Learn One Way to Trade and Stick with it?
Hey Andy! My plan has been to learn one way to trade and then stick with it. I would even prefer to learn to trade in a single market in order to simplify my life. What do you think?
I think you won't be trading very often, and if you do, you will end up being a loser.
When the market environment is not favorable for longer-term trading techniques, you should consider short-term trading techniques as a way to generate profits. When short-term trading techniques are not working, you should consider longer-term trading techniques.
A well-rounded trader needs tools for trading in up markets, down markets, trending markets, and sideways markets. Successful trading requires a variety of strategies that work in different market environments and a technique for selecting the most appropriate strategy for the current market conditions.
If you have a limited toolbox, you may find yourself sitting on the sidelines, or worse, experiencing draw-downs for extended periods of time. If you trade only long or only short positions, you are limiting yourself to trading only under certain market conditions. This may also be true if you focus exclusively on swing or intermediate-term trading techniques.
Once you have a toolbox to produce setups for different types of markets, the next step is to vary your trading style — long-term, swing, or short-term — based on market conditions. Intermediate- or long-term trading works best when the market is in a clear trend. Swing trading works best when the market is oscillating in a wide base, or trending. Short-term trading techniques may be used in narrow or wide bases and in trending markets. It is generally best to use the longest-term technique that the current market conditions allow.
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Hello Andy and thank you for your informative note on trading. For some time now I have had a passive interest in trading on account of various life issues. As a result, I have not actively pursued any trading education but rather have kept the idea in the back of my mind until such a time as this. For the last number of years I worked my own small two room Airbnb here in Kilkenny, Ireland. This I enjoyed immensely while making a tidy income from it. Things have obviously changed and I am now considering trading in order to learn a new skill, earn an income and build up a nest egg. I am 62 years of age. Subject to hearing from you I suppose the best thing to do at this stage is to immerse myself in your videos and wait for you to get back to reply. Kind regards.
please get in contact with me via email. It makes it easier to talk about personal recommendations.