How To Not Chase?

Create a plan in premarket and set limit orders. If they hit set stops. If not wait for tomorrow

I mainly shortsell and this is what I do. Some days I waste money on locates that I don’t end up using but it’s better than chasing and losing on something I know I shouldn’t have trades

I do create a bias and a plan for both directions in premarket.

I can point out a lot of things wrong with what you are doing. I hope you haven't quit your job yet because you're going to need it.

I think you should start by trading with a very small position so you don't get emotionally attached to the money you are trading with.

It also sounds like you are impatient. A patient person will wait for the trend to dip before buying in. Not buying in at the peak of an uptrend because "It's about to go to the moon man!"

I already know you're not going to listen to me, so after you get done losing more money maybe check out some youtube videos on pattern formations on charts, and helpful indicators. And start trading with a smaller position until you figure out how to trade better.

I think I am impatient, today I bought a low(first time after self reflecting and reviewing trades), and it was in my favor really quickly. I can see the flow of impatient traders because of how many times I jumped in. Quite Interesting.

What triggers a buy or sell to enter when you follow your system and it works?

Let us say we are in a long bias on a stock, I would usually wait for lows, but I want confirmation that it will hold, I think this is where I get sucked in and chase when my thesis was right but I didn't go in.

go fix the root of the root cause.

having a solid trade plan is not addressing the root cause.

the root of the root cause is the subconscious mind causing havoc.

I think I have traded for so long chasing, that it is imprinted in my mind, like a habit. I might need to buy when I actually should instead of waiting for the move to happen.

Thanks.
 
I chase, I will admit it, and it is painful to watch my trades turn red. Then I hope for it to go back up........
I guess my question is, for people who buy lows what is your conviction to do so?
Greed and fear, right in front of my eyes.
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InVest in a private library or public library card/Stock Traders Almanac. Or all 3.[Me\ i do 3]
IN an uptrending bull market some can make a profit ''chasing'' as you say/ but need a battle plan for anything..................................................................................................
IBD founder made a fortune buying 52 week highs/not chasing />> 200 day moving average
HOPE it will go back UP?? HUH?? Thats what an uptrending [>>200day moving average] bull market is.
Find out why most investors make money + most traders lose/except market makers.
Paul tudor Jones said ''dont overtrade''[Trading too big or too often= '' overtrading'']
Good question.
 
I chase, I will admit it, and it is painful to watch my trades turn red. Then I hope for it to go back up. I just can't sell the highs or buy the lows. I always chase into a move. I think I expect a large run in that direction or further fuel to the fire when I chase. I review my trades and I am literally someone else's, exit. I just can't seem to short the lower highs that form or buy the higher lows when I want to go short/long. I know I chase I just can't not chase when in the moment.

I guess my question is, for people who buy lows what is your conviction to do so? I was thinking of trying to buy lows when they start turning and scratch them when they fail. Chasing is really the bane of my trading for now.

Now that I write this, I can see what my thinking is. When I pull the trigger and expect a selloff v.s. when I don't pull the trigger because I fear a sell off. Greed and fear, right in front of my eyes.

I know you not doing longer term, part of my funds are in very long term commodities, and system does chase highs and lows all the time. System is always early, sometimes as early as 7 years or couple months. But I hedge every beginning cause this normally has the greatest risk. The tightest amount of risk, percentages of reward are far greater.

Bigger rewards are not in day trading, generally takes years to learn how to day trade or scalp and you must have well developed set of rules. Buying lows and selling highs consistently gets easier approximately 7 years in when doing counter trend cause you have to learn topping/bottoming patterns and there are many. This is not to say you have high winning percentages but have learned you risk little to get full swing profits.

Trading with the trend first 3 years one can learn to buy low and sell high, risk small and exit with much larger profits by being able to read the patterns. But in beginnings of learning, too many want to trade before learning the answers to questions.

