Cash I am about a year ahead of you in full time experience, I have 2-3 years of previous part time position trading exp. You need to find a method/set up, which you are comfortable with, that has a positive expectancy and trade it consistently. I have been extremely fortunate to have two friends/mentors that I can sit and watch for as long as I need. One taught me a method of scalping futures with a very high win ratio, but an inverted reward to risk. After a few months I decided it wasn't for me. Fortunately, my other friend's method is 50% win but is normally 3-1 reward to risk. I sit here and read your threads and I honestly feel for you because I experience some of the same things, just not as often. You are all over the board man, seriously! You jump from this to this and back and forth. Steve T gave you great advice, so have others, you just need to listen and focus. Find something, test it back and forwards, that you are comfortable with and with a positive expectancy and trade it. Read book on trading psychology, because this is the toughest mind game you will compete in, trust me. It doesn't get any better than that. I can't tell you what make you comfortable only you can. If you can find a mentor that much the better. A trader I deeply respect said this to me recently" The Holy Grail exists.........it's in between your ears and you have to find it, you can't buy it"
Ha Cash, I totally concur with your last statement. I have been Swing Trading for the last 3 years full time and you DON'T have to be sitting and staring at your Computer all day. Many days I go workout and play Golf or run errands and watch movies with my fiance as I am waiting for a particular Trade to come to fruition. And its always a great time to research stocks and to sharpen your knowledge with books and videos on the financial World !!! I just make sure ALL my Stops are strictly in place and my daily strategy is well formulated and well planned. This almost always entails being back at least 1 hour before the Bell rings at the end of each day. The purpose for this is to go over each trade and assess their progress. And do some quick analysis of my particular stock watchlist and review the current landscape of the Markets in general for the possibility of a late day entry into a new trade. Of course I have been working on my trading system for over 6 years now , so what I say is easier said than done. But thru time, hard work and perspiration it is doable. Don't let anyone say its not. To me scalping is for the birds. Thanks but no thanks. Daytrading is a one way ticket to the crazy house. If you don't go insane you will definitely burn yourself out very quickly. Stick with Swing Trading and Position Trading. And just remember this. Those Day Traders or anyone else for that matter who say it can't be done or say you will blow up your account thru overnight risk exposure were either not smart enough to figure out Swing Trading or just lacked the strong will to make it work !!
discrat, I don't believe that anyone thinks that the issue for Cash is whether he day trades, swing trades or invests. For each his own. The issue is that he has shown himself to be all over the place. He keeps asking similar questions and shows little sign of getting it. But, as with everything, time will tell. Will he still be here in a couple of years - only if he gets a plan and discipline I suspect. (His Trading is driving me Mad thread is worth a read if you havent been there - although it will be of most value to newbies who are willing and able to listen).
No, Bitstream is incorrect. Although its interesting to learn how to read the tape it may be a mistake to do so when either swing or intradayswing trading. If it distracts you from your main setup and exits (or confuses you) then its the same as adding extra indicators --- its bad. IFF the tape increases your performance then its a good thing. If you're learning to trade still then its unlikely to improve things. Leave it for later when you're already consistently profitable.