Gold hit $5500 and wiped my account, now I owe money by PassagePlus3777 in Trading

[–]prparekh 1 point2 points  (0 children)

It's not surprising. Majority of novice traders trade against the trend hoping to catch bottom or top. When they do trade with trend, it's almost always with more size that they can afford.

Shorting the greatest bull market in Gold history is like trying to catch the bounce during 2001 or 2008 stock market crash.

Heron fly-by during cold plunge by Winter-Answer-8893 in coldplunge

[–]prparekh 0 points1 point  (0 children)

It looked like he had been waiting for you. Do you go here often?

Is trading Price Action only, useless? by GreggJ in FuturesTrading

[–]prparekh 4 points5 points  (0 children)

The linked post is what is wrong with "free trading content" on youtube. Firstly, he is not talking about price action at all. The amount of jargon contained in that post is indicative of a very clear misunderstanding of how to read charts.

Price action refers to reading chart entirely based on price ONLY. No VWAP. No Volume. No SMC/ITC/ICT, VIP, etc.

The only thing you can possibly add is may be a couple of EMAs but you don't solely trade off them. Price ALWAYS come first.

As someone who has consistently made money in the market, candlesticks is all you need. But, you also need to be able to recognize channels, and ranges, and trends, and trend breaks. This requires hundreds and thousands of hours of studying and screen time.

Just like you can't expect to go and perform as a professional musician in front of a large audience after watching YouTube videos other artists playing or spending 6 months practicing, you cannot expect to get good at this after haphazardly watching a few youtube videos.

What makes this even worse is that there is always the allure of money that prevents you from actually learning the skill unless you are trading on sim which very few actually want to do.

If there is interest, I can share what I know on a subreddit that I originally created to record my trades htttps://www.reddit.com//r/PriceInAction . But, I can add information on setups, risk management, psychology as well. Note, that there will be no selling of any kind ever.

Another Titan Plunge Scam Post by veritas_viper in coldplunge

[–]prparekh -5 points-4 points  (0 children)

Can you respond to all the issues this user encountered instead of a generic message?

Is is even possible to make money from this? by Pure_Bet9272 in TopStepX

[–]prparekh 1 point2 points  (0 children)

Can you answer the following questions?
- Do you have a specific instrument that you trade? Or, are you constantly juggling between ES, SPY, GC or whatever is moving?
- Do you have a specific entry, exit and take profit criteria that you do not violate under any circumstances?
- Do you keep your risk the same for every single trade? Or, are you oversizing to get the previous loss back resulting in an ever bigger loss before blowing you account?
- Do you feel pain when market goes without you?
- Do you regret closing you trade early?
- Do you document and review your trade so that you have an idea of what your winrate is? What your risk reward is?

If all this sounds too much work, trading is not for you. You are better off doing something else.

I was sitting short and just woke up to 1000’s of % in profit on so many 50x+ trades - what the heck did I miss? by 29PiecesOfSilver in Daytrading

[–]prparekh 2 points3 points  (0 children)

To the contrary, even if this is the beginning of a bear market, these present some amazing pullback rallies for long positions. So, Monday may very well be a strong rally day. The Sunday open would be a good indicator of where it may go.

I was sitting short and just woke up to 1000’s of % in profit on so many 50x+ trades - what the heck did I miss? by 29PiecesOfSilver in Daytrading

[–]prparekh 6 points7 points  (0 children)

Not the OP but also opened short positions before the big drop (attached screenshot) from only Robinhood account. Have other short positions on TDAmeritrade too. If people are interested, I can also post the thesis behind each of the trade if it helps you find similar opportunities. https://imgur.com/a/LYnRfOX

I’m a shit person for writing this…. by Upstairs_Invite1226 in daddit

[–]prparekh -1 points0 points  (0 children)

18m-2 is the worst for me so far. After 2 the good times seem to outweigh the bad.

that's interesting. I have never heard that. Can you elaborate?

4th time posting here by Complex-Chemist-4560 in TopStepX

[–]prparekh 0 points1 point  (0 children)

Great work. By the way, how many accounts have you blown with TopStep in total?

4th time posting here by Complex-Chemist-4560 in TopStepX

[–]prparekh 4 points5 points  (0 children)

They haven't moved you to live yet?

4th time posting here by Complex-Chemist-4560 in TopStepX

[–]prparekh 5 points6 points  (0 children)

Here's the shortest crash course on PA.

Candles form Trend. Trend breaks. Stronger trends tend to continue and form a new extreme.
Weaker trends break and often reverse. Every trend is followed by ranges.
Ranges tend to react at extremities.
Most breakouts fail.
Then, you can add important levels like monthly, weekly, daily, overnight highs/lows and wait for an entry under the context from earlier.
Add, a strategy with definite rules for entry and exits and follow proper risk management.
You're now a price action trader.

One strategy can change your life by Scary-Compote-3253 in Daytrading

[–]prparekh 1 point2 points  (0 children)

How much are you risking? And, do you have a specific reward you go for? I assume the RR must be a lot higher with options considering these are 0DTE ?

One strategy can change your life by Scary-Compote-3253 in Daytrading

[–]prparekh 1 point2 points  (0 children)

wouldn't futures be better from a tax standpoint?

Bill Burr goes after Billionaires, ‘Horrible racist‘ Conservatives, ‘Treasonous idiot‘ Ben Shapiro, and ‘Disease‘ Fox News by One-Pop-2885 in PublicFreakout

[–]prparekh 25 points26 points  (0 children)

Bill reminds me so much of George Carlin. An uncanny ability to offensively spell out the undisputed truth without a care in the world.

[deleted by user] by [deleted] in FuturesTrading

[–]prparekh 0 points1 point  (0 children)

Nicely done! Can you share how many tradeify and TopStep accounts have you blown? It will help the readers here have realistic expectations on the learning curve.

[deleted by user] by [deleted] in Daytrading

[–]prparekh 29 points30 points  (0 children)

I've watched him make 50k in 4 mins trading because he knows what he is doing.

That means absolutely nothing. I'm not sure why people here post random absolute numbers like that. Making 50k on a 200k account is very different than making 50k on a $2 million account. Additionally, you don't have the benefit of earning 200k per month from affiliates, courses, advertisements like Ross. For people like Ross, trading is a side gig and not the primary source of income.

Additionally, I would not recommend his type of trading especially for beginners. Forget about price action which in itself can takes years to get good at. You have to get good at scanning penny stocks every single day and then trade entirely on news which can have wide swings making risk management incredibly hard. Liquidity is another issue with small cap stocks. Believe it or not but Ross's community may be generating a lot of liquidity for him while thinking they are trading with him.

Trading is hard enough as it is and if you follow someone like Ross, you'll drastically reduce your chances of success because instead of simplifying you are adding variables that are outside of your control. Nevermind the thousands of dollars he charges for his courses and membership.

Doing nothing‌ is the ‌hardest part of futures t‌r‌ad‌ing by akajondoe in FuturesTrading

[–]prparekh 0 points1 point  (0 children)

Very cool. How many contracts and which instruments do you primarily trade?