I only position trade for the day. Never ever overnight. There never is a reason to. As I said, the 5 minute is the trigger, but the trade is actually played out on the 15 minute chart. I also look at the 60 min and daily to get a feel for the bias for the day and levels to watch out for.
any chance of you posting without mentioning me or mr.market?...if you want to assess my juice, all you had to do was ask...and open your mouth.....BTW jack...ther are a lot of ways to make money in trading....some people make money in trading while barely even trading...you see, sometimes in this wonderful capitalistic world we have, you have pioneering young men and women who learn how to make money off of things off of the fruits of others....so i actually want to thank you for trading Jack because that is how i make money risk free!
I start the day,while the action is fastest, with 5 min charts,then when the action slows down I switch to 15 min. charts.Also, it depends on the stock I'm trading. For some stocks I use different methods, but you get the idea.
Shoot us you comments on your performance. Couch in any terms you want. Thanks for reading all my posts I appreciate it. Your comments are always what the Dr calls for. I trade only equities and futures indexes because i am chicken to spread out any more than that. I take it that you are pioneering into new territory. Let us know the scope and boundsand how your performance has stacked up. Stuff like where you find improvement and what you guard against that you can pass onto others to help out. give it your best shot or just rough it out for...anyway you want...it's your call ...and I'm asking. No rush if you have to run some numbers.
the only time i need is to decipher what excactly you are saying....although, your special way of talking is starting to grow on me...I think I can now speak hershian....I am pioneering new territories....I don;t have to trade to make money off trading....think it over real long and slow ( as if you had a choice) and then tell me how that can be....c'mon Jack, you can do it!! ok, here's a hint......some people actually run places where people trade SHHHhhhh! keep it down...Im sure you have run a bunch of daytrading shops too
Did better today on the 5min bars...this morning was awful as I kept seeing a short setup, but i didn't wait for the bar to complete, being used to the 1min bars. i kept doing this over and over and killed myself. learned the hard way eventually i caught on to let the bar complete first and then look for the setup on the 1min chart. finished positive. just out of curiousity, did (does) anyone have this problem when switching to the longer bars? anyways, it was a good day to learn!
I had similar issues until I deleted all charts except the 5 minute - now I trade a working system (thank God) and make spectacular consistent profits. Use whatever willpower it takes to get on the system that works, and stay there long enough until you "believe in and trust the system" then you'll have NO problem following without "thinking" it would be better with those extra charts and maybe some more indicators. Keep it simple - it cost me over a million $'s to finally get that message!! Good Luck