In response to your last message to me regarding your questions.
No books that I can offer to read, I learned by just looking up the basic indicators and then going from there, one indicator leads to another and another. I would see patterns emerge in charts but I didn't know what they were but knew they were something so would search through online until I found them. There's enough information out there on the web to get a good understanding of technical analysis, I do like the wykoff method (google that if you don't know it).
Best basics to look for is understanding what different individual candles mean and what they mean in certain patterns/trends, what other indicators they need to go with them such as Volume. When you start reading on certain candle patterns they usually have with it what other indicators to look for.
I also like to use the MACD, EMA and MA lines and Fib Levels.
Those are the basics and good to start with I think and then grow from there.
Certain Candle formations and MACD together with Volume can be a good indicator for when to sell as well as buy.
Fib extensions and retracement levels can help give an idea of price targets from a pure trading and technicals perspective on the short term for selling after you have bought and same for looking for how far a stock could fall in a downtrend if looking for an entry.
I think it would be good to cover that to at least understand and know it and see if it suits your trading style, it's one of the simple indicators to apply, interpreting other patterns in candles etc. is more difficult as it's not an exact science.
Depends on how active I am actually trading, I go through periods of high activity and low activity which is a mix of being a university student, having other business ventures and investments off market and also being set in certain stocks that I don't need to actively trade everyday or every week, which is good for short term trading.
So can't really give you an exact figure of how often, those $1-$5k profit targets are purely for my smaller trades where as I aim to make much larger profits from short term trades that mean there's no need to make a consistent weekly, I'd rather wait a few weeks or a month to make $20k-$100k+ profits in a couple of good stocks than actively look to trade and chase pips in any stock I can find. I don't look to make X amount every week or everyday, I look to find stocks I can make exponential growth of my capital that's more than the $1k-5k profits I mentioned with those $5k-$10k trading parcels (some parcels are significantly higher).
I usually maintain these types of trading parcels also for stocks I hold significant larger holdings and I understand the stock very well and trade the trade whilst maintaining my long term holdings, an example would be SRT now IAM, I have a substantial holding in the company being a T20 holder but have since last year been able to trade the trend of that stock and over the course of now I think 10months I've sold SRT/IAM 164 times with on average $3500 profits (Had mentioned that on the thread last year which caused some uproar and I had to post proof of the trades on the thread, so I hope it doesn't do so again as I'm only posting in response to Saber's questions not trying to brag or any of the sorts). Those stocks are more rare and such a consistent trading channel that SRT had is also rare, other stocks I've traded the trade but not nearly as often.
I think it's possible to do it consistently for what you were referring to in 2 days to 2 weeks trading periods month on month, I do achieve this but more as a by product rather than an actual goal if that makes sense. But I don't go looking for a trade just because I need to meet a certain target, I think you can make mistakes like that sometimes if you try force the trade. So as I mentioned I look to find those stocks I can make multi-bag gains on and during holding them if I can trade the trade I will also do that as well.
Sometimes when certain sectors are hot like lithium, zinc, gold etc. you can find good stocks to make quick trades on with the trend without having those long term holdings but it's not like the market sticks to your month to month targets and presents stocks all the time for you to meet those targets.
So trade the trade when it presents itself but also look for good quality stocks that you can make larger gains that may be less risky and also suit your style of not being able to monitor the market live all day.
XPE I was watching it live and saw during the second day that it tried to break 11c and it wasn't so I sold the remainder of my holdings at 10c, which included some new trading parcels that I bought at 10c in the event it continued to rise.
Early on it was the shell hunt last year and I jumped on RYG the day after it's acquisition announcement of Xped, I read the announcement and liked what I read about the tech and the company, invested a pilot entry at 1.4 and again at 1.8 then invested more and more in the 2s and 3s once further announcements came out and so I invested very big at that level whilst also trading the trade along the way. I didn't care about revenue I was looking for what they were doing and where they were going and who was part of the management team and where they had been previously, one of the management had been at Qualcomm previously so that was a big plus at the time. By trading the trade I made significant profits that de-risked my large investment as I held on through suspension and then topped up more when it dropped on re-listing and enjoyed the ride up to 10c.