Many never learn that recent past on charting can show to disregard current signals to enter. Like when Head & Shoulders top formed when price has moved the "mean" of that swing, so buying on dip would be an iffy entry. Many other patterns may form that most traders are aware of lower probabilities whereas lack of knowledge traders will take, knowledge is king in all time frames.

Slow down.
 
I know you not doing longer term, part of my funds are in very long term commodities, and system does chase highs and lows all the time. System is always early, sometimes as early as 7 years or couple months. But I hedge every beginning cause this normally has the greatest risk. The tightest amount of risk, percentages of reward are far greater.

Bigger rewards are not in day trading, generally takes years to learn how to day trade or scalp and you must have well developed set of rules. Buying lows and selling highs consistently gets easier approximately 7 years in when doing counter trend cause you have to learn topping/bottoming patterns and there are many. This is not to say you have high winning percentages but have learned you risk little to get full swing profits.

Trading with the trend first 3 years one can learn to buy low and sell high, risk small and exit with much larger profits by being able to read the patterns. But in beginnings of learning, too many want to trade before learning the answers to questions.

Many never learn that recent past on charting can show to disregard current signals to enter. Like when Head & Shoulders top formed when price has moved the "mean" of that swing, so buying on dip would be an iffy entry. Many other patterns may form that most traders are aware of lower probabilities whereas lack of knowledge traders will take, knowledge is king in all time frames.

Slow down.
%%
Good points/good profits.
I have seldom seen profitable day trading systems+ but plenty of long+ mid term trend profits.
But 2 day trading profitable sy$tems i saw; the one that traded-averaged 20 less trades made 20% more/ [annual %] but that was with older higher comisions.
The tricky thing about shorter term trading= i cut a loss on GSG\short term trade/this week;
the tendency to think \ i should have ignored my stop loss, because now its going up again/LOL:D:D [Then there is TQQQ, this year UPRO is doing better/that seldom happens.......................]
Salem Abrahams grad dad reportedly said , ''of all the ways to lose money you chose the fastest/LOL''
 
I chase, I will admit it, and it is painful to watch my trades turn red. Then I hope for it to go back up. I just can't sell the highs or buy the lows. I always chase into a move. I think I expect a large run in that direction or further fuel to the fire when I chase. I review my trades and I am literally someone else's, exit. I just can't seem to short the lower highs that form or buy the higher lows when I want to go short/long. I know I chase I just can't not chase when in the moment.

I guess my question is, for people who buy lows what is your conviction to do so? I was thinking of trying to buy lows when they start turning and scratch them when they fail. Chasing is really the bane of my trading for now.

Now that I write this, I can see what my thinking is. When I pull the trigger and expect a selloff v.s. when I don't pull the trigger because I fear a sell off. Greed and fear, right in front of my eyes.
What style are you trading? What is your typical time horizon?

Right now, I'm swing trading and speculating, with a time horizon in weeks. Personally, understanding _why_ I took a position helps me to hang in there when it moves against me. If I've done the hard work of studying a trade, have a solid thesis, and got in with a good understanding of what I'm doing, it helps me to stick to my guns when it goes red in the near term. Then the fear and hope is replaced by expectation that it will swing back to me. Even then, sometimes I am wrong--but I can look back, see what I missed, and take it as a lesson.

For example, I studied what was going on, with all the QE, money printing, grants, and liquidity being poured into the economy. I believed that this would weaken the dollar and cause inflation. I built a diversified portfolio against this thesis. Because I believed in my ideas, I was able to hang in there when it moved against me. Annualized I'm up 12% on the trade so far... but this week I needed the guts hang in!
 
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A trader on twitter once said that people kept telling him that they need more discipline like he has.

And he said, "You don't need more self-discipline, you just haven't been ass-fucked hard enough yet".

Do i need to tell you why you keep chasing?
 
