Shared by
Mance_Trader
Conclusion: If Price is Consolidating on the 1 min after a Rapid Up Move, a Pullback could be Forming on the 5 min
Conclusion: Mind the 5 Min Chart
Conclusion: Avoid Breakouts, for now
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2020-09-14 11:07:28 | VXRT | buy | $6.900 | long |
| 2020-09-14 11:07:29 | VXRT | buy | $6.900 | long |
| 2020-09-14 11:07:46 | VXRT | buy | $6.900 | long |
| 2020-09-14 11:10:00 | VXRT | sell | $6.730 | 0 |
Comments
dodge-trader
But looking at your trade looks as if you keep getting suckered in early, which I have found myself doing. This an area I'm trying to adjust also. On VXRT I was in at 6.66 but got filled 6.63 I hit the trigger a bit early but like the setup. I was working off the 15 min chart for this one, The 5 min did give a setup a little later but was a little high for me (this is where you almost got your first entry but got stopped out) morning high wasn't far away and going by last weeks market conditions wasn't sure we would see a big move but 200m shares traded and what a move.!
dodge-trader
I had a morning trigger as well at $ 6.39 but didn't take and then fomo bought a top because I was frustrated I never took it lol...only $4 loss no biggie but silly
dodge-trader
But you was nearly in on that 5 min setup just 1 candle later on the 5 min chart and you would have been mustard but 6.90's to high IMO because if it only reached high of day you'd be risking off 6.75 so .74's. 0.16c risk to potentially make 0.19c a share but obviously it gave a bundle more than that so would have worked out on this occasion. On the 5 min chart I would have had a trigger around 6.79 (keep the risk tighter, look after my capital) depends on level II action but might have waited for the .80's to clear and bought .81's if I didn't talk myself out of it lol
dodge-trader
I'm still learning too your probably a better trader than me lol any tips for me ?
Apart from check your sell order once you've cancelled the market stop lol
Mance_Trader
@dodgy, that sucks regarding your order that didn't work out as planned. I find that button mistakes (and controls) can cause some interesting problems.
I'm actually a new trader too. All my trades are simulated until I prove myself to be consistently successful.
I can only recommend what I have read. I liked "How to Day Trade" by Warrior Trading, for strategy, but I really like "Trading in The Zone" by Mark Douglas, for psychology. I find that most of my problems are caused by fear, either consciously, or unconsciously, and Douglas's book zeros in on these problems, and attempts to help you get past them. I'm currently reading this book, I'm about 60% finished.
Have you tried either of these books, or any others?
dodge-trader
@Mance_Trader got torn a new one yesterday lol, ahh wasn't that bad just not very clever on my short game.
Thanks for the book recommendations, I've read one of the 'Market Wizards' books (which wasn't really any good as far as learning goes but enjoyed it after a second attempt of reading it) and I think I read trading for dummies just to understand pure basic's.
Haven't read Mark Douglas but did listen to the audio version on you tube but quite tempted purchase the book.
Have you ever been part of a trading group ?
@dodgy, nah, never joined a trading group. Have you?
I really like the "How to Day Trade" book by Warrior Trading, It really covers Momentum Trading very well, very easy to understand. It's a good overall basic skill set book for Day Trading.
Good luck out there!
dodge-trader
@Mance, ok but isn't the author Ross Cameron ? I hear quite negative things about the guy and his trading group to be fair.
Yep I used to be a part of a trading group "Livestreamtrading" nice group put down great foundations from being part of it. Monthly sub used to be $68-$75 I think but he put it up not so long ago.
But it kind of makes you lazy and you don't really study as hard as you need to. So came away from the group about 3 months ago but have been studying on and off since 2017 (when you have its a con, no its for real thoughts) but very loosely only really hit it harder 2019 and then solid full days and evenings since lock down for 3 months and have now begun to see massive improvements beyond my expectations really.
Really looking forward to this week, thanks for the luck same to you mate, noticed we haven't been hitting the same trades lately, are you still active. Really nice runners last week and sympathy plays was great heh !
@Dodgy, thanks for your thoughts. What have you heard about Ross Cameron? He's always seemed legit to me. I started training myself in April, and he was my guiding light, with free content on YouTube, book, etc.
I started by reading his book, then started paper trading, then about 2 months later, I started "Trading in the Zone", still reading that now. I did just take about 2 weeks off to go ATV riding in the mountains with my dad (totally needed that). Today was my first day back, it was a red day, but I honestly don't care, because I am still learning. I really look forward to eventually crossing the line, and becoming a consistently successful trader!
As for trading groups, I've never felt the urge to really join one. I mean it would be nice to have a crew to debrief with everyday, but I just don't know. Did you see any benefits when you joined your group? Sounds like you did better once you ditched them.
dodge-trader
@Mance, ATV riding ! sounds awesome mate, would love to have a go at that. Hope you had a good time, I'm sure you did !!
As for Ross Cameron I'm afraid it has to be rumour has it (sound like a right old gossip) he used to announce to his subs where he was buying on a stock but already be holding a position and use there entries for his exit, so basically dump on them but how true this is I don't know he may have cleaned up his act ?
