How to shift to swing trading?
- Thread starter Elison0
- Start date
Maybe you should clarify the methodology/process and why to shift to get better answer. People can only assume your methodology/process is exclusively applicable on intraday and the reason to shift is due to scalability (highly unlikely because you capital must be big to impact the price) or simply to diversify (which I don't see the issue to apply the same methodology on intraday timeframe and on daily/weekly timeframe unless your methodology/process is exclusively applicable on intraday).
Try to learn the chart properly because if you can read the chart well, you can follow any type of trading approach.
How do you model the spreads?
Trade on demo trading and measure your performance and trade with big targets on demo account. Don’t jump into live trading as long as you are not consistent in demo trading.
Consider trading options for swing trading, taking advantage of some sort of near-term volatility event. Consider adding some fundamental analysis to support your speculation. Manage your trade early.
I suppose you need to test yourself if swing trading style is for you to begin with. Cuz I know traders that trade intraday on smaller timeframes and I know traders who can perfectly read D1 or W timeframes.
But the thing is that I don’t know traders who can do both of these trading styles equally well.
It’s two completely separate trading modes and you need to fit in to be able to trade them profitably.
But the thing is that I don’t know traders who can do both of these trading styles equally well.
It’s two completely separate trading modes and you need to fit in to be able to trade them profitably.
You can personally contact a swing trader and ask for some ideas from him. Practice new strategies on demo account first and measure your performance.
For swing trading you need to have endurance and be able to hold orders open for a long time, allowing profits to grow, which is not the case with scalping. Therefore, here you need to change your psychology and forget about quick deals, be sure to study fundamental analysis and consider trading on higher timeframes.
If you are a successful scalper, than why change?
If you are an unsuccessful scalper than why change to something that increases your risk?
The fastest way to learn trading is to learn scalping. Chart formations and opportunities look the same as on longer timeframes, but appear faster. Money- and risk management is the most rigorous an unforgiving.
Just DO NOT CONFUSE scalping with high frequency trading. High frequency trading leads to overtrading and makes you lose in the long run.
Real scalping is LOW FREQUENCY, high precision trading. Taking only high quality setups.
About 3 trades within a 2 hours window per day is completely enough.