Trading horizon is actually very important as well.
If your inclination is towards long-term position trading alright, it will typically take you a lot more time to finally know how good you are because it would take a long time to execute a number high number of trades.
So for new traders who want to learn and be able to go through the process of analyzing, execution, review, analyze, execute, review more frequently, my suggestion for most people is to start with more off swing trading.
That means you get into a trade, your strategy should allow you to hold the trade for about one week, two weeks, up to a month that kind okay because when you go with that kind of horizon, you tend to have more chance to execute and go through the process of analyze, execute and review.
So the more times, more frequently you go through that, the faster you learn okay.
But at the same time, you might say so how about I do intraday trading?
Does that mean that if I do intraday trading I will learn much faster than swing trading?
Yes potentially but for intraday trading, do you have the full-time effort to do that? Most people don’t.
So if you don’t have a full-time effort, it’s very difficult to do intraday trading.
So for example, if you are working, you are in an internship, you are studying, swing trading would probably be the most ideal timeframe for you to practice frequently enough to learn but not so frequent as in you need to commit a full-time effort to it.
Interested to receive mentorship opportunities like this with Philip?
Find out more at traderwave.com/innercircle
Latest posts by Philip Teo (see all)
- How can I prevent myself from over-analyizing a trade setup - May 23, 2019
- The importance of exercising patience as a proficient trader - May 21, 2019
- How much capital base should I start trading with - May 16, 2019