Over the past week, I’ve been wanting to perfect my trendline and support and resistance game. I’ve been drawing up my charts and I think I’m improving.
My goal is to place trades, go to work and about my life, and then come home with my trades having been closed out or closing them out once I get home.
My question is, if I do this, what is the best time frames to mark up your charts for a potential all day trade (swing/day: not sure which one this would be classified as)? I have been living on the 15, 30, and 1hr charts, but I been getting wicked out on my trend trades and have been entering too late on breakouts. luckily Ive been trading a demo account, but I want to get better at entry and exit so that I can set it and forget it. Eventually I want to trade full time, but I’ll be starting off with 1k capital, so it’ll take time to build it to a level where I can work from home.
It is good that you have a concrete plan of action and you clearly understand what you need to do in order to achieve your goals.
It’s really cool and it means that you can become a real professional who knows the market perfectly and who copes with difficulties without emotions…
sorry for responding so late, I think I’d been setting my stops too tight with respect to my support/resistance levels. I’ve since finished the school of pips and had my first profitable week last week (still on demo, of course). Still hammering out my strategy. But basically, I wasn’t taking time to analyze the markets.