Plan for a Part Time Swing trader?

[luckyluciano]

Quote from jack hershey:
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With this system, expect each trade to last 4 to 5 days on average, with a 10% return per trade. You can double capital 6 times a year. [/B]

This sounds like every traders "pipe dream".

Doubling your money once per year is not enough? You have to revolutionize the trading world by doubling more than this?

To the OP.....

I hope you realize the ridiculousness of this authors quacky post, therefore stay away from all said authors advice. Anytime someone posts garbage like this they pollute the thread and perhaps the entire forum. Don't fall for such obvious scams. They should be banned. Frankly, it's insulting. Most come here for serious discussion. Unfortunately it often is hard to find.

 

[buwa84]

Each evening you check your lists by viewing lists and stock charts.

You will notice that a sub set have turned from short to long the day before.

Judiciously you choose the stocks with the highest rank (a term for money velocity).

You also look at what you own. A stock or two will be peaking (unable the continue to make much more money).

You write down what stock to sell and what stock to buy.

You do not make all the trend money that is possible. Of a 20% move in 5 days you only make 10%. Settle for that.

After a while you will notice other factors of trading:

1. your trades are doing well since you enter late and leave early.

2. You will notice that the length of the trade is shorter and gives you more compounds a year. The increased compounds is better than getting best entries and exits.

3. You will notice you can not worry since your Universe is high quality.

4. you could set stops, but you can have your broker do wash trades for you instead. This eliminates drawdowns.

In general there are several stocks every day worth buying. Best entries are not a requirement. Late entries give the best peace of mind for unconfident people. Make a choice to learn to learn how to be confident as a goal. Making money takes care of itself.

One great learning in trading is to learn to tell the difference between a retrace and a reversal. You may not know that as yet. Most posters do not. You can either search and find out the corrct definition or you can figure it out according to your learning process.

I worked for five years while trading this way. 2 and 1/2 years into trading my salary and commissions were about equal. I kept working to add money to my account and I travelled to Europe each summer vacation (Itook an extra week each year).

Hi jack hershey,
Great advice. I'm in the same boat. Part time trader from Toronto with a fulltime job.

When placing trades what sort order do you recommend. Stop Limit orders ?

These are what i use currently. I set the trades up the night before. I usually try not to trade during the day because at work it can distracted and i find im in a rush.
Hence whats the best way to set up trades the night before

 

[jack hershey]

Hi jack hershey,
Great advice. I'm in the same boat. Part time trader from Toronto with a fulltime job.

When placing trades what sort order do you recommend. Stop Limit orders ?

These are what i use currently. I set the trades up the night before. I usually try not to trade during the day because at work it can distracted and i find im in a rush.
Hence whats the best way to set up trades the night before

for timing, I believe you need to trade in the fast lane.

Harris notes the role you play among the 32 options he lists. As a parasite, you are scoring the market cycle of the stock. your goal is to frontrun those to whom you are a parasite. By frontrunning, you get pushed in the forward movement of the cycle.

So in the am you have a 1 1/2 hour lead in time before the turn occurs on that am. My habit is placing orders within 15 minutes of open for stocks. An Excel sheet is a good way to operate and its columns can be set up to differentiate among the choices to always be using the highest money velocity stocks.
volume leads price by an hour and 1/2 when you are doing position trading and rotating streams of capital.

If I am at 100K shares the ratio of entry to exit is about 20 to 30 in partial fills where the partial fill size in just under the max block sizes going through. I usually ast to get cash for an entry. If you think of momentum and physics, entering late and leaving early makes for doing rollowvers and just riding the high velocity parts of the curve.

The BO trading of CW is so trady that it often looks like about half of the potential profit is lost on any given trading hold. See those who are drawing the imprpoer lines elsewhere.

 

[dealmaker]

Hi EliteTrader members, I am a beginner wanting to get into swing trading. I currently hold a full time job in Toronto, so I cannot trade the North American markets during work.

So I am thinking is it a good idea to trade the Hang Seng markets after work? They open a few hrs after I finish work.

Thanks in advance for any advice,

There are no part time traders! You either trade for a living or you have a hobby...

 

[buwa84]

Im still paper trading and trading with a very small balance... But in the near future i'm planning to $5000.00 start with. Do you think this is enough and what stock prices it best for this capital ?