This is so real LOL!

Let´s use this thread to discuss Opening Range Breakout Strategy (ORB), a strategy with the potential to make us very happy or very miserable right at the open of the market. Let´s discuss success cases, failed ORBs and how to improve the chances to take a successful ORB in order to finish happy and early our trading days. Opening Range Breakout Strategy according to Andrew first book: "How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology": 1. Monitor the stocks in watchlist for the first five minutes. identify opening range and price action. Look for a directional upward or downward movement in the one minute chart. Look for high volume with many orders going through. 2. The opening range must be significantly smaller than the stock’s Average True Range (ATR). See how to add ATR to daily chart in DAS Trader Pro. 3. See if the stock is breaking the opening range, enter the trade according to the direction of the breakout: long for an upward breakout and short for a downward move. 4. Stop loss is a close below VWAP for the long positions and a break above VWAP for the short positions. 5. Profit target is the next important technical level, such as: levels you identified in the pre-market, moving averages on a daily chart, and/ or previous day close. 6. If there is no clear technical level for profit target, exit when the stock shows signs of weakness (if long) or strength (if short). For example, if the price makes a new 5-minute low, that means weakness and consider selling your position if you´re long. If I you´re short and the stock makes a new 5-minute high, then it could be a sign of strength so consider covering your short position. For examples of ORBs, please post 1 & 5 minute (or longer time frame in case of 10, 15, or 30 min ORBs), with your entries and exits, pointing why it was a successfull or unsuccessfull ORB.

@ShoTrader suggested today in the chatroom we should start posting recaps by people in simulator. Se here is the deal, if you are in sim make your recap loaded with your learnings and insights, upload it to your youtube channel and post it in this thread. Make sure you explain the strategy / pattern, entries/ exits, reasons to entry / exit, risk:reward and your advice / tips to fellow traders. Fellow BBT members will provide feedback on your recaps. See this links as needed: How to Create a new Youtube channel How to Upload Youtube videos Download and install free software OBS Studio How To Record Video With OBS Microphone config in OBS Epic Pen (Free): Screen Marker and Desktop Annotation tool

Ok, lets start. Everybody here have great voice so don´t make fun of mine...

Hi All, I'm new to day trading stocks, but have been trading cryptocurrencies for about 4 months. I've found that going through daily affirmations before I started my trading day helped to keep me focus and remind me of how I need to think and behave while I trade, and wanted to share them with you all. I built this originally with the outline from Trading in the Zone, and have added maxims from Andrew's book as well as things I found I need to work on. Please feel free to post your own affirmations, would love to add to mine as it is constantly evolving! ---- I am a Calm, Disciplined, and Consistently Successful Trader. I objectively identify my edges and strategies and master them I will stick to a single strategy until I have mastered it. I will define each strategy in great detail with if then statements I will act without emotion, and listen to what the charts are telling me. Trading is a game of probabilities, and my edge gives me the house advantage, I just need to play long enough to reap the rewards. A strong system may only give me a 60% chance of winning, which are great odds over the long term. I will only use tips from others as a starting point for my own research and will decide for myself if the conditions are met for a trade. I do not confuse brains for a bull market. I must be very careful in who I choose to follow. I predefine the risk of every trade I will not enter a trade without having a clearly defined plan on how to exit if I get stopped out and how to take profits I will not chase a trade. If I have missed the entry point, that trade is gone, and I will look for another opportunity I completely accept the risk or I am willing to let the trade pass I accept that in the market, anything can happen. I will never blame the market. The market is king and does what it wants to do. I just have to get better at listening, so I can go along for the ride. It only takes 1 person to move the chart in a certain direction, breaking support or resistance and potentially invalidating my trade. The market is very often manipulated, but if I play my cards right and stick to my system and track the path of least resistance I can still win in the long run. I am 100% responsible for the outcome of my trading. Capital Preservation is more important than Capital Gain. I will not risk more than 2% of my capital on any trade. I will always miss out on trades, but there will always be others because I'm in it for the long run. Not taking a position is often the best position to take. I will only enter a trade if the odds are greatly in my favor. I will exit the trade if the trade turns against me in accordance to my exit and stop loss strategy My goal is to make money and manage risk, not to be right. I act on my edges without reservation or hesitation I will enter a trade only when all the conditions are met, with a profit to loss ratio of AT LEAST 2:1. I will not act emotionally, but calmly and rationally at all times. It is all practice. I will only trade when I am in the right state of mind to trade. If I am feeling down or depressed or overly euphoric, I need to step away and recover. I will follow my plan throughout the trade and only readjust if there is significant new data. I will not panic sell or act emotionally, and realize that the market can often retrace against me before moving towards my targets. I recognize that sometimes I must 'pay to see the flop' (see if it moves in favor of my position) instead of exiting a position too early, as long as it is within my defined strategy. I pay myself as the market makes money available to me I will take profits and not be overly greedy which may result in me giving back those gains I will let my profits run cautiously, being sure to take back some gains first, scaling back slowly and moving my stop loss to ensure profits. Once I have hit my profit targets or have hit my max loss, I will stop trading, or trade exclusively in a simulator so I do not give back those gains or garner more losses. I continually monitor my susceptibility for making errors and being emotional I will accept my losses as lessons learned, be thankful I was able to learn the lesson, and move on. I recognize that any loss is gone forever, and I can only look towards the next trade. I will not and can not make back the money I lost on the trade. If I act emotionally to a loss, I will accept that as well, and then remove that emotion so that I can learn from it. I will be happy as long as I have executed my trade plan as I laid out, regardless of whether I made money on the trade. I will reflect on my trades on a daily basis in order to learn lessons and improve each day. I will not let other people's gains or losses affect my emotions and trading. I feel no need to be better or more right than anyone else, and am not effected by FOMO. I accept that my mind will try to avoid doing things or try to distract me in order to avoid pain, and that I will identify and eliminate any reason for reacting this way so I can do what must be done. I understand that as a Professional Trader, I have to do things that are boring such as journaling and strict trade management in order to improve my understanding and my odds. I will identify all the things that my mind will try to do to distract me (reddit, news, chatting, food, videos) and address the source of those emotions directly. I will act with Discipline and Professionalism at all times, because this is a Professional Game that needs to be respected. I understand the absolute necessity of these principles of consistent success and thus never violate them I will pay attention to how I think and how I feel at all times, and how that affects me. If I am tired, or simply not in the right mindset to trade as a peak performer, I will stay out, trade in a simulator, or reduce my position size to negligible levels. I will be constantly aware of the cognitive biases that affect my decision making, such as having a confirmation and anchoring bias. It is all practice. Every trade whether it is real or simulated is practice in my quest to become a better trader. I will learn from it and move on. I will not let the results of my trading bleed over into the rest of my life, because I am more than just a trader. Whether I succeed or fail in trading does not change the fact that I am happy with myself and how I live.