Trading Routine

[pablopluto]

Hi All,

I wanted to state my trading routine to get a feel for how others do it. And my back ground. Im Shawn been trading 3 years, traded paper money(demoed Oanda) for 2 years and found scalping was the only way not to "gamble". I trade Tue- Thurs. Wake up around 4:30 Shower and all that. Drive to the office go online look at CNN to see if anything broke while I was sleeping. Set up all my indicators. Scalp the market from 5:30-11:00 I average around 150 pips each day(thats 3 lots x 50 pips) Im not greedy I would let profits run If it breaks my way. I make about 3-5 trades an hour. My target is 5 pips but I will take what I have if the market might reverse. At 11:00 i have lunch then I start my day job as a Realtor. On Friday I show up to the office at 10AM print out the trades and write profits down take out 80% of it put in the bank for other investments and start a tax tally. Background on me. Im a military brat mom started trading back in the day fundemental and I picked up from her. I kinda knew the ropes before I was 14. Didnt give to much thought to it till i was about 17. After I joined the military. paper traded while i was in. Before I got out became a Realtor and scalped during the day when real estate is slow.


How about you guys whats your day like?

One thing for all the potential new traders. Dont believe 95% of people lose money in the forex. 100% lose. its zero sum but you win/ loss is against governments and banks not everyone else. Everyone loses time to time but in the long run EVERY disciplined trader will win. Just rely on tested performances and dont worry over the market. Fundamental traders can make a huge profit but its gambling because S happens and disasters happen and they get called. In and out with some goodies and be happy and repeat.

[Jimmy Jones]

Thats good info, thanks for sharing. My only routine is trying to break even each day. Only been demo trading for about a month now.

I think the idea of having a routine is great. I find I spend way too much time in front of the charts.

[pablopluto]

Originally Posted by Jimmy Jones

Thats good info, thanks for sharing. My only routine is trying to break even each day. Only been demo trading for about a month now.

I think the idea of having a routine is great. I find I spend way too much time in front of the charts.

Jimmy just find time the religious time for you andtrade that time frame. And by religious I mean when you have a prophet.

[gasanvill]

pablopluto..very goo info man..
so i guess you use small timeframes like 5min right?..

[abner]

Originally Posted by pablopluto

Hi All,

I wanted to state my trading routine to get a feel for how others do it. And my back ground. Im Shawn been trading 3 years, traded paper money(demoed Oanda) for 2 years and found scalping was the only way not to "gamble". I trade Tue- Thurs. Wake up around 4:30 Shower and all that. Drive to the office go online look at CNN to see if anything broke while I was sleeping. Set up all my indicators. Scalp the market from 5:30-11:00 I average around 150 pips each day(thats 3 lots x 50 pips) Im not greedy I would let profits run If it breaks my way. I make about 3-5 trades an hour. My target is 5 pips but I will take what I have if the market might reverse. At 11:00 i have lunch then I start my day job as a Realtor. On Friday I show up to the office at 10AM print out the trades and write profits down take out 80% of it put in the bank for other investments and start a tax tally. Background on me. Im a military brat mom started trading back in the day fundemental and I picked up from her. I kinda knew the ropes before I was 14. Didnt give to much thought to it till i was about 17. After I joined the military. paper traded while i was in. Before I got out became a Realtor and scalped during the day when real estate is slow.


How about you guys whats your day like?

One thing for all the potential new traders. Dont believe 95% of people lose money in the forex. 100% lose. its zero sum but you win/ loss is against governments and banks not everyone else. Everyone loses time to time but in the long run EVERY disciplined trader will win. Just rely on tested performances and dont worry over the market. Fundamental traders can make a huge profit but its gambling because S happens and disasters happen and they get called. In and out with some goodies and be happy and repeat.

you so full of **** your teeth must be brown, you been trading for 1 year making an average of 150 pips per day, you do realize you should be a multi-millionaire. and if you are wasting your time to write a bull**** post, then i would say NO you are not.


150 pips a day for a year and you still have to work a day job, give us a break. i make 50 pips a day and i don't need to work.

