Trading is a Learning Curve that requires forensic examination of All Trades Taken and Averted.
Let me just say that Long Term Traders DO HAVE Scalping Skills & are often persuaded to use them.
Scalpers, on the other hand do not, neccessarily, have the skills required to Trade Long Timeframes.
If anyone is just starting out on this career path & Trading {DEMO} Monthly, I hope you are young & planning only to supplement your retirement income, 'cause that's how long it's gonna take to learn this business & profits kick in.
My Personal View of a Trader's Path:
Scenario; Opened an Account. {Demo I hope}
1) 1 min:
"Oh boy, this is sooo cool. I finally found what is going to make me rich and allow me to do all those things I dreamed about." {don't {nea; Never} forget the philanthropy bit}.
Why would I Leave a Trade 'Open' for such a long time that it Ebbs & Flows. I should be riding every wave whether it be up or down. Yeah! That's the way to do this.
I'll have my eyes glued to the screen and watch every single pip. That way I'll know Exactly how much MONEY I made & know when to flip."{I'm young, my heart is strong & I am resolute!}
Pi$$ on that 1 Minute Chart: I need Ticks.
2) 5 min:
"This works. Now I can see where it thinks it's goin'. I'm gonna &ape that Ticky thingy. woohoo Lambos and beach front here we come.....$HIT WTF just happened...."
3) 15 min:
"OK; that's a little better. Now I have more understanding of how much I will make on this one. F#ck that tick & minute $ht. I have arrived. (Do Not Erase Your 15 Min Charts! but you know what's coming...)
4) 30 min:
"Only matters {personally to me} 30 min before Major News."
5) 1 Hour:
"Holy $ht. Now I'm trading an 1/8th of a day {session actually} I'm getting good at this. Raise the Risk."
6) 4 Hour:
"Looks like we're headed toward some resistance. Maybe I should place one of those Orders I thought were for Real Traders? Limit In?
WAIT... Let me check my 1 Min Chart to see if that says Now is a good time to enter.
Wow; Glad I did that because it says we're continuing for just a little more. {pheww. that was close. Glad I know how to scalp.}
Need I go on?
Personality: "I am {honestly} Willing to learn." will serve you well in this realm.
Let me just say that Long Term Traders DO HAVE Scalping Skills & are often persuaded to use them.
Scalpers, on the other hand do not, neccessarily, have the skills required to Trade Long Timeframes.
If anyone is just starting out on this career path & Trading {DEMO} Monthly, I hope you are young & planning only to supplement your retirement income, 'cause that's how long it's gonna take to learn this business & profits kick in.
My Personal View of a Trader's Path:
Scenario; Opened an Account. {Demo I hope}
1) 1 min:
"Oh boy, this is sooo cool. I finally found what is going to make me rich and allow me to do all those things I dreamed about." {don't {nea; Never} forget the philanthropy bit}.
Why would I Leave a Trade 'Open' for such a long time that it Ebbs & Flows. I should be riding every wave whether it be up or down. Yeah! That's the way to do this.
I'll have my eyes glued to the screen and watch every single pip. That way I'll know Exactly how much MONEY I made & know when to flip."{I'm young, my heart is strong & I am resolute!}
Pi$$ on that 1 Minute Chart: I need Ticks.
2) 5 min:
"This works. Now I can see where it thinks it's goin'. I'm gonna &ape that Ticky thingy. woohoo Lambos and beach front here we come.....$HIT WTF just happened...."
3) 15 min:
"OK; that's a little better. Now I have more understanding of how much I will make on this one. F#ck that tick & minute $ht. I have arrived. (Do Not Erase Your 15 Min Charts! but you know what's coming...)
4) 30 min:
"Only matters {personally to me} 30 min before Major News."
5) 1 Hour:
"Holy $ht. Now I'm trading an 1/8th of a day {session actually} I'm getting good at this. Raise the Risk."
6) 4 Hour:
"Looks like we're headed toward some resistance. Maybe I should place one of those Orders I thought were for Real Traders? Limit In?
WAIT... Let me check my 1 Min Chart to see if that says Now is a good time to enter.
Wow; Glad I did that because it says we're continuing for just a little more. {pheww. that was close. Glad I know how to scalp.}
Need I go on?
Personality: "I am {honestly} Willing to learn." will serve you well in this realm.