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8 Difference Between Pros And Amateurs In Day TradingIt doesn’t matter how long you’ve been trading; there is always room to improve your approach and become a more profitable trader. To be a successful day trader, you need to learn what the pros do, implement their tools into your methods, and constantly be willing to improve your strategy. 1. Have a strategy. This may seem simple but almost all amateurs trade purely based on emotion, gut feeling, or tips from their friends. Maybe they even have a trading strategy, but for some reason they still don’t follow it. Pros always stick to their strategy under any circumstance. 2. Stick to the strategy like a robot. Pros always follow their strategy because they realise that reliable data is more valuable than trying to get lucky on big traders here and there. Even if they aren’t confident in a trade, they realise that they created the strategy for a reason, based on historical market data, when they were thinking clearly, and that following their strategy will produce consistent profits long term. When you don’t follow your strategy, or you take profits early, or move stops, that invalidates all of your historical results and future results, which means you never have any reliable data you can use to improve your trading. 3. Pros don’t get emotional when trading. When it comes to managing your emotions in trades, pros have an amazing ability to recognise how they’re feeling in the moment, and use that information to avoid taking bad trades or to improve their good trades. While amateurs tend to avoid even considering the fact they may be trading emotionally, and fail to recognise when it’s impacting their trades. 4. Pros don’t hold onto their losers. It’s common for beginners to hold onto a trade that’s gone against them a bit. Often, they will wait for it to get at breakeven to get out – and then it continues to go down and down until eventually they’re forced to sell for a big loss, only to be left feeling like an idiot when the market does turn around. Pros, on the other hand, cut their losers early, and look for the next trade. Pros don’t get attached to any single trade and they realise there are plenty of opportunities in the future. 5. Pros let their winners run. A common mistake of amateurs is to close their trades early and take the profit. Hey, you can’t go broke taking profits, right? Wrong! Nothing could be further from the truth. You absolutely can go broke taking profits and it’s actually a common mistake for beginner traders. When you try to avoid losses by taking profits early, it reduces your average win, and negatively impacts your risk:reward ratio which is a recipe for disaster. You need to know how to effectively set your take profits and stop losses so that you have a positive expectancy, and remain profitable long term. 6. Pros keep a trading journal. Pros track literally every aspect of their trading. They want statistics on everything so they can fine tune their trading approach based on any little statistic that is lagging. They want detailed statistics on winrate, average win, average loss, expectancy, trades per day, winrate based on time of the day or day of the week. They’re going to track literally everything they could possibly use to give themselves an advantage. 7. Pros constantly study the market. Besides keeping an eye on things like technical indicators, pros will always spend time looking at the news, their trade journals, studying books and anything else they can get that improves their trading knowledge and performance. Pros always want to get smarter, but that’s not to say that they spend all their time studying - one of the reasons we day trade is for freedom to live life on our terms. But that doesn’t mean we should set aside some time every day for study. 8. Pros have realistic expectations. Pretty much every beginner comes into day trading with the expectation of being able to double, triple, or even quadruple their money in a matter of weeks. With this goal in mind there is literally no other option than for them to trade with unlimited risk. Pros realise what kinds of returns they can actually expect as a day trader - and most of the time it’s a lot less than doubling your money every year. Day trading is a long game, and results never come overnight. To be successful in this field you should be consistently looking to improve your approach in every aspect. I hope you found this guide helpful and it serves as a reminder to keep working hard to reach your goals. Happy trading!
