I’m really fortunate that I get to interact with traders and investors from all over the world on a regular basis. I receive emails with great questions all the time. And while I’m happy to share my thoughts, it’s these questions that really help force me into thinking about a lot of different things. So I’m learning every single day from this simple exercise. Please keep them coming!
Here is a good example of some of the questions I get. This one comes along quite often, in fact. So I wanted to share it with you and include my response.
For purposes of this post, we’ll call him Questions Mcgee
I spent 20 years on the street as a deep-dive fundamental kind of guy and have immersed myself in technical analysis over the past 2 years (some old dogs are still willing to learn new tricks). If I could do it all over again, I’d probably skip the fundamental part! Anyway, as a TA newbie, I struggle a lot with time-horizon. I seem to stop myself out a lot just to see a trade continue on in the direction I saw in the first place. my main screen has Monthly, Weekly, Daily, and 65 minute charts, so you can see some of the confusion! I have tried day-trading and realize that I’m not very good at the lower time frames. I go back and forth between whether I should be a swing trade, position trade, or some combination. Anyway, would love your thoughts.
Hey Mr McGee,
You have no idea how often I get an email exactly like what you just wrote. Trust me, you’re not alone.
I think this explanation I wrote can help: Entry & Exit Points
Regarding your “Main Screen”, have you thought about not having all those charts up all at once? Instead having a workbook of weekly charts that you go through. Then having a workbook of monthly charts? And so forth…
I am not a good day trader either. Don’t worry. Few people are. How many old day traders do you see? There’s a reason for that.
For me, finding one specific time frame works best for execution, but in the analysis I use multiple timeframes. Feel me?
Personally I want to make (and keep) money this quarter, in the coming weeks and months. That’s it. I don’t care what happened today. I don’t care what happens later this year.
Once I realized that and stuck to it, life has been so much better in every single way.
I can’t answer for you what time horizon you’ll decide, but hopefully mine can add some inspiration
I hope this helps
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