This day trading blog will focus on stocks and Forex trading. But it also includes swing trading analysis for stocks and Forex.
annotated charts gives examples of support and resistance for stocks and forex trading
There is a difference between probability and certainty. All we can do is approach each trade with full acceptance of the fact that anything can happen. A trade, that looks qualified now, may become unqualified prior to hitting your stop. If you know your system works and you live by a proven, highly traded chart-based strategy, then a trade that takes this course of action needs action, not inattention. Often, when a trade doesn’t go our way, we forget about it. Ignore it. Move it to the curb of our attention and “hope” that it eventually works out.
The most difficult thing in trading is to challenge yourself when you see this happening with yourself. Do not be lulled to sleep by the period of consolidation. There will be a break-out, eventually, in one direction or the other. And your best action is to pay special attention to those trades that are moving sideways.
If a stock was qualified and then it started to do “nothing”, then it is in gestation until the next move. But a change is coming to the trade and you must have the nerve to take the loss if that is the right thing to do.
These tough decision trades are the ones that can break a trader. But, if you learn to be nimble and objective and decisive, then you can maintain extremely small losses compared to your gains. So, be careful out there! Be prepared the exit the trade, whether you are right or wrong on about the eventual direction.
I'm considering a pretty outrageous idea...and I want to get some feedback.
Let me give you some background. I have a course based on the technical analysis of the currency market. Part of that paid course is a private group of Forex traders who have access to my trade set-ups, charts, trend scans, etc. for the Forex market.
So, the crazy idea is to give away access to that special group on Slack, but, minus the course access and minus the cost. So, watch me trade. See my charts as I post them to the group. Do it all for free. Plus, other members can contribute, ask questions, etc. Later on, if you want to access to the course, then you can use some of your trading profits to pay for it later on.
It is my belief that a group of traders, who are all using strategies and charts, can help each other make better trade decisions and therefore more profit.
This group is located on Slack, so you have access to it at any time during the day or night. But it is by invitation only.
To get access, click the link in this post and send me your request to join the group and let me know how long you've been trading Forex.
By the way, I don't know how long I'll keep this idea open. So, if you're interested, then send me a message soon.
Technical analysis is just part of the solution for successful trading. We must still manage the trade based on an unbiased view of the charts.
This unbiased view is much more difficult when our money is at stake. We find ourselves arguing the case for our trade rather than accepting the fact that the charts have changed and they no longer support our original thesis and our trade. The sooner we can accept the loss and trade the opposite direction, the more often we can negate our losses and continue to grow our portfolio.
Developing this type of stop and reverse trade and making it a habit helps us maintain our technical edge. But, if we throw out this analysis and hide our heads in the sand, refusing to even look at the chart because we know it will not support our held trade, then our denial will usually result in an even greater loss.
Bob Joiner offers several day trading services.
This page will feature quotes from books that I think are worth reading.
On this Forex Trade Alerts page, I post the trend + momentum for weekly, daily, and 4-hour charts. There's a video at the bottom of the page that explains it.
A stop loss is a pre-determined method for protecting us from the unexpected. This page covers some of ways this can help us as traders.
One of the questions that traders ask is "Should I be swing trading or day trading?" I recorded a video that goes through five questions you can ask yourself as you attempt to answer this question. You'll find the YouTube video link in today's post.
Your day trading platform is the hub of your trading business, so here are some things to consider.
While day trading forex can be done, and I have done it, this article discloses some of the risk.
When you practice trading stocks, your day trading skills improve on several fronts at once.
Can you copy this trade? Many traders don't have the time to do the research necessary to find good trade set-ups. Other than lack of time, they may also lack a proven system for finding daily, high-probability picks.
Developing a day trading mind takes time. New traders are often frustrated when trades move against them and the trader has to learn to regulate his emtions...
Where can you find the best day trading charts? They may not come from your broker.
Day Trading Assumptions create risk for the day trader.
EUR/GBP flipped gears on Monday morning on this 30-minute chart.
What are the best stocks for day trading? The leader of a day trading chat room tells you.
ROKU had a big move higher in yesterday's market. I posted it as a high probability long in yesterday's chat room. Here's a link as to why this stock could continue higher.
AXSM is moving up big in pre-market after news post of trial.
FAANG stocks charts face overhead resistance.
Many new traders want to know if "trading for a living" is possible. Or, more precisely, "Can I pay my bills as a full-time trader?" Read the article.
The market plunge can be understood with various tools.
Stock Trading articles that get your started in the right direction.