Please share your thoughts and experiences on daytrading from a high timeframe

Discussion in 'Trading' started by Kovacs, Nov 30, 2009.

  1. wzero

    wzero

    Whatever timeframe, all moved by real money, nothing is noise.
     
    #11     Apr 21, 2012
  2. Let me get this straight: If price rises based on a constant volume bar of 50 units, then drops based on 10 units, then rises above and doubles based on 10 more units, then does 50% fib retracement based on the remaining 30 units, you only see two bars and two prices when everyone else sees 4 bars and 4 prices? If that is the case then you are missing on some serious action.
     
    #12     Apr 21, 2012
  3. Handle123

    Handle123

    Also, comes down to experience, younger traders believe smaller timeframes, more trades, faster indicators or more patterns means more money, but that is NOT the case, as it always leads to more risk and less money.

    As one gains experience and ventures out of the norm, bigger timeframes offer much bigger reward to risk. I might only get three trades on the hourly timeframes a week, but based on profit per contract to risk, it is hugely more profitable that 65 trades on three minute charts.

    At a certain point you have to ask yourself, do you want to make money or be entertained all day long. Unless you are very experienced, well backtested method, day trading smaller timeframes is a lost cause for the 95%.
     
    #13     Apr 22, 2012
  4. jnbadger

    jnbadger

    I agree, but when I got rid of my 1 minute charts and started holding things for an hour or so rather than a few minutes, it was much easier on the mind, and commissions and slippage became much less of an issue. It takes patience, discipline, and you need to get rid of the "instant gratification" tendencies, but if an idiot like me can get there, anyone can.
     
    #14     Apr 22, 2012