@DeeSniper What DVDs are you currently watching/have watched?
Taking advantage of your time is great. But be careful of overdoing it. The line is thin between good use of time and burning out. I've read a bit on human learning and while everyone is different, your brain needs time to absorb ideas/concepts. If too many ideas are forced in there at once, it can't make the connections before the new one flush them out (paraphrased obviously). Keep up the dedication Dee, hard work and a good attitude will get us all far!
@chrisheppner DVD'S: "How to Make Millions" Tim Sykes. I should finish it up this weekend, God willing. I hope to get all his DVD's eventually.
@MetalHat Thank you! Yes usually by Friday I feel chewed up and spit out so I tend to keep it light that day. I have been very strict on myself about getting enough sleep. I think that helps. I used to train horses and dogs for a living and rest was very important to how well they learned. Whenever I feel my brain is rejecting info, I take a break from learning.
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You never really know if it is going to breakdown or breakout, it's strictly a guess on the price action. That's why cut loses quickly is so highly empasized, if it breaks out you sell into strength, if not you get out.
@FrankieJr With a breakout, am I looking for it to go above the resistance level and for breakdown, am I looking for it breakthrough the support level? If so, am I looking at each level for that same day or looking back 1-day+?
Lets say we're trading a stock intraday. Intraday support is at 1.00, it's trading at 1.10 now, and resistance is at 1.20. You're looking for it to ideally break through 1.20 and push to say 1.30, where it runs out of steam and then you buy the pullback at ideally 1.20(only if 1.20 holds, this where that educated guess comes in). If it holds the 1.20 you go long with the goal of it testing the highs of 1.30 and possibly breaking out to new highs(if you're correct on the play from 1.20 and it bre
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Pretty much. Plus the more history there is to that level the more confident you can be it will behave like you expect it to.
It can even be years. Generally, wherever there is a point in a historical chart, it's considered a level.
@Nathan_casey but what time frames? if each time frame has something different, how do I understand what the support/resistance would be?
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@HaukeCapital Thanks!
I would say watch all the videos that come out from the top traders and track all of Tims and other Top traders trades so you can look for patterns in their trades. That will give you a sense of what they are doing. You need to try to find a trading strategy that works for you so you can then start to improve it.
easy to say but kinda hard to do since I'm still struggling with finding my own strategy, but it's very important because without it I'm like shooting in the dark. Sometimes it's hard to follow others strategies so for my trying to work Tims strat for myself was kinda tough. hehe anyways good luck and paper trading is the best thing to do. you got that part down
@spidereyesoup I don't think I have trouble seeing the move after it's happened, but it's seeing the move before it happens is my issue.
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Process
Process
Thank you Tim.
PROCESS....
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how are you able to short sell with paper trading?
How do you do your paper trading?
you have to set up a new account within stt. if you youtube it, there's a video showing you how
@chrisheppner thanks man! I have a strong will to start mastering all of this but finding it hard to know where to start as I have zero prior experience. So not even sure if I can afford the costs of signing up to all these trading sites and brokers etc but I'm sure it will all be explained as I progress through the introductory info.
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@chrisheppner just became a fully transparent trader today!
@akuma081 it's ThinkorSwim. It's free.
Nice strat. I've noticed the same trends time and time again myself.
@PlanB Think or swim is free?! really??
@donebeingpoor yea, if you open an account with td ameritrade, you wont have to renew after 60 days
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