Trading with a full time job just may be impossible - Page 3
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  1. #21
    Join Date
    Oct 2007
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    476
    Hey, if it works for me it works for me. Theres nothing elaborate or complicated about them, they allow for easy risk managment and high probability setups. K.I.S.S.

    No need for negativity in here. Lets keep the discussion positive and insightful, its the only way any of us are going to learn from one another.

  2. #22
    Join Date
    Oct 2007
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    Florida
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    Well when I posted this I never thought it would turn into such a good discussion. Keep it rollin.

  3. #23
    Join Date
    Aug 2007
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    This was the original OPs question

    I have been trying to figure out if I could trade after work on the weekdays but have found that the market doesn't wait for me. I have no idea how people with a full time job could possibly implement any of the forex strategies I have read about. Even on swing trading or longer trading you are waiting for a signal. I am never watching the market it seems when that signal comes. Either most of the people on this site are trading on the bosses time or they know a secret I don't. Someone please fill me in. Otherwise I guess I will just work all day and trade all night, I should be able to function on 15 minutes of sleep a day.
    This was your answer.

    Pull up a 240 min chart... that is damn easy... I hardly do any actual daytrading anymore because with forex, hell whats the point of scalping +5 and 10's for a couple hours each day when I can throw on a couple trades off the 240 min charts, set my s/l's and targets and go to bed?

    Last night I went long the GBPUSD, and EURUSD. Woke up to find my +40 pip target in the GBP hit, and my +90 pip target hit in the EUR. It required all of 2 minutes at midnight to glance at a chart and throw on the trade. I made money while I slept, woke up and gave myself the day off.
    Also

    its the only way any of us are going to learn from one another.
    So what was it I was supposed to have learned from your post?

    No need for negativity in here.
    No negativity here, just reality. Also no need to get defensive man.

  4. #24
    Join Date
    Jul 2007
    Location
    Perth, Western Australia
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    1,220
    Quote Originally Posted by bizbad View Post
    Well when I posted this I never thought it would turn into such a good discussion. Keep it rollin.
    Yes it has been an interesting exchange and reinforces that there are infinite ways to skin the proverbial cat and finding what suits your psychology, time and account size is the real challenge

  5. #25
    In2Blues Guest
    Quote Originally Posted by daedalus View Post
    I just trade Fib Retracements man... its no holy grail but i'll be damned if it doesn't make a crap ton of pips.
    I've tried to use Fibs but could not quite figure out what to do.

    I'd be interested in hearing exactly what you do, if you don't mind sharing.

    Terry

  6. #26
    tymen1 is offline Banned FX-Men Honorary Member
    Join Date
    Mar 2007
    Location
    Perth, Western Australia
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    To Daedalus :

    Sorry about the late reply.
    My main income is sharetrading and now, with an election coming up in this country, I am being highly paid to help a candidate win a seat in parliament.
    This, plus helping our indigenous young people keeps me busy - as well as forex.

    So, now the reply to your unduly long post :

    Micromanaging trades is the worst thing you can do.
    I flatly disagree - but with conditions :

    I do agree that once you have set your parameters, you can leave the trade to consummate.

    But I like to watch a football match, and with scalping (which I do), it is very exciting to watch a winner in the short time it takes me to trade.

    Now, in a 4 hour trade, such a thing would weary you - and I understand.

    Secondly, I monitor my trades to check and keep revising my method. If you have made 10 losing trades in a row, you too will monitor you trades more closely. I guarantee it!



    +301 pips 6 days into the month speaks for itself
    With all due respect, do I note a tone of overconfidence, even arrogance here?
    I could be wrong - you may be a veteran trader of minimum 10 years experience. Then I should take notice - but even so, I would submit that some humility would go down very well.

    Lets see how you go 6 months down the track.

    Finally, please be careful about rubbishing the master members of this forum. Daydreamer65 has made very valuable contributions and I am indebted to him.

