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Received few DMs and comments about the GMDC trade, but there was nothing special about it. It was a setup just like the ones I usually take. What I mainly tried to explain how understanding a stock’s characteristics plays a big role in trading. I used multiple examples to...

21,813 Aufrufe • vor 5 Monaten •via X (Twitter)

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Qullamaggie on The Only Way to Build Confidence in Trading “It was a combination of studying the patterns. What I did was I built a database in Evernote, which is pretty much a note-taking software. I took screenshots of all the setups before and after, both on the daily and intraday time frames, just to look at what a good setup looks like—at the start of the move or before the move, when it starts breaking out, and then a few weeks or a few months after. How does it act? I looked at all these variations, and that’s how I built the confidence. I started trading the setup myself too, and I saw some success. It felt like I was always improving. I was always learning a new variation or something new, so that’s really how I build the confidence. I say it on my stream too—like everyone should do it. Whatever setup you stumble upon and you want to trade it, backtest it. Look through hundreds if not thousands of examples of that setup, build a database, and go through that database once in a while. Just scroll through it. That’s how you memorize this. It’s all about pattern recognition really. Trading is all about pattern recognition. It could be just purely technical, and you can also combine it with fundamentals. Like I do, I also look at the theme—what’s the theme, what’s the earnings, revenues. I look at the news overall, like what’s driving the stock. So I found some similarities there too. It’s the same things that have worked for 100 years really. That’s how you build the confidence. That’s how you do it—there’s no other way.”

Lone

18,136 Aufrufe • vor 4 Monaten

Qullamaggie on Trading Coaches and Don’t Spend Time Solving Problems You Don’t Have “Is a trading coach a good idea? No, it’s a waste of time. Trading coach—who the hell is there such a thing? It’s all a waste of time guys, guys stop it. You don’t need a fucking trading psychologist. You don’t need a stupid fucking trading coach. Fuck off, no, guys stop it bullshit. No, your problems stem from not having a setup. That’s what your problems are. If you have discipline problems or this or that, it comes from you not having a setup. You don’t know how to implement a setup. You don’t know when to trade it and when not to trade it. That’s what your focus should be on, okay? Your focus should be on studying setups and owning a setup like, let’s say you have watched my streams for a while and you’re like oh, this breakout setup he keeps talking about a lot and recommending, maybe I should study this thing, maybe I should spend a couple of hundred hours going back looking at hundreds of stocks, go back a few decades and then you look for all of these variations of that setup, like you confirm it. Is this a real thing okay? And then you look at it, what should I do, where should I put my stop, what kind of exit rules should I have? Like I know Kristjan recommends a 10 and 20 but if I use maybe the exponential moving average, this and that, maybe I oh I think this works a bit better than what Kristjan recommends. Hey I’ll use this instead or hey I think the 10 and 20 work fine. And then you start looking at okay what type of market environments do most of these setups happen? When do these things break out and have the best follow through? I know Kristjan has been talking about trying to you know avoiding buying breakouts when the 10 days sloping lower, the 20 days sloping lower, and the 10 days below the 20 day. Most of the time when the 10 day if you look at the major index like Nasdaq when the 10 days sloping lower, the 20 days sloping lower and the 10 days below the 20 days most of that time you don’t get many setups and if you get them they usually fail. Hey okay so now I know what setup to trade, where to put my stop, where to exit, where to take profits, I know what kind of market environments to trade this setup. Hey look at that, I don’t need to pay that scammy trading coach or trading psychologist a bunch of money to help me solve issues I didn’t have to begin with. Look at that.”

Lone

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Q showing why you can't outsmart the 10MA. I just want to show you this one this is also the reason why you should use the 10-day moving average we bought this thing on stream this is a five-star setup memorize this, hot sector covid19 stock like a vaccine name right perfect five star setup has a big move pulls back finds support on the rising 20 day puts in like a tight range and then breaks out on high volume we bought it unfortunately I sold it way too early I sold it in the like high 70s or something I didn't wait for it first close below the 10 day because you know I was up what 70 percent in just a week or two. Sometimes holding a big winner is the hardest thing to do and look at this thing after I sold it the stock doubled the stock doubled I had a hard time holding a 60-70% winner and after I sold it it doubled that's why you use the 10MA, and you would still be in it because it hasn't closed below the 10 day yet this is what happens sometimes like I have way too many things on my charts I'm thinking about removing stuff I actually removed one moving average like the 65 ema on the daily chart I removed it because you know sometimes you look at too many things you kind of lose focus you cannot lose focus on the important stuff and in this case it was the first close below the 10-day which still hasn't happened and you don't need to do any predictions like oh I have a target for it, all you need to focus on: -You sell half or a third or two thirds or whatever whatever you feel like but I would say around half after the first three to five days -Move your stop to break even -Then you just trail on the 10-day moving average you don't need any predictions it doesn't matter what the Fed says, it doesn't matter what China does, it doesn't work no matter what trump says or does, you don't need to care about any of those things only thing you need to care about is the 10-day moving average that's it no rocket science involved.

Qullamaggie Wisdom

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