Support and Resistance only valid in weak choppy markets, markets are strong and high momentum which just blows through S/R.
Interesting OP. I thought I was the only one been killed by automatic stop losses. That was a few years back. Since, I stopped putting stop losses and only used mental stops. Much better outcome. I do have to watch, read charts, news everyday to decide on the mental stops. Very time consuming compared to auto stops, but I am full time, have plenty of time to kill.
How can I acquire my professionally trained judgement? I am not trying to be sarcastic, I want to know what process you went through. Thanks.
For proper legit Swing Trading - you are modeling longer timeframes and you have wider profit targets and stop-loss levels due to the larger trading range. I think that it is critical for newbs trying this for the first time to use the smallest sizing that they can find. Reason being - I don't want them to be anxiety addled. They need to allow the system to work and the strategy to play out as originally planned. Once they gain some consistency and confidence - levering up is quite easy. Consistency is the one key. Once you gain consistency, then the worm will turn for you.
I think I will focus on swing trading (with smaller lots), and long term investing. I understand some people are good at day trading, but it takes lots of time to watch small time frame price action every day, which I can't easily do. For me it's easier to trade the longer term charts, that way I have time to analyze the charts and news unrushed, and also don't have to constantly watch the price action, just wait for the daily close or look at hourly charts from time to time, and in between I can do other things. And if algos and bots are a problem on short term price action then there is another advantage to longer term trading and investing.
Decision Made stick to it, unless you find its broken later. Constantly watching in theory if you can do it, you'll make more, but you'll end up insane and losing every trade pretty much as it's easy to lose the plot. It's never easy
Infact, your thread I think has highlighted I too need to slow it down, widen the SL's, I might make the change from M1 to M5, so thanks! maybe
The best strategy I use for daytrading stocks is OTO with automatic trailing stops. I start with a wide trailing stop eg .60 to $1, then tighten up the further a winner runs. I did that successfully today daytrading bounces in SDOW UVXY TZA.