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DislikedHow many trends do you look to enter per currency (eg usd/??) to stay diverse? Hope everyone doing well.Ignored
Youre making all these decisions on the fly.
If you hesitate too long, you could miss a trading opportunity.
But does the stress comes from trading only?
I doubt so.
Heres why:
If you have a full time job, youd bring work related stress to your day trading endeavor.
And for those with family and kids to attend to..
Would you want to risk your trading capital while putting your kids to sleep?
Forget social life
Imagine this:
You work from 8 to 6 everyday.
You head home and eat your dinner.
Then you open your trading platform, and trade till the wee hours before going to bed.
The next day you wake up, and rinse repeat all over again, from Monday to Friday.
Slowly, you start to neglect your family, friends and loved ones.
Is this what you want?
I wouldnt wish that on you.
Youve work hard at your day job, and when you get home, youre a slave to the markets.
It could be a consolation if youre consistently profitable.
But what if youre consistently losing every night?
You lose your family, friends, loved ones and your hard earned money. A horrible risk to reward if you ask me.
However if you dont mind the stress and not having a social life, transaction cost is still a major issue.
My suggestion would be to get a job in proprietary trading, or lease a seat in a trading arcade. Youd lower transaction costs and also have interaction with other traders.
But what if you dont want that?
Trade the higher time frame
Now:
You know day trading is not as glamorous as it seems.
You incur insane transaction costs which erodes your trading edge.
Not forgetting the increase in stress and lack of social life.
But what if you still want to be a trader?
Then consider trading the higher time frame.
Advantages of trading the higher time frame:
1. You will have lower transaction cost as your trading frequency is reduced.
2. Your transaction cost have little impact on your risk to reward ratio.
3. Youd be less stressful as you do not need to constantly monitor the markets.
4. You have more time for the important things that matter like family, friends and loved ones.
To understand the pros and cons further, go read Day Trading VS Trend Following, Which is Better?
Now..
If you have decided to trade the higher time frame, there are few ways you can go about it.
You can choose to be a swing trader or position trader.
Swing trader
Position trader
You may wonder:
Can I be both?
DislikedThanks Rayners for uploading new videos. These are just basic videos but helpful to recall the concepts.Ignored
DislikedTotally agree with you Fartist. . Would be a dream come true though to give up the job to trade.... maybe one day. Keep on keeping on learning!! Anythings possible so they say.Ignored
DislikedLooking for Entrys on 5 Pairs next Week: Silver GBP/AUD GBP/CAD AUD/USD NZD/USD Very strong Trends, Stop Loss ATR 200 or EMA 50Ignored
DislikedHi everyone, i'll like to wish Rayner and all Singaporeans here, a happy SG50!Ignored