Saturday, August 22, 2009

Trading is horses for courses

Perhaps the most important thing for a trader is to ensure that his or her strategy is compatible with their personality, their attitude to risk, their timeframe for trades, and the amount of time they want to spend in front of a PC.

For me, as I hold a full time job, day trading is impossible. I have tried this in the past and found it is not for me, even though I can make money. I once spent a week trading currencies - by the Friday I was exhausted.

Trend following suits me in many ways - my strategy is planned so that I only have to spend a minimum amount of time trading every day. I have created scans that can immediately provide list of potential stocks to trade, and my charts are configured to show me if I need to amend my stops (which is done once a day). This leaves me the rest of the day to concentrate of my 'real' job and spend time with my family.

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