Hi, I am a professional poker player and want to share my journey as a novice trader. I have been reading a few books about trading, one that revolves around candle patterns and one about the history of trading. Have I learnt a lot? Not enough, considering I’m not profitable yet.
I am looking forward to getting to meet some of you guys here and share ideas, thoughts and banters.
Let’s go!
Ill start trading with a demo account on trading212, with a virtual capital of $2500, which is ~ what im willing to deposit once i gathered some confidence to stake real money.
Now, I am all excited about trading, recognizing patterns and shooting my shot, but whenever I open a chart, it looks something like this:
If anyone can read anything into this, I’d be impressed, as it seems esoteric to me. There are no patterns to be recognized, afaik.
What’s the deal here? Are most charts that unexciting on the 15m time frame?
Regarding the stocks i chose to trade: i just picked some with high liquidity.
My first trade on the 15 min chart. From what i can tell, the pattern reveals that the stock is on a “steady” downtrend. Lower highs and lower lows.
I am trying to capitalize by selling the stock, buying it at 380.00, with a stop loss set at 385.00, and a Take Profit set at 369.00, giving me a risk/reward ratio of approx 2-1. Wish me luck.
Prepare to sell NVDA is a good idea IMO. It gapped significantly over resistance, to far over resistance to be precise. Thats why it didn’t continue much further. Although i would wait to short until it breaks support at 366 or at least until 375.Then you have room to 347. Until then i would still thinking long.
Interesting journal! Keep at it.
Hey bud, thanks for giving your 2cents. I’ve been told that the Nvidia stock is massively overvalued, and traded at a prize which far exceeds years of its predicted profits, which is a recipe for a disaster, according to the informant (Unusual Whales).
There was some precedent where a stock traded at a value 100x its yearly revenue, and the stock dropped massively and investors where upset, at which point the CEO told them that it was inevitable considering that the company was way overvalued.
But i don’t know jackshit, so to say. Which timeframe are you looking at for Nvidia?
Do you guys have any recommendations on which stocks/currencies I can trade for the 15 min chart? The ones I am looking at all have a terribly nondescript chart, e.g.:
Welcome to the world of Forex Trading.
Why not trade a forex pair like USD/JPY that has great volatility and small spreads which means it takes less movement for you to get into profit?
I sincerely believe that if you accept that trading is actually gambling you will be ahead of many out there. Indicators and all the rest of it are simply things to increase your chances of winning, similar to betting on a team with home advantage or the team with the best offence or player in the league. If you like excitement try working with the 1 minute time frame.
And while you are at it you could try these suggestions and see if they work for you. Stick to one single time frame, one single instrument/currency pair, one lot size, one profit target. You dont need to make 200 pips per trade to make money in this thing. 5 pips per trade with a decent lot size a few times for the day can work. Try trading on MT4 and use a big screen that shows you the big picture…which means no phone trades.
Click on my name and go through a few of my posts where I have up some screenshots of my live account and see what is possible in this forex business.
And all the best on your forex journey.
Just thought I’d go ahead and show you what is possible with this forex trading business. These are just some trades I made today. And you dont even need as much as US$2500 to do this. If you used US$2500 you would do the same things but use a 0.3 lot size instead of 0.02.
Interesting. What is your strategy, if I may ask, and will you switch to a real money account soon, considering your success rate?
Why do you open 2 or 3 trades for the same price within seconds of each other? Why not just open 1 trade for a higher amount?
When YOU have your account YOU do what you suggest. I am working with a strategy that works for me, simple.
I wasn’t criticising, I was just curious. I normally just have 1 trade working at a time so was wondering what benefits you get from having various smaller trades running.
I like to call what I do P.A.N.T.S. or Price Action Naked Trading Scalping. I do have a real account. If you had gone and looked at some of my past posts you would have seen similar trades I’ve done on them. This particular demo demonstration was just to show what is possible with as little as US$100.
I didnt take what you said as criticism I was just making a point.
Just to clarify something though, for some reason I am not able to take partial profits like a lot of people do. The way I have structured my strategy I can close one or two of the trades at my take profit and let the rest run with a trailing stop. Does that make any sense to you?
Hi, my 3 pesos in attachment and a tip about candle patterns and support / resistance. Higher time frames, candle patterns and S/R zones are more important than on lower time frames. Regards Greg
Very interesting and telling. Thanks!
At which timeframe do you reckon do chart patterns gain credible authority? I have read that the 15m TF is optimal for day traders.
I think I have just developed my first strategy. I will trade trends from support and resistance levels, using ~2-1 risk/reward ratios. I think it is best to wait for strong setups with lots of tells and make a few high-quality trades.
I’d also love to trade Hammers and Shooting Stars as I believe those are some of the best signals, but I have yet to recognize such patterns in real-time.
Is there some website you recommend that showcases tradable patterns in real-time? I’d love to be alerted about charts where a Hammer or Shooting star forms.
Decided to sell the USD/JPY at 138.9730, with a stop loss set at 139.100, after recognizing the formation of a little Hammer.
I am taking profits at 138.720 as this seems to be a major support zone.
HMM i have got some questions.
I have set the stop-loss limit so that i can maximally lose $4.27, and it was triggered, but i have lost almost $11 - see image above.
Also, a green candle bar appear up high with, seemingly, a candle bar missing inbetween, see here:
What is the reason for such formation?
