Day Trading has made me more money that I could have dreamt of
The ๐ to my trading success has been following my trading plan perfectly
Here's the framework I use every single day to make 7 figures annually
Hope it's helpful to someone
[๐งต thread]
The ๐ to my trading success has been following my trading plan perfectly
Here's the framework I use every single day to make 7 figures annually
Hope it's helpful to someone
[๐งต thread]
My trading plan is deliberate. There are no impulse decisions
I need to know:
- Do the conditions suit my trading style?
- What is my setup trigger?
- Where is my first profit target?
- Where is my stop loss?
- Where is my entry?
- How will I manage this trade?
I need to know:
- Do the conditions suit my trading style?
- What is my setup trigger?
- Where is my first profit target?
- Where is my stop loss?
- Where is my entry?
- How will I manage this trade?
Different techniques work in different market conditions. I can't always buy the dip or chase breakouts
But, If I identify the pre-market conditions
(outside of market hours) I can focus on the techniques that are most profitable for those conditions
Here's how I do it:
But, If I identify the pre-market conditions
(outside of market hours) I can focus on the techniques that are most profitable for those conditions
Here's how I do it:
Once I know what the market conditions are I can identify my correct setup trigger
I cant chase breakouts if the conditions don't historically pay for that kind of move
Then I set alerts at the appropriate levels or on my trend reversal triggers (MA Cross, BB reversal etc)
I cant chase breakouts if the conditions don't historically pay for that kind of move
Then I set alerts at the appropriate levels or on my trend reversal triggers (MA Cross, BB reversal etc)
My setup trigger is only the first part of the equation.
I won't just enter a trade just because it crossed an arbitrary line on my chart
I need confirmation.
I'd rather be late and green than early and red. Confirmation is my hedge against my technical analysis being wrong
I won't just enter a trade just because it crossed an arbitrary line on my chart
I need confirmation.
I'd rather be late and green than early and red. Confirmation is my hedge against my technical analysis being wrong
I use volume and candlesticks as my confirmation.
I want to see strong candles with strong volume. I want to see strength before I jump into a trade
If my idea is strong lots of people should be jumping into that trade
Here's how I do it:
I want to see strong candles with strong volume. I want to see strength before I jump into a trade
If my idea is strong lots of people should be jumping into that trade
Here's how I do it:
Once I have confirmation I need to know where my 1st profit target is
Things don't move in a straight line and I target moves that are 1 dollar away
I want a reasonable expectation of hitting my first profit target more than 70% of the time.
No need to be greedy
Things don't move in a straight line and I target moves that are 1 dollar away
I want a reasonable expectation of hitting my first profit target more than 70% of the time.
No need to be greedy
Once I know my profit target I need to know where my stop loss is
I keep that consistent
My SL is always at the low or high of my confirmation candle
If I make a LL or a HH then my idea is probably invalidated and I need to cut that play
MY best trades are green right away
I keep that consistent
My SL is always at the low or high of my confirmation candle
If I make a LL or a HH then my idea is probably invalidated and I need to cut that play
MY best trades are green right away
Once I have those details I can work backwards to find my perfect entry
I have boxed in my trade and can identify my entry zone
MY entry is the spot inside my box where I have the correct risk reward profile for my win rate
I win on 70% of my trades and need 1:2 RR
I have boxed in my trade and can identify my entry zone
MY entry is the spot inside my box where I have the correct risk reward profile for my win rate
I win on 70% of my trades and need 1:2 RR
Price needs to pull back into my entry zone or I don't have a play
Yes, it sucks to see things run before pulling back into my entry zone
But if I chase those plays I don't have a positive expectation of making money over 1000s of trades
Here's how that looks:
Yes, it sucks to see things run before pulling back into my entry zone
But if I chase those plays I don't have a positive expectation of making money over 1000s of trades
Here's how that looks:
The only thing missing: how will I manage my trade once I am in it?
I can't let my greed cost me money
So...
I lock in profit at 10%, push my stop loss to breakeven, and move my stop up 10% every 10%
I like to get to that risk-free lottery ticket as soon as possible
I can't let my greed cost me money
So...
I lock in profit at 10%, push my stop loss to breakeven, and move my stop up 10% every 10%
I like to get to that risk-free lottery ticket as soon as possible
This process might seem complex but it takes only a couple of seconds to mark out on my chart
I can make those decisions quickly because I have practiced doing them 1000s of times
My trading is extremely deliberate. There is no room for making it up as I go
I can make those decisions quickly because I have practiced doing them 1000s of times
My trading is extremely deliberate. There is no room for making it up as I go
So remember, profitable trading is deliberate trading
When you are consistent with your technique it's easy to notice and fix the issues that are costing you money
That's how you level up as a trader.
When you are consistent with your technique it's easy to notice and fix the issues that are costing you money
That's how you level up as a trader.
That's a wrap.
If you learned something from this thread please do two things:
1. Follow me @dtr_trading for more content like this
2. Retweet the 1st tweet to help me educate more traders like you
Thank you very much. ๐ค
Best of luck and happy hunting out there
If you learned something from this thread please do two things:
1. Follow me @dtr_trading for more content like this
2. Retweet the 1st tweet to help me educate more traders like you
Thank you very much. ๐ค
Best of luck and happy hunting out there
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Join 1,000+ subscribers here:๐
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Every week I share at least 1 actionable tip that will help you improve your trading strategy. Always in 5 minutes or less.
Join 1,000+ subscribers here:๐
daytradinglivestream.com
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