Trading Platform - Recommendations, page-8

  1. 93 Posts.
    I've been doing this since 2006 and started out like you. Found that higher time frames were better for me but everyone has to find their own niche.
    Software for scanning as a day trader, Turbotrader has a free month trial the last time I looked. I found that useful when I tried my hand at daytrading. For daily and weekly time frames: Amibroker with Norgate data is good for those who like to program scans and backtesting and not that expensive.

    Here's a link to Gary Dayton's book mentioned by @Jako64 which is very good, and is much cheaper than the $$$ courses on his website.




    Explains a lot of mental heuristics and psychological effects that can be dangerous to traders. Representative heuristic, recency effect, confirmation bias, hindsight bias, the endowment effect, greed, fear of being wrong, fear of missing out, fear of losing money, leaving money on the table, the disposition affect... You can't avoid emotions because they are naturally part of our biology. Get rid of the idea of "controlling" emotions, rather be mindful when they are affecting you and focus "through" them.
    There is emphasis is on deliberative thinking rather than intuitive or lazy thinking. That said, you should take note of intuitions and find the reasons why you have a hunch before acting on them as intuition is sometimes experience speaking.
    Dayton is a Wyckoff trader who is also familiar with VSA. If you were to study a method like Wyckoff, you must be deliberative rather than just accepting indicators, patterns or candle formations. Dayton recommends making notes of your actions and emotions while trading and work on improving the percentage of times you are able to trade successfully rather than be 100% perfect all the time.

    Hope that helps.
 
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