Hi guys
Just starting out and about to start demo trading but want to do it as realistically as possible.
I work full time, so intra-day trading probably won't work for me, as I get home around 4pm EST so I miss out on the busiest times to trade.
There is the Toyko session which starts at 7pm, but that would only give me a few hours to trade before I need to sleep and limit me on the pairs I'd trade.
So, I'm planning of Swing trading, where I'd plan my trades in the late afternoons/evenings, enter limit orders if charts/signals are what I'm looking for, and peek in on the trade peek in a couple of times during the day (modifying stop losses or trailing stop losses as needed) etc.
My question is this.. since I'm looking at longer term trades (trades lasting an average 1-5 days?), does this make sense to plan my trades (and enter limit orders) in the evenings as I've written above?
I'd be looking at daily and hourly charts.
Would this be the right way to do this in your opinion, based on my work schedule and that I'd really only have time in the late afternoons/evenings to spend time analyzing charts.
From everything I've studied so far for swing trading it sounds like I'd want to plan the entire trade anyway (the entry, the stop loss, know the chart patterns and indicators I'm looking for), so it seems that if I see a good setup coming (that would be validated by a certain price point, such as breaking support or resistance) that entering a limit order makes sense.
Any feedback on this?
Thanks in advance.
Just starting out and about to start demo trading but want to do it as realistically as possible.
I work full time, so intra-day trading probably won't work for me, as I get home around 4pm EST so I miss out on the busiest times to trade.
There is the Toyko session which starts at 7pm, but that would only give me a few hours to trade before I need to sleep and limit me on the pairs I'd trade.
So, I'm planning of Swing trading, where I'd plan my trades in the late afternoons/evenings, enter limit orders if charts/signals are what I'm looking for, and peek in on the trade peek in a couple of times during the day (modifying stop losses or trailing stop losses as needed) etc.
My question is this.. since I'm looking at longer term trades (trades lasting an average 1-5 days?), does this make sense to plan my trades (and enter limit orders) in the evenings as I've written above?
I'd be looking at daily and hourly charts.
Would this be the right way to do this in your opinion, based on my work schedule and that I'd really only have time in the late afternoons/evenings to spend time analyzing charts.
From everything I've studied so far for swing trading it sounds like I'd want to plan the entire trade anyway (the entry, the stop loss, know the chart patterns and indicators I'm looking for), so it seems that if I see a good setup coming (that would be validated by a certain price point, such as breaking support or resistance) that entering a limit order makes sense.
Any feedback on this?
Thanks in advance.