FF7VIICloud
New member
Hi Everyone,
I am a new member and I need help. I have been a day trader for the last 2 years but I have lost over 50% of my portfolio. I use Think or Swim (TOS) and I have a few indicators set up but like I said I need help. You probably know or have heard of things that I am struggling with such as holding on to losing trades too long, impatience, revenge trades, etc, etc.
I have nailed down a few things that I think can help me trade better and hope if anyone can help me here.
I am a day trader so I am only talking about these scenarios for day trading and not over a longer time frame. What I have noticed is that a stock will have a trend such as uptrend or downtrend during the day. It will continue to go up or down until a true reversal happens. What I do is wait until the RSI shows overbought/oversold and I take a counter trend trade. However, I would say 80% of the time, the reversal is short lived and I take a loss. What I realized is that the market or the specific stock will have a head fake, it will continue to follow the trend. But, sometimes that trend will truly reverse and will continue for a while. What I'm trying to figure out is if there is an indicator or indicators that will show a true reverse or a stronger reversal. I noticed that sometimes a reversal starts around 11:30AM but sometimes 12:30 or 1PM or 2PM or even 3PM. During this time, I may have taken at least one bad trade and I would lose $$$. I just want to make profitable trades. Maybe I need to look at volume, the day's macro news, candlesticks, support/resistance, etc but please someone help me!
Ultimately, I would like to make profitable trades. I would like to take the first trade on the day when the market opens on the correct trend and close the trade when I know with high conviction that it's a true reversal.
Thanks in advance.
I am a new member and I need help. I have been a day trader for the last 2 years but I have lost over 50% of my portfolio. I use Think or Swim (TOS) and I have a few indicators set up but like I said I need help. You probably know or have heard of things that I am struggling with such as holding on to losing trades too long, impatience, revenge trades, etc, etc.
I have nailed down a few things that I think can help me trade better and hope if anyone can help me here.
I am a day trader so I am only talking about these scenarios for day trading and not over a longer time frame. What I have noticed is that a stock will have a trend such as uptrend or downtrend during the day. It will continue to go up or down until a true reversal happens. What I do is wait until the RSI shows overbought/oversold and I take a counter trend trade. However, I would say 80% of the time, the reversal is short lived and I take a loss. What I realized is that the market or the specific stock will have a head fake, it will continue to follow the trend. But, sometimes that trend will truly reverse and will continue for a while. What I'm trying to figure out is if there is an indicator or indicators that will show a true reverse or a stronger reversal. I noticed that sometimes a reversal starts around 11:30AM but sometimes 12:30 or 1PM or 2PM or even 3PM. During this time, I may have taken at least one bad trade and I would lose $$$. I just want to make profitable trades. Maybe I need to look at volume, the day's macro news, candlesticks, support/resistance, etc but please someone help me!
Ultimately, I would like to make profitable trades. I would like to take the first trade on the day when the market opens on the correct trend and close the trade when I know with high conviction that it's a true reversal.
Thanks in advance.