Do any of you daytrade stocks or options on days off?

[annoyedpsychiatrist]

before you try daytrading, do one of the stockmarket simulator games first to see how successful you would be. Most people probably wouldnt do very well. Its kinda like playing the slot machine, its fun for the thrill until you run out of money. I just do the index fund route and will likely focus on that primarily.

Though im really kicking myself. I almost invested in sofi when it tanked because i figured they would recover as it was more related to current events, and damn if i had i would of made a nice profit. But life is never guarantees.

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[Groove]

SA has been very helpful for me as well, plus honestly, i just enjoy reading a lot of those articles.

Rida morwa helped solidify a lot of my thesis on ewz. I think it gave me the balls to sell 800-1000 contracts on ewz which is a massive position. Several months in a row, my entire portfolio was ewz.

The only problem with the SA quant rating is that it chases performance and you are going in hoping that the momentum continues. It really dings value stocks who might have excellent fundamentals and have unfairly been punished by the market and are now trading in that really really really great value Range making them excellent buys. Those are the trades i look for and those are the things that their quant system gives extremely terrible numbers too - i feel it heavily focuses on short term momentum rather than long term fundamentals. Fundamentals should matter more i feel.

I barely use charts to trade because I’m using etfs now. Sometimes i might look at rsi, macd, and moving averages, but realistically i care more about IV rank, IV, VIX, and how negative the etf/stock is that day. The bigger the drop, the juicier the premiums and the bigger i go with selling puts.

Technical analysis applies equally well to ETFs vs individual stocks. If you don't know much about it, it might be worth looking into to maximize your trading success. You probably utilize a lot of the concepts but just don't realize it.

Yeah...SA quant system does "feel" like it weighs momentum stocks higher but if you dig into the system, it's using something like...100 different metrics. I wish it was a little more transparent because when something gets downgraded, many times I can't really figure out why it was downgraded or even upgraded. I customize the screener a little bit. I don't show stocks under $20 and I use more of the "Top Rated Stock" screener than the "Top Stocks by Quant" screener which has a lot more trash.

 

[TooMuchResearch]

First of all, congratulations on your success. That’s impressive returns! Good for you. Similar to you, literally half the people who i know ask me for investing advice - my advice to the normal person is - m1finance, make a pie of Vti, vxus, bnd/vteb. That’s it.

How are you using trading view and trend spider? The only money I’ve spent is on seekingalpha, wondering what other subscriptions have been very helpful to you.

Have you ever looked into JEPI? I think that’s an incredible way to have an income producing portfolio whenever it’s time. You should look into it if you haven’t, monthly 8 ish percent return, plus decreased volatility, downside protection from covered calls, and you still get to participate a little in market upside.

And i absolutely agree with you. Patience is actually key, stocks are cyclical usually, a lot of times you get reversion to mean, sometimes it’s best sitting on dry powder waiting for the right entry point. Im currently keeping enough juice to have a 1-1.5 percent monthly return, but sitting on more than half of my account in available buying power that is essentially sitting in a money market collecting 4.9 percent.

I like tradingview and chartmill. Actually I was going to pause chartmill (haven't used as much lately) but missed the date and auto renewed.

 

[Groove]

If anyone is ever interested in learning more about the ichimoku system, I've always thought chaostrader63 on YouTube has one of the best tutorials. It's 10 years old but it's the original video I used to learn the indicator a few years ago. I absolutely love the system but it took a little practice. I utilize it daily. It gives so much information and really sped up my ability to glance at a chart and get a good feeling for momentum, support, resistance, trend, etc.. I don't bother with many other indicators and aren't sitting there for several minutes measuring support/resistance lines or analyzing price action. I just glance at the cloud structure and move on to the next stock.

Interestingly enough, at the time I was trying to learn Elliot Wave theory which has always frustratingly escaped me for some reason and I just give up on learning at this point. For whatever reason, ichimoku clicked though and I find the visual cloud structure to be really intuitive especially once you firmly understand how each line is derived.

It's about an hour long but worth it IMO. It's a great indicator for trending markets, not sideways markets but that's probably the case with many indicators.



Probably only worthwhile for momentum investors and swing traders and would be pretty worthless to 100% value investors with a long buy and hold strategy.

 

[Groove]

In case anyone's interested... here's an example of how TV and ChatGPT have significantly accelerated my ability to scan for stocks which traditionally was a painstakingly long process and done completely manually.

For instance, today I wanted to pull some of the stock screener data from Seeking Alpha, but there's no API or any real method to extract and parse that data into an array and feed it into Trading View. I can't even really do that with pine script. However, what I can do is save the data as a PDF file. Then I opened ChatGPT and used the AskYourPDF plugin to load the PDF file. I asked ChatGPT to search the PDF and identify the list of stocks and collect the ticker symbols and format it in such a way that I could past it into a Trading View watch list. It dumped out the data and I cut and paste. (I could have done the same thing with a python script but this was so much faster on the fly.)

Then I've got screeners on TV that search the index for ichimoku bullish criteria (price > tenkan, tenkan > kijun, kijun > cloud, cloud is bullish) and I've even got another one that also searches for Stochastic RSI criteria (less than 20-30 with a Fast > Slow crossover) for entry criteria. I can apply any of these filters to the watch lists imported from SA.

I can create watchlists based on quant rating, sector, ETFs, etc. you name it. I can use the same method to create various watch lists and then apply my TV screeners the same way. That whole process used to be completely manual where I would generate the list on SA and then manually go through and examine each stock. This saves me hours of research. Pretty cool!

Once I get the process all worked out, I'll likely automate it through some sort of python web scraping script that I can generate daily or weekly.

 

[Groove]

POWL....kaboom! I wish I had bought more. It would have been a red day for me if not for that stock. I've been lucky enough to hold it during two post earning gap ups. Normally it goes sideways until next earnings so I actually thought of selling my position and set some alerts on lower timeframes and was about to sell a few minutes ago and got greedy and will hold overnight which will probably be a mistake. Oh well.

Can't say I was too surprised by the FED maintaining rates.