Start by developing a detailed trading plan that outlines your strategy, including entry and exit criteria, risk management rules, and your overall trading goals. Ensure that you thoroughly understand the indicators or methods you use for analysis.
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How can I improve my trading?
- Thread starter qwB
- Start date
What if I don't use indicators, simply look at patterns and use "gut feel"? How do I quantify gut feel?Start by developing a detailed trading plan that outlines your strategy, including entry and exit criteria, risk management rules, and your overall trading goals. Ensure that you thoroughly understand the indicators or methods you use for analysis.
What if I don't use indicators, simply look at patterns and use "gut feel"? How do I quantify gut feel?
While relying on gut feel and observing patterns can be part of your trading strategy, I think you still need to make it based on the tendencies of chart patterns, since each patterns has unique characteristics to predict price movements. It can be solid strategy. If you are looking to advanced this strategy, you can try exploring harmonic patterns. You can use this as a reference:
https://insights.primecodex.com/harmonic-patterns/
Your going to be losing some and making some, if you are not sure about making that profit you dream about currently, you can at least try and negate some losses with proper risk management, that, in and off itself is profit for you early on.
I am a 10 month old trader. I've been struggling with my trading skills lately, so I recently started keeping a trading journal and realized that I don't have much of a basis for my entries.
What should I do to overcome this?
Ask yourself, "Would I take this trade without a stop loss?"
If the answer is yes, then you are good to go. If the answer is no then why are you buying? It is either time to start accumulating, time to start distributing or time to do nothing.
Just to be clear, I'm not saying don't use a stop loss.
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Are you talking about day trading, swing trading or lt( long term) investing?Ask yourself, "Would I take this trade without a stop loss?"
If the answer is yes, then you are good to go. If the answer is no then why are you buying? It is either time to start accumulating, time to start distributing or time to do nothing.
Just to be clear, I'm not saying don't use a stop loss.
Are you talking about day trading, swing trading or lt( long term) investing?
All of the above...well what is day trading to you? To me day trading is 0 dtes so a totally different animal...if you are referring to day trading as in buying stocks and closing positions every day no matter what well then that's just the dumbest form of trading possible.
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.if you are referring to day trading as in buying stocks and closing positions every day no matter what well then that's just the dumbest form of trading possible.
How do you know that it is " the dumbest form of trading possible"?
How do you know that it is " the dumbest form of trading possible"?
Because you are closing a trade based on time lol for no other reason. I don't decide to sell a car just because it's Wednesday and the guy is offering me 1k less than I paid for it this morning.
It is not comparableBecause you are closing a trade based on time lol for no other reason
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