@zjyqux - Tim, in response to your post - take a look at Nathan Michaud's ABCD pattern video and learn it. It is the most consistent LONG trade pattern around, and once you seen the video you can check out all of my blog posts to see the actual pattern represented in nearly every single long trade signal on my uploaded charts. Make it your niche play and stick to 100 share max to start.
Trading is one of the cruelest professions as the possibility to "fix," all, or much, of those losses with one really good winner is a real possibility. Don't be tempted to go for that quick fix solution, as people usually chasing the quick fix don't yet have the skills to take that big win trade.
Lastly, if you want to equal, or surpass, the salaries of doctors and lawyers by trading, then consider that maybe you need to spend as much time on your education as they did theirs. People who "make it," early in trading are the exception, and not the rule.
Oh wait - one more thing. If you decide to paper trade, then trade in the same size you would with real money. You don't want to be making 10 000 share paper trades and saying to yourself things like "oh man I could have made $1000, $5000 or $10 000 if that was real money..." You might be tempted to try unusually large size on your return and dig yourself a new whole.
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i see this ticker is for during the day, but any longterm ticker for december and jenuary?
No, sorry. I only do day trades. The same patterns do work long term however.
uh ok.
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@kenson90 Thank you, but dont think that loss didnt hurt, cause IT DID !!! Just learned quickly that I can not predict or wish the market to do what I want it to do. Tim G in his trading style hides his profits so he doesn't make decisions based on them and only trades the charts. Im finding that helps me considerably to do the same thing.
@OuroNoble If I can help let me know. I feel I may have been where you are.
It's so encouraging to come up on your page and read your blogs, I added you about a week ago, follow and watch your profits as it encourages me, and it's also nice to see chick traders on this platform.
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Thanks guys for your suggestions I really appreciate it
@GloireAuxFDP - that quick stab over $3 is the hint. It fakes a breakout before switching, and you got to act quick once it makes that lower high below the $3 level.
@GloireAuxFDP - I'm going to spend some time this weekend to see if I can find a collection of these chart patterns for you. I can't be sure how many I have available, but if I find a minimum of 5 I'll be sure to put out a post.
Thanks so much for you help I feel better now
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Just providing charts are not beneficial for learning purposes. Explain your reasoning. Its not so people can follow. Just so people can have an understanding as to why and then they can use those techniques when they spot a similar trend. Just my opinion.
Vicky, I remember when I was struggling to make the breakthrough, and what did it for me was using the data from the uploaded Profit.ly trades of established to figure where and when they made their trades. Once I was able to figure out the patterns that was it for me.
...of established traders.
I'm a purely technical trader. And so these charts are what would work perfectly for me, as the detail needed is in the minute or two prior to the move. Of course I need a good idea of the overall chart to be sure of the move, but everything I would need is encapsulated in the charts provided.
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@R3negade - truth be told there is no indication prior to the move to tell me it's going to trap. Only once it reclaimed the $21.50 support could I then get some confidence in taking long positions having seen the trap play out.
@R3negade - one note to keep in mind is that if you did short at the point and you then see it spike down hard like it did, let that be a sign to you that something may not be right and maybe make a move to cover what profit you have or take a minimized loss.
most of these the volume is really low ma man. or no ?
@DildoBeggins - sure, yes some are lower, but it doesn't take away from the effectiveness of the pattern or signal. Entering and exiting with larger positions could make them a little more challenging, but then scaling in or out would be ideal.
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Take afternoon positions and hold overnight, watch http://tim.ly/timgrow
Thanks Tim.
I'm having a hard time grasping the stupid concept of the PDT rule.. Is it only for margin account when you borrow shares to short? and does it still apply for cash account?
@TheVulcanTrader - it applies to all accounts under $25k, unless you open with SureTrader - as the business is based outside of the US. PDT otherwise restricts you to 3 day trades per week. If you carry the trade overnight then that does not count against your 3 trade limit.
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i thought you could trade interday just as long as you dont trade(buy and sell) more then 4 times in a 5 day trading period. ?
and still be ok with a small account under yhe PDT rule?
Vicky, one of the most boring things to hear is the subject of - experience. It counts for so much in the trading game, as it plays a HUGE role in technical analysis particularly. Journalling and putting in all that time extra work counts for a lot and is a great habit to keep in place despite no immediate signs of a related payoff for your efforts. Keep it up.
Also, have a look at some of my blog posts. I upload a collection of charts with buy/sell signals indicated. Funnily enough these are the same charts that I still save to my journal as part of my ongoing traders homework. The idea came to me to just start sharing them here to help newer traders. I update 5 times a week and the images are hi res and very clear.
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