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learning
good to be here and like to say thank you for all your information
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New comment 17d ago
Trendlines & Support/Resistance FTW
I wanted to share a trade I did today where I gratuitously drew the trendlines and support/resistance lines as the trade played out. The stock was MU and I took a short position on it because a) the market was down b) the stock's D1 chart was very weak c) the stock was well below VWAP (all hard rules I have in my developing trading strategy) I thought it was interesting watching how the price action nicely respected those lines as the trade played out. It gave me a lot of confidence knowing where the price was going next, where to watch for breaks and when to scale up my position size off rebounds of resistance. Lemme know your thoughts!
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New comment Aug 10
Trendlines & Support/Resistance FTW
Update and Resources
Hello everybody, this is a very long update on the progress I have made since my previous post. I set some goals to: -finish writing up a document detailing the fundamental concepts of financial markets, find gaps in knowledge -Complete quizzes I had found on stock market basics -film a video reflecting on the step I had competed, touching on any mindset structures and important things to be aware of in the next stage. I am happy to report that I got my paper finished by my deadline. I found working with ChatGPT helped me uncover hopefully all of the Important subject areas. I was then able to attempt to explain the areas to assure I could understood them at some depth. ChatGPT also gave me feedback on my paper. I did not have enough time today to film the reflection video, nonetheless I made great progress. So far the most important part about this process, has been staying vigilant and constantly being critical of my processes. It is a business you are starting, you are competing with hyper talented and ambitious people, what is your advantage? Everybody has shortcomings, but what are you doing to build on your weaknesses? These are some of my favourite books I have read, I am going to try read them a few times, my reading comprehension is garbage Trading in the zone by Mark Douglas - one of the best trading phsychology books, even if you haven't traded, the concepts he talks about will add value if you can find real life applicaitions. One good Trade by Mike Bellafiore - prop trading firm concepts, no one is better than these guys, if you want to know what it takes and how to counter your shortcomings read this. How to Day Trade For a Living by Andrew Aziz - first book I read, covers most things with very little detail A candlestick Course by Steve Nielson -standard candle book textbook Mindset Carol Dweck Check out any SMB capital resource, they are the NBA all stars of trading. https://www.smbtraining.com/blog/stock-trading
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New comment Aug 8
Update and Resources
New Break?
I charted the upper (resistance) and lower (support) lines two days ago, when I traded and made 28%. It is still consolidating. Possibly a break?
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New comment Jul 29
New Break?
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