Hey All, I'm just wondering what people think regarding this approach: I trade cash Nat-Gas and I live on the west coast so the cash markets are generally done trading by 7 am pacific and the rest if my day is spent managing my book, working with back office etc.. the grind so to speak. But lately, I've had some time on my hands during the day. So using my retail acct that I generally use for options/swing trading, I've tried experimenting with using 1 min charts with nothing but volume in stocks that I follow and trying to capture some moves. A couple I follow are MGM and another is DRYS. I've decided to focus strictly on the candles as they form and try to flow. My basic strategy (for fun, not a lot of $$ on the line) is to just watch prices in several stocks while watching the indices and sub-sectors. I like this approach for the interim as it lets me get into a state of not overthinking. I've daytraded before and with an influx of data, I've had problems trying to "get the all stars aligned". Like everyone, I've hesitated pulling the trigger many times but this approach has helped me overcome this somewhat. I have set stops and exits but without the usual mass of indicators and patterns etc (not saying these are not useful), I've been forcing myself to look at pure price action as my platform is not web based so I am forced to use simply the basics. I'm at the point with around 10K bp, I'm making my daily salary over my lunch-hour maybe 3 out of 5 days a week. I've been pretty good at cutting losses quickly and I think this lack of noise has allowed me to become a much more effective trader. However, I do not think that this is sustainable. So many times, I wish so hard that I had my DOM so I had some point of reference. Without an order book, I have no idea how thick/thin either side is. So what does anyone think about this? Anyone try to trade at work? (seem to remember a thread regarding this) Lol, I was ready to short MGM the other morning when my manager walked in and I got caught up in a 45 min conversation about settlement.... of course it tanked off the open 45/50 cents and I missed my chance Caveat - if anyone has read any of my other posts, they know I'm leaving this job soon. I'm trying to decide whether or not to give trading a shot full time> i do love it... I've been watching tickers for so long now, I don't know what else I could do??? (I'm the ripe age of 33 by the way!) Hope this may start an interesting discussion as I'm guessing there may be a few people in similar situations! Cheers to all, and I can't wait to hear responses (harsh or not)
Trading at work is not a good idea. If you are going to trade, you will need to make a full commitment or trade a time frame of daily or higher.
Yep, can't argue that. It was a bad example in my post... my biggest fear is putting a position on, getting called out in an emergency, and not having the chance to close/get an appropriate stop in. And this has happened! I've had risk storm in and when those guys bark, you listen! no time to react to my personal acct (which honestly, as a good employee, comes second) I'm playing with fire aren't I? As nice as the $$ are that i snag on the side (my wife loves a night out after a nice lunchtime trade) I know that that this isn't a tenable situation. Advice on moving forward would be great. I want to trade, but not like this... and the cash markets are just too painful. I think I have some skills but yet so much to learn! What a Biz