Manage my risk by setting stop-losses, position sizes, and diversifying my portfolio.
  • Keep track of my performance and review my trades regularly.
  • Stay informed of the news and events that affect the markets and my trades.
  • Maintain a positive mindset and a healthy lifestyle.

Recommended Trading Plan for John Doe
  • Trading Style: Swing trading (??)
  • Trading Objective: To generate consistent income from trading stocks
  • Risk Tolerance: Moderate
  • Trading Capital: $50,000
  • Maximum Risk per Trade: 2% of capital ($1,000)
  • Maximum Risk per Day: 6% of capital ($3,000)
  • Profit Target per Trade: 4% of capital ($2,000)
  • Profit Target per Month: 20% of capital ($10,000)
  • Trading System: Trend following using moving averages and MACD
  • Entry Rules: Buy when price crosses above the 50-day moving average and MACD is positive; sell when price crosses below the 50-day moving average and MACD is negative
  • Exit Rules: Use a trailing stop-loss of 2% or a fixed profit target of 4%; exit if the trade is open for more than 10 days
  • Position Sizing: Use the Kelly criterion to determine the optimal position size based on the win rate and reward-to-risk ratio of the system
  • Trading Hours: Trade only during regular market hours (9:30 am to 4:00 pm EST)
  • Trading Days: Trade only on weekdays (Monday to Friday)
  • Trading Instruments: Trade only liquid stocks with an average daily volume of at least 1 million shares
  • Trading Journal: Record every trade with the date, time, entry price, exit price, position size, profit or loss, and any notes or observations
  • Performance Review: Review the trading journal and performance metrics at the end of each month; identify strengths and weaknesses; make adjustments if needed
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You need to have an edge and manage your risk.

Try to find someone who is successfully doing what you want to do. Oh .. gurus-for-hire are mostly hustlers.
 
I think ChatGPT is a jack-of-all-trade smart-ass. all its recommendations are from other people's experience and knowledge. it doesn't necessarily go over to analyze data to come up with appropriate recommendation or rationales why such and such recommendation and criteria are appropriate for a certain situation or problem. To come up a good recommendation(s) for a problem, it'd require a lot of data collection and analysis, time, knowledge and expertise in certain area, ... and ChatGPT is all over the places. it kinda provides a walmart type of solution to the mass.
 
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