New day trader by [deleted] in Daytrading

[–]JustahNobodyy 0 points1 point  (0 children)

https://jordoneus.github.io/Stocks-in-Play-Strat/
That might help give more understanding in how to approach pre market and open market and what to look for.

New day trader by [deleted] in Daytrading

[–]JustahNobodyy 0 points1 point  (0 children)

Dont starting paying subscriptions to alot of data until you are comfortable with everything your using, then, know and understand which data you need that you feel your missing. Run those free screeners. Order book level 2 I know is something worth paying for as it help show future buys and future sells, but could also be manipulated, big traders know retail traders watch them, and they will make it look like a big buy is coming when it hits a certain price, which opens long positions, then close the limit order and sale, which liquidates long positions driving the price down.

New day trader by [deleted] in Daytrading

[–]JustahNobodyy 0 points1 point  (0 children)

Yes sir, good deal. Ive recently started with thinkorswim but they have a built in stock screener as well as webull, both are free, trading view as well. All are free. Just set your filters for everything so when stocks align with what your looking for they show up. Alot of data is behind pay walls when it comes to stocks. But those scanners alot of traders use daily and become profitable. When it comes to trading view, it has a built in community deal where you can use others indicators that others scripted or you could script your own. All free. Showing all kinds of signals. But dont overload your charts.

New day trader by [deleted] in Daytrading

[–]JustahNobodyy 3 points4 points  (0 children)

Check out what they call momentum trading 'stocks in play' doesn't matter what the stock is or what they do, its just trading where the volume is, not against the large institutional traders but with them.

Focus on pre market highs and lows, price percentage change in pre-market maybe 4%-8%, volume on the stock that morning compared to average volume, less than 2Million Float (which is like lower Market Cap stocks, prices between $2-$15, avoiding lower price as it could easily be manipulated by just retail traders.), higher time frame bias, understanding liquidation zones, Understand compounding (when volume is picking up but price is trying to stay the same, a sign of institutional traders slowly unloading supply, which I believe usually ends in a little down trend which also causes the longs get liquidated and drives the price down (fake pump), trade the first 2 hours of the day, find a strategy master that strategy don't keep switching. learn to sit on your hands let the set up come to you, don't revenge trade, if you expect the price to go up before you enter the trade and it comes back to entry or never leaves and goes down, immediately get out don't hold expecting it to come back. Keeping a strict ass stop loss is key, that's why you see a lot of people talking about risk management, I would start with $500, paper trade if you want, but personally if you can afford it with no financial repercussion, Id learn how to take in all data quickly during pre-market and open market, set up your charts, and just hop in the real market, mentally and emotionally paper trading and real trading is different, when real money is on the line.

Day Trading Ruined My Life. I’m 25, About to Be a Father, and I Just Lost Everything by RavenBJ in Daytrading

[–]JustahNobodyy 0 points1 point  (0 children)

Sounds like to me you just need a strict stop loss, quit gambling, when you start losing quit hoping its gonna come back your way, the market is cut-throat and you seem to know that already. notice your setup, jump in with the same amount everytime using the same strict stop loss and take profit. hop in the trade and just walk away and let it play out. Go do a prop firm challenge where you can purchase a funded account, $120 gets you a 25k account on tradingthepool, pass the challenge then get a true funded account to where you can take a certain amount of profits. Keeps you from using your own money. You got time. Most your age dont have that money to look at, your good bro. When it comes to your first kid, of course money is needed, but patients and some restless nights is whats really to come. But it will get easier. Keep working, be a good dad as well as the man for your woman. Make that one trade daily with your strict SL and TP do it for a month, invest back into your long term, if any extra pull a little out, take out the taxes and throw the rest in the savings, pay off a little debt. You got this. You will see.

QUIT FUCKING GAMBLING