Tired of the same? Do you trade montly charts now because you are sick? Are you trying AUDNZD now because the other pairs are done for you? Well, try daytrading again.
Daytrading is the most difficult form of trading but not for the reasons you think. Any time frame can be traded, (except 1 min in MM). The problem you have is quite complex and you don’t know it. By the way position and swing trading are lazier forms but it has it cons too because it requires a different analisys.
Well the complex problem begins here: You have graduated from college or university and you are looking for a job now, after a while let’s say you found one, bad waged but it is a start, you feel so happy and you feel part of something. You start enjoying the dynamics, wake up, mark entry, do your task, mark exit, make some friends and so on. But reality bites. Normaly you start in a crapy company that treats people like crap. And your boss shows his real face now and you feel something less than an animal. You cannot perform your job as you are supposed to and more and more work is piled up and you cannot finish it and it all has to be to by tomorrow. Things gets worse, you are not getting paid, your salary comes very late and you need it to pay the rent, for food, etc, and you end up full of debts. Now your life sucks. Most people just resigns to live like this. This is my story, my official salary was 200 USD per month but they took long time for paying me. In my case i said f**** up, i quit, and i did. The story is realy long and painful and explaining all details could take me hours to explain. My point is this is you while trading, you found this crazy world and you thought it was the solution of all your troubles, you thought you’ve found gold but you only discovered s*****, why? Because you in the search of something better turned your wanted liberty into debauchery and for worse you became that crapy boss you hate and treat yourself like an animal.
So guess what, you body likes office dynamics. So here is my recomendation. For Daytrading first avoid to trade on aussie or Japan sessions, not much volatility but if you can deal with it just do it. Use a strategy that includes trailing stops. Pick a pair wich both countries you think you understand, just do a little wikipedia, know their history, economics, political systems and so on. Stablish a daily schedule and stick to it like you 9 to 5 job. I recommend you to use 1 hr tf so you only need to adjust trailings every hour o’clock and so you are not distracted from your actual job. Start as little as 0.01 mini lots and increase it 0.01 per week untill you are fully invested (with fully invested i mean risking 1%). Me for example i trade gbpjpy and i start on London session wich is 3 am here, i look where the trend goes and i just opend an order and i expect to remain like that the whole day and if i am lucky enough i close it 30 min before rollover. If my order is closed by TP i just don’t trade for the rest of the day, for daytrading i have a quote of 1 trade per day and that’s it. I have more loses than wins but i am still profitable. Just remember, give it an office dynamics to your trading, take loses as office costs, wages or something like that. And at the end of the day study all news regarding with both countries but don’t use it as trading desitions and avoid news like “GBP pulled back because of FTSE 100 performed poorly”. With that you are training your subconciense to relate one event to another because if you do it like if event A occurs, well it does not work like that, with your sub propperly traine you will learn to move with the market but if you try to figure it out reading news and matching one thing with another, well, you will end up in a nutthouse.
The position trading system i’ve mentioned before i am testing it on a different account in case somebody wanna know, it is not a good idea mix them all.
Regards.
