tim-grittani-headshotTim Grittani first became interested in trading way back his college days while studying finance at Marquette University. He started with stocks and, specifically, penny stock. The volatility attracted him to it because of his former “gambler” mentality. He lost a lot of money being a day trader in the beginning, then finally stumbled upon Timothy Sykes. This is when his trading started to turn around.

Tim primarily is a stock trader and considers himself a day trader. A full time day trader since 2012, Tim follows a simple rule in trading: “Trade the ticker not the company”.

In the show Tim reveals :

  • The power of basic support and resistance trading
  • Why following “signals” online doesn’t pay in the long run
  • The downside of having too many strategies and trying to do all of them at once
  • The importance playing the “long game” to survive in the markets

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46: Tim Grittani on the Importance of Chart Patterns & How to Become Profitable by Keeping it Simple
00:00:00 00:00:00

Recommended Book

Interview Links

Broker & Platform

  • CenterPoint Securities

Key Insights

  • Narrow your focus. Keep it simple
  • Look for volumes and volatility as you choose a trade. That is where the money is
  • Focus on the chart patterns. The market shows you clues where to enter and exit
  • The check the Daily chart. It shows you the big picture
  • Don’t be too biased on one direction
  • Master your emotions
  • Don’t be stubborn at a single trade. If the market tells you to exit, cut your losses
  • Don’t trade too much. Not more than 3 to 4 stocks per day
  • Have a trading journal. Put in the work to sharpen your skills. Track patterns on your own
  • Choose cheaper stocks because of volatility
  • For retail traders with a day job, choose a Daily chart analysis strategy

Tim’s Trading

  • He focuses on 95% Technical Analysis and 5% on Fundamentals
  • He keeps a “Keep It Simple Stupid” (KISS) approach
  • He looks at volumes
  • He’s more of a long term of trader
  • He trades using chart patterns
  • His risk reward ratio is 2:1 or 3:1 (reward is 2 or 3)
  • His favorite long set up is a Multi Day Breakout
  • He looks at the Daily chart for trend confirmation

Tim’s Strategy

tim-grittani

  • Check the last time the stock ran out of volume
  • Check when price breaks resistance, then enter the trade
  • Puts your top at the lowest price dip before it breaks
  • Take no specific target for a take profit. But observe whether price is beginning to lose strength again then trade the other way
  • Look at the strongest pullback to determine whether the price is about to reverse
  • Once you’ve determined that, sell on that rebound

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.

ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES, OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES, ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL, OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM, WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.

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CFTC - U.S. Government Required Disclaimer:

Forex, futures and options trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. Our website, product contents, and materials are neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on our website or in any materials. The past performance of any trading system or methodology is not necessarily indicative of future results. Substantial risk is involved. Forex trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex markets.

Don't trade with money you can't afford to lose. Nothing in our course or any materials or website(s) shall be deemed a solicitation or an offer to Buy/sell futures and/or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on our site. Also, the past performance of any trading methodology is not necessarily indicative of futures results. Trading involves high risks and you can lose a lot of money.

CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.