So i have completed the School of Pipsology course but i don’t know how to correctly setup myself. i have made a table of each market timing but to be honest i haven’t tried looking for trades and i haven’t made any planned trade till now. I need to know yet alot of things so let me list them up just to be easier:
- Is the best time of trading when the market exactly opens?
2)How do i setup myself pre-market?
3)What to look for or what to read? “Basically the tasks i should do pre-market”
Because everytime i have a look at the charts they’re usually unvarying and on average line.
Thanks alot in advance!
Which market, Forex? If so, are you talking about the start of the FX day then that takes you to Wellington/Sydney session where it’s really dicey in terms of liquidity during the first hour. I do nothing around that time. I would know because I trade Asian session only.
If market open you mean London session or New York then that’s a different ballgame and you would be looking for something else entirely.
A little clarification would be nice. Honestly for me, any time is a good time to trade except Sunday open (Monday in Asia) and Friday going into the close (unless your strategy calls for holding trades over the weekend). As long as the setup is there I take it. If I was asleep when the setup occurred then I wait for a pullback.
How you set yourself up pre market depends on what you’re looking for but you won’t know that until you get some hours under your belt. My pre-market just involves drinking coffee first–I have learned to keep things very simple. I used to look at news and what not but I make things are so simple a monkey could be trained to do it.
What do you mean by unvarying and on an average line? And which charts are you looking at?
Need more info 
I know it’s hard to add more context since you are new but take it one step at a time.
1 Like
The best time to begin your trades is definitely not the when the market opens. when the market opens, the spreads are relatively very high. Even if you grab an interesting trade idea, most of your profit would be eaten up by the spreads. I would suggest you to observe the spreads of instruments you want to trade. You can analyse the spreads behaviour and then find the optimal time.
Also, I would suggest you to work on the pre market set up on a demo account first.
1 Like
You need a routine in what you are doing , this is mine
3 Likes
You need a simple strategy which can be applied as objectively as possible and which is not restricted (does not only work on one pair for 1 hour a day). Let the strategy dictate your chart set-up.
Demo the strategy (and charts) until you are consistent. Its like learning to swim - you have to get in the water to learn to swim but don’t start by going out on a ship and jumping off in mid-ocean.
1 Like
i think you already got the answer you needed , good luck, have a good journey.
1 Like
Good afternoon I had a brief discussion with you about a week back. You gave me some very helpful advice. I wanted to ask you a question, how do you avoid second guessing your trades? I having been telling myself that it’s just nervousness because I have come from being a losing trader to some improvement. My trade strategy appears to be successful yet I seem to always second guess my trades.
I will give you an example of this. I have been observing USDCAD for a number of weeks now. I figured the pair would move upwards so I bought. As soon as it began to move upwards I began to panic. So I exited very quickly now I have been watching the pair move upwards and getting more frustrated by the hour.
When I look at my trading journal I notice that my analysis if often correct yet I have been breaking even for the last few months I cannot seem to find the courage or the wisdom to know when to hold a trade.
I hope this doesn’t sound silly to you but how to you manage fear and greed do you have any tips you are willing to share?
There is a part of me that realises that perhaps I do not have enough confidence in my trading strategy yet I am not sure how to overcome that. It seems like it is not a question of how much time I have used the strategy or how successful it is. When a trade becomes active, in that moment I am convinced that it will go bad so I exit as soon as I can even though I have put alot of time into the analysis and have been vindicated by the pair actually behaving as anticipated. I want to try and figure out this part of the challenge.
1 Like
Fear and greed the head game we all go through , in the early stages if you panic , just set a forget. Make the trade and switch the screen off. Another way is to switch off the P&L so you cannot see the costs and just trade what you see without the price on the screen
3 Likes
I think perhaps you are correct. I just need to set the control freak in me free. It is really hard but what you suggest can be accomplished in time and with determination.
When you first try trading you assume the hardest part will be analysis, turns out that is the, not so difficult part, the really hard part is everything that comes after you have made your analysis and decided which direction you think the price will go.
Next week I will try to make my trades and then close the app lockdown means I cannot leave my apartment so that will be the struggle.
1 Like
Thanks alot guys for your help! I really appreciate it
1 Like
I would strongly advise you to watch the channels of successful traders. You shouldn’t do it completely, as they are, but you can still use some information.
And also, try to work with a broker. Many companies now have demo modes.
Good luck!