Hey juliarr199 and
@rmrm06 . It would depends on what signals each trader uses . You need predictive signals in order to take a position and wait for a result . Many daytraders are looking for signals that they can react to - like breaking of a trendline on volume - or an unexpected announcement that changes the value of a share . Your way of trading allows you to take a position and rest, as you see it before it happens , rather than as it happening . But you have no doubt worked hard to work out what those signals are . You have to work hard to be able to rest . Everyone has their own signals that they have to manage , and different signals require different styles management .
The other thing to consider is the time frame that you are trading on. If you daytrade shares that you are confident that the larger time frames are bullish , this also allows you to rest .
I always have all my money in the market , and I homeschool as well . So at any moment I can stop watching the market , and revert back to depending on my longer time frames . It is also why I can hold overnight and over the week-end without fear. I only need to pay attention to the shares that are volatile ,or that I have particularly large amounts of money in - but it is mostly about the volatility. You daytrade the ones with movement . The most important time to watch is the beginning of the day .
The other thing that can allow you to rest is , work on your entries - so they are set low , and put your sell order in to sell at resistance, so that you can leave the screen . If you can't leave the screen , you are probabably in very volatile shares , and maybe you shouldn't be leaving the screen for those . Set your sell at a point that you are happy to take profit on . Who cares if it goes higher . So many stocks on the stockmarket . If you have a large wish list - for shares that you want to buy - but have no money for, the next bus will already be at the bus stop waiting for you to get on, ready to move to higher ground .
I tend to have around 8-10 stocks held at the one time. It increases the odds of something happening on those boring days . They don't need micromanaging, if you know where they are on the larger time frames . You only really need to watch closely the ones that have moved significantly.
. As your share moves up the chart it will put in support , as long as you are holding close to support below , you should be safe to not watch the stock . The only thing that you have to watch out for , is those unexpected announcements , but the chart will often give warning of those also .
When you do suffer unexpected losses , you have to have the belief that you can earn it back - you grow to the stage that your losses are disappointing , but not devestating . You won't have that belief that you can get it all back , until you have confidence in your signals .In the end it is your confidence that allows you to rest . You can't be confident , until you have put in the time studying charts , and feel you can read at least a part of a chart consistently .
Just a few things that have worked for me , and have allowed me to rest - the biggest being STUDY.
