dmedin

I got a second-hand copy of Stan Weinstein's book and I'll read it and comment shortly

How about it, young man? 😎

Market profile on the left? 😯

6878 in view next

Imagine if you bought and held every time it bounced off the 200 SMA 😮

Is the Nikkei about to 'get it up' tonight, Samwise Gamgee?

'Day trading' (fannying about on minute charts) on stocks via SB/CFD is a no-go as far as I'm concerned.

And here it is on a five minute chart. The 200 SMA is clearly useless because price moves up and down and crosses it constantly. The same thing happens on daily charts of stocks. Even buying when price > 200 daily SMA and selling when price < 200 daily SMA isn't particularly useful. In fact, I can hardly spot any 'patterns' at all in daily stocks any more.

This is an example of where I would have taken a trade on the four hour time frame (15 June). Looking for a 2:1, stop is where the little box is and the big box is where the limit is. As you can see the trade would still be open right now, nearly four weeks later. (The other indices are pretty similar, except FTSE 100 - and I can understand why nobody would want to invest in BoJo's Britain.)

How much effort does it require for you to log in once a month and buy some shares? Put a monetary value on that, and then shop around for a broker that gives you that value.

So, if somebody just plonked money into an S&P 500 ETF every month, reinvesting the dividends, and held it until they retire, they would outperform these 'successful traders'? 😯

The rich Tory boys in the City (and the cowboys on Wall Street) have a saying, 'Pigs get slaughtered.' And by 'pigs' they mean retail investors :-)

Periods of mass unemployment are a great time to be a snake oil salesman (this was true in the 1930s as well, look up Dale Carnegie and the 'law of attraction' sh!te), I'm being bombared by new ads on how to trade and invest every day. As Caseynotes says, these ads don't seem to be regulated - no warnings about 80% of people losing their shirts, or 'past results do not guarantee future returns' or anything of that sort. To be honest, if you really want to escape misery and hell - run out in front of an incoming train

What was most interesting for me was when Tom Bombadil says that he no longer trades every day, and that he waits for patterns to complete and be confirmed on a daily close basis. So, why isn't he spending every minute of every day on 5 minute charts looks for opportunities to scalp?

How much money have you personally made from drawing 'pitchforks'? You could draw a picture of a dirty great meat and two veg on a chart and it would probably work once or twice.

'A guy making $250,000 a week consistently' 😆

Tom Bombadil?

Huh? 😕

All very true. I wonder if the reason why 'top traders' in the City have a tendency to quit as soon as they can is simply because it is such an unpleasant environment to work in. So if you've made millions, you can buy a lovely big home in Singapore or Scotland instead of only being able to afford a tiny apartment in central London. Your quality of life increases so much when you get out of the 'big stink' and start to slow down. And if you've got plenty of money then it's perfect.

Sure, and people holding on to an S&P 500 ETF or the like, doing nothing more than buying more shares once a month, are making money too

Here's my advice for what it's worth: use the demo platform exclusively for 12 months.

Reality check for y'all ... A handful might get rich while almost everyone else loses. https://www.bloomberg.com/opinion/articles/2020-06-23/robinhood-traders-will-have-fun-until-they-get-wiped-out?srnd=opinion&sref=2o0rZsF1&utm_campaign=socialflow-organic&utm_content=business

One of the side effects of mass unemployment - predators trying to sell you bullsh!t courses on how to become a day trader. Swamped with ads on Youtube full of them. Because desperate, gullible people will believe anything.

Oh really?😨😨😨😨😨😨