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By lebnooni
Hello I am interested in starting day trading, I have been trading the last year in long term investing but lately I have been getting really interested in day trading. I am from Canada and would like some pointers on where to start and what softwares, screeners, platforms etc to use here in Canada. Thanks in advance!
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By inthemoneystocks
One of the most important reasons why traders take big losses is because they often fail to recognize when a trade has gone wrong. You see, stopping out of a trade is probably the biggest fault of traders and investors. Often, this happens to young and inexperienced traders and investors, but I know many veteran traders and investors that struggle with this as well. Early in my own career I struggled with stopping out of a bad trade myself, so I can sympathize with this problem.
The problem with taking a loss is really two fold. First, the trader has to admit that he is wrong. As you all know, as human beings we all hate to be wrong. The ego simply gets in the way and we all want to always be right all the time. The first secret in this business is to check the ego at the door. The market does not care about your the color of your skin, religion or anything else. It will move in the direction of the money and that is the bottom line. Once a trader or investor goes into what I call 'hope mode' the trade is over. I'm sure everyone has been in this position at one time or another. Simply put there is no room for ego or hope in the stock market. The market is always right and there is no reason to fight it.
Here is the second problem with taking a loss, it hurts. Pain and pleasure are the two reasons why humans do anything at all. As a human being, we are always looking to have pleasure and avoid pain. Well, losing money is painful and many people would rather simply hold a losing equity than lock in a small loss and move on. I cannot tell you how often I see a trader hold a losing trade only to see the position move further out of the money. Many years ago I watched a day trader blow up a $200,000 account in a single day averaging in on a bad day trade. To this day I can remember the look on his face as his money vanished in thin air. Believe it or not, this trader could have exited the position with a $500.00 loss, but instead he kept averaging in and fighting the position until he was wiped out. As a rule, once you have your full position you should never average in on a trade. At that point, it is critical to know where your max loss is going to be and stop out if that level is breached.
Now when should we stop out? The answer to this question is not that simple, but here is what I personally do. I always place my stop loss below an important breakout or pivot on the chart. You see, prior breakout or pivot levels are usually defended when retested. After all, this is usually an area where institutional traders and investors got involved, that is why there is a pivot low or high on the chart to begin with. If that level is breached on a closing basis then I will move out of the position. So If I took a trade based on a daily chart pattern then I will usually check the daily and weekly chart levels. If there is a major pivot on the weekly chart then I will use a week chart close as my stop out level. While this method may not be perfect, it has saved me from much bigger losses when I have been wrong.
Nicholas Santiago -
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By Stocks4life · Posted
NFLX Netflix stock, watch for a top of range breakout at https://stockconsultant.com/?NFLX -
By Stocks4life · Posted
SMCI Super Micro Computer stock watch, attempting to move higher off the 34.06 support area at https://stockconsultant.com/?SMCI -
By Stocks4life · Posted
UPST Upstart stock watch, pull back to 68.15 gap support area at https://stockconsultant.com/?UPST -
By fxeconomist · Posted
Why not to simply connect you account to myfxbook which will collect all this data automatically for you? The process you described looks tedious and a bit obsolete but may work for you though. -
The big breakthrough with AI right now is “natural language computing.” Meaning, you can speak in natural language to a computer and it can go through huge data sets, make sense out of them, and speak back to you in natural language. That alone is a huge breakthrough. The next leg? AI agents. Where they don’t just speak back to you. They take action. Here’s the definition I like best: an AI agent is an autonomous system that uses tools, memory, and context to accomplish goals that require multiple steps. Everything from simple tasks (analyzing web traffic) to more complex goals (building executive briefings or optimizing websites). They can: > Reason across multiple steps. >Use tools like a real assistant (Excel spreadsheets, budgeting apps, search engines, etc.) > Remember things. And AI agents are not islands. They talk to other agents. They can collaborate. Specialized agents that excel at narrow tasks can communicate and amplify one another’s strengths—whether it’s reasoning, data processing, or real-time monitoring. What it Looks Like You wake up one morning, drink your coffee, and tell your AI agent, “I need to save $500 a month.” It gets to work. First, it finds all your recurring subscriptions. Turns out you’re paying $8.99 for a streaming service you forgot you had. It cancels it. Then it calls your internet provider, negotiates a lower bill, and saves you another $40. Finally, it finds you car insurance that’s $200 cheaper per year. What used to take you hours—digging through statements, talking to customer service reps on hold for an hour, comparing plans—is done while you’re scrolling Twitter. Another example: one agent tracks your home maintenance needs and gets information from a local weather-monitoring agent. Result: "Rain forecast next week - should we schedule gutter cleaning now?" Another: an AI agent will plan your vacations (“Book me a week in Italy for under $2,000”), find the cheapest flights, and sort out hotels with a view. It’ll remind you to pay bills, schedule doctor’s appointments, and track expenses so you’re not wondering where your paycheck went every month. The old world gave you tools—Excel spreadsheets, search engines, budgeting apps. The new world gives you agents who do the work for you. Don’t Get Too Scared (or Excited) Yet William Gibson famously said: "The future is already here – it's just not evenly distributed." AI agents will distribute it. For decades, the tools that billionaires and corporations used to get ahead—personal assistants, financial advisors, lawyers—were out of reach for regular people. AI agents could change that. BUT, remember… We’re in inning one. AI agents have a ways to go. They’re imperfect. They mess up. They need more defenses to get ready for prime time. To be sure, AI is powerful, but it’s not a miracle worker. It’s great at helping humans solve problems, but it’s not going to replace all jobs overnight. Instead of fearing AI, think of it as a tool to A.] save you time on boring stuff and B.] amplify what you’re already good at. Right now is the BEST time to start experimenting. It’s also the best time to find investments that will “make AI work for you”. Author: Chris Campbell (AltucherConfidential) Profits from free accurate cryptos signals: https://www.predictmag.com/
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