anyone know some good guide/tips/guide/site on short term trade few days-few weeks upto few month. Ive been reading a lot on tech analysis and understand other fundamental financial term, but still like to get more info before actually trading it. also I have a day job so I can't monitor the stock constantly. is this good section of form to discuss short term trading or other section is more appropriate
Set your stop no farther than 2% of TLNW. Make the stop outside the noise. This will help establish position sizing.
I am a short term trader holding positions from few days to few weeks. Personally i have to be glued to the monitors in the open hours, and spend time analyzing, preparing before and after the market open and closes, to be profitable. Trading a market in a different timezone might be the way, instead of not being able to make realtime decision and adjustments when needed. Short term trading requires lot of work. I would not recommend you to trade before you have a profitable strategy/plan.
http://adamhgrimes.com/TAAS/the-course/ I took a lot of info out of that free course. Lots of information and ideas. I wouldn't skip to the setups just for doing it and take the time and go through the course.
so what time trading recommend for ppl has day job. I can check stock during day, just can't monitor the stock every mins of the day. so prefer trading for a week-few month type. oh whats TLNW? trailing stop-loss?
I don't trade swing trades cause the risk is the same for Very long term trading, but I add on to existing trades hoping they don't stop out and become multi year trade. What I do is I add when the world thinks the trend has changed, cause it some point, I revert back to monthly/weekly charts, so traders who only do daily charts, trend will change much quicker whereas on monthly it is just a hiccup and trend continues.
ok thanks, what you recommend type of trade for ppl with daytime job. i don't mind holding the stock for few days to few month. I can check stock in the morning/night, but prefer not to glue to the screen. not interest in short sell, just looking for stock that has uptrend potential or make some profit off short term uptrend.
There is a good Educational area of the ET and just start reading, you have to do some of your own work cause your lack of chart reading will cause too many losses if you can't read charts. Get Edwards and McGee book on charting and take a year to read and study it. Trading is not about just having a signal, that is 5% of a Trading system, you have to have knowledge of seeing what is happening as stock is going to give you hints of getting out at times. Some char patterns will say not to take a viable signal, but since you don't know now, you will take a needless loss. There was one year, 100% of my trades where selling short, was one of my best years in 1990s even though it was Bull market. You just have to know how by reading and studying.