I find it difficult to enter positions on multiple ideas during the day and end up missing out when the stock runs. I end up not entering as it keeps running. Would you still enter late and find a buy point to hop in on a trend?
YES! If it is a stock that I have conviction with and it is running higher with volume, then I will find an entry point. That is especially true if the market is in an uptrend, and there are tailwinds on the long side.
Is there a good time to make swing / position entries like during power hour? I heard that this is the time when big money comes in? What are your thoughts?
I believe that we buy stocks when they are trading at their pivot point no matter what time in the session. Last Thursday, Iridium (IRDM) traded right through its buy point with volume in the first 30 minutes of trading, and I completely missed that move. You can tell I am not upset with myself for missing that😂.... There are many traders who I respect that believe the volume and action pick up after the European markets close, and I am sure there is some truth to that. The chart below is the 5 minute chart of IRDM trading through its pivot right after the market opened.
Would you recommend using buy stop orders and or limit orders with stop loss? Setting them after hours?
I use market orders and do not care if I pay a few pennies more to buy a stock that I really want to own. Once I own the stock then my first goal is to not lose more than 5%, and will sell at th level. You may set a stop-loss at 5% below your entry point to ensure you do not take a bigger loss. I do not use limit order as I have been frustrated too many times by not getting fills where I want the, and will gladly pay a few cents more just to own a stock I really like.
How many positions would you manage for this style at most 5-10?
The number and size of my positions will vary dependent upon the market conditions. Currently, we are in an uptrend and I am more aggressive with 8 positions. Some of this positions are only half size at 5% and some are full size at 10%. I never manage more than 10 positions at any one time. The more positions we own the greater chance that we are holding laggards and/or losers. We want to own the leading stocks at all times, and leading stocks can change quickly. This is why it is so important to remain flexible and open minded.
You are welcome!