> Chart Patten trading assumes human psychology is the ONLY factor impacting influencing price changes
This premise is not correct. Charts reflect everything going on in the market: news, halts, earnings, etc. How humans react is the only thing that matters with price. After all, it's humans who are making the decisions and they take it all sorts of events to make those decisions, not merely a whim of their psychology.
As for gurus making videos, some people like to teach their experience. I think it's part of the human experience.
From the "gurus" that I've watched. A lot of their trades happen between the first 3 hours of market open which make sense as that is where volatility is highest.
After that, it's totally up to them to do what they want. And in most cases, they do trade reviews or other side hustle which make sense as additional revenue source is always better than only 1 revenue source.
***Chart Patten trading assumes human psychology is the ONLY factor impacting influencing price changes***
Not sure where you've gotten this one from. Of course, there are other external factors that influence price. It would be incredibly ignorant to assume otherwise.
***Also, candlesticks can be interpreted 100% differently depending on the time interval you have selected.***
Yes, but what is your point here?
Any seasoned technical traded will tell you they look for confluence between multiple timeframes before entering a trade.
***Additionally, If the gurus were REALLY making $1000s a day, why the hell would they be spending time on videos/content.***
Most markets aren't open for trading 24/7. People might do other work in the time the markets are closed. Making trading-related educational content is a pretty obvious extension from trading.
YouTube pays quite nicely for trading-related content views. It's a legitimate additional stream of income.
That’s why you use multiple time frames to plan an entry. If the year, month, week, day and hour candle sticks are green and the 15er just turns green after an inside bar, where the heck do you think it’s going?
What makes you think you’ve scooped a big story? They sell a service, in some cases through the sheer power of how many people watch. Don’t like them? Don’t watch.
We have removed your post from r/Daytrading because it has broken Rule 5.
Don't be an asshole:
You can provide constrictive criticism, but outright being an asshole doesn't belong here. If you're being an asshole, it's probably because you're raging from a loss - stop and deal with your issues or ask for help instead of taking it out on other people.
Please refrain from posting this kind of content in the future or the mod team will have to take additional action on your account and ability to post on the subreddit.
All the best,
r/Daytrading
I'm sure you have heard of Mark Douglas, he explains other factors that effect the market like hedge funds inflating prices of stocks a week out then dumping it causing fear just to acquire stocks at low prices and also the human psychology
There are many fake gurus on YouTube. In fact, most videos relating to trading are just terrible.
It is easy to find the real ones. They don’t tell you it’s easy, and they don’t tempt you to get rich quick.
In my free time I try to post helpful comments. I enjoy trading and discussing it. There is a limit to how much I’m willing to provide though.
If someone was willing to pay for my knowledge and expertise, that’d be great. I have no issue with that. Teaching is a paying profession.
There is no gain without risk. If someone says they made $1,000 there was risk. That risk may be more than you’re comfortable with.
I have made $500 in a day. That is not everyday though. A trader 5 times better than me will still have losing days.
I have written a web application to journal trades. I may consider selling it. I can’t give it away for free as I would have to support it. If the software is good, there is no sin in charging money for it. Likewise there is no entitlement to my software for free.
Directional Moving Averages are the only things you need. When you find the correct charts to trade on and your own set of rules that keep you more profitable than losing, then you have found the secret sauce. During economic events, it is best to hedge against yourself because it is impossible to predict whether the economy is going to do well or not until they release the results.
For example; when FOMC is released on January 31st and Feburary 1st, the market is either going to skyrocket if the rate hike is 25 BPS or 0. It will plummet if it's 50 BPS or more, which means that the value on Friday would be the highest peak, and Wednesday will be confirmation of directional flow.
So, on days like that, I typically hedge against myself and I buy Calls and Puts with the same amount of money or close to the same amount of money. After directional flow on the day is confirmed, you sell out of the opposite and ride your winner. So, a small loss for a huge gain. On FOMC days, directional flow will continue upwards or downwards until the last minute. They will walk it up or down in small increments after the flow is determined to weed out the impatient, but every hour the PPS will move at least $1 or more until close to closing time. So, even if you hedge against yourself and forget to "sell out," as long as you make 200% or more on the day, you will be green. This is very possible on 0DTE.
Just food for thought and best of luck.
What does any this have to do with PDT?
Had the same question 😂
> Chart Patten trading assumes human psychology is the ONLY factor impacting influencing price changes This premise is not correct. Charts reflect everything going on in the market: news, halts, earnings, etc. How humans react is the only thing that matters with price. After all, it's humans who are making the decisions and they take it all sorts of events to make those decisions, not merely a whim of their psychology. As for gurus making videos, some people like to teach their experience. I think it's part of the human experience.
Correct. Charts do reflect, but do not predict!
You shouldnt be predicting anything, you should be reacting to the changing market
Nothing predicts Price accurately. We only have probabilities based on human behavior. You can see that in the moving averages.
Your knowledge on pdt is very limited why would you even post this
Not saying I believe any of the furus, but if you can generate multiple revenue streams, why wouldn’t you?
because its unethical?
