Every so often, I like to concentrate on one type of trading only for the day. It helps refresh my skills in that particular area. Most days, you are scanning the markets for various types of trade (resistance points, scalps, swings, moving average) etc and it can get pretty frantic. It's hard to keep track of how well you are doing on each style of trade so I think a day of specialising is useful.
Today, I'm going to trade the previous resistance points. Read about trading resistance points here.
If I spot a different type of trade (eg. a swing trade) I'm going to resist and sit it out as I just want to spend a day specialising. If there are no good opportunities in the race, I'll sit it out. Not sure if it's going to be a quiet day but as I say, I think it's useful now and then to take a step back from the madness and focus on one particular strategy.
I'm going to set a stop loss of 4 ticks and won't move it under any circumstances.
The daytime racing is set out nicely as it's 15 mins apart and all of it is on the one station. Not sure if I'll get to do much evening stuff but I'll certainly cover Wolves and Southwell.
Ludlow (Weds)
18 hours ago
Posts
Hi Wayne,
ReplyDeleteHow do you know when to scalp or swing trade ?
Is it for solely based no the chart ? If there's a trend then you looking to swing trade, if the chart shows that the horse is being traded in a certain range then you go for scalping ?
Cheers
Hi Ricardo - every market is different but generally speaking, if the market is steady an non-volatile, I will scalp trade.
ReplyDeleteIf it's a volatile market, I will try get a swing trade in (keeping tight stop losses just in case).