Hey all,
Appreciate your patience.
As time allows, I will explain briefly (or in detail) in a few posts how I trade.
First and foremost, appreciate the fact that what works for me, or any other trader for that matter, will not necessarily work for you. Even though we are all human beings, there is a difference, and the main difference in trading is emotions.
So, with that being said;
Trading for me is a hobby or a means of passive income, as I have a fulltime job. Therefor, my risk appetite is not the same as every other trader. I am a longer term trader and stay in trades for days, weeks, and at times months. At times my a trade could be in the red for days, to the tune of a couple of hundred pips, BUT how you manage that trade to make money, an indicator does not tell you. I hedge my bad bets (thus picking up the loss). Eventually price will be kind to me.
If the trade is going where the prediction is, I add to my position (piggyback). I start of with a .02 position, and add a .03 position with every break of the previous day high or low.
Always bear in mind you could wait days for a decent entry, therefor lagging indicators are a few hundred pips too late. The eyedicator works best in that situation. Identify, predict, decide and execute. No fannying about.
Some traders watch 28 pairs (with arrows and all the bells and whistles) on 5min charts. They are super human ...... I am not. The most volatile pairs XAUUSD, XAUAUD, GBPNZD, GBPJPY and occasionally the the ugly one USDZAR, provide me with sufficient trades. You get to know them, you understand them, they become part of you, and you can predict what they are going to do. As I said, I piggyback winning trades. Why must I analyze another pair, if I already know where my current trade is headed? Does that make sense?
I look at the weekly and monthly charts on a Monday, thereafter only focus on the daily timeframe. Looking at lower timeframes is too much information (remember I trade longer term) . My brain freezes, my eyes get dizzy and my hair does the macarena.
All for now, next I'll follow up with some screenshots.
Take care and stay safe.
Kath
Re: Daily Timeframe SwingTrading Template
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