    I take this opportunity to openly acknowledge and thank the mighty contributions of the long term members for helping me. Members, such as.........Pipbull, Topchess, Rhodytrader, Ramrocket, Basooko, Tonymand, Daydreamer65, Tess, Pipgod, Certicex, Elang, James and many others whoose names fail to come to immediate mind.

    Good trading to you all.
    Last edited by tymen1; 11-08-2007 at 01:58 AM.

  7. #27
    Join Date
    Oct 2007
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    476
    Quote Originally Posted by tymen1 View Post
    So, now the reply to your unduly long post :



    I flatly disagree - but with conditions :

    I do agree that once you have set your parameters, you can leave the trade to consummate.

    But I like to watch a football match, and with scalping (which I do), it is very exciting to watch a winner in the short time it takes me to trade.

    Now, in a 4 hour trade, such a thing would weary you - and I understand.

    Secondly, I monitor my trades to check and keep revising my method. If you have made 10 losing trades in a row, you too will monitor you trades more closely. I guarantee it!





    With all due respect, do I note a tone of overconfidence, even arrogance here?
    I could be wrong - you may be a veteran trader of minimum 10 years experience. Then I should take notice - but even so, I would submit that some humility would go down very well.

    Lets see how you go 6 months down the track.

    Finally, please be careful about rubbishing the master members of this forum. Daydreamer65 has made very valuable contributions and I am indebted to him.

    I take this opportunity to openly acknowledge and thank the mighty contributions of the long term members for helping me. Members, such as.........Pipbull, Topchess, Rhodytrader, Ramrocket, Basooko, Tonymand, Daydreamer65, Tess, Pipgod, Certicex, Elang, James and many others whoose names fail to come to immediate mind.

    Good trading to you all.
    You guys have picked apart my statements, allow me one post to defend them.

    1. Sorry for writing a long post - apparently thats frowned upon or something?

    2. We can agree to disagree on trade management. To each his own. For me, if i'm awake i'll check in on it every hour or so, but the way in which I trade is that until my stop loss is hit i don't consider the trade to have worked against me, so there is nothing that I can do or will let myself do to modify my trade once it has been put on. PERSONALLY, i've found this to keep myself out of trouble and jumping out too soon and for the wrong reasons.

    As far as monitoring them more closely after 10 losing trades in a row, I would say that that is the very reason why I don't monitor them. 10 losing trades or 100 losing trades, your saying that emotion and the fear of continued loss should affect your trade management? That I should manage a trade differently if my last trade was a loss than if my last trade was a win? I couldn't disagree more.

    3. There is no overconfidence or arrogance. Am I a confident trader? Yes. I don't see how anyone could survive in this business if they weren't. I did nothing but try and offer my opinion which obviously many people disagree with.

    4. I'm not a veteran by any means. I've traded the ES and ER2 for two years and have migrated over to the Forex markets in search of bigger $/contract swings than the S&P and Russell have been able to provide as their moves continue to dry up. (That and the Russell got sold to the ICE platform and I think that is going to severely screw that market up in the meantime as the migration takes place). So no, i'm not a trading god. But I am a full time professional trader and have been for the past 2 and 1/2 years and I think I have knowledge to offer many people that are just starting out. Isn't that the point?

    5. I'm not quite sure how i've rubbished anyone in here? I wasn't the one posting sarcastic remarks or scoffing at the idea of trading fib retracements. I wasn't the one who tried to pick apart every sentence of my post to try and assert I was lying. I wasn't the one who said that my post offered no insight whatsoever to the question at hand. To me that is what is insulting. I didn't respond with name calling, I simply said it worked for me and I wanted to keep the educational discussion continued. But my posts are continually picked apart by other people ragging on me, then hiding behind a post count. I've done nothing more than politely state my side of the argument.

    Best of luck to you all... i'm off to trade more of those crazy support lines and lose all my money.

    Last edited by daedalus; 11-08-2007 at 12:08 PM.

