That’s not true lol or your portfolio would mimic the exact returns of a momentum strategy or price pattern strategy. That it doesn’t implies you’re selecting stocks on some other basis that you just haven’t formalized. The most annoying thing about your posts is your inability to recognize that you are incorporating multiple sources of information that feeds into your process. And so you keep repeating bullshit.
Just that you don’t trade price action - does not mean it is useless. The hallmark of a good trader is to have an open mind
Not sure what other basis I'm using. All I'm looking for is unusual price movement on unusual volume. I then look at different time frames and make a decision on where it might be best to enter a trade. I'm not looking at any fundamentals. I have a risk control process to protect capital. It might be bullshit to you but it works for me.
If I ran a backtest of the strategy you are describing, I’m willing to bet the names and trades are uncorrelated to your ex post data.
Haven't read a how-to book in ages, but always liked the Market Wizards series and I remember Minervini making an impression, so maybe I'll pick one of them up. Generally, I agree that those who can't... teach. But there are exceptions. I know a sell side guy in the neck of my woods who launched his own hedge fund this year. He also published a how-to book. Didn't bother to read it and am not planning to either as I've been very much un-impressed with what I've heard from him earlier and the lack of results in his fund proves it. Annotating charts after the fact, giving recommendations to customers and saying what may or may not happen is very, very different from profitable trading. Funny thing is that these guys may seem like such experts to the gullible public, when the truth is they mostly know j**k sh*t.
I was at a time fascinated with the data for trying to read the input of a driver on a race track. I asked someone who is practically into racing what to do. He said, "just keep looking at the data". So to you Mediterranean_star, should do the same. I do think if you were to risk 1-3 % of your capital/day and One trade per day excluding holidays, you will see the you have much to learn and will learn faster.
I generally agree with what you are saying,but there are unicorns who are 100 percent discretionary traders who may solely rely on charts backed with a disciplined MM method .. Deaddog may or may not be that unicorn,but the possibility certainly exists
Looking to get more into discretionary stock trading (mostly running systematic futures strategies now), I ordered one of his books based on this thread. Will start a thread if I implement any of his ideas.
Go ahead. Canadian market. Stocks breaking out of consolidation to a new high on above average volume. Risk 1% of the portfolio per trade. (Position size is 1% of the portfolio divided by the difference between the entry and the stop). There is no set formula for where the stop is located but you could use just below the last swing low. Exit at stop or on a break of the trend line. (We might draw trend lines differently). Sell into strength if stock goes parabolic. There are a few other nuances but they have nothing to do with fundamentals, just the way a stock acts on a chart.
Well first of all i don`t think someone will do it free. And second there`s no need for such person. Nowadays there`s so much education in the web so just go learn, practice and that`s all.