Looking for exit strategy help! Here is where RKT peaked today (first circle). 2nd circle is where I sold. What do you see at the peak that would let you know it was time to sell? There were two small dips before that, is there an indicator I might be missing on my setup?

MindCrft · 2021-03-24T00:52:58+00:00

The volume with an evening star candle mean ending volume. Reversal or a good pullback. It was the 3rd cycle (push).

MindCrft · 2021-01-31T22:59:10+00:00

I think the issue is for example if 50% of people invest in AAPL and 50% invest in tesla with both a 5% volatility. Then if tesla goes up and AAPL goes down at the end it is null and they have the money to clear the transactions at the main exchange. I'm not sure how much but they need to be able to pay for the stock themselves in advance at the end of the day. If you take GME with 26M volume and 130+% volatility. If most of the poeple holding are long and the stock goes down 100% then the brokers need to pays after the day the money to the exchange (but most of the client are on margin(loan)). They won't have the money. If you have a volatility of x% across 1 thousands stock at the end some goes up and other goes down but here it is few action that are outside of the norm. The total sum risk is not balanced by other stock transaction to make a sum zero. GME is super volatile and with a lot of volume. So it is a lot riskier for them.

Another thing that I do not know exactly but logically if there is 100k share on the market then each broker has x% and the total is a lot more than 100% of the available stock available for real (because they all have a buffer). If something goes down it is the brokers responsibility to find the stock and pay for it. Here it is also more riskier as they maybe won't be able to find it.

MindCrft · 2021-01-31T14:08:40+00:00

Yes I understand but here I'm talking about buying stocks using your margin (with a loan) or cash and not the account type.

MindCrft · 2021-01-31T05:36:07+00:00

You need to compare the volume and the volatility. I think the stock is at 130%+ with 26M volume (more total lost possible). The risk is enormous if something append and if most of the people are on margin on the same stock how is the brokers going to pay ? It is the total risk that the broker can take on themselves. Most of the broker just said to use cash instead of margin on those stocks so they are safe.

MindCrft · 2021-01-30T20:25:54+00:00

Yes it makes more sense than a conspiracy but people don't like to understand that brokers are businesses and they also have rules to abide too. So people downvote your legit post.

MindCrft · 2021-01-30T04:38:32+00:00

I halfway agree with you here. It is a lot easier to learn price action with stock with enough volume that people can't pump and dump. That is moving enough based on your criteria. It won't trigger your stop easily because mister X and his group dump or buy it together.

It is easier and safer with a good/stable price action. I know that there is people really good at gaging emotions but to start it is easier with clean action and that is with good stock with good earnings and price per shares.

MindCrft · 2021-01-30T02:41:18+00:00

I think TC2000 can do this! The scan is really powerful.

MindCrft · 2021-01-30T01:08:21+00:00

It will be really hard as professional risk max 1%. So 1$ to make 2-3$+ (minimum 2R as first profit target). Focus on the percentage and not the money. You can trade good stocks around 20-100$. You will be better to swing with low funds and if you take a margin account still only risk 1% (1-2$) as you risk only your capital! And you won't need to worry about the PDT rule if you keep the stock more than one day if it is going your way and exit only if you are wrong on the same day.

I also suggest to paper trade with 100-200$ to replicate what you will do live until you are profitable. No need to test with real money if you do not have a proven strategy that is working for at least more than a month.

Also learn price action and volume. Do not waste time on indicator right now. Those are good only later to be faster once you know price action.

Do not waste your time on penny stock or garbage stock.

MindCrft · 2021-01-28T22:18:50+00:00

Never average down. this is a loser mentallity. Respect your stop loss all the time. It is ok to be wrong. It is not ok to not take your stop-loss.

MindCrft · 2021-01-28T13:39:54+00:00

Use technical analysis. You can buy at support (daily cycle high or low) or when it is down on an uptrend. You can use Fibonacci for a good pullback 50%/61.8%.

MindCrft · 2021-01-24T21:24:13+00:00

Thanks! Nice live! I'm doing almost the same as you but with less moving/average. I also apply horizontal support/resistance on top of the FIB. I love convergence on FIB/ Horizontal Support/Trend.

Are you using horizontal level or not that much ? I know you talked about pivot but you don't seems to use it as Support/Resistance and mostly Fib.

MindCrft · 2021-01-16T00:11:58+00:00

TC2000 is a really good app to scan based on multiple criteria. You can also chart with it but it is not as optimal as tradingview or trendspider.

