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RE: Daytrading vrs Position Trading, which will make you more money?

in #trading7 years ago (edited)

How far back into the chart did you look into?

You should view the bigger story of the chart by zooming out to at least 1 month, preferably 2 months, to make a better informed trade and if you're not seeing the bounces from cracked bases on the larger view then you know not to even take the trade.

I recommend the following approach:

  1. zoom out 1-2 months
  2. draw your bases (and take note of the average drop/bounce from that base)
  3. set your alert to under the most recent base that you drew
  4. if/when the alert goes off, add layering buy orders based on the average drop/bounce length
  5. if/when some/most/all of your buy orders were executed set your sell order at or a bit past the base

Rinse and repeat until you get bored from making money from the market 😂

Hope this helps 🙏👍