A Collection of Everything I've Gathered On My Journey
traders
We are all here to achieve various forms of the same common goal: financial freedom & independence. Whether you're here for a little supplemental income in your spare time, or for enough to pay the bills and say you do something you love at the same time. Or maybe you're here to take it as far as you possibly can, and continually raise the bar towards a finish line that doesn't exist - a lifelong pursuit of greatness. At the end of the day, thats why we trade. To achieve this state of accomplishment and satisfaction, of purpose - to beat the market and feel content and complete knowing we have a skill most others do not. Where we can do something we love - with no boss, no obligations, no schedule, completely on our terms. Where there is no limit to just how high you can go. I'm describing a traders dream, but I'm also describing a very generic ideology than can be summed up in one word: Entrepreneurship.
Is it the smartest idea? Probably not.
Is it the safest idea? Definitely not.
Will you have loved ones calling you insane? Probably.
Is it a potentially life changing idea?
Absolutely. And there's only one way to find out.
Thats why I trade.
To find out, and to pursue that never ending finish line.
Now, thats the easy part. Dreaming about it and everything it could be. However when the rubber meets the road, that smooth pavement you had envisioned turns out to have potholes, detours, broken bridges, storms, and many other obstacles along the way.
Below are a collection of thoughts I've gathered in my past three years as a trader, which directly came from blowing out tires on those potholes, figuring out ways to get around those broken bridges, and weathering those storms. They help me get closer to my goals on a daily basis and navigate my way through the shark-infested market waters. I hope some of them can help you as well.
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On: Why you should be sharing your charts & PnL with a trading partner or small group
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This entire post.
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These are some of my favorite tweets from the infamous Trading Fish, @mrockrulez
- Chart support & resistance are the two MOST IMPORTANT chart indicators u will ever need to know. Anything else just used to impress other fish.
- Choosing the right stock makes trading so much easier. I never trade stocks that are red on the day unless I’m shorting (never fight trend).
- When trading I choose GREEN stocks that have a bullish trending chart. When the stock changes trend or turns red on the day get the eff out!
- It’s very hard to make $1k but much easier to make $100. So TradingFish tries to pick trades wisely to gain $100 at a time. Patience is key.
- TradingFish 3 Day Rule: On 3rd straight days of green, stocks tend to drop. To be safe I reduce my position in partials each day beforehand.
- The 3 day rule is what turned TradingFish into a GOLD fish! Study the charts of plays and you will see it. This is my million $ secret shhh.
- Nothing is worse than when you’re UP in a stock and let that turn into a loser. To avoid that you sell on way up in partials! Money in bank!
- if the trend is bullish and it dips you can buy/add to average UP. This is not fighting the trend. Trade with the overall trend.
- A good simple technique is buy STRONG stocks 1/2 hour b4 close then sell 1/2 hour after the open. Stick to green rule & remember 3 day rule.
- The Green to Red is much more reliable indicator than Red to Green. It usually tanks HARD once the stock turns red on the day. This is a MAIN signal to watch!
- TradingFish used Green2Red indicator when shorting. The great setups are the promos that been going up daily and is on day 3 or more!
- Ok the upcoming tweet is literally the million dollar question : what is the BUY SIGNAL for the 3 day rule. It is break up of trend + volume.
- Search for a stock breaking out of a flat or downtrend. There is often a day 0 that insiders accumulate in silence before they break it out.
- Volume PRECEDES chart moves. Meaning spot the increase in the volume you will spot the upcoming movement.
- i need to work on avoid over trading. Im hardly ever down in the morning. Then i stick around, get bored & trade during the lull & lose back
- When in doubt avoid. If u want to gamble go to the casino. Live to fight another day. Tomorrow is a new day.
- Always remember when u long trash, eventually the garbage truck will come to pick up the garbage! Don't be greedy! Lock it up along the way!
- if u dont have a strong feel for what a stock is doing, DONT TRADE IT! wait for next opprtnty. Breaking discipline kills most trders
- When not in a trade, i watch stocks that have potential to be my next trade. Often a trade i make TODAY is from YESTERDAY's observations!
- Half the battle is knowing which stocks to trade & which to avoid. See what u constantly lose on & eliminate. Focus on maxing your winners!
- Markets change constantly. need to adapt w/it. What worked last week may not work this week. Complacency is death. Need to constantly evolve
- When shorting, timing the peak of stupidity is where big money is made. When reality meets stupidity is when the stock tanks & you get paid!
- You can be green 99 days in a row, but don't let that 1 red day wipe out those 99 & the next 99 days of gains! Have a plan & be disciplined!
- dead money (loss of opportunity cost)is almost as bad as losing. if stuck, better to get out & trade a different BETTER stock to make $ back
- blowups are due to 1) ANGER so u keep adding to losers, or 2) FEAR/not knowing what to do so u keep holding. PLAN AHEAD to AVOID EMOTION
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Favorite Scanning Software: TradeIdeas Pro
Favorite News Source: The Fly, Benzinga Pro
Favorite Food Italian
Favorite Research Tools: BamSEC, YahooFinance, Finviz Elite
Favorite Charting Software: DAS Pro (primary), E-Trade Pro, ThinkOrSwim
My Brokers: InteractiveBrokers, en route to CenterPoint Securities
*I'm not receiving compensation of any kind to mention any of these, they're just what I personally use. I'm a paying subscriber to all that require.
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Well there it is. A collection of nearly everything I know and use on a daily basis, a collection of knowledge that is helping me every single day to get closer and closer to my goals.
I think that was enough words - so I'm not going to add any more down here :) I hope it helped.
See you out there.
- D
Very helpful and encouraging! Keep'em coming!
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