Trading for Hours....
We are often told of the difficulty of trading for a living. While for the majority this is certainly true. I believe there are a number of factors that contribute to this heavy loss fact base I think it more has to do with traders searching endlessly for the least risk to highest reward trade. They use the news and they use even more fundamental factors. Sometimes they use technicals which often tell them things that quite frankly are not there. You know candles and supports or resistances and other factors that allow us to see things in the market place that often times are not necessarily there. You want to see it but simply because you wish to see it does not mean that it is there.
In case you don't know there is no real solid technique that works all of the time. The market itself will decide when it wants to turn and when it will continue.
I usually spent less than 2 hours per day trading. I don't have any special indicators or any special knowledge that gives me a concrete edge over other traders. I can't move the market and so that places me squarely in the path of those that can.
Volume is the only real indicator that I have found that will give you an idea of where price might go. Some months it is a very powerful indicator while at other times it is not so powerful as the areas seem to give way.
I use this knowledge to execute. It is around executed order flow. Not standing orders (which in most cases tell you absolutely nothing but rather executed orders which are in the market that the largest traders put in to make money. They don't put them all in all at once but they do put them in the market to move it a certain way.
You simply need a trading plan to know how to use the information that is readily available to all traders. You must know what your daily targets are as to what sort of percentage you wish to get as a return and also what you are prepared to accept as a drawdown to your account. If you don't know this then you will likely be trading with emotion and I suspect that it won't work for you.
Today I traded less than a total of 15 minutes and hit my targets in all accounts and so I quit for the day. Not attempting to get back any other losses or chasing price all over but simply meeting my targets for the day and getting out so that I don't give it back which all to often happens. This is how you take your largest losses. You start with a small loss and rather than accepting that this was simply not your day and your target loss limit was hit. You think that you can get one back on the market so that you can make back your losses. It is normal and human nature to be like this. However that is your emotions coming into play and your ego where you keep trying to get back at the market. You may get lucky but in most cases the small loss turns into a big loss. Then it is much worse because it is harder to get back the amount you lost. So please remember you don't need to spend a lot time trading. If your positions don't work out then get out and there is always tomorrow. Good traders always live to fight again another day. That is how they make money over time. Hope this helps.
In case you don't know there is no real solid technique that works all of the time. The market itself will decide when it wants to turn and when it will continue.
I usually spent less than 2 hours per day trading. I don't have any special indicators or any special knowledge that gives me a concrete edge over other traders. I can't move the market and so that places me squarely in the path of those that can.
Volume is the only real indicator that I have found that will give you an idea of where price might go. Some months it is a very powerful indicator while at other times it is not so powerful as the areas seem to give way.
I use this knowledge to execute. It is around executed order flow. Not standing orders (which in most cases tell you absolutely nothing but rather executed orders which are in the market that the largest traders put in to make money. They don't put them all in all at once but they do put them in the market to move it a certain way.
You simply need a trading plan to know how to use the information that is readily available to all traders. You must know what your daily targets are as to what sort of percentage you wish to get as a return and also what you are prepared to accept as a drawdown to your account. If you don't know this then you will likely be trading with emotion and I suspect that it won't work for you.
Today I traded less than a total of 15 minutes and hit my targets in all accounts and so I quit for the day. Not attempting to get back any other losses or chasing price all over but simply meeting my targets for the day and getting out so that I don't give it back which all to often happens. This is how you take your largest losses. You start with a small loss and rather than accepting that this was simply not your day and your target loss limit was hit. You think that you can get one back on the market so that you can make back your losses. It is normal and human nature to be like this. However that is your emotions coming into play and your ego where you keep trying to get back at the market. You may get lucky but in most cases the small loss turns into a big loss. Then it is much worse because it is harder to get back the amount you lost. So please remember you don't need to spend a lot time trading. If your positions don't work out then get out and there is always tomorrow. Good traders always live to fight again another day. That is how they make money over time. Hope this helps.
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