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Not sure Big Mike still considers himself a day trader. He now is a proponent of big charts, Daily 240 minutes, he says his lowest chart now is 60 min. I would assume with these size charts you would have to hold overnight and/or perhaps multiple days. That would fall more into the swing trading category.
I think that generally people lose their money coz they dont have a good system, dont let their profits run and overtrade.
All i know is this :
as a newbie , having read books over 5 years , investigated systems , methods and indicators and using sim , and then going live coz i thought i had a clue!- i learned so damn quick that i didnt have a clue , i lost 25% of my stake in a pretty short time and have learned more in that few months than over the whole last 5 years. now i am holding my own and clawing it back bit by bit .
i think advice is a dangerous thing even from the wise to the wise so i dont use it , i will live or die by own system and you will too!
This is too funny... I feel exposed now. I just started a journal for the March challenge. Well, I am still slightly profitable, but who knows what may happen and I may be forced to sell my indicators for food and gas.
