I only use the Stochastic with settings at 5 3 3
Currently I’m roughly at 90 pips profit on the AUDUSD & NZDUSD with a SELL trade on each.
Hi everyone. 1st time poster, long time lurker.
I usually trade the London/NY overlap in the morning and the beginning of the AUS session at 6PM here in Canada.
I’m a scalper so I like the overlap session of London and New York markets. Its the most volatile period and great for scalping.
I personally prefer to log in sometime at midnight. As titantron has said, H4 is a really effective time-frame. Works for me too.
As we all knows that market opens from Monday to Friday 24 hours and we can do our work according to our convenience, I does like to do my work after completing my first offline job, mostly I trade after 5 PM on Pakistan Standard Time.
I always look at the markets each evening but only place one or two trades a week. I spend most of my ‘analysis’ time at weekends looking once the candlesticks have closed on the day etc I also think as markets are not moving at that time, it helps me concentrate better. Honestly I think the best thing to do is find the right time frames that suit you. I started intra-day trading, lost money and so changed to trade on daily or weekly timeframes, less stressful!
Midnight (UK time) of each trading day (Monday to Friday) I place two OCO orders. A set and forget style of trading where I rely more on money management rather than being right more than 50% of the time.
I resist the urge to trade frequently. I know the serious consequences of greedily over-trading, it can wipe out your trading account in few seconds. Whenever I miss a trade, I don’t regret it. There will be plenty of opportunities other times.
New York opens at 8:00 am to 5:00 pm EST (EDT)
Tokyo opens at 7:00 pm to 4:00 am EST (EDT)
Sydney opens at 5:00 pm to 2:00 am EST (EDT)
London opens at 3:00 am to 12:00 noon EST (EDT)
Its good to trade while having a proper trade management plan and if the required target is achieved we should not greed for more and instead take some time to review our trading pattern.
How do you define “frequently” though? Several times a day? I’m asking because in this context it has a pretty broad meaning.
scalper here, Morning, 5:30am, est to 8am est, limited action, need great attention to detail, then hit and miss thru 2pm, est, then at 5:30pm, est, total concentration thru 10pm, est. Going to be getting up at 4AM, est time starting Monday. Im on a mission, more to come.
Going to have 2 accounts, one for AM, one for PM,
not wanting to give away your secrets but could you please explain to me what scalping is?much appreciated.
Why two separate accounts? For organizational purposes?
I think maybe fear may affect some people in having two separate accounts, just in case one fails. With this they have an alternate route and can share investments equally.
Traders mostly trade during the news hours because of high volatility. This high volatility indicates higher opportunity to make profits. So, keep your economic calendar in your hand while finding your trade opportunities.
Market opens 24x5 days but it does not mean to do forex all the time, we should manage the time for fruitful result, I always use the London and New York trading session due to the rapidness of the market and I can make the reasonable amount during these sessions.
Since i have a 9-5 job (here in Switzerland is 8-5) i study my traiding in the evening and in the morning on 4 H and D Charts. (and sometimes on 1 H charts if i feel fancy enough).
I dont set Trades on Monday (i got burned alot of time and always on monday) but only from Tuesday to Thursday with option of Friday too if im in a good trade and if the volatility is here.
Well, I don’t have any particular trading system or strategy! My news trading knowledge is my main weapon! So, I always try to active on high voltage news session! Now according to your question, you need to select your trading session in order to your strategy’s performance! By the way, be flexible here; and make a professional trading personality!