Scenario, new trading day begin , spend 1-2 hour on 1 or 2 chart for analysis and then place pending order , set 1:1 RR TP and SL and completely forget about it, Check the result next day.
Market order and monitoring is not allowed because we are trying to be lazy, set and forget trader.
Strategies
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- Swing High/Low breakout
- Other major support/resistance breakout
- Buy/Sell limit in trending situation
- Swing high/swing low reversal (using buy/sell limit)
- Other support/resistance reversal
Any other ideas?
You do realize you can test this without needing to ask a forum if it will work.
Also, what to you mean by "not allowed" ? Its as if you're saying you're going to be banned, arrested or fined.
It's impossible to forget because you know you made the trade and you know you placed a stop. You'll always have that trade in back of your mind. In fact, anytime you turn on your computer or look on your mobile device...you'll pull up a quote or chart to check to see how that trade is doing.
Once again, impossible to forget. Also, someone else made a comment that its called "investing"...it is
not because you're using 1 - 2 hour charts, you're using stop/loss and you have not described any investment reasons for entering the trade.
Investors get monthly, quarterly, yearly reports about dividends, earnings reports, shareholder meetings and such.
Regardless, even your broker will send you emails with your broker statements...price quotes and such. Simply, you will
not be able to forget about the Open trade position no matter if you're day trading, swing trading or
position trading.
wrbtrader
Should I send you a bus ticket to manhattan?