For past indicators that you're asking about and regarding the STT thread stocks that are mostly small or micro caps, as I noted with SRT, that was a shell, had nothing yet but you could still see the trading trend and pattern in the charts, same for other mining stocks or other techs, they all have trading patterns and the volatility is what I look for personally, I want something I know I can move in and out of quickly with small or more importantly big trading or investment parcels, don't want to get stuck holding too much and can't get out. I find the charts provide a very consistent pattern in the spec end, kind of opposite to what you are saying. Depending on the stock, I go for highly active small cap/spec stocks for the most part and they all present clear trading patterns and trends.
Regarding if I have a rule for my trades in terms of Market Cap or general size, yes on a vague sense I prefer stocks that are $8m - $20m market caps but then it depends on the stock, how many shares they have the sector they are in, is that sector hot, what are their peers valued at and can this stock reach similar levels or close to, are there fundamental reasons for this stock to be much higher, so many factors really, how the stock has been trading, how volatile it is, how tight the register etc. how much cash they have, have they done a CR recently? Lots of factors. But the peer analysis is good if it's realistic, you'll read lots of comments of how the MC is too low for this to be at this level, and there should be reasons as to why. Sometimes a stock can be 2c but has an MC of $100m unless it's really good I'll likely stay away, especially if it has 2 billion shares or more.
Regarding PSC and your question for when I noted it was exhausted, well it's what I said the first time and on the chart you can see the candles where it was trying to break higher but wasn't with the upper shadows forming on a few of the charts, the volume trading at the higher prices started to fall and selling pressure was winning, the MACD started to expand and looked like it was about to turn down. I had already made significant profits as I bought at 1.7c (so more than doubled lol as you stated 1.7 - 6c) and traded the trade along the way and the Market Cap was very high for what it had (or didn't have) so I sold and took my profits at 6c, it went to hit 7.4c a week after and then crashed down.
It's good that it's something you want to aspire to, many here on the STT thread have achieved multi-bag gains, so more than double (in reference to your comment) and you'd be surprised how often many double their money on short term trades here consistently.
Regarding PSC entry, I think it was to do with cash levels, it's lithium holdings and project and at the time lithium was hot and PSC had a good project.
For standout tips, I'd suggest not chasing gains, don't buy into a stock that's started running up already (again depends on the stock and your targets and what the stock can realistically achieve in your time frame), look for something that hasn't run yet in a similar sector perhaps.
Check the charts first, it will indicate if a stock has run, started running and is near the top or if it's a good entry time.
I'm not really full time, i'm not retired either lol I'm only in my mid 20s, but being a uni student and the other business work I do it allows me the freedom to also trade, uni classes are quite often at night and even during the day I've traded stocks in lectures on my laptop or even on my phone when I'm on a site visit for work or Uni. So I'm able to trade or watch the market while doing uni work or other work lol, but as I mentioned my preferred style above, that allows me to be able to be away from the market on days I have Uni or work and such.
So as you mentioned, being yourself in your 20s and working full time you don't have the chance to monitor the market all day everyday, so perhaps finding stocks you don't have to monitor on a daily basis and can let them do there thing would be the better option for yourself.
A stock like IAM is one of those, many such as Glad, TGT, Forrest have noted how they don't watch it daily as they are set with their holdings and are happy to wait for things to develop, which is the same for me, but I also like to trade the trade on it when the chance arises.
I don't think you can watch the chart at night though as you say as if it was trading live there and then, but you can analyse the day and weeks action to help understand the trend if it's in an uptrend or about to finish an uptrend or maybe about to finish a downtrend and reverse. But I wouldn't look at the 5min chart, more for daytraders and it's just noise and won't give you too much information.
I prefer the daily chart when I analyse stocks, but sometimes you need to look at the 60min, 30min and 10min as these can paint a clearer picture, as sometimes stocks get manipulated to close down at auction and other action during the day can't be seen in the daily.
I use the daily mainly for basing my entry, but as I said depends on the stock and sometimes I've found entry signals pop up on the 60min, 30min and 10min charts so you just have to go through all of them and analyse the data on a stock by stock basis.
Wow that was a long post lol, I'm tired!
Hope that helps and answers your questions.
Sorry everyone else for the huge post response to Saber.
1.7 - 6c) and traded the trade along the way and the Market Cap was very high for what it had (or didn't have) so I sold and took my profits at 6c, it went to hit 7.4c a week after and then crashed down.
