day trade 2 swing trade?

This is a discussion on day trade 2 swing trade? within the Swing & Position Trading forums, part of the Methods category; Sorry to be negative but I must join the chorus of nay-sayers here. At some point you'll have an accident ...

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Old Dec 17, 2004, 1:44pm   #16
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Sorry to be negative but I must join the chorus of nay-sayers here. At some point you'll have an accident and it will be a disastrous one. If you're planning to make a living from this, there's no point in adopting a policy of something that will be "safe" 99% of the time. The one thing you can be sure of that way is that at some point you'll go under. You can have a policy that's "profitable" for whatever proportion of the time you want, as long as you've got enough capital to realise and withdraw the profits regularly. But you can't run with a policy that's only "safe" 99% of the time. Your primary responsibility as a trader is to be able to continue trading, and you can do that only if your policy is "safe" 100% of the time, not 99% of the time. The above point about Nick Leeson is an excellent one: his policy (though you may not quite think of it this way) is _exactly_ what you're proposing.
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Old Dec 17, 2004, 1:48pm   #17
 
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I missed the Leeson post. but that Illustrates the point quite well. I'm sure Nick believed (hoped) the market could not fall much further.
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Old Dec 17, 2004, 2:05pm   #18
 
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Quote:
Originally Posted by spookygr
Basically, i think, i am talking about using day trading techniques over whatever time period it takes, within reason. It is quite rare that you buy a stock at a price that it never reaches again.

spookygr

Maybe, but you're then trading "hope" rather than your analysis and you may grow old waiting for the breakeven return - assuming you've been able to stand the margin calls on the way. Course if you're actually going to buy the stocks, you'll likely finish up with a portfolio of stocks and no money to trade. The old daytrade, whoops make it a swing trade, whoops make it a position trade, whoops stick it in the long term portfolio syndrome.

You say the Enrons of this world are rare but popular daytrades like AZN are not. You might have been pleased to see AZN back in its trading range aug/sep and daytraded long at say 2600 - moves against you so you hold on then zippo 250 points down in 3 days, another 300 over the next few weeks and another 160 today. Currently struggling to make 1900, how long before it sees 2600 again?

good trading

jon
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Old Dec 17, 2004, 2:18pm   #19
 
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spookygr started this thread Ok , well, i guess its back to the drawing board for me, I thought i might have been onto something there. Thanks for the input everyone. Its been helpfull, well humbling at least ; )

thnx again
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Old Dec 17, 2004, 2:24pm   #20
 
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I don't mean to humble you mate, believe me I still have lots to learn too, and am learning everyday. May I ask have you read any books on trading?
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Old Dec 17, 2004, 2:45pm   #21
 
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spookygr started this thread Oh no, it's ok, i dont mind being humbled, well as long as it doesn't happen to often (can't be good for my self-esteem - he he). As for the books, i have just bought four of them that got good reviews on amazon. I have just started to read the first one today by a "Toni Turner"?. You see, i have always had a strong interest in the markets, am good with numbers. I always wanted to be an original floor trader, but as that job is well pretty much extinct, I think day trading could hopefully be a career for me.

What about you, is trading a full/part time job or just a hobby.

I know that there is plenty money to be made if your good/lucky. Hopefully i will be (either one, I'm dont mind).
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Old Dec 17, 2004, 2:46pm   #22
 
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spookygr started this thread Oh, by the way, I am trying to set up a level II trading system, if anyone has any recommendations on which software to use.

thnx
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Old Dec 17, 2004, 3:25pm   #23
 
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I have a Toni Turner book, "Daytrading Online" I really liked it. I don't use level II so can't help there.
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Old Dec 22, 2004, 2:18pm   #24
 
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Just thought that I would add my two cents.

I never was good at scalping, so my daytrades focus around support/resistance and MACD confirmations. I added comments on the attached chart to show how I view the market activity during the day to determine good entries and exits.

Hope this helps.

Charles
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mchp-day-trade.jpg  
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Old Dec 22, 2004, 2:29pm   #25
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Quote:
Originally Posted by spookygr
Ok , well, i guess its back to the drawing board for me, I thought i might have been onto something there. Thanks for the input everyone. Its been helpfull, well humbling at least ; )
Sorry if it's been "humbling"! That wasn't the intention of my post at all. In any case, you are really coming across as a brave realist by saying "Back to the drawing board". Many people make the mistake of not saying that. Good luck to you.
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