Length of time trading each day?

I would like to know how long u traders out there, both great and small, trade each day.

what is the minimum a new trader should spend staring at her/his screen, and how long does your ‘average’ experienced trader spend there?

I guess my thoughts are really about maximum effectiveness of trading with minimum time, and, eventually(as i assume of experienced traders), effort.(please dont take this the wrong way, im all for hard work and toil, but like most things in life, there comes a point when you can do minimally and get good results what a newbie has to really put the effort into, im not lazy, honest!, im just really into efficiency, especially when it comes to tasking and skills etc).

I trade the New York/London overlap. Here that is 6-10 A.M. I always stop by 10 am if I am not in the middle of a trade. I try to be done before then as it has a tendancy to slow down. So, it’s a ***** to be caught in something you think is going to move and then have to wait another hour for the move you set up for. That and about 10 I start to lose focus and have other things that need doing anyhow. It works out pretty good that way. My wife is still asleep at 6, and I’m left alone, so I can start the day totally focused on the market and be done when every day stuff needs tending too.

Sometimes I’ll trade once and be done and sometimes I’ll do as many as ten trades if there is some nice movement and I feel I’m with the flow.

did u over trade at all when starting out, and if so, do u think it helped in your education? how long did it take you to find the perfect times for you to trade? and i guess everyone had their preferred trading times???

Yes, I made some bad trading desicions based previous winning or losing trades and traded to much trying to make money back or keep wins going.

Once you find an edge and can trade it objectively instead of reacting to previous trades overtrading isn’t an issue.

I’ve found 6-10 to be the best time frame for me. There is plenty of movement and you can check when news is coming out and avoid it or trade it if that is your thing. I just avoid trading the news, it’s easy to spot as the spreads spike.

I see you trade the New York/London overlap which I think is genius. Which currencies do you trade, if you dont mind me asking?

GPD/USD, just because it has movement, but not so much I feel like I’m constantly in whipsaw or that it’s moving too fast for a green trader like me. Also, the spread at IBFX for this one usually stays around 4 pips unless some news is hitting.

Right now I am concentrating on that one and that one only, so I can develop a feel for how it moves.

I trade on hourly candles looking for peaks and valleys. So, I often wait for a couple of hours before my first trade. Once a peak or valley forms I try to get in the initial momentum and then follow for a couple more trades.

I trade from 8am-12pm, sometimes until 4pm New York time. Basically, i trade in tandem with when the stock market opens and closes. I also find it a bit detrimental if you spend more than that just staring at the screen.

I enjoy trading.

There is a lot of dull time where there is nothing to do… which is really a danger point if you don’t have patience.

I also like to avoid news as it throws random spikes into the price movement.

As for how long I trade… as long as possible. If the market is actually moving, with thin spreads, I’d like to be in it. Too bad I’m not able to stop working at this point.

i start with the H1 after midnite, est and then pick up the trade at 7am, est — continue thru the NY open and to the end of the stock market close, continuing on to 5pm, est where i take the rollover reversal into the night, ride the 9pm reversal and run that to midnite, where i start all over !

I basically hold a core position and will scalp the one minute thru the 15 minute during the busy times, and just leave the “core trade” to finish doing its thing before the reversal times.

not for everyone, but works nicely for me !

enjoy and trade well

mp

[B][I]Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages !

As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence – BUT I KNOW WHERE THEY HID THE KEY !! [/I][/B]

I pretty much stay in front of my charts until the market closes.
At some point I get fatigued and I exit any open trades and sleep for 4 hours.
I avoid eating or drinking any thing that might knock me out such as pasta, coffee, & sugar…& no energy drinks!
It also helps to do some form of exercise such as push ups to get the blood flowing…

As a novice the more time you spend in front of your computer the greater the chance that you are going to do some thing stupid.

THE CONSISTENCY MUZZLE:

If you are risking 2% then trade until you make 2% and call it a day.
If you lose 2% then call it a day and take the next day off.

I’m not trying to be funny :smiley:

If you lose 2% chances are you are in a market condition that is unfavorable to your trading style and since you likely don’t have separate strategies for different market conditions you should just wait.

The vast majority of novice traders do not make 2% per day so when you are up by 2% you should reason that you are more likely to give it back than you are to make another 2% and call it a day.

Risking 2% and taking a day off when you lose guarantees that you can only lose 6% per week ( x - x - x).
The flip side is making 2% every day without a loss for +10% ( o o o o o )
Lose 1 time during the week you make 4% ( o o x - o)
Lose 2 times during the week you break even ( o o x - x )

This will teach you to wait for a trade :eek:
The less you lose the more trading days you are rewarded with.

I try and monitor the majors any time my computer has a pulse. Though I am an extreme newbie, I love to read and have a few tools in my bag most newbies would kill for, but I’ve noticed peak times for different pairs.

EUR/USD or, EU trades best between 7am and 4pm est (NYSE Time) as does the USD/CAD or, UC. Phoenix, and I hate to say this, is spot on with the GBP/USD, or, GU. My favorite is the EUR/JPY or EJ. It seems to trade best between 7pm and 4am est, but has best movement between 8:30pm and 11pm. All of this, in my opinion and experience also depends on day and time and news…

One of my personal rules is given in the school of pipsology. If you like losing your money, trade on Sundays, Fridays, and Holidays.

Please not that I have only been trading 6 months and am still learning myself, so anyone, including my apparent nemesis, please feel free to correct me.

Good luck and, as always, Good Pippin.

Chubs

If you are refering to me, If I was your nemesis I would have taken care of you long ago.

P.S. Personally I havn’t found Fridays any harder to trade than any other day of the week.

enjoy and trade well

mp

ThePhoenix is right, there is nothing wrong with trading on Friday.
In fact some of the most violent :eek: and profitable moves happen
on Friday.
I guess movement is scary to a novice :D:(:smiley: