Beginners question

[StevieP]

Since I am new to trading I would appreciate feedback based on your experiences.

When beginning day trading which strategy would be better for me to first employ?

Assuming I make a correct entry which would I be better off doing?

1) leaving my early profits exposed even if retracting, in hopes that the overall trend will bring bigger profits?

2) Just take the smaller quick profit if they come, even though I might miss out on greater profits?

I have read so many times let your winners run, but I don't trust that with my lack of experience I will be able to tell correctly if bigger profits will come and will end up just watching my gains turn into losses.

Thank you in advance for your answers

 

[monty21]

Quote from StevieP:

Since I am new to trading I would appreciate feedback based on your experiences.

When beginning day trading which strategy would be better for me to first employ?

Assuming I make a correct entry which would I be better off doing?

1) leaving my early profits exposed even if retracting, in hopes that the overall trend will bring bigger profits?

2) Just take the smaller quick profit if they come, even though I might miss out on greater profits?

I have read so many times let your winners run, but I don't trust that with my lack of experience I will be able to tell correctly if bigger profits will come and will end up just watching my gains turn into losses.

Thank you in advance for your answers

You need to develop your own strategy, one that suits your personality.

If you read about a strategy online or in a book, chances are it no longer works.

In terms of taking profits as a day trader, it depends on the range and volatility on that particular session. If the mkt is choppy/sideways, take smaller profits. If mkt is trending in one direction, try to hold for a larger gain. In all honesty though, the mkt rarely just trends all day. I prefer to take smaller gains with bigger positions.

 

[piezoe]

Be careful. You'll get lots of responses, no doubt, some helpful and some not. But those most free with advice are often not the best ones to listen too. There are some exceptions, of course, but unfortunately most of the good traders who post here seldom are inclined to take the time to coach beginners. If you read avidly the threads here and as many good books on trading as you can find (V. Sperandeo's book published about 20 years ago is one of the better ones) you will gain the background to start learning. Another way to learn is to find a successful mentor who will teach you, but that can be expensive too. In any case, good luck, and please don't trade on hope. That will result in losing money.

P.S. Monty's advice above is good.

 

[StevieP]

Quote from monty21:

You need to develop your own strategy, one that suits your personality.

If you read about a strategy online or in a book, chances are it no longer works.

Oh I agree. My choice of wording was poor. I meant which strategy between the two choices below, not trading strategy.

In terms of taking profits as a day trader, it depends on the range and volatility on that particular session. If the mkt is choppy/sideways, take smaller profits. If mkt is trending in one direction, try to hold for a larger gain. In all honesty though, the mkt rarely just trends all day. I prefer to take smaller gains with bigger positions.

Thanks that will be helpful and the kind of insights I was looking for when asking.

 

[StevieP]

Quote from piezoe:

Be careful. You'll get lots of responses, no doubt, some helpful and some not. But those most free with advice are often not the best ones to listen too. There are some exceptions, of course, but unfortunately most of the good traders who post here seldom are inclined to take the time to coach beginners. If you read avidly the threads here and as many good books on trading as you can find (V. Sperandeo's book published about 20 years ago is one of the better ones) you will gain the background to start learning. Another way to learn is to find a successful mentor who will teach you, but that can be expensive too. In any case, good luck, and please don't trade on hope. That will result in losing money.

P.S. Monty's advice above is good.

Thank you

 

[StevieP]

Sorry for the confusing wording in the opening post. I just wanted to make it clear, I am not asking for suggestions about anyones trading strategy, but rather opinions based on your experiences about the two choices I listed for an exit strategy .

Thank you