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Yesterday's chart/one trade per day
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Yesterday's chart/one trade per day

  #1 (permalink)
Brisbane, Australia
 
 
Posts: 95 since Mar 2018
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Yesterday's chart/one trade per day

Anyone conduct a technical analysis on yesterdays chart then open a position the next morning with a sl and tp? or is this a flawed and illogical idea within the real world?

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  #2 (permalink)
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  #3 (permalink)
North Carolina
 
Trading Experience: Beginner
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Favorite Futures: es
 
Posts: 644 since Nov 2011


This can be a viable way to day trade. The ability to integrate real-time information is an expert skill, as such it can be more difficult to day trade in real-time, actually. And, that can be especially true if you have more experience analyzing charts and not trading real-time. However, if you want to fully develop as a day trader then I would recommend to focus on real-time information and to use your trade thesis as your plan.

You probably want to use a larger stop and target if you trade with set/forget mentality. Another problem is at least without advanced order handling, you may not be able to respond to all conditions. One way to transition to more active day trading faster might be to plan out in advance how you will handle any given scenario developing and then stick to that set of guidelines.


Last edited by tpredictor; March 29th, 2018 at 03:18 PM.
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  #4 (permalink)
Prague
 
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Revan View Post
Anyone conduct a technical analysis on yesterdays chart then open a position the next morning with a sl and tp? or is this a flawed and illogical idea within the real world?

Im no expert by any means, but people I follow usually analyse past and postulate about three theories on what will price do. They also prepare entries and exits. If they are right they enter position in real time. Watch Trader Bite from Futurestrader71 if you are interested in this method

"Life is willingness to die."

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