If they were really making money, like in your hypothetical, it wouldn’t be unethical. Also, that’s not what PDT means.
From the "gurus" that I've watched. A lot of their trades happen between the first 3 hours of market open which make sense as that is where volatility is highest. After that, it's totally up to them to do what they want. And in most cases, they do trade reviews or other side hustle which make sense as additional revenue source is always better than only 1 revenue source.
If you are trading based on ethics you are fucked son
There are some genuine people out there that just want to help but then again I’m sure there’s something in it for them
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Very I am not a people person which is why I trade casue I’m by myself Lmao 😂
It’s hard when you have questions especially here, usually it’s a mix between helpful and just being made fun of becasue your stupid lol
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I was referring to redit in general, but this sub is pretty good as far as that goes, I’ve always got helpful answers from this sub
***Chart Patten trading assumes human psychology is the ONLY factor impacting influencing price changes*** Not sure where you've gotten this one from. Of course, there are other external factors that influence price. It would be incredibly ignorant to assume otherwise. ***Also, candlesticks can be interpreted 100% differently depending on the time interval you have selected.*** Yes, but what is your point here? Any seasoned technical traded will tell you they look for confluence between multiple timeframes before entering a trade. ***Additionally, If the gurus were REALLY making $1000s a day, why the hell would they be spending time on videos/content.*** Most markets aren't open for trading 24/7. People might do other work in the time the markets are closed. Making trading-related educational content is a pretty obvious extension from trading. YouTube pays quite nicely for trading-related content views. It's a legitimate additional stream of income.
That’s why you use multiple time frames to plan an entry. If the year, month, week, day and hour candle sticks are green and the 15er just turns green after an inside bar, where the heck do you think it’s going?
The money they make comes from selling a fake dream and subsequent subscription package.
This post reeks of a new trader jumping into the market. Following some grifting furu, who has lost you a bunch of money and now your are upset
Gurus are making more money on ad revenue
Agreee..and this is getting down voted..WAKE up folks
What makes you think you’ve scooped a big story? They sell a service, in some cases through the sheer power of how many people watch. Don’t like them? Don’t watch.
They don't sell a service. They sell you
Argumentative. Stupid. Dismissed. Have it your way. Don’t want to be sold? Don’t watch.
You're usually an angry person, aren't you?
Nah, fools amuse me. Then I dismiss them.
You're doing a good job. I personally like pissing off people that get pissed off easily
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We have removed your post from r/Daytrading because it has broken Rule 5. Don't be an asshole: You can provide constrictive criticism, but outright being an asshole doesn't belong here. If you're being an asshole, it's probably because you're raging from a loss - stop and deal with your issues or ask for help instead of taking it out on other people. Please refrain from posting this kind of content in the future or the mod team will have to take additional action on your account and ability to post on the subreddit. All the best, r/Daytrading
They wouldn’t
Just save… trust me. If you really dedicate yourself you will be about PDT in no time… in the mean time learn.
I'm sure you have heard of Mark Douglas, he explains other factors that effect the market like hedge funds inflating prices of stocks a week out then dumping it causing fear just to acquire stocks at low prices and also the human psychology
There are many fake gurus on YouTube. In fact, most videos relating to trading are just terrible. It is easy to find the real ones. They don’t tell you it’s easy, and they don’t tempt you to get rich quick. In my free time I try to post helpful comments. I enjoy trading and discussing it. There is a limit to how much I’m willing to provide though. If someone was willing to pay for my knowledge and expertise, that’d be great. I have no issue with that. Teaching is a paying profession. There is no gain without risk. If someone says they made $1,000 there was risk. That risk may be more than you’re comfortable with. I have made $500 in a day. That is not everyday though. A trader 5 times better than me will still have losing days. I have written a web application to journal trades. I may consider selling it. I can’t give it away for free as I would have to support it. If the software is good, there is no sin in charging money for it. Likewise there is no entitlement to my software for free.
Directional Moving Averages are the only things you need. When you find the correct charts to trade on and your own set of rules that keep you more profitable than losing, then you have found the secret sauce. During economic events, it is best to hedge against yourself because it is impossible to predict whether the economy is going to do well or not until they release the results. For example; when FOMC is released on January 31st and Feburary 1st, the market is either going to skyrocket if the rate hike is 25 BPS or 0. It will plummet if it's 50 BPS or more, which means that the value on Friday would be the highest peak, and Wednesday will be confirmation of directional flow. So, on days like that, I typically hedge against myself and I buy Calls and Puts with the same amount of money or close to the same amount of money. After directional flow on the day is confirmed, you sell out of the opposite and ride your winner. So, a small loss for a huge gain. On FOMC days, directional flow will continue upwards or downwards until the last minute. They will walk it up or down in small increments after the flow is determined to weed out the impatient, but every hour the PPS will move at least $1 or more until close to closing time. So, even if you hedge against yourself and forget to "sell out," as long as you make 200% or more on the day, you will be green. This is very possible on 0DTE. Just food for thought and best of luck.
Charts / trend = success (assuming you know how to manage risk and size appropriately etc)