Trading Recap

#1 Trade Setup To Watch Right Now!

Written by Timothy Sykes Reviewed by Jack Kellogg Fact-checked by Ben Sturgill

Updated 9/9/2024 3 min read

#1 Trade Setup To Watch Right Now! Thumbnail

I told you to watch for this price action …

We look for the same trade pattern every Friday.

And sure enough, last Friday I found exactly what I was looking for. Laser Photonics Corporation (NASDAQ: LASE) fit my Friday strategy perfectly!

Take a look at my trade notes below:

Source: Profit.ly

You don’t need to trade all day every day.

A trader can pay attention one day a week during the hottest times to trade and it can make ALL the difference for their account.

Take a look at the LASE chart from last Friday to Monday…

LASE chart multi-day, 1-minute candles Source: StocksToTrade

For new traders, this price action might look random.

Not true …

This stock followed my exact pattern for Friday runners.

And this coming Friday I’m looking for the same setup!

Join my LIVE Thursday tutorial at 6 P.M. Eastern to ensure you’re prepared for this Friday’s volatility!

In today’s post I’m going to show you exactly where I bought and sold this stock.

It’s a great example before we go over the whole setup on Thursday evening.

My LASE Trade

© Millionaire Media, LLC

This Friday’s chart will probably look different from LASE’s.

But we’re focused on a very specific part of the move. Within the intraday price action, I’m waiting for a consolidation after the stock has already proved that it can spike.

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Plus, I like to see a bullish catalyst pushing the price higher.

In the case of LASE, the stock just regained NASDAQ compliance on September 5.

You can see my trade overlaid on the chart below. Every candle represents one trading minute:

LASE chart multi-day, 1-minute candles Source: StocksToTrade

Obviously, I sold too soon.

That’s no problem, I’m not trying to catch the move perfectly.

My goal is to stick to the rules and make a solid trade!

Small gains add up. And the stress of trying to time it perfectly isn’t worth it.

Follow the pattern that I outline in this Thursday’s LIVE trading tutorial. We’re meeting at 6 P.M. so that it doesn’t conflict with the market.

And this way, you’ll have everything that you need to capitalize on Friday’s price action.

>> Reserve your spot for the Thursday live stream <<

I’ll see you there!

Cheers.

*Past performance does not indicate future results

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* Results are not typical and will vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk. See Terms of Service here

The available research on day trading suggests that most active traders lose money. Fees and overtrading are major contributors to these losses.

A 2000 study called “Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors” evaluated 66,465 U.S. households that held stocks from 1991 to 1996. The households that traded most averaged an 11.4% annual return during a period where the overall market gained 17.9%. These lower returns were attributed to overconfidence.

A 2014 paper (revised 2019) titled “Learning Fast or Slow?” analyzed the complete transaction history of the Taiwan Stock Exchange between 1992 and 2006. It looked at the ongoing performance of day traders in this sample, and found that 97% of day traders can expect to lose money from trading, and more than 90% of all day trading volume can be traced to investors who predictably lose money. Additionally, it tied the behavior of gamblers and drivers who get more speeding tickets to overtrading, and cited studies showing that legalized gambling has an inverse effect on trading volume.

A 2019 research study (revised 2020) called “Day Trading for a Living?” observed 19,646 Brazilian futures contract traders who started day trading from 2013 to 2015, and recorded two years of their trading activity. The study authors found that 97% of traders with more than 300 days actively trading lost money, and only 1.1% earned more than the Brazilian minimum wage ($16 USD per day). They hypothesized that the greater returns shown in previous studies did not differentiate between frequent day traders and those who traded rarely, and that more frequent trading activity decreases the chance of profitability.

These studies show the wide variance of the available data on day trading profitability. One thing that seems clear from the research is that most day traders lose money .

Millionaire Media 66 W Flagler St. Ste. 900 Miami, FL 33130 United States (888) 878-3621 This is for information purposes only as Millionaire Media LLC nor Timothy Sykes is registered as a securities broker-dealer or an investment adviser. No information herein is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. Millionaire Media LLC and Timothy Sykes cannot and does not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. Millionaire Media LLC and Timothy Sykes in no way warrants the solvency, financial condition, or investment advisability of any of the securities mentioned in communications or websites. In addition, Millionaire Media LLC and Timothy Sykes accepts no liability whatsoever for any direct or consequential loss arising from any use of this information. This information is not intended to be used as the sole basis of any investment decision, nor should it be construed as advice designed to meet the investment needs of any particular investor. Past performance is not necessarily indicative of future returns.

Citations for Disclaimer

Barber, Brad M. and Odean, Terrance, Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors. Available at SSRN: “Day Trading for a Living?”

Barber, Brad M. and Lee, Yi-Tsung and Liu, Yu-Jane and Odean, Terrance and Zhang, Ke, Learning Fast or Slow? (May 28, 2019). Forthcoming: Review of Asset Pricing Studies, Available at SSRN: “https://ssrn.com/abstract=2535636”

Chague, Fernando and De-Losso, Rodrigo and Giovannetti, Bruno, Day Trading for a Living? (June 11, 2020). Available at SSRN: “https://ssrn.com/abstract=3423101”