MattfromNZ

This is the attitude that I have as well. It's funny though, he makes these posts on Facebook to everyone about stock trading, basically implying that you are missing out if your not getting in on this. I found out that he only just recently managed to get his account to up to 25k, and he's making posts as if he's some guru lmao. IMO he is inviting his friends and family to lose money, like he's hawking an MLM or something! Me on the other hand, I dunno if I will EVER post publicly to social media about my daytrading career, even if I do make it big. I will happily give advice to friends and family that ask for it, but only on an individual level. Maybe there is a 3rd camp who never become aware of the work it will take, they just hemorrhage money until they give up. Words of wisdom you speak there Adam, I hope that we all have the perseverance to achieve daytrading greatness one day

That's actually something I was thinking to myself yesterday. I can recognize a perfect setup, but what about all those imperfect setups (the majority), how do I know where the line is between something where the setup is good enough to trade and one that isn't? I guess in a simulator you can make those imperfect trades and learn from them. Edit: Any suggestions on resources to learn 3bar play? I couldn't see anything in the education center of the forum.

I have definitely written off 1min ORBs for now, but have started practicing 5min ORBs. Aiman mentioned the 3 bar play in trade review on Thursday, so that is on the list of things to learn. ABCD patterns as well as I'm coming to realize that these strategies can all complement each other. Yesterday I did my first trading with the replay mode, and I see that there are disadvantages to it, the biggest one is the lack of data from which to obtain your levels. I had one stock where I sold out on the lowest level I could have marked given the data I had, and it just kept on dropping. Then of course there is no level 2 data in replay mode. Even so, I think that it is a beneficial tool as you can still concentrate on the most important thing: price action. Thanks for your suggestions, I will make the 3bar play my next objective.

The first book about trading I read was Andrews book "How to Day Trade for a Living". The second book I read I got from a friend: "The Complete Guide to Pennystocks". I can't remember who the author was, but it was in the vein of Tim Sykes. There are similarities between the trading styles, but also huge differences that to a large degree make them apples and oranges. It was obvious I was going to have to make a choice about what style of trader I wanted to become. Initially I thought it might be pennys. I spent a week or so trying to practice looking for stocks, scanning the news, researching and then trying to make some trades. It became pretty obvious to me that I didn't know what the fuck I was doing, that I would need a lot more "help" and education than what this book provided me. Back at work I started watching the BBT pre-market show which prompted me to do a week trial membership of BBT which lead to me to signing up for a lifetime membership a few weeks ago. At the time it felt like a risk, "am I really just going to spend $1200 on something im not even sure about?". I've been back home from work for a week now, been devoting about 6hrs a day to trading and already I am feeling really good about my decision. It seems to me that as long as one has the right temperament for day trading and puts in the work required, this community provides everything you need to succeed. I hardest part is ignoring messages from my friend about his huge % gains on a penny stock trade he made, but I just tell myself that he just hasn't blown up his account yet, and why would I want to trade something that is a tenth of a cent?! Anyway I've been learning a lot, and I agree that trying to trade 1min ORB's is not the best idea. I have started with the 5min ORBs. I made some simulated market trades on Thursday and some simulated replay trades yesterday. I am going to increase my strategy repertoire over the next few weeks and then decide what to focus on after that, I appreciate the suggestions. I have been using the daily charts to find levels, but only using 1min and 5min when trading. I'm open to using other timeframes in the future, but so far it seems like overkill. Thanks man, I would like to keep in touch.

Thanks for the advice Kenneth, and congratulations on your success with the 5-min ORB!

Haven't started tape reading yet, but it is on the list of things to do once I have time. Thankyou for the link I will definitely check that out soon. I will be starting the 3 month simulator DAS subscription: do you know if that will give me access to level 2 data, or is that something that has to come from my broker?

It sounds like you are crushing it Angela! I commend your patience and perseverance! I like the idea of "preserving your mental capital" as well as your financial - don't want to burn yourself out. Good luck for going live in the near future. Merry Christmas and Happy New Year to you too!

The Tongariro Crossing is spectacular, my wife and I did it several years ago. I have already read Andrews new book on trading psychology so think I am off to a good start with that. I start my next 3 weeks off work soon. Thinking of spending the first week focusing on learning the DAS platform, then the next 2 weeks focusing on learning and identifying different strategies, with practice trades focusing mainly on execution and risk management. Sound good?

Thank you for your advice Angela, what you are saying makes a lot of sense. Seems like I should work on getting a good overall base of skills and familiarity with many strategies before I can find my edge and specialize in that. How if your journey going? How close are you to going live?

Hi Martin, I like your profile picture, where was that taken? I really appreciate you putting the time in to write this. The main takeaway i'm getting is that I shouldn't pigeon hole myself into doing things a specific way at this this early stage in my trading career, but rather take the time to experiment and see what what works for me first before I hone my skills.

Hmm, it does appeal, but so far that's only from watching someone else do it! The list above is roughly what I had in my mind, although how many of those timeframes do you really need to watch to trade ORB? Wouldn't too many just complicate things and make quick decisions harder to make? I suggested to Mhileman above that maybe I could practice learning 2 strategies - ORB at the open, and then another such as ABCD: Anticipate being able to trade the ABCD sooner, but start learning ORB now to master it later.

I have watched one of the videos on 1-min ORB, and it was very useful. In theory it seems straightforward, but of course I believe people when they say it's hard. Maybe I could start learning 2 strategies, I practice the ORB at market open and then maybe I practice ABCD after that?

Thanks for the advice Alastair, I will strive to do all of those things. Hey while I have you, I did post a question yesterday that remains un-answered, if you have any more advice to give I'd be grateful

I was wondering what strategies you are using to trade pre-market and is your watch list much different from most traders in the chatroom?

Thank you Peter!

New trader here. I work 3 weeks on 3 weeks off. On days that I work I have only 15mins of time after market opens to trade. I have read that new traders should stick to a single strategy at first until they master it before moving on to something else, so because of my situation I thought that an ORB strategy would be good to start with, however I have also heard that ORB strategies can be more difficult than others. Another reason I like the idea of starting with an ORB strategy is that to me it seems like it would be easier to be more efficient for practice and simulation when I'm not working: I can practice with past days on the simulator and watch the pre-market YouTube videos for my watch list. Then spend about 15mins each watching and practicing on pairs of stocks. If I spend a few hours a day doing this it seems like it wouldn't take long to have many practice trades under my belt, more than I might for other strategies that require a lot more watching and waiting. What are your thoughts and recommendations on this?

Hi all, I'm Matt, originally from New Zealand, but now live in Montana USA. I enjoy doing things outside such as mountain biking, skiing and climbing. I currently have job where I work 12hrs every day for 3 weeks and then I am off for 3 weeks. For a long time I have wondered about day trading, but never looked into it seriously until recently. Obviously I plan to use my time off to practice trading. I'm still pretty skeptical about the whole thing to be honest, the other new people are all saying "wow, this place is great Im so glad I found it" and I'm still wondering if paying for the membership was a good idea or not. Regardless I plan to work hard and be optimistic about it, and time will tell!