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CarolineEllisonFTX t1_ix0lzap wrote

https://www.amazon.com/Complete-Guide-Price-Analysis/dp/1491249390#customerReviews

  1. Study
  2. Create strength and resistance support lines every morning - based on 3day charts and going back 1 year to see where similar zones struggled to break out or break down
  3. Monitor the big names in the market - AMZN, AAPL, MSFT, NVDA, etc. as well as monitor indexes like XLF, XLK, XLV, QQQ - watch for when one starts to break down and see if others start to follow suit as this will guide SPY and slightly precede SPY moves
  4. Look at the technical indicators and what they are doing - MACD, EMAs, RSI, etc.
  5. Watch the macro trends
  6. Divorce your emotions and feelings from trading (this is the hardest one and why most can't trade for a living - you need to be a robot emotionally like Zuckerburg)

I tried for a little while, but I don't have the time or will to do this despite seeing others do it successfully. Trading SPY will make the gamblers and impulsive people bend over and take it. You'll likely lose for a while until you learn to be patient and make the 1, 2 or no trades a day depending on signals.

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[deleted] OP t1_ix0mfwe wrote

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CarolineEllisonFTX t1_ix0mr6x wrote

Sounds like you know more than the experts, suppose that's why you are winning a lot. When the market doesn't make sense, don't play it. Using a 1 week sample as anecdotal support is silly. You do know what SPY is composed of right?

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[deleted] OP t1_ix0net7 wrote

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Narrrrrrrrrrrrr t1_ix0o8uk wrote

TA is literally nonsense. This is why at the firm i work at we have 8-10 math/cs PHDs creating models that can give “predictions” of “the most likely event” and even then sometimes these regards are completely wrong. we have literally sat in a room with these turbo nerds and watched “TA tiktok” and they have literally shit their pants laughing. the best joke they tell is “they hope they don’t get fired because they aren’t up to date on the current market analytics, you know, the astrology part of it.”.

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Narrrrrrrrrrrrr t1_ix0ols7 wrote

TA is like doing advanced level math without a calculator or proofs. sure you can get lucky, you can sometimes get the answer right without much help. but most of the time it’s still a shot in the dark.

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MayoLovinApe t1_ix0ouas wrote

All of it is if you really study the markets. I have spent a full year studying it for hours upon hours a day. Its really hard to be profitable if you dont set rules.

These youtubers like day trading addict and carmine rosato are jokes. Theres a new one too. Some little 16 year old that posts +12k profits a day on his videos. Its just them selling their discord to you.

I honestly havent found anything that was profitable other than price action and setting stop losses.

TA is a hit or miss. Usually it does the opposite of what it looks like its gonna do. If you got a bull flag forming usually it breaks down.

I use a little bit of everything besides indicators

This little 16 year old right here lol this shit shoukd be banned on youtube https://youtu.be/SQL2xIsdN5c

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Narrrrrrrrrrrrr t1_ix0p535 wrote

honestly even studying the market doesn’t work unless you’re using data extrapolation tools. but i get your gist. the truth is - unless you have access to a terminal and high level connections, you will not have a good shot at being consistently profitable. SIDENOTE: this does not apply to theta gang in the SLIGHTEST.

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MayoLovinApe t1_ix0pcw4 wrote

True thanks for insight have a good weekend man

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[deleted] OP t1_ix0mx2f wrote

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megaultraman t1_ix0wdvb wrote

idk why you're being an asshole to the person replying. Seems like they are giving solid advice along your preferred "price-action" modality. they don't have to be an expert to give good advice, you have to be good enough to sift through what is good advice and what is not. And humble enough not to be a prick about it.

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