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Day trading is great if you have several hours to set aside every day to scan the market, find, and place trades. I myself got started in trading as a day trader, and roughly 35-40% of the traders I work with today are day traders. But the other 60-65% of traders I work with don't have several hours per day to spend trading, they either work full time or just don't want to spend that much time in front of the screen. That's where swing trading comes into play and works quite well with my strategies as well. I myself started as a day trader but migrated into incorporating more swing trading to free up time and get some time away from the computer. In fact, many professional day traders that I know also incorporate swing trading into their strategy to try and free up a little time as well. Swing trading can be longer term, but it doesn't have to be. With swing trading you can hold a position just for a day or two, but the main thing is you have the ability to "set it and forget it". You can place your orders then go to work, go golf, or go spend time with your family. Yes, you still have to spend time researching, entering trades, and if you're new spend time practicing and learning, but swing trading definitely frees up much more time than day trading, and is a great alternative for those with limited time. Perhaps the best news I have is that when I put together our price action trading course, I intended it to be viewed by both day traders and swing traders, so the examples and concepts are catered to both groups of traders. This means that once you perfect day trading or swing trading, it will be fairly easy for you to move back and forth...[Click Here To Continue Reading...] |
The Biggest Problem With Learning To Trade Online
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Many people have referred to trading educational and informational websites as people selling snake oil, slimy salesmen, or charlatans. I unfortunately have to agree that a good amount of websites out there are just trying to make a quick buck, and those are the sites that come and go with the blink of an eye. While this isn't a foolproof way, there are some things you can look for when getting information and purchasing educational materials online:
These are all common traits of websites selling some sort of get rich scheme that probably doesn't work. Trust me, when I was a new trader I wasted hundreds of dollars on those types of systems and I got absolutely no where -- if anything those types of systems hurt my trading more because I was convinced that was THE strategy to be using, and...[Click Here To Continue Reading...] |
Monitor Your Thinking Not Just The Market
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What Monitor Yourself? In my experiences of working with thousands of traders over the last several years, most of them eventually have no problem with reading the market, charts, and finding decent trades. If you're still struggling with that aspect of trading you might want to take a look at our Price Action Trading Course which is an excellent learning resource. But once you know how to read the market, your biggest thing you should be monitoring is actually yourself. The majority of traders I have worked with learn very quickly how to read and monitor the market, but many of them struggle with monitoring their thoughts and emotions. Trading isn't all about technical analysis, the majority of trading is all within your mind. How will you react to a position that goes against you? How will you react to a losing streak? How will you react to not following your plan? Often times when I see in traders is a snowball effect -- they start out with one small problem with their thought process or mental state and it compounds until they reach a point where they can't do anything right and can't place a winning trade if their life depended on it. Problems with your thought process and discipline are so easy to overcome if you work on them immediately, but when you allow them to sit and fester they just continue to add on to each other until you reach some sort of breaking point. Unfortunately so many traders don't ask for help until they reach that breaking point, and in some cases it's too late...[Click Here To Continue Reading...] |
