Trading with a full time job just may be impossible - Page 2
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  1. #11
    tymen1 is offline Banned FX-Men Honorary Member
    Join Date
    Mar 2007
    Location
    Perth, Western Australia
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    4,629
    Trades open for 8 hours without any monitoring?

    I don't like it

    What if you wake up in the morning to find both trade have hit their stop losses?!

    Yeee..uk!

    It is a distinct possibility, even it you are a "know it all" about trading and you are 100% sure that you are going to make profit because you have done your homework.

    The penalty for a prophet who prophecy fails to materialize is stoning!

  2. #12
    Join Date
    Jul 2007
    Location
    The outskirts of Detroit
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    100
    Naw its not easy to work around it...especially if you work full-time. Just imagine working part time with different hours and days every week...it does'nt allow me to be as consistent as I would like to be like I was when I was demo traiding, but the trick is to work around it long enough until you start to get a groove for it.

    The key here is to not give up just because you don't have the advantage of being FT.

    Personally, I'm using work to my advantage. If you rly can't find away to manage it, just focus on adding money to your trade account when you can...

  3. #13
    Join Date
    Oct 2007
    Posts
    476
    Quote Originally Posted by tymen1 View Post
    What if you wake up in the morning to find both trade have hit their stop losses?!

    Yeee..uk!

    It is a distinct possibility, even it you are a "know it all" about trading and you are 100% sure that you are going to make profit because you have done your homework.

    The penalty for a prophet who prophecy fails to materialize is stoning!
    So what if both stop out? Stop outs are a necessary part of this game. If you focus on them you've been beat before your got out of the gate. Hopefully, you've managed your risk appropriately on those trades and you move on to the next trade setup. Whats the big deal? The only thing you do by checking a trade is creating opportunity for doubt or emotions to affect your trade decisions. You can't do that if you can't look at a chart. Micromanaging trades is the worst thing you can do. For example, on my EURUSD trade I put it on at noon yesterday and sat through two separate run downs of -30 pips (I had a 50 pip s/l). Just seeing it made me want to second guess myself, bail on the trade, and run home to mommy.

    But I didn't. I stopped looking at the chart, I accepted the fact that what was going to happen was out of my control, but that the trade was put on at a high probability area, and that my risk and reward was already appropriately managed. It required no input from me. So I walked away and let the charts work. I think far too often traders find themselves micromanaging trades... If your trade setup is on a 240 minute chart sometimes it takes days for a tradeable pattern to appear, why then would I expect that I need to manage my trade every 8 hours, or even 4, or 1? Should I not expect the outcome of the trade to take roughly as long to play out as it did to set up?

    Thus, we can deduct that us checking our position twice an hour is nothing but a fruitless exercise that will do nothing more than create indecision, doubt, and reduce our profit.

    +301 pips 6 days into the month speaks for itself. Don't micromanage guys, if you are a real trader you should trust your methodology enough that you should not need to constantly monitor your trades (at least on that time frame). Daytrading for +5-10's is a whole different ball game, but the same principals still apply. Know the probable outcomes before your place the trade and don't second guess your decisions once the trade is on. Accept the outcome of the situation you willingly put yourself into.

    [/novel]

    Cheers!

  4. #14
    In2Blues Guest
    I agree with daedalus, and have experienced the same thing.

    My biggest problem is continuously monitoring the charts. When I see things going against me, I get a sinking feeling, start to panic, and want to exit early. In fact, I HAVE exited early because of panic, only to see things turn around again and go through my previous TP.

    Of course, it depends on your strategy and time frame, but for a 4 hour chart or higher, I believe that daedalus is exactly right -- set your SL & TP and let it ride. What happens happens. You can't avoid losses, but you can limit them -- hence the SL.

    As we all know, if your money management is good, you can have more losing trades than winning ones and still come out on top.

    Personally, I don't like to have to sit at my computer all day or constantly be near it so I can check the charts. I like the "set it and forget it" method. It gives me much more freedom to do the things that I have/want to do. You just have to make sure you know what you're doing before trading that way, which means having a plan and sticking to it.

