[chris]

I currently have a full-time job as an engineer and would like to consider position trading on a longer time frame. I plan on using the daily charts mainly for my analysis. Does anyone know what type of trading strategy I should start studying?

I would appreciate any comments and advices. Thanks in advance.

Regards,

Chris

[Piptrader]

Why dont you look into strategies involving fibs and elliot waves. They work well on your timeframe.

[Davidee]

Originally Posted by chris »

I currently have a full-time job as an engineer and would like to consider position trading on a longer time frame. I plan on using the daily charts mainly for my analysis. Does anyone know what type of trading strategy I should start studying?

I would appreciate any comments and advices. Thanks in advance.

Regards,

Chris

I have one that you might be interested in but it's for stock market indices, not Forex. The rule is enter a long position whenever a stock market index closes at least 10% lower than the highest closing price in the previous 20 days and hold that position for 120 trading days.

[bobcollett]

Originally Posted by Davidee »

I have one that you might be interested in but it's for stock market indices, not Forex. The rule is enter a long position whenever a stock market index closes at least 10% lower than the highest closing price in the previous 20 days and hold that position for 120 trading days.

Hi Davidee
With what stop???
Regards
bobc

[Do Or Die]

Originally Posted by chris »

I currently have a full-time job as an engineer and would like to consider position trading on a longer time frame. I plan on using the daily charts mainly for my analysis. Does anyone know what type of trading strategy I should start studying?

I would appreciate any comments and advices. Thanks in advance.

Regards,

Chris

All my charts are EOD only: http://www.traderslaboratory.com/for...-glossary.html

[bobcollett]

Originally Posted by chris »

I currently have a full-time job as an engineer and would like to consider position trading on a longer time frame. I plan on using the daily charts mainly for my analysis. Does anyone know what type of trading strategy I should start studying?

I would appreciate any comments and advices. Thanks in advance.

Regards,

Chris

Hi Chris
Go and buy this book
Schwager on Futures by Jack Schwager (the same guy who wrote Market Wizards)
He teaches a simple longer term trading method ...... using the failed breakout of a flag / pennet
And there are 200 examples
regards
bobc

ps What have you been doing since you joined in 2006?

[drm7]

Originally Posted by chris »

I currently have a full-time job as an engineer and would like to consider position trading on a longer time frame. I plan on using the daily charts mainly for my analysis. Does anyone know what type of trading strategy I should start studying?

I would appreciate any comments and advices. Thanks in advance.

Regards,

Chris

Depends a lot on some specific factors:

1. Equities, futures, forex?
2. Amount of captial?
3. Risk tolerance?

If you have at least $100,000, you can look into some trendfollowing systems on futures/forex. Seemingly simplistic systems like MA crossovers can make a lot of money over time, if you are diversified and can handle drawdowns. If you have less capital, you can trade ETFs and/or forex (Oanda allows trade sizes as low as $1.)

Books that were helpful to me:
Market Wizards, by Jack Schwager
Trade your Way to Financial Freedom, by Van Tharp
Way of the Turtle, by Curtis Faith

These books should get you started.

[Davidee]

Originally Posted by bobcollett »

Hi Davidee
With what stop???
Regards
bobc

Well it looks like they removed the link so you can't read it...

There is no stop loss, and you should not use leverage either.

I believe trades need to be taken out manually in the even of a 1987 or 2008 'black swan' but other than that stop losses will degrade the performance of any trading system by typically getting you out at a worse price than you otherwise could have.