I chase, I will admit it, and it is painful to watch my trades turn red. Then I hope for it to go back up. I just can't sell the highs or buy the lows. I always chase into a move. I think I expect a large run in that direction or further fuel to the fire when I chase. I review my trades and I am literally someone else's, exit. I just can't seem to short the lower highs that form or buy the higher lows when I want to go short/long. I know I chase I just can't not chase when in the moment.

I guess my question is, for people who buy lows what is your conviction to do so? I was thinking of trying to buy lows when they start turning and scratch them when they fail. Chasing is really the bane of my trading for now.

Now that I write this, I can see what my thinking is. When I pull the trigger and expect a selloff v.s. when I don't pull the trigger because I fear a sell off. Greed and fear, right in front of my eyes.

you know those guys that define trend as "higher highs/higher lows or lower highs/lower lows"? those are confused ass traders.. you follow them, you will waste your life looking at charts all day. these are the same guys that start courses and in the fine print would have "results are dependent on individual traders"

Al brooks is a classic example. indian traders love this mofo

make your rules 100% programmable, even if you trade it manually. if not, you're gonna keep falling into this "why i'm such a bitch ass pussy and get out of trades too soon? or jump too early?" cycle
 
Create a plan in premarket and set limit orders. If they hit set stops. If not wait for tomorrow

I mainly shortsell and this is what I do. Some days I waste money on locates that I don’t end up using but it’s better than chasing and losing on something I know I shouldn’t have trades
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I see your points/plan AR15 ;
but do that only if you want to profit+ that's why many do not do that. More fun to impulse shoot from the hip. Sure[6 shooter] Ed Mc Govern did that well/ but he was unusually good + could hit a dime on the fly + shoot the spots out of cards.[Have to click on duck duck go\ GOOG doesnt like him/LOL]
Some like the fun of a panic sell or panic buy/ so takes all kinds to make a market/LOL.

IBD invested a lifetime in chasing stocks; but he measured so many things well he did well with his plan of chasing stocks+ selling with a battle tested plan....................................................
S& W now markets a seven shooter........Mr McGivern was born in 1874/ still in the record books.
 
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I see your points/plan AR15 ;
but do that only if you want to profit+ that's why many do not do that. More fun to impulse shoot from the hip. Sure[6 shooter] Ed Mc Govern did that well/ but he was unusually good + could hit a dime on the fly + shoot the spots out of cards.[Have to click on duck duck go\ GOOG doesnt like him/LOL]
Some like the fun of a panic sell or panic buy/ so takes all kinds to make a market/LOL.

IBD invested a lifetime in chasing stocks; but he measured so many things well he did well with his plan of chasing stocks+ selling with a battle tested plan....................................................
S& W now markets a seven shooter........Mr McGivern was born in 1874/ still in the record books.
You can give 99% of people a strategy that makes money in the long run trading as long as they’re patient and can sit on their hands and 98% will still lose money

We were taught to always try to be right in school as well. Mistakes weren’t acceptable. Which transfers into trading (not wanting to cut losses, fear of being wrong)

Learn to control fomo. Learn to lose money. Learn to be patient. Trading is not for the weak
 
You can give 99% of people a strategy that makes money in the long run trading as long as they’re patient and can sit on their hands and 98% will still lose money

We were taught to always try to be right in school as well. Mistakes weren’t acceptable. Which transfers into trading (not wanting to cut losses, fear of being wrong)

Learn to control fomo. Learn to lose money. Learn to be patient. Trading is not for the weak
%%
Exactly. I hate losses so much \ i prefer to call them business exspences.NO such thing as a business with out exspence$.
Adding to the complexity/six shooters ruled for so long+ then they changed the pattern;
now S&W now makes 7 shooters. It can be a tough business.
I missed the big trend of S& W Holding co, now they' re part of another company. BUT i still enjoy the big trend chart .
[Most pros use trends or a target with multiple rings/targets within a target. Stocks, ETFs or AR15s or .38?? Yes, all 4or 5 :caution::caution::caution::caution:.]
 
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