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You are not wrong that it is akin to gambling. That's why I prefer to hold for about fifteen to thirty minutes, or one hour and scalp. Oversimplifying my strategy, I buy the dip and hold until a breakout comes. Hold until the peak goes as far high as it could go. Sell before it dips badly, then buy again. Rinse and repeat. But I must admit this works on certain stocks with more predictable patterns, and the downtime periods at my job allows me to keep my eyes on the screen to day trade. I am not experienced and expert to study the stocks and use technical analysis to predict and automate the process.
I actually have an unfortunate amount of knowledge through education of the whole system... Didn't end up sticking with it because I didn't want to scam stupid and old people for transaction fees, and that's like half of investment finance. But anyway... Vibe trading is definitely a thing. It just works until it doesn't... I think it has to do with people starting to intuitively understand the way algorithms are pushing the market. They get really good at it, until the algorithms eventually change and they lose money.
I think it's about not becoming overwhelmingly risk tolerant. They usually take larger and larger positions, becoming more sure of themselves before the market as they understand it changes, and they hoist themselves up by their own petards.
Thank you for the advise. I try not to increase the risk as I have lost money, way before I got the sense to finally read a beginner's book. The book's advise is great and its basic theory works, but mostly for large cap stocks and those with more predictable patterns. There are certain stocks which I day trade because of aforementioned reasons.
Which book was that, out of interest, if you'd recommend it?
"Master the Art of Trading" by Daniel Lewis. It is amazing for beginners. When I started applying the theories, it greatly improved my chances with day trading. I would recommend applying the theories on demo mode first of your chosen trading platform.