Trading longer time frames

I think we can draw the conclusion that day trading is mostly attractive to young people. As they get older, day trading might seem to be more of a burden, as they have to put in a lot of "screen time", and spend less time with family etc.. Eventually they realize they can have their cake and eat it too when they go for the mega trends that dont require sitting in front of a computer all day and doing more of what matters to them.

cm69
 
Quote from candeo:

I di not know much about Steven Cohen, so did a little bit of research and found this:

http://www.businessweek.com/magazine/content/03_29/b3842001_mz001.htm

Very interesting. Not sure though that I want to fight against these kind of guys and try to make sense of everything that happens in a trading day. When you read this you realize what really moves the market and that most indicators are probably worthless, especially on very short time frames. Just my $0.02.
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Forget about fighting against the Cohens of the world.Try taking the other side of his option trades for a living.That was one of my functions when I worked at an investment bank on wall street..
 
Quote from KK70:

The last line sums it up rather nicely -- "A rich and fulfilling life outside of trading might just be the best trading strategy of all."
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Certainly true! :)
 
Quote from austinp:

<b>candeo</b>, small to medium sized (relative to market = symbol) accounts are more efficiently traded short-term IF the trader has sufficient skill to make it work.

Longer-term charts, i.e. daily and especially weekly are great for swing and position trading. Fewer opportunities per month/year, but allows more time to scan wider universe of symbols for potential trades.

Some daytraders have the perception that holding futures positions overnight incurs more risk than day trading. That is almost true, except a vast majority of day traders go broke in many small bleeds while trying to avoid the one highly unusual artery bleed event.

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At first, day trading seems fun and exciting. After awhile, it becomes tedious and boring most of the time, except when price action is moving. After exactly seven years of this next month, I can see a time in my future where weekly charts and swing trades will be the bulk of my trades.

Currently short ER 790.00 = stop 790 w/price at 787.8 and short ES 1400.25 = stop 1401.25 and waiting (im)patiently for resolution as I cruise this site.

I'm a perfect example of the bored intraday trader... successful, but bored. Thank God for you guys here to visit with while watching charts thru seemingly endless hours!
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I think it will ultimately be more important to me too but for now I don't mind.

HSI is open for 4.5 hours a day (2 hour lunch in the middle) so I just look on it as "work." Still has no boss but my own success but who really objects to 4.5 hours work a day with no commute. I might just trade the first session on days when it seems too much.

But the equation for day trading is too good to ignore for most of us. I can take 8 to 10 trades a day with good expectancy and risk x% of my account on each. If my expectancy is 2 then that gives me a daily outcome of 16x% to 20x%. Thats every day. Hard to achieve with swing trading.

And I enjoy watching fires, rivers, and the markets. Just let go and enjoy the flow Austin :)
 
I trade Forex and the most recent breakthrough in my trading was the discovery of only taking trades short term in the direction of the long term bias. I had read about it, but finally it hit home!
 
Quote from ElectricSavant:

I trade Forex and the most recent breakthrough in my trading was the discovery of only taking trades short term in the direction of the long term bias. I had read about it, but finally it hit home!
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how do you define long term bias??
 
Heres a question-scalpers aside, how many "big" 10+/1 trades do daytraders have? (that risk reward is just an example, and im assuming futures/leverage generally)

Is it reasonable, to suggest longer term traders have more of these "chunky" return trades generally, disregarding costs?
 
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