Jose Rodrigo Escobar
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Posts posted by Jose Rodrigo Escobar
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Hey Roberto, I've tried this re-calculation several times and even with online calculators on webpages the pivots never seem to agree. I use the Camarilla on IBKR TWS and they seem to work pretty well in terms of how price action reacts to them. We made a comparison with ToS and we were able to match the pivots, however before comparing them you should check if the calculaton of the highs and lows include or not the data from pre-market because that will make a big difference
Planning a Trade vs Trading Plan - Skills required to plan a trade
in Day Trading Basics
Posted · Edited by Jose Rodrigo Escobar
Hey BBT team!
During this trading journey I've learned a lot of many things and still have a struggle with performance and consistency. One of the things I have noticed is that the a plan for my trades is often missing on the daily basis, and been having hard time finding the right information about it. One of the rules and recommendations for every trader is to plan a trade and stick to the plan, but how do you actually plan them?
A lot of the information about planning trades goes back to how to build a trading plan but I find the information vague about the actual planning. Most of the information focuses on the trading plan as a business plan for your trading (motivation, discipline, goals, risk, journaling, etc) but rarely on what to analyze on a chart, which information is more relevant, how to set if-then scenarios from the premarket and how to trade them. I believe that this information will depend on the strategy that you want to trade but I'm pretty sure there might be some criteria that might apply to every strategy.
In order to understand the information provided by a chart, scanner or news, I believe that a set of skills must be acquired, which also haven't find a good list of suggestions. Most of the skills listed on blogs and webpages are a little "general" for example: discipline, resilience, mindfulness, but what about technical skills?
I've come to the following list of technical skills every trader should develop:
Other skills I haven't mastered yet:
What do you traders think? Should be any other skill developed in order to obtain success in trading? Have you find a good guide on how to plan an individual trade?