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I can only trade the last 4 Hours of the Day. Swing Trading on the 5m Chart seems to be impossible, because I have to close my Trades at the End of the Day, since I only get to trade the last 4 Hours on the next Day again. Is there an Alternative ?
I thought about scalping with tight Stops. (no Swing Stops)
Hey Manuel,
I was in that situation for a while. I'm not sure if there is an alternative. You might be able to paper trade on the hourly or daily charts in order to see if you can be profitable. And, in the trading course, Al has a video on how to trade options in a way that is similar to simply buying or selling a stock. That could be a good alternative for multiple day trades that limit your risk. Trying it out in a paper trading account would be a great idea.
As far as scalping with tight stops, I'm not sure that follows the trading course guidelines. For trading scalps, I think that traders actually want their stops to be extra wide so that they can scale in after a breakout that doesn't follow through. As you can see in the videos about trading in trading ranges, trading ranges don't always fit into neat parallel lines, and that is the reason that traders want wide stops for scalps. With that said, it is always good to watch the videos about trading ranges and improve your skill at trading them.
With that said, the Always In trading system offers a lot to us beginning traders. If you can take those setups and want to build your ability to get whipsawed with breakeven trades and small losses, you'll be a better trader for it, and that is another reason to trade on paper until you are profitable.
The setups we're learning give us a 60% probability of success. That means that 3 of 5 trades will succeed and 2 of 5 will fail, so we all need to be able to breakeven or cut losses on that many trades. The Always In system guides us to take entries but then exit on a good entry for the other side, whether or not that leads to a profit for our specific trade.
The fear of losses is pretty gnarly. But, if traders can take trades that would be good entries for one side or the other, it will look like a valid trade at the end of the day, even if it doesn't end up being one of the winning ones.
I'm still paper trading, so I struggle a lot as well. I continue to watch the trading course videos and utilize the Brooks Encyclopedia and daily setups archive. Watching Al's live videos on YouTube helps. I was thinking of buying some of his old videos through the site as well. And, I'm thinking of joining the trading room next month to get a little bit of guidance. But, I feel like I'm narrowing down my bad trading impulses and figuring out what to focus on when watching the 5-minute chart.
Daniel Kahneman's book, Thinking Fast and Slow speaks almost directly to many of the psychological dilemmas we find ourselves in while watching the chart. I have the book and also listen to it on my app. The reader is really good.
Best of luck,
Ryan
You are too nice. I would have told him to go through the dang on course instead wasting bandwidth to write something about scalping with tight stops. His status says 3 weeks as a member, so he's not at the point to ask questions like that.
