Managing Trades

I've come across something that might actually work to fit my work schedule! Basically, my strategy is pretty much a break out of support and resistance along with occasionally trading harmonic patterns for counter trends. Pretty much, the trend is your friend and I'm sure if I spent a lot of time at the computer then I could probably do a great amount of milking but I think it's something I could sacrifice as long as I make a decent return off of this market. I would probably be ending up profiting with little bits of chunk change during every trade if I focused on trading for long periods of time each day! By spending only about a couple minutes each day, I can setup a great return which is an astronomical reward compared to the level of effort I'm putting into it. The saying work smarter, not harder is a great adage to apply in my daily trading career.

Basically, I've found that the market will have these large swings on a daily basis and enough trending to potentially make a really good return! I'm basically now reading my charts with relevant moving averages and powerful indicators that form patterns in the shape of creatures like bats and butterflies. I'm really excited about the opportunities that might now pose itself. I'm also using another neat indicator that I have overlooked for awhile- candlesticks. These candlesticks really help in determining the market sentiment of whether it's going bullish or bearish. In my opinion, interpreting them properly is the main driving factor in determining price action along with using moving averages to help filter out very choppy markets. They don't always work, but it helps prevent drawdown to the account.

I believe that trading is a really risky activity and possibly the safest one is to go for the long haul investment which will be pretty slow in depleting a person's account. It's all about how much a person could afford to lose in a reasonable way. The next step would be then to develop a trading arsenal that suits the person's personality; this really takes a lot of hours of hard work to really come up with a profitable system that is suitable for one person only! It doesn't to hurt to obtain the best help along the way, or to get somewhere the best you can.

Therefore, my trading style and methodologies from all this time of practicing and studying this market suits me the best and is the most profitable when I'm doing it for myself. Whereas if I were to manage people's accounts then I could end up with some really angry clients because they might not agree with how I conduct trades and disturb my own focus. It would be all dainty if people never lost trading in the markets but there are those trades where the acceptable thing is to exit and take a loss. This is where money management strictly comes into play and where everybody has their own personal temperament and feelings about the market. I have stress that money management is the most crucial element to any trading system and is what will make or break a system. The risk to reward ratio should at least be 1:2 with risk coming from stop loss- this is the best way to trade in a very volatile and incredibly risky market. My system allows me to be right a little more than half of the time while at least doubling profit I put into the market. This allows for a decent amount of money each month and possibly become my main income for only spending minutes a day in the market. I can live with this financial opportunity and experience a fuller life that's more meaningful with friends and family. It's all in the dream that's kept me going!