Scenario, new trading day begin , spend 1-2 hour on 1 or 2 chart for analysis and then place pending order , set 1:1 RR TP and SL and completely forget about it, Check the result next day. Market order and monitoring is not allowed because we are trying to be lazy, set and forget trader. Strategies ======= - Swing High/Low breakout - Other major support/resistance breakout - Buy/Sell limit in trending situation - Swing high/swing low reversal (using buy/sell limit) - Other support/resistance reversal Any other ideas?
none of these ideas make any money.... just blind buy qqq and hold forever... 12.5% per year beats 99% of the people on ET.. why bother.
No idea about your strategies but yes you can be a set and forget trader. Lazy on the other hand, no. You will still have to do your research/analysis before you enter a trade. I am currently switching from day trading futures to swing trading stocks. 60 minutes a day of analysis and placing orders then i am done. Positions last from a few days up to a few weeks.
That's a "weird" switch. I'm curious why you are not switching style only, but sticking to same instruments?
Well, i have been trading futures for quite some time now and i have been developing this swing stock strategy for multiple years. I wanted to develop a system that was more swing trading since i believe there is much more money to be made in swing trading (you can trade much larger size) and there is no need to behind a desk for 7-8 hours a day, but i found that with stocks my strategy performed much better (much more stocks to pick from vs limited amount of futures). I am currently only running on US stocks and i filter trough over 5000 stocks everyday so there is much more diversification than with futures.
OP, I attempted this earlier in my trading journey. Not due to laziness, but other reasons. I would log on each morning for about 30-40 mins, scan my watch list, and look for what I thought at the time was a decent intraday setup. I would enter orders (entry trigger, fixed stop/target, and a conditional order to close all open positions at market close time), then log off and get on with my day. I'd check results after market close. Through this period, I was slightly losing or just breaking even. But I don't think results were due to the time limitation. Similarly, there was a period I swing traded stocks. I'd log on in the evening for 1-2 hours (after market close), scan my stock list for swing setups, enter orders for the next day (entry, fixed stop/target), and check back the next evening to see what was filled. Positions usually lasted anywhere from a day to about a month. I was net profitable during this period, but I did not personally enjoy the process, so switched to something else. YMMV.
If you believe the markets are random and unpredictable then why are you trading in the first place? My stock strategy has been running simulated for close to 3 years now and live for 18 months (small size) and i have been achieving a 70% success rate with an average risk:reward of around 1:1,6. As far as i am concerned it is working just fine. These results are a combination of the SIM and live results since the beginning of testing the strategy.