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This is what I found also. Day trading for myself at least required too much of my time and was too stressful.
I’m using the same set ups as I did but on a longer time frame. I have all evening to do my scans, can set up trades before the market opens with stop limit orders and attach my exits.
I trade mainly the long side as Canadian tax law treats short trades as income and long as capital gains. I use the reverse ETFs to play the short side.
I do 2 initial scans for my main watch list. I scan the market for stocks in an uptrend and also a scan for strong fundamentals. I combine these 2 lists then scan them for set ups.
A set it and forget it system. The market takes me in to a trade and once in I will manage the trade once a day by adjusting the exits.
I attempt a 1 to 3 risk to reward ratio and experience around 37% wins.
Yes I swing trade in ASX with primary instrument CFD and some equity where cannot get the stock thru CFD broker
I trade both short and long and am essentially position trader (EOD) . Time Frame daily whilst using weekly for primary trend reference. Have been trading for 4 years and am part time trader only. Spend couple of hrs most nights but give myself a break Tuesday night (don't bid Wednesdays).
Discretionary trader but to defined rules around capital and money management, R/R, set entry, exit points, and run initial stops etc . Time in varies -- one strategy I have max period of 6 days where others I will decide to trail or force exit. Turn over about 100 trades a year but am not beyond going to cash (out of market) for a couple of months if I sense better to be out for a while.
deaddog, and what happen with your initiative of swingtradingstocks thread?
When i start in the trading life, i start with swing trading stock, but so quickly i move to options, futures , looking for leverage and quick earnings and i lost most of my capital
Now when i am trying to learn to tradefutures scalping, i am giving value to non leverage, because risk
also i was surprised the other day when i read that bigmike did not trade cl anymore, and the favorite instrument to trade stocks, and then i have re thinking about instument
alejo
La lucha es de igual a igual contra uno mismo
The fight is fair against oneself
Mainly am into ES. But every couple of days or weeks I do get into swings at the same time. Swings are either into equities or volatility. I don't use an DM tools...so have an eye for few equities or something which makes a big move per my criteria playing for 5-30% move in my favour. Also am quick to cut my swing if I realize that swing entry is not good.