Which Type of trading is suited to me???

[jimmysingh]

Hello, I am relativley new to trading. Currently using a demo account trying to get an understanding of the techniques and strategies that are involved.

My question is, I am a 22 year old software engineer. I work full time 9:30 - 5:30 however I am located at a computer all day and have the ability to look back and fourth at charts from time to time.
Which type of trading would suit me best? I don't know if I will be able to hold the concentration to scalp the market while trying to do my day job!
This then gives me the to short term swing trade, however I am not sure were to begin. Currently I am reading Beginners Guide to Short-term Trading by TonyNox Showbox Mobdro
Turner.

Could anyone advise me were to begin, some reading materials etc?

I know its a bit of an open ended question but any help would be great.

 

[dbphoenix]

Depends on what you want. If you want to trade, then by all means go with scalping intraday. OTOH, if you want to make money, then don't even think about daytrading, much less scalping, particularly if you can only "look back and forth at charts from time to time" (whether or not you can concentrate is not a consideration in these circumstances).

As for Toni Turner, no. Nor any other book. The examples provided in books are nearly always cherry-picked to illustrate a particular point. Otherwise they would serve no purpose. And that's fine as far as it goes. But what you'll see when you open up your charting program is not designed to provide you with what you saw in the book (or the video or the class or whatever). Study the market. Study the movements of those instruments in which you're most interested. How do they move? How fast? Predictably? If you don't know what to look for, that should be your focus, because if you don't know what to look for, you won't know it when you see it, and your "trades" will end up existing only in hindsight. Once you've studied your particular instrument or market and become familiar with how and why and when it moves, then a book may be of use to you to clarify what you've seen. Otherwise it's all just more guruspeak.

Db

 

[NVP]

Depends on what you want. If you want to trade, then by all means go with scalping intraday. OTOH, if you want to make money, then don't even think about daytrading, much less scalping, particularly if you can only "look back and forth at charts from time to time" (whether or not you can concentrate is not a consideration in these circumstances).

As for Toni Turner, no. Nor any other book. The examples provided in books are nearly always cherry-picked to illustrate a particular point. Otherwise they would serve no purpose. And that's fine as far as it goes. But what you'll see when you open up your charting program is not designed to provide you with what you saw in the book (or the video or the class or whatever). Study the market. Study the movements of those instruments in which you're most interested. How do they move? How fast? Predictably? If you don't know what to look for, that should be your focus, because if you don't know what to look for, you won't know it when you see it, and your "trades" will end up existing only in hindsight. Once you've studied your particular instrument or market and become familiar with how and why and when it moves, then a book may be of use to you to clarify what you've seen. Otherwise it's all just more guruspeak.

Db

Db is not a fan of daytrading ......but it can be done ....but as he says not for beginners or even intermediates ...it take years to get in that zone

so stay clear and step up the TF's a little ....

N

 

[dbphoenix]

Db is not a fan of daytrading ......but it can be done ....but as he says not for beginners or even intermediates ...it take years to get in that zone

so stay clear and step up the TF's a little ....

N

I daytrade myself. But then trading is my job. If someone can look at charts only "from time to time", he is not likely to find success trading intraday. The time would be better spent learning how to trade the daily chart. Perhaps those who post here would disappear less frequently if they were to alter their perceptions of exactly what trading is.

Db

 

[NVP]

I daytrade myself. But then trading is my job. If someone can look at charts only "from time to time", he is not likely to find success trading intraday. The time would be better spent learning how to trade the daily chart. Perhaps those who post here would disappear less frequently if they were to alter their perceptions of exactly what trading is.

Db

apologies Db .....I did not realise you still daytraded

N

 

[dbphoenix]

apologies Db .....I did not realise you still daytraded

N

Yep. I just stopped talking about it because I realized that by posting about daytrades and daytrading I was encouraging people who have no business daytrading to do it themselves. Unfortunately, there is a common perception that if you're not daytrading, you're not really trading. So the idea of trading a daily chart seems ridiculously old-fashioned. And so every few weeks we get a new batch of "traders" who want to know "how to get started". Not that t2w is unique in this regard. It's the same everywhere.

Db

 

[pigbear]

Yep. I just stopped talking about it because I realized that by posting about daytrades and daytrading I was encouraging people who have no business daytrading to do it themselves. Unfortunately, there is a common perception that if you're not daytrading, you're not really trading. So the idea of trading a daily chart seems ridiculously old-fashioned. And so every few weeks we get a new batch of "traders" who want to know "how to get started". Not that t2w is unique in this regard. It's the same everywhere.

Db

Not old fashioned but boring. More fun in getting multiple signals and blowing up your account.:smart:

 

[NVP]

Yep. I just stopped talking about it because I realized that by posting about daytrades and daytrading I was encouraging people who have no business daytrading to do it themselves. Unfortunately, there is a common perception that if you're not daytrading, you're not really trading. So the idea of trading a daily chart seems ridiculously old-fashioned. And so every few weeks we get a new batch of "traders" who want to know "how to get started". Not that t2w is unique in this regard. It's the same everywhere.

Db

agreed .........most beginners want to immediately sit at screens blasting out trades every 2-3 minutes ...........because it looks and sounds exciting.....

the teachers , mentors and broker houses love this naturally .....everyone wins...except the trader ...

start weekly / Daily charts ...then come down the TF's if you wish to ....but leave Day trading to experienced traders

for example the london morning session has been a real treat ...in fact 2 days in a row now the markets have been kind .....easy scalping ....but we both know this is a rarity and many times its really tough out there on the low TF's re chop etc .......so you need a damn good strategy and plenty of experience under the belt to handle it .....

