time frames and strategies, page-5

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    My advice is to do with money management.

    Keeping solvent.


    Take VERY small positions until you are comfortable with whatever style or system you are using, and it is not losing money.

    Longer time frames which can swing over larger ranges within an overall trend do require a larger stop loss point to allow the position to stay open, so you need sufficient reserves to cover margins, but you must have stop loss/ get out strategy for when you get the trend wrong.

    If you do want to short term trade/ day trade,
    again you can do it in a less nerve racking manner by taking SMALL positions with a tighter stop.
    You will lose money on some trades, so realise that and be confortable with it. But the overall idea is obviously to have a net positive outcome over a series of trades.

    Getting your mind sorted is a most important component.
    So again, take small positions so the financial outcome is not stressful and try to be unemotional about a win or a loss.

    Getting the PROCESS correct is what you want to do.........Quite easy to say but difficult to manage.

    But take the pressure off yourself and learn along the way.

    All the above is very general & sounds a bit condescending.
    But its not meant to be.

    Nobody can tell you precicely what to do with any guarantee of success.

    You do need to work it out for yourself using something that suits YOU.
    As you have already been using a system for 10 years,
    you are already well on the way.
    Do something similar and see how you go, but only use small change while you find your feet.

    Cheers

    Bendigo

 
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