New noob, looking for longer term traders help

noob_trader

Newbie
9 0
New to the forum, just wanted to stop by and introduce a bit.

First off, as my user name suggest, I am a noob, I have slightly less than a years experience in trading (real or paper money) in the markets. With that said, over the short period of time, I do have substantial amount of time in reasearch, education, and charting (4+ hrs a day). I currently day to shorter term swing trade, while it is fun and slightly profitibale at times, I dont have luxury of sitting at home and "day trading." I have a standard 8-5 job, and when times are slow, I can fire off a trade, or get a quick scalp. However, I find that most of what I chart (hours of charting) ends up being missed opportunities, due to my 8-5 job. So through my journey of trading and investing, I would now like to focus on learning longer term time frames. I would then like to intergrate a longer term style, and see how that fits with my life vs the shorter/day trading. So I would like any advice, or thoughs from the longer term swing and position traders on this forum. Also, do you guys find any particular indicator works better on the weekly and monthly charts? Also, do you implement some of the standard MA's like the 20, 50, 100, 200, ect, on weekly and monthly charts. I currently only use EMA's on daily and hourly charts, and prefer the stochastics, some MACD, and pivot points for the shorter term trading. This goes on top of the standard classical stuff like patterns, lines, candlesticks, maybe some FIB. I dont much get into EW, as I usually cant get a good read, but other people do. I like Gann, but dont trade off of his work, with the exceptions of the percentages. The astro guys are cool too, but not for me. I dont mess with the penny or over the counter stuff. I always stick to the common sense names and generally decent companies for stocks, play with the indices, and a few commodities. Stuff with good liquidity. I have some experience with options, but it will be a major focus and learning step on my long term trading strategy. I have already learned that there is no one size fits all, or holy grail of trading, and finding what works for YOU is best. I am for now, just looking for a few experiences and pointers from the longer term traders before I get started on this phase of my journey. Thanks in advance.
 

timsk

Legendary member
7,135 1,909
Hi noob_trader,
Welcome to T2W.

The impression I get from reading your OP is that you've got lots of fingers in lots of pies. A bit of Gann, a bit of Fibs, a bit of this and a bit of that. This is understandable, as it's how most people start, me included - so it's an observation and not a criticism. However, sooner or later, you'll need to make some definite choices and then stick with 'em. You appear to have decided to go with swing trading as this fits in better with your day job. That's a start. Next, decide on your market. You mention stocks - U.K., U.S. or other? Whatever market you trade (e.g. equities), are you clear why you've chosen it in preference to any other (e.g. forex or futures?) Then you'll need to decide on the trading vehicle. In the case of equities, you can trade actual shares themselves through a direct market access broker or via derivatives like CFDs. Then there's good ol' spread betting of course (or bad ol' SB, depending on your point of view). Have a gander at the 2nd and 3rd links in my signature, as well as the threads in the Trading FAQ forum, as these should help you when making these decisions.
Tim.
 

noob_trader

Newbie
9 0
Hi noob_trader,
Welcome to T2W.

The impression I get from reading your OP is that you've got lots of fingers in lots of pies. A bit of Gann, a bit of Fibs, a bit of this and a bit of that. This is understandable, as it's how most people start, me included - so it's an observation and not a criticism. However, sooner or later, you'll need to make some definite choices and then stick with 'em. You appear to have decided to go with swing trading as this fits in better with your day job. That's a start. Next, decide on your market. You mention stocks - U.K., U.S. or other? Whatever market you trade (e.g. equities), are you clear why you've chosen it in preference to any other (e.g. forex or futures?) Then you'll need to decide on the trading vehicle. In the case of equities, you can trade actual shares themselves through a direct market access broker or via derivatives like CFDs. Then there's good ol' spread betting of course (or bad ol' SB, depending on your point of view). Have a gander at the 2nd and 3rd links in my signature, as well as the threads in the Trading FAQ forum, as these should help you when making these decisions.
Tim.
:LOL: You hit the nail on the head, I have tried most of what is out there. I have had the best success with Magee/Edwards work, candlesticks, and standard "western technicals." I have found that simple is better (at least for me), I dont need 50 indicators, lol. I only use precentages from Gann, (in my real trading), just for the simple fact as some correspond with FIB. I leave the angles, square of 9, astrology, and all of the other stuff I dont understand out. However, it is fun to speculate with some of these on paper trades. I trade only US stocks, mostly bigger stuff, SP-500, dow indu. and transports, also tech. I stay away from most of the small caps, OTC's, ect... have seen too many pump and dumps. I try to find something that and "investor" would actually want to own. I dont do forex or futures, not yet anyways. Any commodities or indices that I buy traded through ETF's, usually shares. I have started with some options on the very liquid stuff. Im not into playing the currencies, yet. I do track the dollar, and may trade it with certain Fed actions. I have a basic business mang/admin degree, so I try to stick with stocks, and stuff I understand. I'll check out your links, thanks.
 

JDTRADER

Experienced member
1,462 24
Practice weekly trading and by that I mean set up a demo and use Daily/4hr charts.

Use 200 MVA to see if trading weak or strong.

Set up pending orders based on Support/Resistance with MACD/ RSI. Add in your targets with Stop Loss / Take Profit Targets.

Over a week you can see the likely direction and use trend.

Set all pending orders Sunday and don't look again till Friday. Do this every week then you will get better with entry/exits. Best way to do with a Full Time job, set and forget

Safe Trading and always use Money Management
 

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