N

 

[mason_ritter]

A lot of people who trade and have another job beside trading usually pick long term positions so they don't have to check them all the time. On the other hand, since you have access to a computer and you can use it for trading as well my advice is to test different strategies on a demo account and pick the one you find most suitable for your situation.

 

[NVP]

Yep. I just stopped talking about it because I realized that by posting about daytrades and daytrading I was encouraging people who have no business daytrading to do it themselves. Unfortunately, there is a common perception that if you're not daytrading, you're not really trading. So the idea of trading a daily chart seems ridiculously old-fashioned. And so every few weeks we get a new batch of "traders" who want to know "how to get started". Not that t2w is unique in this regard. It's the same everywhere.

Db

agreed ....its not for the inexperienced DB

 

[NVP]

A lot of people who trade and have another job beside trading usually pick long term positions so they don't have to check them all the time. On the other hand, since you have access to a computer and you can use it for trading as well my advice is to test different strategies on a demo account and pick the one you find most suitable for your situation.

trading higher Timeframes is the key....but naturally you make peanuts on lower trade volumes (assuming you follow sensible 1-2% capital allocations per trade) so you may as well be investing .......catch 22 :smart:

 

[schhathu97]

The examples provided in books are nearly always cherry-picked to illustrate a particular point. Otherwise they would serve no purpose. And that's fine as far as it goes. But what you'll see when you open up your charting program is not designed to provide you with what you saw in the book (or the video or the class or whatever). Study the market. Study the movements of those instruments in which you're most interested. How do they move? How fast? Predictably? If you don't know what to look for, that should be your focus, because if you don't know what to look for, you won't know it when you see it, and your "trades" will end up existing only in hindsight.
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[brittany]

Firstly, i have been here a few weeks, now keeping an eye on things on posts etc, based on what I think to be worth posting or my opinion on things. This is not bashing or slandering, its going to be a collection of information on why we have cosmetic MTX and what you can do about it.
This is a big read, So grab yourself a tea or preferred beverage and ready yourself..

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Showbox

 

[hatemypips]

Firstly, i have been here a few weeks, now keeping an eye on things on posts etc, based on what I think to be worth posting or my opinion on things. This is not bashing or slandering, its going to be a collection of information on why we have cosmetic MTX and what you can do about it.
This is a big read, So grab yourself a tea or preferred beverage and ready yourself..

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Showbox

Didn't get anything from your message. Are you robot, spammer or trader which got emotional trauma after losing money?

 

[FXX]

Hello, I am relativley new to trading. Currently using a demo account trying to get an understanding of the techniques and strategies that are involved.

My question is, I am a 22 year old software engineer. I work full time 9:30 - 5:30 however I am located at a computer all day and have the ability to look back and fourth at charts from time to time.
Which type of trading would suit me best? I don't know if I will be able to hold the concentration to scalp the market while trying to do my day job!
This then gives me the to short term swing trade, however I am not sure were to begin. Currently I am reading Beginners Guide to Short-term Trading by TonyNox Showbox Mobdro
Turner.

Could anyone advise me were to begin, some reading materials etc?

I know its a bit of an open ended question but any help would be great.

I trade intraday while working a full time job (in the IT industry also). I trade news and fundamentals (no charts needed). You can plan your trades around the economic calendar and do research outside of work. All you need is a news feed running on your desktop and trade off your mobile.

 

[J_C_Anderson]

It seems to be a quite difficult to trade without charts, especially intraday. I have seen only a few people able to do this, and even they were using quotes on watchlist to understand the price movement. Sometimes trading without charts could be suitable for mid- and long term trading based on fundamental ideas.

 

[NVP]

Yep. I just stopped talking about it because I realized that by posting about daytrades and daytrading I was encouraging people who have no business daytrading to do it themselves. Unfortunately, there is a common perception that if you're not daytrading, you're not really trading. So the idea of trading a daily chart seems ridiculously old-fashioned. And so every few weeks we get a new batch of "traders" who want to know "how to get started". Not that t2w is unique in this regard. It's the same everywhere.

Db

agreed .............I daytrade now as i have more time to do it ....wouldnt have dreamt of it when i was doing 14 hour days as a consultant ..........but it did go up the TF's to keep my hand in

 

[NVP]

Firstly, i have been here a few weeks, now keeping an eye on things on posts etc, based on what I think to be worth posting or my opinion on things. This is not bashing or slandering, its going to be a collection of information on why we have cosmetic MTX and what you can do about it.
This is a big read, So grab yourself a tea or preferred beverage and ready yourself..

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Showbox

Decaf tea brewed ......sitting waiting dude

 

[NVP]

I trade intraday while working a full time job (in the IT industry also). I trade news and fundamentals (no charts needed). You can plan your trades around the economic calendar and do research outside of work. All you need is a news feed running on your desktop and trade off your mobile.

nice .....

I used to do the odd dirty trade when i worked in an office .....used a backdoor through the firewall to get charts up .....but generally was still too busy to make it worthwhile.....

 

[hatemypips]

try the features auto trading from your brokers. might be helpful.

What do you mean under auto trading? Could you please cite any examples? Is it same as passive investing like Pamms?