Hey guys, Some people tell me I trade too many markets, so I wanted to get your thoughts. Right now I swing trade stocks, forex, bonds, and agricultural futures (and options). I don't trade too big, but I'm constantly told to concentrate on one market, especially because I'm 19. What are your thoughts?
Diversify your risk and your income...I supoort a multi market, multi time frame, multi strategy approach. The best answer is....are you making money? If you are, then keep doing what you're doing.
I'm not trying to brag, but I normally do well in the markets I trade. I'm not saying I'm 100% right all the time, but I always make sure my winners are larger than my losers. I feel if I see an opportunity in any market, I should take it. I also know money/risk management is the most important part of trading, and I feel I can apply that to any market as well.
Swing Trading is ONE thing. Markets doesn't matter. So, you are not really trading many markets with multiple strategies etc. So.. good luck... Being a HUGE SUCCESS in whatever market is what matters.
I trade for myself and I find no reason to trade 2 or more markets with the same time-flame at the same time. Overlapping market hours is okay but have to be in different tme-flame. I daytrade HSI(HK-GMT+8) futures with 1 adn 5 mins charts and I swing trade FX based on at least hourly charts. Although FX is a non-stop market, the busy hours is after HSI trading hours. SO I basically trading one market at once. Even FX has sharp movement during HSI trading hours, I won't have problem because the difference in trading time-flame. In my opinion this is the best combination for trading for a living in GMT+8 area! After all, you simply have limited capital and trading that many markets is simply non-sense. I have no idea why a trader still have to spend more time to earn more profit. you should increase the position of your best market for each time-flame and use money to earn more money.
hi TF how were you able to open up an account and get proper funding at so young an age ? how did you learn enough not to lose your shirt to in the first few months or yrs? what age did you make your first trade? have you ever gambled at racetrack or casino ? good luck and do not feel you have to answer these questions ...
SethArb, I'm not sure what you mean by proper funding, but I've had an account that I've been trading stocks in since I was about 16. I also have a small forex account (I'll put more money into when I feel confident), and I trade ag futures/options. I've blown up a few accounts in the past few years, but I always made sure they were small. When I was 15 and getting started, I thought I would make a lot of money, but over time I've found out this is a long, hard road that demands dedication. I've also come to learn that money/risk management are EXTREMELY important. I think "Trading in the Zone" also gave me a new perspective. I never stop reading and learning about the markets, but I know not to make this game harder than it need be. I think I made my first trade when I was about 15. At that time I was only trading stocks, and I didn't even know what a futures contract was. I've never gambled at a racetrack or a casino, but I do play poker whenever I can. I usually do pretty well. Jimmy