Currently in 2 trades.
I was just thinking how important having a method that suits your personality is. I like to be in trades and luckily my method allows me to be in what seems like, a good few a day. I reckon it would be hard not to start trying other entry positions if I wasn’t getting many trades. Which I am sure would no doubt lead me to bad trading.
Well the news releases at 13:30 altered my positions somewhat.
I now have 3 open trades, two triggered with the news and one stopped out at the news.
The effects of things like that make me wonder if I should be entering any trades based on news candles. They can obviously cause abnormal spikes which trading decisions maybe shouldn’t be based on. With regard open trades during news releases, maybe they should always be closed if they show signs of going against.
Decisions decisions…
Quick question
Do you pay attention to fundamentals at all or do you only base your trades on a technical analysis?
I base my trades primarily on technical analysis but I do monitor news events. For major news events I may withdraw from the market (i.e. NFP report) and for normal medium to high news related items, I will see if they have a big impact on my trades.
The problem with fundamentals and the market is sometimes the market can display irrational behaviour. Therefore, I put much more of an emphasis on the technical side.
Just taken my 8th trade of the day. Currently got 5 trades open, one of which has made TP 1.
The 3 closed trades were closed at negative pips.
Very interesting day and still wondering when or even if I should stop taking set ups. I remember reading in Reminiscences of a stock operator a story about him not going on holiday because the ‘market wouldn’t let him’. I think I may approach the markets the same way and not put a time limit on when I stop looking for trades. If there is a set up late on, providing I can be here, I will trade it.
Well taking that last post to heart, I’m still going! 5 trades still open, 2 of which have hit TP 1.
I’m definately feeling good about my trading at the moment which means I don’t mind long hours trading. To be fair, a lot of the time is periodic monitoring rather than over exerting myself.
Again, I feel I should be making better use of my extra time by reading more trading books etc.
3 Trades closed out all for a good profit. Still got 2 on the go. Since it’s in the hours between markets, obviously price action is very low so I may try and get some sleep in between the candles
Morning,
Didn’t post on Fri as I took the day off for my kid’s first birthday.
Exited for the start of the week and the possibilites that may arise! Currently in no open trades yet
Finally got in a couple of entries. Currently in 2 open positions with 2 others close to completion for entry.
Been a little restless waiting for entries as I was hyped over the weekend to get back to trading. Current volatility seems to be a little low…
3 open positions, one has hit TP 1.
Just finished one of Derek Frey’s webinars. Whilst he trades using a different method to myself (he uses harmonics), I really like his stuff. He always talks about trading in general rather than just harmonics. Always drills down on things like the need to be consistent and to judge things on probability not opinion. I really recommend people go check his stuff out.
On another note, I posted on another thread about somebody who paid for a trading course. I really don’t understand how some of these courses get subscribers. When the charge is a few thousand for a couple of days, how can that cost be justified?! There is so much free stuff available online, I can’t see that kind of outlay, to use trading terms, has positive expectancy. Whilst that doesn’t mean I am against trading courses in general, I just think it needs to offer more/cost less.
Quick update- 2 open trades, both have passed TP1. The third trade was closed before SL as my set up was invalidated. Currently monitoring another pair which has a potential set up. Not sure if I should consider taking it or not since it’s getting a bit late. Part of me thinks, not too and be happy with what I will have once my 2 open orders are closed. Another part of me is thinking trade all available set ups regardless of time.
Decisions decisions…
Well those 2 trades are still going and as I’ve said before, I’m going to keep to my normal exit rules and not close them early just because it’s getting late. I won’t take any new trades just now but I am willing to follow these trades through to allow the possibility of maximum return.
Well this looks like it may be a 24hr one tonight! My 2 open trades are still going- I won’t complain though, when the going is good, you gotta keep going!
Morning,
back again and I’ve had about 4 hours sleep. My trading day finished yesterday for just under +200 pips. Another very good day.
I’m already in one opend trade today with what looks like, plenty of potential set ups on other pairs.
Very fast paced so far, in 3 open trades and another 4 potential trades set ups nearing completion
What you just said wildchancer is very true… I have been into forex for over a year now and my skills on trading amazes me sometimes, funny enough I have never subscribed to any of these trading courses because I have so many materials that I am even struggling to read… I just feel most newbies have a feeling that these courses will automatically make them a guru in the art of trading… I feel in fx what really counts is the level of skill u have, and that is only built wif time and alot of experience(looking at charts,comparing analysing,trading)… I would rather learn fm webinars, online books and alot of practise than pay $1000 - $5000 for some tutorial… If anybody got that kinda cash for a tutorial, my candid advise is keep it to start ur own LIVE ACCOUNT:cool:
WHich pair(s) are you trading?!?!
Cause the EUR/USD is flatter than a Justin Bieber concert.
Took entry orders and was in 7 open trades. 1 has hit TP1 but 1 has hit SL.
I was a bit dubious about taking all these trades as 7 active is quite a lot but as the set up was there, I took them. I think to start using opinion on which ones to take or not could be a terrible decision so I will not do that…
I am in 6 different open trades at the moment. EUR/USD is one of them, whilst it is ranging just now, it wasn’t earlier. I guess it also depends on which timeframe you look at which would tell you if there is an opportunity there or not. Ranges of the hourly candles for the last 3 hours have been about 25 pips, so if you were a short term scalper that is plenty pip movement to make profit up and down.
I don’t like Justin Bieber…I think it spawns from the jealousy of him being so young but rich and all the girls loving him 
Totally agree, though it can be debated, if a course is gonna cost a couple of thousand, I would most likely rather use it in my own account.