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new plan

  • #1
  • First Post: Jun 13, 2006 10:37am Jun 13, 2006 10:37am
ok one thing i realized bout forex is there are two types of traders...

day to day and swing

I find that profiting from everyday trading is A LOT OF WORK! i find myself sitting there looking for breakouts, trends and what not hours on end and it's pretty exhausting..plust i work during the day so i'm limited to the currency pairs that are only active at night and early morning hours..

so i decided to scratch the idea of being that day to day trader and focus more on the long term, swing trading! this way i can focus on all currency pairs and able to spot trends/breakouts A LOT EASIER. i try to look at hourly/daily charts along with my basic power 3 indicators (BB, macd, rsi) and go from there. Plus looking at markets long term eliminates tons of noise and fake breakouts, which annoys the hell out of me.

I want to know what everybody think of this..is this good strategy for a mini account or standard account? anbody think that risk outweighs the profits??

comments?!?!?
  • #2
  • Jun 13, 2006 10:52am Jun 13, 2006 10:52am
Quoting hilmy83
ok one thing i realized bout forex is there are two types of traders...

day to day and swing

I find that profiting from everyday trading is A LOT OF WORK! i find myself sitting there looking for breakouts, trends and what not hours on end and it's pretty exhausting..plust i work during the day so i'm limited to the currency pairs that are only active at night and early morning hours..

so i decided to scratch the idea of being that day to day trader and focus more on the long term, swing trading! this way i can focus on all currency pairs and able to spot trends/breakouts A LOT EASIER. i try to look at hourly/daily charts along with my basic power 3 indicators (BB, macd, rsi) and go from there. Plus looking at markets long term eliminates tons of noise and fake breakouts, which annoys the hell out of me.

I want to know what everybody think of this..is this good strategy for a mini account or standard account? anbody think that risk outweighs the profits??

comments?!?!?
It's a true & proven strategy {if done correctly} for any account type as long as the account size can sustain it.

Position Trading often requires deeper pockets to stay in the trade.

If I'm day trading a 30 min chart, it's not likely I will be using a 150 pip stop loss. However, position trading the same pair may require that as a minimum.

So... in order to minimize the risk of constantly being stopped out and then seeing the market turn in your favour, you may want to consider adjusting your MM strategy to reduce lots and increase SL.

Good luck with whatever you decide.
  • #3
  • Jun 13, 2006 10:53am Jun 13, 2006 10:53am
Trading higher timeframes (daily) made a huge difference in my trading, for the better. I am not finding myself rushing into trades anymore. And I have more free time .

I suggest you do give a try to higher timeframes and see how it feels.
-soso
  • #4
  • Aug 1, 2007 11:58pm Aug 1, 2007 11:58pm
just started looking into swing trading myself just yesterday and I gotta say, it is so much more enjoyable to work with then trading during the day. I have yet to get up in the early mornings and late nights to trade intraday and I felt I would be doing myself a huge disservice if I started doing so (especially since I'm going to start working part time soon - to fund my trading so I can get going live).

It's been almost 2 months since, and no matter how many times I tell myself to wake up at 6 in the morning to trade...I just did not find it productive to sit from then until like 1 pm before the market's consolidate.

Now, there's like this weight off my shoulders. I can spend waaay more time doing other things then sitting my ass in front of the computer looking for opportunities.

Swing trading, although takes more patience - I have to say that it's much less stressfull,much more fulfilling, and I thank god I decided to just force my mind to do it NOW while im in my DEMO trading phase.

So ya, there goes my excitement for the day...

Oh and did I metion that it's much, much, much more easier to catch trends swing trading?

  • #5
  • Edited 5:35pm Aug 4, 2007 4:51pm | Edited 5:35pm
Quoting hilmy83
ok one thing i realized bout forex is there are two types of traders...

day to day and swing

I find that profiting from everyday trading is A LOT OF WORK! i find myself sitting there looking for breakouts, trends and what not hours on end and it's pretty exhausting..plust i work during the day so i'm limited to the currency pairs that are only active at night and early morning hours..

so i decided to scratch the idea of being that day to day trader and focus more on the long term, swing trading! this way i can focus on all currency pairs and able to spot trends/breakouts A LOT EASIER. i try to look at hourly/daily charts along with my basic power 3 indicators (BB, macd, rsi) and go from there. Plus looking at markets long term eliminates tons of noise and fake breakouts, which annoys the hell out of me.

I want to know what everybody think of this..is this good strategy for a mini account or standard account? anbody think that risk outweighs the profits??

comments?!?!?
Swing trading is great. Even better if you focus only on 1-2 pairs. Take a look here to see the goodness of trend trading. http://specutrade.blogspot.com/2007/...-to-trade.html

I dont understand what do you mean by the bolded statement above. Account size is not relevant nowadays since you have brokers like Oanda that allows you to enter a 1 unit positions. Whatever MM you can do with USD 1 mil account, you can also do it with Oanda account with USD50 dollar.
  • #6
  • Last Post: Edited 6:56am Aug 5, 2007 6:45am | Edited 6:56am
Hi, First post here....

I think day trading vs swing trading depends on your goals and your personality type. I know guys who will get frustrated to death with swing trading and love the "rush" and tension of the day trade and will get bored to death with swing trading.

I also know guys who would do nothing else but take the "longer" view. It suits their goals and their lifestyle.

Success can be achieved by both, depending on which one you choose to work for you. I don't think there is a general rule ito which is the "better" way to trade a mini account. With some mini accounts it is quite possible to do either.
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