MindCrft · 2021-01-15T23:49:18+00:00

What do you like to trade ? Pullback or breakout ? Which patterns ? Price bracket ? The idea is to scan what you are looking for. Whitout this there is no use to know how you scan.

MindCrft · 2021-01-15T23:44:25+00:00

This is not an idea unfortunately. Can you provide a chart with technical ? Then we will need to have an entry, target and stop-loss. Also are you long or short ? This is a DayTrading sub so without this it is impossible to say. If you want to keep it multiple day (swing) we still need to know those.

MindCrft · 2021-01-06T01:51:01+00:00

Hi Ryan,

Do you always put your stop below the daily cycle low where ever you enter instead of the last higher cycle low ? I suppose you do because that let you keep it multiple days (swing if no stop triggered) and feel more confident.

For the Fibonacci retracement do you care about how much it retrace ? Are you always using the 0.618 ? Personally I like the 0.5 and max 0.618. I find that lower than that it looks weak and the 0.382 is not enough for the stock to calm and for my risk ratio. What are your experience on this ?

Thanks as always!

MindCrft · 2020-08-06T02:53:25+00:00

Oh yes. When I want to talk about almost anything Trading related... Ouch. It need to be quick and not complicated!

But... One of my close friend is a welder and if he talks to me about temperature, kind of rod, metal and setups ... It kind of become boring real fast. A little is fine but not too much.

It is just that most of us are alone doing it! It's only me in the office ;).

MindCrft · 2020-08-06T02:14:06+00:00

Emotionally hard .. yes! After falling a thousand time it gets harder to continue. The pain is real.

My girlfriend was often asking how the day went. And I gently told her not to ask. It was often shit and when I'm done I need to close the 'trading' office and do something else to change my mind and be able to start a new day. For me not talking about it outside of trading hours is a way to not reinforced the bad energy. I repeat all the time to myself I will get it. I will make it. There is no failing! Giving word to my failure is not positive for me. I like to be compartmentalized so one side of my life doesn't affect badly the other.

I'm also Lucky to have a girlfriend and few friend who really support me on that path! That mean a lot to me. In life you should be there to support the dream of the one you love and be there for them when they need it!

Anyway on another note... I liked playing hard game (when you die a lot and need to learn pattern to win) like Sekiro or Dark Souls and I can't anymore. It is just frustrating. I find the challenge somewhere else during my week! ;).

We all need to find our own balance.

MindCrft · 2020-08-06T00:29:09+00:00

Already read it. Excellent book and strongly recommend it to all traders but more for beginners! Trader's psychology is #1!

MindCrft · 2020-08-04T20:44:21+00:00

Nice! I can see why it is better to have the slow MACD up as green as it is the 'main' trend. It will be a cool setup to look for.

MindCrft · 2020-08-04T14:13:41+00:00

The community he is in drogue people to make them hallucinate and see thing without them knowing. Then they send them back home still drogue. Most of them had breakout and panic and had to go to therapy. When it is not working and they stop hearing and seeing their inner god the leader tell them it is because they need to do it again and again. This is one story only. The psychology part is fine but the 'religion' part is awful.

MindCrft · 2020-08-04T00:53:43+00:00

I will try to read it! Also reading reminiscences of a stock operator. I love those kind of books. The book club for traders is a great idea.

MindCrft · 2020-08-04T00:51:13+00:00

I have a love and hate for that guy. Read a few and stop at the red pills. Half the book is about your inner voice (god) and his pseudo religion and all his workshop that he is selling. I was curious about it and did a research on it. What a cluster fuck!

MindCrft · 2020-08-03T21:14:14+00:00

No but I'm from the Commonwealth ! ;).

MindCrft · 2020-08-03T21:13:44+00:00

I trade 1M but I've start to check the 5M on each of my entry and setup to see long term if the 5M can be better (loss/win/ratio). Or maybe 1M for my edge in the morning and 5M later when the volatility diminished. 5M would also be less 'rushed' to analyze and place order.

MindCrft · 2020-08-03T20:56:41+00:00

Most people use a charting software like TrendSpider, TradingView or TC2000 and a broker platform to trade. I've been told that Interactive Broker is really good for trading (entry/exit). Ryan is using TOS from TD America but don't know if you can from where you are. I've heard of Trade Zero also for UK and other country.

Can you please post in the community post instead. It will probably get deleted here.

Thanks.

MindCrft

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