As far as groups goes I'm not sure, the problem I have is following someone into trade or in life in genral.....I need to know the if, buts and maybe's. So I didn't take every single trade that the group took all the time but the trades I did take were okay some could have been decent but poorly managed by myself. That being said he does pass on some great knowledge on systematic trading and how to apply good risk management so some good has come out of it. Also tough to know on youtube (at the very beginning) 1 : who's a good trader and legit (as time goes on you know) 2 : Whether or not the content is correct or useful or going to make you adapt bad habits.
As for my progress in the group I think sometimes they can throw you off the scent because they give you a lot of useful information but I think they also withhold a lot. I feel I have gone full circle with my education but finally making good ground. My p & l chart on trader view was a steady climb up with a bit of sideways action and with tiny pull backs but since pulling away from the group its taken a massive correction double bottomed and is now nearly back where it was but its been tough lol.
I was actually interested when you began trading because if I had to guess I would have said April this year and I will tell why I thought this. When I have seen some of your trades normally the same ones as me, you always entered ever so slightly early(only by 1 candle) and then got stopped out. Now around April to July this was fine because there was new blood in the market and lots of tickers would not fully setup anymore and all ways go prematurely where as prior to this it very rarely rarely. So if you were new this would seem like the norm but now the markets kind of resumed to normal behaviour and you will find you don't get away with it as often. But I must say if you began in April you seem to being a lot better than I did in the beginning I'm impressed.
Ok babbled on long enough, so I'm going to do one. Just a couple of quick ones what country are you from ? are you on twitter, I'll give you a follow if you are.
dodge-trader
Jesus, thats a bloody story I sent you.....sorry mate
Thanks Dodgy,
I appreciate your analysis regarding recent months, and how I tend to take trades just one candle too early. I would love to hear more about this, and if perhaps you have any ideas how I can correct it.
Thanks for saying you think I'm progressing nicely. I have had the luxury to have made training to trade my full time occupation since April. I have studied very hard, including taking notes on my readings, and making a very helpful, detailed poster on different trading setups (I can share this if you're interested, I'd be happy for the feedback, and who knows maybe it will help you too!).
ATV Riding was awesome! It was super exciting, and I realized I haven't had real excitement much since the pandemic started, also, I hadn't taken a real break from trading since April, so it's been really helpful, I'm definitely more relaxed now, compared to before I left.
That's interesting to hear about Ross. It's possible he played games with his subs in the past, but I've never used him for that kind of information. I've focused on his actual training content, I wouldn't want to just blindly follow someone while they trade, I want to know what I'm doing, too.
I do not have a Twitter, but I'm on Reddit as: ICDF-Augustus. Feel free to connect with me there.
Good luck, and have fun!!
dodge-trader
No problems Mance,
That's good the fact you're able to knuckle down and focus solely on learning to trade. I also have taken advantage of the corona event to take trading more seriously and I seem to pick something new up daily/weekly. Normally manage to cement it all together over the course of the week and then unlock something new on Friday afternoon and end up charting all weekend and having to wait until Monday to test it out.
Unfortunately for me I am the bread winner in my house so if I don't work, no cash, (no GO, no Dough ! as one of my bosses used to say) so with rent to pay and 2 kids my time now is limited so pressure is real and on but I'm feeling extremely confident !
I have plenty of tips I can share with you Mance that you can take away and see if you can use them to your advantage and to increase your edge but you know I'm Dodgy ? right ? lol
This is why I asked if you were on twitter so I could PM you rather than having it so public on here.
As for tracking your trades and setups that is good, I do the same on Evernote which is free, it allows me to copy and paste my charts over by pressing ' alt ' and ' print screen ' on the chart I wish to save and then ' control ' ' v ' on Evernote to paste it (you may already know about that little trick but I didn't nor did my boy and thinks he's a junior wizard on the computer so the old man taught him a new trick too) . Allows you to write on the charts and you can drop arrows on the charts if you right click and annotate image. I have data going all the way back to Jan 2019.
I appreciate the offer of your data but I believe that's personal to you and it tracks your progress. If you are stuck or find yourself making the same mistake over and over but you are not sure why I can take a look for you and see if with fresh eyes I can offer you a possibly solution.
I don't have Reddit but I will get it downloaded over the weekend and I'll make sure I start DM-ing you right at the bell ! lol...no no I won't, my missus does that to me, very annoying.
See you caught HTZ but I think you had pre market, I caught the afternoon move entry 2.16 all out 2.40's but wish I trailed a small amount of shares because my target was 2.85 and think it reached .79's. Huge float though not my usual play 159m I think average daily volume 10m traded 1B on the day.... lol.
Have great weekend !
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Hi Mance_Trader, traded the same ticker again, I made a hash of this one and just sat watching in the end. I use trade zero and set a hard stop to make me stick to it and not pull my shares early but if you want to cover some partial shares you need to cancel stop market order first(which I'm sure you already know, anyhow) now when you do this if you have an order ready to go it refreshes that order with all your shares and if you don't double check before hitting sell you end covering the lot !