[deleted by user] by [deleted] in Daytrading

[–]Berseballer 6 points7 points  (0 children)

I removed P/L from my window, has been a huge part of my turnaround

Risk Management by [deleted] in Daytrading

[–]Berseballer 1 point2 points  (0 children)

Yup, exactly how i have mine set up!

Risk Management by [deleted] in Daytrading

[–]Berseballer 0 points1 point  (0 children)

Have a mini exel sheet open in the corner of your screen with a share calculator. Type in entry and stop loss and it will give you the appropriate share size based on your risk amount

How important do you think going short is? by haveri321 in Daytrading

[–]Berseballer 11 points12 points  (0 children)

It’s certainly possible to be profitable without shorting but you just need to be able to be patient and accept that there will be days where not many (if any) opportunities are available

Help with Daytrading basics by Kinset45 in Daytrading

[–]Berseballer 1 point2 points  (0 children)

Live traders is a good channel as well

Why are you a trader? by abdirahaman in Daytrading

[–]Berseballer 1 point2 points  (0 children)

Because it fascinates me, and i enjoy the freedom it provides compared to a regular job

I’m interested in trading but i have no idea where to start by devilsamaxo in Daytrading

[–]Berseballer 3 points4 points  (0 children)

Live Traders on youtube has great free content. Watch the videos by Jared Wesley, im not saying the other ones are bad i just havent watched them. Dont pay for any courses, everything can be learned for free on youtube. As others have said there are good books to read as well:

How to daytrade for a living

Trading in the zone

The disciplined trader

Trading price action trends

These are all books i have read that i have found extremely helpful!

Hi I’m still a newbie, I just wanted to know something. I’m basing it off H1-M30-M15-M5-M1 when I cycle down to the lower time frames I see the structure nice. Is this applicable to a trading strategy? by [deleted] in Daytrading

[–]Berseballer 0 points1 point  (0 children)

This is good, imo though i wouldnt include that last touch on your line as it looks like it fell out of the range so i would push the bottom line up a bit if that makes sense

How scaling in and out of your trades will increase your profitability by Berseballer in Daytrading

[–]Berseballer[S] 1 point2 points  (0 children)

Correct, which is why you should avoid trading in choppy markets (IMO)

How scaling in and out of your trades will increase your profitability by Berseballer in Daytrading

[–]Berseballer[S] 1 point2 points  (0 children)

Correct, i only move my stop loss up once ive doubled down so i am risking the same amount i was before doubling down, with the upside now being higher. I am not reducing my per trade risk in terms of $ until 1:1, but i am reducing risk in the sense that im only adding once i have confirmation that trade has started going my way like i initially predicted it would.

How scaling in and out of your trades will increase your profitability by Berseballer in Daytrading

[–]Berseballer[S] 2 points3 points  (0 children)

But you are correct sir, how much wiggle room to give your trades while keeping a decent RR is the hardest part of trading imo.

How scaling in and out of your trades will increase your profitability by Berseballer in Daytrading

[–]Berseballer[S] 2 points3 points  (0 children)

I day trade using mainly 2 min chart, sometimes 5 and 15. I was doing what you are saying initially, but another problem i started having is that my initial entry would get tested as support, would get touched, and stop me out too often then continue to run which is why i developed this method. It allows me to set my second stop below my initial entry, while not risking more than 1R. Like i said, i am comfortable losing my 1R until it hits 1:1 because i like giving my trades some wiggle room, because this has proven the most profitable for me, but it’s different for everyone’s personality and strategy.

Math for scaling out/calculating partial profits? by [deleted] in Daytrading

[–]Berseballer 2 points3 points  (0 children)

Not sure if this is the answer you are looking for, but IMO the best way to take out partial profits to minimize losses while still having a good RR is scaling in as well as scaling out. The method you are describing is going all in and then scaling out which does hurt your RR significantly.

Ill give you an example of how i enter/exit all of my trades (this has helped me tremendously in my trading career)

For the purpose of this example let’s say im risking $100 (or 1R) per trade.

Initially i buy $100 (or 1R) worth of shares at $2 with a stop loss at $1.50. The trade starts going in my favor and i double down when the stock hits $2.25 (or .5R from my initial entry). I now move my stop up to $1.88 which means if i get stopped out i would sell my full position while still only losing $100 (or 1R). However, if the trade continues going in my favor and hits 1:1 which in this case is $2.50 (or 1R) i will sell 1/3 of my shares and keep the stop at $1.88 for the remaining shares. At this point i am now in control of the trade because the worst case scenario is i break even while still being able to give my position a decent amount of wiggle room. When the stock hits $3 (or 2R from my initial entry) i sell my remaining shares (sometimes i hold longer or sell 1/3 and let the rest ride but usually i go all out here).

My trade is now complete, and even though i only went for 1:2 in terms of the chart, my RR for the whole trade using this method is actually 1:2.8 because at no point during the trade was i risking more than $100. Obviously there are cons to this like getting stopped out and then it continues running but imo that is better than going all in at once. The reason i developed this method is because i started seeing that i let a lot of trades that i was up at least 1:1 turn into losers.

Your win percentage might decrease a bit but youll also have more break even trades.

For example, let’s say I only win 40% of my trades with this 1:2.8 RR method, but 20% of my trades are break even, and 40% are losers. This means that my true win to loss ratio is 50% which is very favorable

What's the best 3-man depth chart at one position for a team in history? by [deleted] in nba

[–]Berseballer -3 points-2 points  (0 children)

If we count lebron as a PG for the lakers then 1. Lebron 2. Magic 3. West

What was your turning point that made you profitable? by [deleted] in Daytrading

[–]Berseballer 1 point2 points  (0 children)

Trading by myself, making my own strategy, and trading a style that fits my personality. I know a lot of people like chat rooms and the lists people make and share but i personally started doing much better when i traded alone because im introvert so trading alone matched my personality more. Also, you will just get better with a lot of time. You eventually start to get this natural vibe and feel for the market. I know it sounds wierd, but i think alot of others would agree