Day traders' hoorah-for-the-weekend after-market lounge Sep 3 - 5, 55838486, page-70 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum

Originally posted by slick ↑

Hi Buddi,

For what it's worth, I reckon you're doing a great job. Overnight success normally takes 2 years in this caper (took me 4), you seem to be covering things ahead of time.

Just touching on the monitoring of a smaller amount of stocks, I have a dedicated screen devoted to a page of potential day trades set up well before open and also a page for your short termers. I guess it depends on what platform you're using but Iress allows you to have many worksheets only a click away.
Obviously the focus is on your fast trades during Open and you'd be on short time frames, 1/2 mins. During the morning you can flick over to your short termers and and vice-verse. This way it keeps you main trading screen clear.

Cheers

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Thank you very much for your advice @slick, definitely under no illusion that I'll adjust to the TA style of trading quickly. As you rightly said before, I understand it takes many thousands of hours of PA + watching charts before becoming any good. Normally I'm very patient when things go against me, have lost heaps in the past and made more than what I lost too...but once in a while one or two shockers give a big kick to the confidence...not so much because of the loss or gain, but they push you off the track ...part of the learning experience indeed.

Like your screen setup!...I too have Commsec Iress, but the main window is setup with watchlist and market depth of one stock taking top half, and bottom half with one short term chart and another long term chart of that stock...works really well when I'm watching PA very closely, but becomes a bit too much when watching too many. I'll try your suggestion in a separate screen and will give it a try, looks like it'll help me to avoid some unwanted noise. Again, much appreciate your help...will persist and stay in the game.

Originally posted by mirren ↑

Hey @buddi

I sense your leaning more towards TA - One thing I will say about the asx - it that it is very very difficult to be a good all rounder - some people are good at research - some have a background in mining tech financial etc - so at least they have an understanding of what they are trading - a lot of accountants also- so they really have their edge in being able to asses what are good businesses.

- However my personal view is it is better to be great at TA (first) and have some strong suit or at least be able to assess/understand pumps sectors the layers of how the market functions - it is not simple to the novice - most people start out thinking that every thing is fine- and ok to trade - and often don't realise they are buying the top of a CR pump and get stuck - in some pretty dodgy spec stock - then the learning also may begin -

- You may have noticed that there can be a bit of cynicism which is fair at times - cause after half a dozen years - I am now seeing some of the ones that have been dead for years finally being resurrected with a new venture and new brand and a shady past that has probably been a bit hidden under the rug -
You have to be able to know how to figure that all out also - it is a merrygo round - And actually takes years to learn all the pitfalls - and even in the bigger stuff - look at A2m as an example - nasty - everything is exposed to being a victim of so many factors -

In reality there is no way to save people except to say trade stuff you know is a legitimate business, before you start diving into specs - cause spec stocks in particular are very complex - just let me leave that there -
Most of us trade specs cause they move - but that is the point - all good to trade things that move - however the music can stop pretty fast for a lot of reasons that have to do with the overall markets and can really take the new traders apart before they can even understand what is happening -

Now I am not trying to discourage you away from asx - I love it - It suits my time frame that is convenient to trade - however there is also crypto and FX which are both news driven in different ways - so the emphasis is on TA
They rip around a lot - however Crypto you can trade with small amounts to learn - and maybe it is not as unforgiving as asx as it does continue to move -

I guess watching what we all trade on here how long it lasts and what happens in the following months is a good rule of thumb if your new to markets - watch and learn first -

Hope that helps

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Hello @mirren, great to see you more active on HC recently, really like your charts. Some very wise words indeed, what you said comes from experience, and none of it sounds as a discouragement at all. Been tradings specs for quite a few years, but mainly an LT FA trader so far...totally agree with you that specs is a mine field indeed, but when they move in the right direction worthwhile taking those risks.

Inspired by you and many others here, who can smell the money flow using charts, hence started learning TA to add some DT/ST into the mix.

As I get better at TA, would venture into other instruments, such as FX and Crypto. Until then, happy to watch and learn . Thank you for taking your time to respond and providing some good pointers.

@Patterns, thank you for the EUR chart, ties well with my assumptions for next week, will watch closely.

Enjoy the rest of the weekend all.