Limit Order
Novice,
I believe, that regardless your time frame, trading begins and ends in a similar way.
Firstly, all you need to do is to do the analysis first. Set up your entry price and your target price, as well as your stop-loss price.
Second, you would have to choose to do it manually, by using market order, or to do it automatically, by utilizing limit and stop orders. This would depend on how long you can stay in front of your monitor.
If you can't watch the market for hours, then setting trade automatically, obviously, the best option for you.
Just set up your limit order for entry, as well as your stop/loss order and profit-taking order. Where, at what price, you should set the orders are up to your trading techniques.
You want to intercept the market, buy slightly above the support, or short just below a resistance. You want to chase the market, buy just above resistance, or short just below support. How you come up with the support and resistance levels are up to your trading techniques. Either you can reverse a losing trade or not, that would also depend on your preferences.
I actually prefer to automate my trades. Helps to discipline myself. If I use market order, I could easily distracted from my original trading plan. It's sooo easy to hold out a losing trade, and it's toooo easy to shut down a profitable trade prematurely. But when I set them up automatically, all I need to do is to keep my hands off those orders.
Good Luck, Good Trade!
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