Forex Education
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By Ishank Passi · Posted
Hi I'm Ishank. I recently moved to Ohio from Toronto. I had run a furniture retail business for 6 years. After spending enormous amount of energy and time in the business, I came to realize that the retail industry is dying with everything available online and I am hardly get time to spend with family or on myself. So I got out of it sometime ago, took some time off and started exploring other carrier options. I always had an interest in trading but never knew where to start. So I got my hands on Andrew's book "How to Day Trade For A Living". That really encouraged me to give day trading a shot. So i decided to join this community I am still very new to this so haven't even started trading on simulators yet. But I am excited to learn and start trading. Looking forward to this. Thank you!! -
Hi. I'm Brian. I live in Arizona and have been an electrical contractor for the past 15 years. Recently listening to many podcasts that have inspired me to consider investing, and came across Andrew's book, which I felt made the idea of day trading accessible. I've been watching Carlos and Peter in the mornings before heading off to work, checking out the trading terminal simulator the past couple of days, and just signed up for membership with BBT. Looking forward to learning and making money without beating up my body in the process. And excited to have a community to learn and share this experience with. Thanks! -
Hi Everyone, I know this is an old topic. However, I am trying to understand the implications of conducting daily trading as a corporation in Canada. Do I need to register an IBKR Business account, and does this require me to subscribe to DAS as a professional user? Or can I keep my IBKR individual account if my Business is solely for this purpose (it is still registered as a corporation)? Thanks. -
By Michael Schweighardt · Posted
update on my tradebook. It's coming together. i have a notebook. like from high school. i write in this everyday. I open to a new page in the morning and write the date across the top of the pages. then i just write throughout the morning during trading. i write anything and everything. i make notes about RULES to add to myself. My notebook goes from January 13th to now. i went through the whole notebook and made a list of all the notes i put a ⭐ star, highlighted or put an * asterisk next to it. here is the raw list: i copy and pasted the raw data into Grok and it gave this back to me: General Trading Mindset Patience is key: Treat trading like fishing—wait for the right setup, don’t force trades. If you miss an opportunity, let it go and look for the next one. Slow down: Especially on Mondays or after a 3-day weekend. Start in simulation (SIM) mode to ease in. Trend alignment: Trade with the trend, not against it—“the trend is your friend.” Risk Management Daily risk limits: Never risk more than 2% of your account per day ($100 on a $5K account) or 1% per trade ($50 on a $5K account). Phil’s key risk: Cap risk at $45 per trade when using this strategy. Loss streak rule: After 3 losses in a row totaling under $60, take a fourth trade; otherwise, pause. Trade Setup and Entry Indicator confirmation: Look for 5 out of 6 indicators to align before entering a trade. Wyckoff phase awareness: Assess the current market phase (accumulation, markup, distribution, markdown). Retest probability: Wait for a retest after a move—70% likelihood (per Avi). Multiple time frames: Use higher time frames (30-minute and above) for confirmation. Position sizing: Take smaller sizes for B+ setups, aiming for a 3R (3:1 reward-to-risk) target. Trade Management Hands-off approach: After entry, let the trade play out—don’t interfere unless adjusting the stop to breakeven (B/E) after hitting 3R. Phil’s key adjustment: Move stop to B/E after hitting the first target. Profit target: Aim for 80% of the Average True Range (ATR) as the target. Predefined exit: Know your exit strategy before entering the trade. 3R prerequisite: Hit a 3R trade before attempting a Phil trade. Specific Scenarios Earnings week: Learn how to trade stocks during earnings periods (implies higher volatility—study this separately). Monday caution: Go slow, especially after long weekends, and start with SIM trading.
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