Quality response right there, I agree with everything you said...and it seems a lot of members are emphasizing the importance of studying PA and charts live....before even going into sim trading and especially before going into real trading. I actually have one more question for you, and it might be kind of dumb... what do you mean by A&M outline? Just basically everything I know about trading put into some sort of notes? Because I have been working on that, I have a nice little resource i made for that, but it lacks a lot of technical information, which I need to start gathering. Thanks
Approach & Methodology ====================== No.., that would be way too convoluted It needs to contain the nuts and bolts of - what..., when..., how who..., would be you why..., would be to make money recall.., keep it simple..., straightforward..., concise RN
I am currently object to the PDT too but it is the worst situation I can imagine when you are a day trader. The overtrade point is good but I found myself so often in situation where I was like: Should I make the trade because then my daytrade is gone and if I loose in top of that, this drags on your emotions. I used to chase my idea later on and loose because of my bad entry.... With swing trading you can avoid the pdt to the largest extend, but I think there is a restriction that if you invest more than 7.5% if your account this is a daytrade already, but really not sure on that....building an account and learning to apply your strategy can be extremly tough especially when you take profits along the way and want to size in back... #screwthePDTshit
Hi Redneck, just out of curiosity. If you had to write down your trading plan, how many pages (or approximate number of lines of text) would it take? Thanks and Wishing you and your family a Merry Christmas and Happy New Year.
Hey Ubo, I too wish You and Your Family a Very Merry Christmas and Happy New Year Sir ======================== Trade plan - three lines Entry signal / price SL / PT Way of managing ======================= The ole A&M section of my overall - ~ 2 1/2 single sided pages HTH Sir RN
Nobody mentions seasonal effects in commodity markets? Great stuff ... you can position, swing and daytrade it at the same time in multiple markets thanks to generous intra-commodity margin rules.
In my opinion one search by self what is most suitable trading method for a trader . His experience may be different from others he has to develop his own strategy of trading. As I learn to tale less risks for short term trading. with low capital we have to take low risks so we make small profits from it.
Charts tell you where the price has been. You need a method/(edge) that tells you where it's going to go next with almost certainty.
As a poker player for many years, the style that works best for me is a combination of daytrading and swing trading. Never hold anything for more than a week. I am not a fundamental trader so who knows what will happen after a week. This is also imo the quickest way to grow a capital from a small starting account.