its always better in bed
Just want to know how other people trade. For myself I then to hold on to a position for a few hours. I look at the 60min chart, daily chart and 15 min chart. I am basically a day trader. I tried holding on positions overnight (on demo account) and achieved fantastic results!
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to my everlasting humiliation, my overnite trades played off the 4 hour chart are my big ticket items --- during the day, while direction and tp are correct, the time it takes to get from one point to another is taken up by all the market machinations of all the charts having to be played out before my 15 min chart comes up to bat. At times, a 15 min chart play can take hours and hours, but the overnite (from 12 midnite, EDT ON) is clearer and cleaner, although it takes into its time period the london open --- just that once the H4 has topped you KNOW its going down and if i short the move, i will be awake JUST before it normally hits my tp, and so able to continue or take a reversal.
i wish i could do as well during the day as i do while sleeping, which just may say something i dont really want to face !
Now getting down to how long i hold is an unfortunate question since i trade every timeframe out there and a few no one has much ever sees (like the 3 minute chart, similar to a soft boiled egg i guess !)
while i will never admit to having said this, i have held for a month as a position comes back to where profit exists --- one time having been over a month because i forgot to put a tp point on my trade, so it hung out there as the price passed its profit point, with me never seeing it. Being a perfectly good bunch of shares, i could not bring myself to throwing them away, so tucked them in a corner, fed and washed them nightly and after a month or so they grew into profitable shares (also understand that i caould see on the charts that the price would recover from its downside move in relatively short time, so i held ---
not advised for those who cant make a decent guess at this sort of thing !
enjoy and trade well
but the bottom line is i pretty much know where the price is going, but not always exactly when it gets there, so most "mistakes" are covered within one or two days, while normal trades are usually covered in a few minutes or hours !
It would take an awful lot for me to throw away a trade, and while the complete and utter destruction of the planet could tempt me, ive been lucky enough to always make my mistakes in the direction of the trend, and have enough margin to cover the rare problem child till the cavalry arrives !
enjoy and trade well
mp
