Going to order this one to read next. Finishing up "Chart your way to profits" right now. It's a decent book on chart analysis. I'd like to have "Trading in the zone" on my shelf and ready to pick up as soon as I am finished with the other one.
@MetalHat There's an audio book on youtube for it. It's like 8 hours long but it's really good.
@huperauxano these trades are just paper trades
Just started the audible for that book today. Blown away by how much I can relate already just in chapter 1 and 2
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Put in a LIMIT order not a MARKET order - where you can specify exact number instead of letting brokerage houses screw you on the spread. Welcome to the party!
Great video! So funny hearing your story. I've got caught up the same ways lol. Don't do market orders. LIMITs ONLY
Thanks Deep!!
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I like The Complete Guide to Day Trading by Markus Heitkoetter. Talks a lot about how Important the strategy is you use to trade and has lots of good tips.
Thanks guys! I've downloaded "The Complete Guide" and "Trading in the Zone" I'll get them done this week!
How were they? I recently read Trading in the Zone. That ones the best.
I read Ross Cameron's "How to Day Trade", it was informative and more an instuction book on his strategies than anything else. I'm just starting "The Complete Guide" I find his writing to be a lot less dry. I can't say much more about it yet.
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Good luck to ya sounds good to me
Good luck. focus on finding one winning strategy that suits your risks. Some people short some people long. I personally hunt for earnings winners and watch for a morning spike and enter during the pull back or I watch for a morning panic and enter on the first green candle.
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just happen to be watching Trader Checklist #4 talking about same subject. Good info thanks
I should be doing this haha
Another reason to use mental stops is because sometimes the market makers will see your stops and manipulate the stock to capture the stops then move price back. They can't see your stops if they are mental.... We should call them Ninja Stops....
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@harsto on your profit chart looks like you are starting to make it through the wilderness and are seeing more wins than losses. I am close to turning it around - have two trades I am up on and holding over weekend with good covers into morning on Monday so hope to chip away at my losses. We started same time so I'll keep an eye on how you're doing. Good luck this week!
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0.20 cents a share doesn't pay for the commission.
with an account being $500. You can make money on it. I wrote a blog about my $SINO trade, i spent $260 for 100 shares and turned those 100 shares into $100. With a $500 account, you HAVE to wait for the PERFECT setup. Wait for an earnings report/contract winner to come out and overnight it if it holds intraday/multiday support.
I also made another $100 off 100 shares of $TOPS. With the exact same setup. So it is possible to grow a $500 account.
I use just 500 dollars per trade because I'm still new but I use Robinhood because commisions would kill me. My average trade winning trade is a little over 8% so over 40 dollars, but still. I'd recommend you use Robinhood for now.
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I posted about this a little while ago and couldn't agree more. No matter how much I studied and as much sense as everything made while studying, my application of the knowledge was shit. Only through practice can you learn how to control your emotions while trading and execute trades intelligently.
I find that actively trading small positions and getting out quickly, even if taking losses, allows me more focus when studying. Winning and losing real money in small amounts helps fuel the research fire. I also think the experience is not linear. "If I know X then I will profit Y". It is both knowledge and trading. "That didn't work x 100 = realization and better trades". I like the saying 'You Earn or You Learn'.
Good point. Even though Tim says to "trade scared" it is important that fear not be one of the leading emotions you trade with. When he says "trade scared", I think what it means is to always be aware of risks, always be prepared for shit hitting the fan, etc. Confidence is important!
thx for sharing. I think that actually no extreme emotion is good for trading - neither fear nor too much of confidence or expectation. Also Steve Nison talks about it in his book about candle sticks - just started it yesterday.
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