Hi All, I thank and appreciate everyone's feedback and advice regarding my posts earlier this week. I certainly have a long way to go with my strategy for DTing. I am now tracking each and every trade on an excel spreadsheet I made to ensure that my strategy or method are profitable
The trades this week I have placed have been successful, but ensuring I stay non-complacement is important, as the edge I have will most likely even out over time. Some things I took away from feedback and comments I got recently that I am applying now is
1. Patience - I used to try and force trades that weren't there whether it be from volume, or FOMO. Additionally, most of the time I would enter at X amount, but then it would drop (at which point I would sell) before further going above the amount I entered for. Trying to remove emotion even if the price fluctuates before going up and believing in the trade you chose is also important - but I can also see this going both ways.
2. Boundaries - setting clear risk management guidelines that ensure I can lock in profits regardless of the amount or stop loss without being wiped out.
3. Charting - There was a user a couple months ago who linked a couple of youtube videos from this one channel which provided a lot of good information for beginners regarding charting for day trading or short term trading (3 , 5 day trading). Of course I am still learning, and would happy to be recommended of any resources users have found helpful for them.