  8. #28
    Join Date
    Nov 2007
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    6
    Quote Originally Posted by daedalus View Post
    You guys have picked apart my statements, allow me one post to defend them.

    1. Sorry for writing a long post - apparently thats frowned upon or something?

    2. We can agree to disagree on trade management. To each his own. For me, if i'm awake i'll check in on it every hour or so, but the way in which I trade is that until my stop loss is hit i don't consider the trade to have worked against me, so there is nothing that I can do or will let myself do to modify my trade once it has been put on. PERSONALLY, i've found this to keep myself out of trouble and jumping out too soon and for the wrong reasons.

    As far as monitoring them more closely after 10 losing trades in a row, I would say that that is the very reason why I don't monitor them. 10 losing trades or 100 losing trades, your saying that emotion and the fear of continued loss should affect your trade management? That I should manage a trade differently if my last trade was a loss than if my last trade was a win? I couldn't disagree more.

    3. There is no overconfidence or arrogance. Am I a confident trader? Yes. I don't see how anyone could survive in this business if they weren't. I did nothing but try and offer my opinion which obviously many people disagree with.

    4. I'm not a veteran by any means. I've traded the ES and ER2 for two years and have migrated over to the Forex markets in search of bigger $/contract swings than the S&P and Russell have been able to provide as their moves continue to dry up. (That and the Russell got sold to the ICE platform and I think that is going to severely screw that market up in the meantime as the migration takes place). So no, i'm not a trading god. But I am a full time professional trader and have been for the past 2 and 1/2 years and I think I have knowledge to offer many people that are just starting out. Isn't that the point?

    5. I'm not quite sure how i've rubbished anyone in here? I wasn't the one posting sarcastic remarks or scoffing at the idea of trading fib retracements. I wasn't the one who tried to pick apart every sentence of my post to try and assert I was lying. I wasn't the one who said that my post offered no insight whatsoever to the question at hand. To me that is what is insulting. I didn't respond with name calling, I simply said it worked for me and I wanted to keep the educational discussion continued. But my posts are continually picked apart by other people ragging on me, then hiding behind a post count. I've done nothing more than politely state my side of the argument.

    Best of luck to you all... i'm off to trade more of those crazy support lines and lose all my money.

    Nicely done!

  9. #29
    In2Blues Guest
    Quote Originally Posted by daedalus View Post
    the way in which I trade is that until my stop loss is hit i don't consider the trade to have worked against me, so there is nothing that I can do or will let myself do to modify my trade once it has been put on.
    My philosophy exactly. I like the "set it and forget it" method. As long as the SL and TP are in place, let it go.

    Now, if I could only stick to that and stop second guessing myself.

    Terry

  10. #30
    Join Date
    Nov 2007
    Posts
    6
    Quote Originally Posted by daedalus View Post
    But my posts are continually picked apart by other people ragging on me, then hiding behind a post count.
    Hi daedalus,

    If you want to continue on in this forum you will need to get used to that. I have been around long before all these guys with high post counts even came on this forum. I know I only have 2 posts but I have changed user names a couple times just because of this fact. I used to have hundreds of posts too but that didn't necessarily mean I was somehow smarter than someone who only had one post but had been trading 15 years before I was even born.

    I don't like the sarcasm or the way you were responded to any more than you do. I just want you to know that that is a fact of life on this particular forum. People rack up a post count and get all wrapped up in their identity as a Superior Master this or that and in my opinion get a little too big for their britches. There are of course exceptions to this (Elang being the one that stands out to me) but don't be sidetracked by the pointless drivel of those who may have to shore up their own image by hacking on others.

    Anyway, good trading to you and I wish you all the best. I just wanted to post in your defense since it seemed like others were needlessly attacking you. I will probably get assaulted for posting this - especially since it is a long post LOL! - and that is cool with me. I am a big doggy and I can handle it. It is of no consequence to me.

    Take care,

    NOFX

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