[pablopluto]

Originally Posted by abner

you so full of **** your teeth must be brown, you been trading for 1 year making an average of 150 pips per day, you do realize you should be a multi-millionaire. and if you are wasting your time to write a bull**** post, then i would say NO you are not.


150 pips a day for a year and you still have to work a day job, give us a break. i make 50 pips a day and i don't need to work.

Well I do average 150 a day. Im not a millionaire far from broke but I like to call it a thousandaire. 500-700 pips a week doesnt put you close to being a millionaire. Its not a day job real estate its my retirement I am planning on retiring at 30 and watch my daughter grow up I refuse to miss anything. I been in the positive, trading for 2 years Do you know how many times I blew my account. Sorry I dont want to take calls or sit in front of a computer all day. For writing off stuff forex traders cant claim car, gas, food, clothing or entertainment. So I still work at my aunts office. Do I care if I make a sale or refi someone. Nope. I get the best of both worlds. With you 50 pips can you go on vacation for a 2 weeks or do you have to come back after a week. I suggest you get a commision based job you can claim alot more. I hope your trading goes well. I have a question for you? Do you think everything ends or do you think your gonna trade forever? When do you plan to stop trading? I have my goals in place.


Gasnvill I trade 5 min charts but never against the 15 Min trend.

[ECN-scalper]

One thing for all the potential new traders. Dont believe 95% of people lose money in the forex. 100% lose. its zero sum but you win/ loss is against governments and banks not everyone else. Everyone loses time to time but in the long run EVERY disciplined trader will win. Just rely on tested performances and dont worry over the market. Fundamental traders can make a huge profit but its gambling because S happens and disasters happen and they get called. In and out with some goodies and be happy and repeat.
=========================================

Above comment truly is a nonsensical babble of an insane, uninformed,
non-winning trader. Care to make some sense?

[Chart Tech]

Originally Posted by ECN-scalper

One thing for all the potential new traders. Dont believe 95% of people lose money in the forex. 100% lose. its zero sum but you win/ loss is against governments and banks not everyone else. Everyone loses time to time but in the long run EVERY disciplined trader will win. Just rely on tested performances and dont worry over the market. Fundamental traders can make a huge profit but its gambling because S happens and disasters happen and they get called. In and out with some goodies and be happy and repeat.
=========================================

Above comment truly is a nonsensical babble of an insane, uninformed,
non-winning trader. Care to make some sense?

Why is it nonsensical? What parts are and why? I'd be very interested to hear other trader's daily routine - what sites or newspapers do they read everyday before they start, what do they look for - things like that. Sure you can read in the Pip school what to do, or many books cover it too - but the great thing about a forum is actually hearing other successful trader's experiences and what THEY ACTUALLY DO. Quite a big difference from just reading it in a book. And if someone posts something that someone does not agree with, what specifically don't they agree with?

[ECN-scalper]

Read that pure nonsense again OK?
It is full of contradictory illogical
nonsense. Read it again! If that
makes sense to you; guess what?
You are eons away from being a
successful trader. That nonsense
actually made sense to you?

So 100% of the traders lose money?
But fundamental traders can make
huge profit? But crap happens and
people lose it all? Oh really? In what
world? Losers world perhaps?
How is what he said any part of
successful routine? I guarantee you
that a successful winning trader will not
think such nonsensical gibberish useless
psychobabble. How is that useful?
So what is he saying? That 100%
lose but some traders will win big? Huh?
Disasters happen to all traders? Or only
to losers? And another thing. When traders
lose their money, the loss is against governments
and banks not everyone else? What?????????
The person who wrote that pure crap doesn't even
understand the market! When YOU lose, loss is
against governments and banks? HUH?????????

If you want to become a successful winning
trader, you should immediately be able to tell
what is pure garbage and what is useful. That
crap was pure garbage!!! Nonsensical garbage!!!

[Chart Tech]

No, it ALL didn't make sense to me. The part about 100% of traders lose money does. Is it not true you win some and lose some? Crap happens, as that poster said, but i wish they were more specific. The part about "governments" was kinda strange - I didn't go for that one. So I must not be totally hopeless, right?
So do you have a daily routine of sites and such to read before you begin trading? Thanks for answering.