Trading has definitely been more challenging than I expected it to be. Before I considered day trading and came across Timothy Sykes I had already made some trades. I knew nothing about charting, level two, how to find stocks etc. I just bought if I thought the price was good for the particular stock I was going to trade. I made money and I also lost all the money I made and more due to not cutting losses quickly... So I started studying as much as I can (I work part time and look after my toddler). I have learnt so much, I am always watching Tim's videos etc. I know a person should try different strategies to see what works best as each individual is different and here is what I have learnt about myself:
- Due to not being able to trade premarket (I am based in London and I use TD advanced trading platform which does not offer this service) and see the premarket chart, I am too scared to trade as soon as the market opens as everything happens way too fast! I prefer waiting for the first pullback.
- I have come to realise I am an anxious trader and I always over analyse everything and miss the buying opportunity, it is extremely frustrating as majority of the time I would of made money had I put in a buy limit!
- I feel more comfortable with reversals and dip buying. What I have noticed when watching a stock, the majority of the time there are the same support levels over various periods so you can predict where the stock is going to dip to. The problem I am having is due to the time difference and my obligations as a mother I can not sit in front of a computer screen all day waiting to see if the stock is going to dip to the major support level. I am considering putting in buy limits in ahead of time in anticipation of the stock to bounce off the major support and if my order gets filled then put in a stop loss straight away incase it does not hold support. I think that will also help not to over analyse a stock and miss the buying opportunity.
- I did try paper trading however I did not like the paper trading platform I was using and to me it feels different when you are not using your own money. I think it is best for me to trade small in the beginning, even if it just covers the trading fees so I gain more confidence and to see if my strategy works or try a different strategy that might suit my personality.
- Whilst I am limited with free time, I think I should look more into swing trading instead of day trading. Can anybody recommend a good scanner for swing trades? I like using TDs reversal scanner however it always pics up the trade on day 3 of the reversal instead of 1 or 2.
I would appreciate it for any advice or suggest any good books on trading psychology.
I have been following several members on Profitly and well done on your achievements! It is truly inspiring and keeps me motivated and determined to succeed and not give up!
What time frames do you use for charting and for buying?
@super_trades does swing longs. You may want to look at his strategies. He is a good trader and his style seems to accommodate your parameters.
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