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Day traders' after-market lounge May 4, page-52

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Veritas2000

12,692 Posts.

1040

05/05/21

08:39

Post #: 52942942
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Originally posted by MooglyBoogly: ↑

Again thanks heaps for the info. Taking profits at the right time is something I'm not accustomed to as most of my stocks were bought as long term holds and I've never really taken profits on anything. I'm now trying to learn how to do some ST trading so learning when to bail is going to be very important moving forward. I know it's easy to get greedy and hold and you need to consider the psychology of the market. When something breaks out, you inevitably get profit taking and it's easy to end up on the wrong side of that.

Where I'm weakest is learning how to use trend indicators like the ones you mentioned previously. I will now make sure to consider sma's whenever I trade. In the past I've mostly just looked at price action, made sure volume is there, and settled on a price I'm happy with without really considering the moving averages. Some of my entries have been good, some have been bad. So far the market has been kind to me but I've been burnt every time I've allowed fomo to dictate my buying habits. I need to learn how to take emotion out of my trading.

I'll make sure to keep brushing up in common patterns. I've been watching some tutorial videos on youtube of the rounding bottom pattern you mentioned and will be sure to look at some others.

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Hi and welcome,

Why not jump over to the dark side...

The Short Term Trading thread may be of interest.

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