CAPITALCOM:RTYEducation
by BrendanMurphy
RUT 3/20/22Russell 2000 RUT chart paints one of the best and clear pictures of where our economy stands. Since topping out in Sept. ’18, RUT broke the trend and went into a sideways market. In Nov.’20, price broke out of sideways range and continued uptrend. At breakout price of 1708, price continued uptrend and topped out at 2355. From there price broke down and close beneath 50ema in May ‘21. This ended the uptrend and sent price into a sideways range. Price started to range between low of 2100 to high of 2350 Early Nov.’21 break broke out and upwards out of this range in what looked to be the start of new uptrend. By the end of Nov.’21, price couldn’t hold support and fell back into range. The breakout is now deemed a “False Breakout”. As price fell back into range, it found itself unable to break and close above 50 and 200 ema. In Jan.’22, Price broke down from range. This breakdown now signaled a possible start of new downtrend. Price continued its move downwards and bounced at 1920 area. During this time, we also saw a Death cross between 50 and 200 ema. This cross further confirmed the bearish conditions in the market. After the breakdown, price pulled back to previous support @ 2100 and bounces off it turning previous support into resistance. Currently, we are at support turned resistance level after breakdown of range. The market broke down from this sideways range and we can now label it a “Distribution Stage”. The Stochastic currently sits at 100, showing us the market is current completely “over-bought”. The MACD is also under 0 in bearish territory. We are entering a downtrend and couldn’t be at a better place to enter the market to short. This is an ideal time to find short set-ups in the stock market.
TVC:RUTShort
by rudcharts
RUSSELL2000:FUNDAMENTAL NEWS+NEXT TARGET | LONG SETUPRUSSELL 2000 FORECAST: The Russell 2000 tumbles as U.S. inflation rises at the fastest pace since 1982 Lack of progress in peace negotiations between Russia and Ukraine also weighs on sentiment, accelerating the sell-off on Wall Street The Russell 2000 near-term outlook remains bearish from a technical perspective The Russell 2000 fell Thursday in midday trading, sinking about 1.3% to 1,990, weighed down by risk-averse mood due to rising geopolitical tensions and rampant inflation in the United States. Investor sentiment improved briefly yesterday on expectations that the crisis between Russia and Ukraine could begin to de-escalate soon, but the winds shifted again today after high-level talks between the two countries' foreign ministers failed to produce any progress towards a ceasefire. To make matters worse, U.S. CPI continued to accelerate and reached 7.9% year-on-year in February, its highest level since 1982, driven by rising fuel, food and housing costs.The commodity market price shock of the past few days did not influence data for this period, so we can effectively say that inflation has not yet peaked, and that much higher readings are likely in the coming months. Mounting price pressures will lead the Fed to raise interest rates multiple times in 2022, starting at next week's meeting, although the hiking cycle may be less aggressive than anticipated earlier in the year amid extraordinary uncertainty stemming from the military conflict in Eastern Europe. In any case, the direction of travel is toward less accommodation and tighter financial conditions over the forecast horizon. The transition to a more restrictive monetary policy environment, coupled with weakening activity, runaway inflation, and the war in Ukraine, will ensure that volatility remains elevated for the foreseeable future, complicating the equity market recovery, particularly for cyclically oriented companies that are highly dependent on healthy GDP growth. This leaves the economically sensitive Russell 2000 in a precarious situation and vulnerable to near-term weakness. From a price action perspective, the outlook is bleak for the Russell 2000. Looking at the daily chart, we can see that the index is currently trading below its 200-day, 100-day and 50-day simple moving averages, and has been making lower highs and lower lows in recent months, two bearish signals that reinforce the argument that the path of least resistance is south. In this regard, if the small and mid-cap stock benchmark stays on a downward trajectory, bears may attempt to launch on assault on 1,890/1,895. This technical support, defined by the 38.2% Fibonacci retracement of the 2020/2021 rally, has been tested twice in recent weeks, successfully repelling sellers each time. Should it be tested again, we may see a bounce from these levels, but if the floor breached, all bets are off, with a breakout exposing the 1,815 region. On the flip side, if buyers return and bid price higher, resistance is seen near the 2,065 area, where the March high aligns with the 50-day SMA and a descending trendline in play since November last year. If bulls manage to push the index above this barrier, the next upside focus appears at 2,105 (February high). A sustained move above 2,105 and monthly higher high is required to resuscitate buying momentum and improve the near-term outlook.
OANDA:US2000USDLong
by INDEX_INSIDERS