    Terry

  5. #15
    Join Date
    Aug 2007
    Location
    UK
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    1,467
    For example, on my EURUSD trade I put it on at noon yesterday and sat through two separate run downs of -30 pips (I had a 50 pip s/l). Just seeing it made me want to second guess myself, bail on the trade, and run home to mommy.
    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
    Just wondering if these two statements contradict each other?

    It also only took you 2 mins?

    I certainly will need to look around for this "system" this is
    truly the "holy grail"

  6. #16
    Join Date
    Oct 2007
    Posts
    476
    Quote Originally Posted by daydreamer65 View Post
    Just wondering if these two statements contradict each other?

    It also only took you 2 mins?

    I certainly will need to look around for this "system" this is
    truly the "holy grail"
    I doubled down on the EURUSD price and lowered my average entry buy buying in once to guarantee my entry if it ran away and again when it lowered to a secondary support level.

    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.

    Cheers!

  7. #17
    Join Date
    Aug 2007
    Location
    UK
    Posts
    1,467
    I just trade Fib Retracements
    Well that says it all, thanks daedalus.

  8. #18
    Join Date
    Jul 2007
    Location
    The outskirts of Detroit
    Posts
    100
    Quote Originally Posted by daedalus View Post
    So what if both stop out? Stop outs are a necessary part of this game. If you focus on them you've been beat before your got out of the gate. Hopefully, you've managed your risk appropriately on those trades and you move on to the next trade setup. Whats the big deal? The only thing you do by checking a trade is creating opportunity for doubt or emotions to affect your trade decisions. You can't do that if you can't look at a chart. Micromanaging trades is the worst thing you can do. For example, on my EURUSD trade I put it on at noon yesterday and sat through two separate run downs of -30 pips (I had a 50 pip s/l). Just seeing it made me want to second guess myself, bail on the trade, and run home to mommy.

    But I didn't. I stopped looking at the chart, I accepted the fact that what was going to happen was out of my control, but that the trade was put on at a high probability area, and that my risk and reward was already appropriately managed. It required no input from me. So I walked away and let the charts work. I think far too often traders find themselves micromanaging trades... If your trade setup is on a 240 minute chart sometimes it takes days for a tradeable pattern to appear, why then would I expect that I need to manage my trade every 8 hours, or even 4, or 1? Should I not expect the outcome of the trade to take roughly as long to play out as it did to set up?

    Thus, we can deduct that us checking our position twice an hour is nothing but a fruitless exercise that will do nothing more than create indecision, doubt, and reduce our profit.

    +301 pips 6 days into the month speaks for itself. Don't micromanage guys, if you are a real trader you should trust your methodology enough that you should not need to constantly monitor your trades (at least on that time frame). Daytrading for +5-10's is a whole different ball game, but the same principals still apply. Know the probable outcomes before your place the trade and don't second guess your decisions once the trade is on. Accept the outcome of the situation you willingly put yourself into.

    [/novel]

    Cheers!
    I learned that the only ting stopping most people from making money in these markets is patience. IT IS by far, the hardest skill to manage in my opinion of all the components that make up a traders psychology.

    All it takes rly is one good trade (b/c you knew you were patient letting it do what it will do) to see how effective this skill can help you. It's harder to understand if you've never actually experienced what it's like to win when your patient, until you force yourself away from the screen and limit looking at the screens to no more then 2 times a day on the 4H and Daily time frames.

    This of course, doesn't gaurentee you a win, but it sure as hell eliminates alot of anxiety you may feel when you see the trade go against you. Then, you will be tempted to close out early for a smaller potential lose. You rly just have to allow the trade to work in your favor all the way to the end, and this is accomplished if you don't over-analyze.

    But other then that foks, trading is easy, it does NOT have to be stressfull, and it can be quite amusing to wacth money grow in your account you previously didn't have before. No matter what that amount may be

  9. #19
    Join Date
    Oct 2007
    Posts
    476
    Quote Originally Posted by daydreamer65 View Post
    Well that says it all, thanks daedalus.
    Sarcasm?

  10. #20
    Join Date
    Aug 2007
    Location
    UK
    Posts
    1,467
    "I just trade Fib Retracements"

    "Well that says it all, thanks daedalus."
    Sarcasm?
    You can interpret the statement anyway you wish.

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