Please don't take this as financial advice as I am not qualified to do so.But if this helps you in your future trading success then I am happy.
I guess it all really depends on what sort of share trader you are. Whether you trade long term,short term or day trade.
Here is my definition of time frames.
Short term trades are of 1 to 5 days duration. I don't hang onto them over a weekend.
Medium term are around 1 to 12 months duration.
Long term is anything over that.
There are no hard and fast rules with time Periods. That is up to the individual to decide for themselves.This just my interpretation of what I do.
We all trade differently, some traders use a preset trading plan while others have little or no plan at all.
I think it might be best if I tell you how I have coped with the current market fiasco and how I usually trade.
I always rely on my own research, that way I don't get any nasty surprises and then I can only blame myself if I do not do it properly.
I always work to a preset plan as I am less likely to stuff up.
With my medium term trades I always have a stop loss in place.
Because of the current market action all of my stop losses were activated and I now have no medium term trades going at all. Some were profitable,some were not.
My long term portfolio continues on. Sure the share price has taken a hammering but as the companies in this portfolio are fairly sound companies then I see no reason to sell.
Some companies I have had for quite a while now and even with the rnarket. downturn in share prices I am still ahead in some of them.
The reasons why I bought them originally have not changed, in fact with some of the money from my medium termers being involuntary cashed for me,
I have been buying a few more for the long term at lower prices.
I have been doing a little bit of day trading but have been very satisfied with a profit of around 10%. It does not pay to be too greedy in todays volatile market.
I have had more time up my sleeve of late so I have been able to keep a very much closer eye on the market. Which I have found to my financial advatage.
I think the best advice that I can offer is not to get caught up in the media hype. Know your reasons why you are trading and act accordingly.
When it is all said and done we are all in it for the money.We just do it different ways.
This includes Sam76 who is in it for the "Chicks as well".
I guess it all really depends on what sort of share trader you are. Whether you trade long term,short term or day trade.
Here is my definition of time frames.
Short term trades are of 1 to 5 days duration. I don't hang onto them over a weekend.
Medium term are around 1 to 12 months duration.
Long term is anything over that.
There are no hard and fast rules with time Periods. That is up to the individual to decide for themselves.This just my interpretation of what I do.
We all trade differently, some traders use a preset trading plan while others have little or no plan at all.
I think it might be best if I tell you how I have coped with the current market fiasco and how I usually trade.
I always rely on my own research, that way I don't get any nasty surprises and then I can only blame myself if I do not do it properly.
I always work to a preset plan as I am less likely to stuff up.
With my medium term trades I always have a stop loss in place.
Because of the current market action all of my stop losses were activated and I now have no medium term trades going at all. Some were profitable,some were not.
My long term portfolio continues on. Sure the share price has taken a hammering but as the companies in this portfolio are fairly sound companies then I see no reason to sell.
Some companies I have had for quite a while now and even with the rnarket. downturn in share prices I am still ahead in some of them.
The reasons why I bought them originally have not changed, in fact with some of the money from my medium termers being involuntary cashed for me,
I have been buying a few more for the long term at lower prices.
I have been doing a little bit of day trading but have been very satisfied with a profit of around 10%. It does not pay to be too greedy in todays volatile market.
I have had more time up my sleeve of late so I have been able to keep a very much closer eye on the market. Which I have found to my financial advatage.
I think the best advice that I can offer is not to get caught up in the media hype. Know your reasons why you are trading and act accordingly.
When it is all said and done we are all in it for the money.We just do it different ways.
This includes Sam76 who is in it for the "Chicks as well".
