Continue reading...We can spend hours searching for the perfect pattern but fail miserably when its time to turn opportunity into profit. As it turns out, most traders do a poor job managing positions, regardless of experience level.
I?ve received hundreds of questions about this subject over the years and have complied them into a Q&A to help you make the right choices during the trading day.
Q ? What time-frame charts do you use in real-time?
A ? I track daily, hourly, and 15-minute charts for all my setups and positions. I don’t look any other time frames, except for an occasional glance at the weekly charts. This arrangement doesn?t change with liquidity, sector or any other variable. I watch these charts simultaneously on three screens, so I don?t have to toggle back and forth.
Q ? Should I trade with limit orders or market orders? Does it matter whether it’s a buy, a sell, or a short? Do you use mental stops or physical stops?
A ? I trade through a direct access interface and use limit...
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