BC TRADERLION
Saved by @SeekerHari

Why Patience is so Important as a Trader

🧵👇

 Have you ever felt like everyone around you is making money and you're not?
That's how I felt today after the market closed, while I was reflecting on my week.
In fact, over the past three months I've felt like this on multiple occasions!
If we look at my equity curve (EC), updated as of today's close, we can see multiple periods in which my account balance did not change.
But if analyzing the period prior to mid Feb (when my EC spiked), you see a slow drip downwards.

This is exactly what impatience looks like. Just a slow bleed out of money, trying to win on the next trade to make up for losing on the last trade.
What caused this impatience?

A couple of things 👇

❌ my greed got the best of me
❌ didn't trade my best setups
❌ influenced by others making $ short
❌ was red for yr & wanted to get green
So, what changed?

I...

✅ realized that impatience was losing me $
✅ decided that I would not care if others made $ w/o me
✅ planned to only trade my best setups for the rest of year
Of course, being able to sit and wait for your pitch means you have to have confidence in your setup.

This is only built through $STUDY.
We can take a quick look at @markminervini's 2021 performance and see patience on full display.

He had FOUR whole months of gains less than 5% and still went on to QUADRUPLE his account.
How?

He knows that when the time is right, he can make a whole lot of money.

When it isn't, he sits out!

This is why Mark is a master.
Yes, it's definitely easier said than done to have patience. You have to...

· $STUDY
· sit while other strategies make $
· control your emotions
But with a little bit of effort, you can take a quality most traders don't have and make it your biggest edge.
That's a wrap!

If you enjoyed this post:

1. Follow me @GregDuncan_ for more threads like these
2. Retweet the first tweet if you found it helpful or think it can help someone else level up their trading!
3. Check out my thoughts from yesterday https://t.co/tP86MiwUSt

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The best traders in the world have made millions from one setup.

The setup? A breakout from a base.

But what do these bases have in common & what should you be looking for?

Here are the most important characteristics of a proper base, broken down one by one 🧵👇

By the end of this thread, you will:

✅Be able to identify the main characteristics of a proper base
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Proper bases all have the following characteristics:

▪️ Shallow Base Depths
▪️ Prior Uptrend of at least 20%
▪️ Early Stage Base
▪️ Daily & Weekly Accumulation Signatures
▪️ Relative Strength Periods

Follow along as we break down each aspect in greater detail below 👍

#1: Shallow Base Depths

Base depth is a key component of a proper base.

We measure a base's depth from the absolute peak to the absolute low.

Institutions are the major base builders in the market, & the shallower the base, the stronger the institutional hold in the name.

Here are some good criteria to keep in mind when analyzing bases:

< 20-30% off the highs = best
< 30-40% off the highs = good
< 40-50% off the highs = acceptable under certain circumstances
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Other than books, video is a fantastic medium for traders to learn about different methodologies & techniques

In this thread I’ll be sharing my favorite resources.

Keep in mind I gravitate towards channels which focus on providing real value over entertainment.

TL We work hard to provide the best growth trading educational videos out there.

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Mark has great webinar archives and trade walkthroughs. He also throws in a bunch of drumming and shooting in there.

I highly recommend you watch this webinar he did with @dryan310 multiple

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This channel breaks down concepts & summarizes trading books in a whiteboard style which is very entertaining to watch and makes the concepts easy to understand.

Great
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As Traders, Technical Analysis allows us to Judge Potential, Identify Accumulation, and Manage Risk.

It allows us to see through the noise and interpret price action.

Here is How To Read a Stock Chart For Beginners (Thread)

Let's start with the basics.

When you first pull up a stock chart you will see Price and Volume plotted versus time.


Each price bar represents one period of whatever timeframe you are on

Some people like candlesticks, I personally think Open/High/Low/Close (OHLC) Bars are more intuitive

For each bar/candle, the four important data points of each period are represented:

High
Low
Open
Close.


For each bar, we want to be able to determine whether buyers or sellers are in control and how much conviction they have.

To do this we use our tools: Price and Volume

Thing about turning a price Bar 90 degrees counter clockwise so the high is now on the left and the low is now on the right.

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TraderLion
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What to look for when the market gets volatile. (Thread)

↓

The first thing you should be on the lookout for is tight price action in leadership names. During corrective markets, liquidity is low as market participants take a step back due to uncertainty.

This leads to larger price ranges and therefore tight action is a sign that liquidity is returning to the markets.

As certainty returns, price action becomes tighter and more rational.

This type of action is much easier to operate in as a retail trader since it allows you to define risk which is always first and foremost in any trading strategy.

Another key thing to look for is multiple RS days within specific stocks and groups.

RS ( Relative Strength) Days occur when a stock outperforms the market and other stocks during a corrective period.

If you need a refresher on Relative Strength techniques check out this blog post:
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TraderLion \U0001f981
TraderLion 🦁
@TraderLion_
The best traders take advantage of alternate entries to build positions before a stock becomes obvious to the crowd.

Here are 7 lesser known Chart Patterns that are a MUST in any trader's tool box 🧵👇


#1: Alternate Pivots

Alternate pivots offer earlier entries when compared to regular pivots.

These pivots are important because:

▪️ They offer the same if not better R/R then regular pivots
▪️ Less volatility around these areas
▪️ Allow you to start positions EARLIER


#2: High Volume Close (HVC)

The HVC is created from a big volume gap up.

The close of this day is an important point for institutions to support.

If institutions are in supporting this point, price should be very responsive - making it a great, lower risk entry.


#3: Pivot Retest

The pivot retest setup happens when price retests the prior support/resistance point & then rallies back through.

This can be a powerful setup as it acts as a 'shakeout' and reverses higher with stronger hands holding the name.


#4: In The Wick Setup

We are looking for stocks that open in the wick of the prior session's bar.

The buy trigger is when price moves through the prior day's high.

The stop loss should be the low of the current day.
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