I'm still a noob, but maybe some of what I'm going through can help others on their journey too. Lately I've been hovering slightly below break even since I started trading a month or so ago after some nasty losses. I've been reflecting alot on what I'm doing wrong and what I need to learn to move forward. One thing I've identified is way to much focus on the daily charts. I get stuck staring at the daily 1 minute chart looking for a perk, looking for volume to come in, etc. I keep trying to find that fresh play where it's spiking off the floor and some of the plays the more experienced guys are calling in the chat room just don't really seem smart to me. That is until I started looking at the longer term charts. The OTC's especially seem to move slowly, but once you zoom out you can really see the patterns that others are looking at. 3 yr, 1 yr and 20 day charts will give you a much better perspective on seeing the bigger picture. The daily is still really important for figuring out a good entry or verifying your thesis about what the stock is going to do. Looking at the daily charts too much locks you into making scalping type plays. This kills your win percentage since it is much more of a gamble than betting on a proven pattern and even worse you tend to get out early on really good setups because all you are looking for is quick spike and bail. Start with the forest and find the pattern though, then you can worry about the trees.
My freaking dude right here.....I'm giving you a follow because if more people took the time to read your post and reflect like you do, there would be a lot more success here. My trading day was exactly what you outlined here. I started off with my watchlist/analyzed charts for the day. Did my homework like I should have. Bought two fakeout breakouts this morning...I was down but satisfied because I executed my plan. Fast foreward two hours...Its 11AM and I'm ignoring my rule I have in place not
not to day trade between 11-2 unless the setup is great with volume. I started scalping over and over again.....End of day results the same as if I didnt trade at all between 11-2 only instead I'm exhausted....
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