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This is a discussion on Almost there. within the First Steps forums, part of the Reception category; Sorry Kaeso, I didnt exactly give you a time frame. I intend to trade intraday. Probably the first two or ...

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Old Oct 8, 2017, 3:30am   #9
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Buzzard76 started this thread Sorry Kaeso, I didnt exactly give you a time frame. I intend to trade intraday. Probably the first two or three hours of the open. Like I said being so green and having so much to learn I just feel that intraday trading with no open positions at the end of the day will be a good start. Then if I want to look at swing trading I'll devote most of my study towards that time frame. To me it's a little overwhelming at the moment as to the choice of so many different instuments and time frames. My number one priority will be capital preservation to start with and i think intraday with good risk and money management will be the way for me to start. I intend to paper trade for as long as it takes to get proficient with the platform i will be using, order types entries, exits, stops and targets etc. And developing a strategy that works. It seems like such a huge climb at the moment but i just have to kick off one foot at a time.
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Old Oct 8, 2017, 8:29am   #10
 
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I edited this post because we posted at about the same time and you already answered the question i posted ^^^

Ok.. so you get the whole timeframe thing as well, you really have done your homework! good for you.

Its important to be clear about timeframe because it will be a recurring source of confusion/errors if you are not clear and confident about what TF you are operating in.
I currently only do swing trading cos ive got a full time job and up to now have done better with fewer trades and looking at higher timeframes. My trades last anywhere between a couple of hours and several days.. depending how long it takes to get to target/stop

Last edited by Kaeso; Oct 8, 2017 at 8:55am.
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Old Oct 8, 2017, 9:23am   #11
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Ok.. so you get the whole timeframe thing as well, you really have done your homework!
Actually no. Buzz said so himself. He has scoped out tactically he will only engage the market intra day with no open positions by end of the session. He did not mentioned what time frame he will use to make trade selection and trade decisions.
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Old Oct 8, 2017, 9:35am   #12
 
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Actually no. Buzz said so himself. He has scoped out tactically he will only engage the market intra day with no open positions by end of the session. He did not mentioned what time frame he will use to make trade selection and trade decisions.
oh yes i agree i was using confusing terminology! i meant the basic tactic (keeping it simple) but of course the more detailed specific timeframe is also important.

he "gets it" but is in early stages of "figuring it all out" in terms of his own trading

Last edited by Kaeso; Oct 8, 2017 at 10:21am.
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Old Oct 8, 2017, 9:59am   #13
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Buzzard76 started this thread I have read some articles on swing trading including one strategy where a trailing stop was used. The trailing stop was based on 3% of average true range I believe, instead of a set amount of cents $. From what I gathered it looked to work quite well so its something I will look at if I do end up swing trading. Will give it a run in the simulator and see how it goes. But like I mentioned previously I will definitely be staying intraday to start. I dont think I should leave a position open overnight to start off. Just part of the risk aversion in my plan as it sits at the moment. No doubt I will have to tweak things as i go in the simulator. I'm a bit lacking in my entry rules and triggers for my plan as you would imagine as i haven't traded yet. Time in the simulator will iron this out. I'm quite happy to paper trade for as long as it takes to find all these things out and define my edge.
I've been reading/studying nearly every night for about 12 months and feel like i have only scratched the surface. Looking foward to getting my trading room finished. It is a spare bedroom that i have nearly finished painting at this stage. Im currently waiting on a computer that I am having built. It is going to be used as my trading station and double up to do a fair amount of 4k video rendering so its a bit of a unit. I have twin Uninterruptible power supplies and my internet connection also has a battery back up. Its been a long process but one that I'm hoping will cover as many bases as possible. The computer build actually starts tommorrow after months of waiting on two specific graphics cards that i want in the build. Damn bitcoin miners have created a world wide shortage, go figure, should of bought some nividia stock twelve or so months ago. But hind site is always 20/20. Anyway all that aside it has given me a great deal of time to at least get a grasp on the study side of things. I am really looking forward to start paper trading and plan on continuing to read as much as I can as I go as I believe that you can never stop learning. There will no doubt always be something that crops up that I will never have encounted before so I will just keep educating myself. Just trying to give myself the best chance I can i suppose.
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Old Oct 8, 2017, 10:11am   #14
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Buzzard76 started this thread I think you are asking about my actual trading time frame (sorry I'm as green as grass). I basically will be following the daily, 5 minute and 1 minute charts. Entering on the 1 minute chart with confirmation off the 5 min chart. May also put up a weekly as well. I will be running two 43 inch 4k monitors and onlt trading a maximum of three stocks at any one time. Probably 2 stocks to start out. Basically screen real-estate wont be a problem and was a big factor in the build. Hopefully this clears it up and I haven't missed the point completely.
Damn, so much to learn.
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Old Oct 8, 2017, 10:46am   #15
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I think you are asking about my actual trading time frame (sorry I'm as green as grass). I basically will be following the daily, 5 minute and 1 minute charts. Entering on the 1 minute chart with confirmation off the 5 min chart. May also put up a weekly as well. I will be running two 43 inch 4k monitors and onlt trading a maximum of three stocks at any one time. Probably 2 stocks to start out. Basically screen real-estate wont be a problem and was a big factor in the build. Hopefully this clears it up and I haven't missed the point completely.
Damn, so much to learn.
You have done some leg work regarding your infrastructure requirements and redundancies. What is your backup plan for your internet connection should your main provider goes down? Do you have a backup for your trading station should your main goes off line? What is your planned pre market daily stock screening process? Have you bedded down your screening software and filtering criteria? Do you have a universe of stocks that you intend to trade from e.g. top 100 or anything that moves on that day? Do you intend to exclude stocks that are also listed off shore e.g. BHP in London where you are subject to trading movements overnight and potentially gap plays that are somewhat artificial? Do you intend to monitor correlated activities like base metal or oil prices during the day which might impact your intended stock? Do you intend to have real time news source or squawk audio providing you with real time information on news that might move the market during your intra day session?
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Old Oct 8, 2017, 11:07am   #16
 
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I have read some articles on swing trading including one strategy where a trailing stop was used. The trailing stop was based on 3% of average true range I believe, instead of a set amount of cents $.
i think it will have been 3 X ATR if he was a swinger, not 3% of ATR ?

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I've been reading/studying nearly every night for about 12 months and feel like i have only scratched the surface.
Gooood you are studying hard! You probably know plenty of sexy theory already and next its the practical experience and revision of the key issues which you need in order to make a start in developing your own process
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