DD, yes, I read O’Neills book a while ago, and actually am half way through reading it again. There is so much to absorb, this second time around I’m trying to just focus on the bigger, macro stuff. And yes, swing trading stocks. While I’m looking to make money doing it, I’m planning on doing it (once I’m comfortable) as much to have fun, and to keep my mind sharp and engaged in retirement. But yeah, I wanna make money too. I do some trading now, but not with a firm process and plan, that’s where I’m looking to get to. been watching some good YouTube videos too, most of which I find on FinTwit.
My suggestion would be to spend your time on process and plan. I'd focus more on following the plan than on making money. Taking losses is probably the hardest part, especially when the price reverses as soon as you close your position. It's getting easier to get out of a trade with a zero commission broker.
If you are serious about learning to trade stocks, I would give you these bits of advice that has helped me a lot. Focus on two things: 1) Risk management, risk no more than 2% per trade and commit no more than 10% of your capital to trades at any given time. 2) Make sure your trades are aligned with the major trend of that stock. Be it long or short, doesn't matter. If you do short any stock, do it with a put option and do not borrow shares. Your risk to the upside is unlimited if you borrow shares. "The trend is your friend". Ride that trend as long as it lasts. That is where the big monies are made.
I trade through TD Ameritrade. One thing I’ve become good at is being disciplined at keeping losses small.
re your point 1, yes, I read a lot about that in Minervini’s book, that’s what I intend to do. Re your point 2, yup, I always look at the 50 day daily (or sometimes hourly, can’t figure out which is best) chart to see the trend of the stock. Then I’ll drill down to a shorter time frame. I often look at the 1 year daily as well, not sure that’s very relevant in swing trading, I’m just very used to it from my days as an advisor
listen...only you can put in the work (start by making a trading journal) and have to experience yourself the lost/wins. you can't substitute that. if you think it is easy by listening to others and them telling what to do...it won't work. you have to try it out for yourself and see what works and what doesn't. and in order to do this, you need a journal and gather stats. i always go back to my trading journals and based on my stats, i select a high probability plays and place my bets based on my stats. not only i do this for my trading. i recently took up sports betting and apply the same strategy, by making a sport betting journal. i started in sport betting in late jan 2022. i have made about 30 bets so far. and i'm green. ROI: 51% ytd. it is only been a few weeks. but i will need to collect at least one year of data and see if my sports betting is not luck and by skills and to see what works and what doesn't work.
Absolutely not, I have learned more about options by reading Dest journal, deeper understanding of valuation using Stoney and Van’s ideas. Been here over twenty years, always something to learn from the pros and big accounts who lurk and post when they’re feeling magnanimous. Reddit over Elite, vast majority of Elite are not trying to screw you over!
Reddit is just either clueless fools or reckless gambling. I just get annoyed or irritated reading forums over there.
not just reddit forum. any forums for that matter aka wall st. bets, stocktwits, twitters, robinhood, webulls etc. and also here elite traders. you may find hidden gems here and there. but no one is gonna teach you for free or give you their complete strategy.
Yes, buried gold abounds in the in the Hall of Fame threads. I've found some nuggets lying out in the open in newer posts also. @Dustin's posts and his journal being prime examples if one is an options trader.