Managing your swing positions/trades better



Hi Mike,

I met you last 2 weeks at Singapore Invest Fair.  I am deeply impressed with your presentation and your New York traders trading ways.

Personally, I am a prop house day scalp traders for Malaysia stock market for 8 performance for the scalp trading is quite consistent and keep on growing.

I have a matter need your advice. While my scalp trade is consistent when i go into  for my swing trade on stock market on midterm (few weeks) or longer term (few months) basics for my own capacity.i keep on have the scalp trade mentality even though I have a trading plan for it. When i am having position for mid term and long term, the scalper mindsets do affects me in stock market. ETF investment as well especially in profit taking. Cut loss and mental as well.

This leads to my performance on my swing trade is not satisfactory.

Mike any ideas, studies or improvement that I can make? I am really looking into the swing trade for mid term because I want to grow my passive income..Looking forward to see you again in Asia. Many thanks Mike.

It is common for intraday traders to struggle with swing trades.  Intraday traders become so sensitive to the ticks in the market that is is hard to manage a longer term swing position.  They want to sell when they see intraday weakness.  They see the weakness intraday and cannot but help applying that to their swing positions.
Most of our better traders at our firm trade intraday and swing ideas.  How do they manage to trade both of these distinct ideas optimally?
1) They trade them in different trading accounts.  They have an intraday account for intraday trading.  They have a swing account for their longer term ideas.  This helps the trader trade their longer term ideas absent the influence of short term observations.
2) They review their swing trading AND their intraday trading on a daily basis.  Reviewing your swing trading on a daily basis reminds the trader of his rules for his swing trades.  It helps him no to cut swing positions based on intraday indicators that are not driving his swing idea.
Here is an example of one of our traders reviewing his swing positions during his daily review:
3) Develop distinct rules for your swing trades.  Intraday setups should been seen as patterns, with which you can gain edge.  Swing trades should also be seen as patterns with variables that you can define, and with a predetermined exit strategy, that you trade with edge.
*no relevant positions