I was wondering the same thing. As a new trader I still don't know if i prefer scalping or position trading. I have a lot of free time so i think i can do scalps, but i don't want to sit in front of a computer screen all day. i hope someone can shed some light
Im with Pglizzy, but on the other extreme. I can't get me all that free time, plus I need my beauty sleep (don't want to be up in the wee hours of the night watching the charts), so the long term trading interests me.
Well, it is definitely not encouraging to keep on watching the charts the whole day, just looking at the movements, but that is fine if you do it part-time, just for a few hours in a day. Well, if I have some capital, I would try both...
as a position trader,u need to understand the fundamentals,i mean reading the markets and news feed,also you have to master money management skills to keep you in a comfort zone...
you can check this site for lessons from an experienced position trader-pipeasy http : / / w w w . forexfactory . c o m /showthread.php?t=245149
Last edited by lyondegreat; 05-02-2012 at 11:25 AM.
I am trying to move from day trading to position trading.
Day trading has its drawbacks.
One of the major issue is entering a few positions a day.
The second part is not holding for the maximum pip potential of a trade. Most of the time, I realise my TP is 40 to 50% of the entire move. There are times where I cut of with 20% of what it actually gave. This tends to interfere with my risk and also my Risk to Reward ratio.
I tend to rush into signals at times also. This is not very good when the SL is on the immediate LL.
I am working on progressing to taking and holding trades for longer periods of time.
I am planning to draw another MM chart to support the current one and start with 100 dollars as capital risked. This way I think I wont be changing anything to drastic, at the same time, try to swing trade on the same account.