My system usually requires waiting for signals. I initially start at a longer time frame if that signal happens, I then move to next smaller time frame wait for that next signal, and finally the next smaller frame then wait again. So around three consecutive frames from longest to shortest I’m doing lots of waiting. This usually ends requiring a lot of time and I end up eliminating most prospective trades. I am still in practice mode, so still analyzing if this works.
I am frustrated because I tend to miss a lot of signals because I am not in front of the screen and when I do follow a signal across successive time frames I end having to eliminate entering the trade because the signal goes the opposite way. Is there a system of alerts or any other programs that I can employ to eliminate this waiting and not have to wait around for the signal so I can move to next frame or enter the trade?
Day-trading’s fine for those who make a profit, but that’s a fraction of a fraction of a fraction. Most of those who start trading by day-trading are gone within 3 months.
Hi Tommor. Just out of curiosity, what’s your own definition of a ‘day trader’, with the next natural step being a ‘swing trader’ - I like to to think of myself as a sort of hybrid day trader in the sense that my trades last less than 12 hours with perhaps 10 trades a month.
Kinda ticks both boxes, right, both frequency of trades vs duration of trade.
I’ve heard of using top-down strategies for marking support and resistance zones, but not for signalling trades. Interesting premise…
Have you tried doing a search for MT4 downloads? I think there are about a million of them now. I bet you can find a signalling app that will come close to what you are looking for. Sorry I can’t be of more help. I work off of the daily and 4hr charts.
I’m sure the “casualty” rate is so high amongst new traders because they’re new obviously - but more importantly because they believe trader = day-trader and only day-trader.
Multi-day trading doesn’t just allow time for new traders to learn their skills. They are different skills. There is no inherent direct progression from multi-day trading to day-trading.
Many trading platforms can send alerts to your phone/email when your conditions are met. If you receive such a signal when you’re away from your desk, then you could use a mobile trading app or web-based platform to enter trades. A lot of forex brokers will even allow you to place orders over the phone.
If your entry rules can be programmed, then you might want to consider automating the entire strategy. This would allow you to take advantage of trading opportunities 24 hours a day even when you don’t have time to check your alerts.
[quote=“tommor, post:5, topic:113327, full:true”]
Day-trading’s fine for those who make a profit, but that’s a fraction of a fraction of a fraction. Most of those who start trading by day-trading are gone within 3 months.[/quote]
You extraordinary knowledge of what works and what doesn’t and how diverse the speculating spectrum is truly amazes me. Sometimes to think outside the box means thinking inside the box but you won’t have a clue to what I’m talking about there.
So go back to you bulk posting bro. Sometimes I see glimpses of original thought but then most of the time its generic marketing crap. The kind of shite that will blow anyones account in 3 months as you put it.
And golf, well I don’t care, play second life or world of warcraft for all I care. Hell kick the cat if it rocks your jolly
I think _bob solved the “sitting in front of the screen” deal. his trained Wallaby does all of his trading for him, he just sits back eating shrimp and drinking Fosters.
Exactly, your trading system is somewhat dependant on which timezone you live in and which timezone you prefer to trade in. The FX markets have been so choppy of late, great for experienced traders, diabolical for beginners…
DT with micro lots is a good way to learn the markets. You get to see the ebb and flow of price action along with the spikes and hopefully develop your strategy to cope with both. When I’m bored… I occasionally trade the T10 Chart on EURUSD, XAUUSD with a modified MA Slope strategy (similar to Pip Wizard). Normally good for 20 - 50 pips per hour.
Ahhh Bob… they still haven’t worked out that Fosters is a Girls Party Drink… Will WallaB there…
My Preferance
Weissbierbrauerei G. Schneider & Sohn Aventinus Weizen-Eisbock
As far as time zones, in OZ, you trade Asian, In Humuhumunukunukuapuaa land, is a bit more complex, 2am Hawaii is 7 am est. If you have a day job, kind of hard to trade that. Swing trading would be the ticket. Check out
Dennis here Trading the Trend with Strong Weak Analysis
Hey Viper, XXXX Gold… Top end only (NT & QLD)… Victoria Bitter (VB) is the most common Aussie mouth wash… with Carlton Draught probably a close second these days…
Weissbierbrauerei G. Schneider & Sohn Aventinus Weizen-Eisbock… Christ… had to Google that… Wouldn’t sell here… too hard to say… probably the same to drink.
The problem is the Asian session is very muted so it’s a great TZ to learn in but not for making large pip movements.
I trade the Mid Euro session and Mid US sessions which is mid evening and early AM here (UTC+10), although I have been having a lot of success at the Tokyo, Singapore open of late.
I rely on an EA to open positions when conditions are favorable. I spend more time fine tuning the logic on Indicators and EA strategies that I use these days than actually trading. They are more patient and don’t procrastinate like me… So very little screen time (other than research) these days. It can mess you up psychologically…in a great many ways.
Humuhumunukunukuapuaa land??? Dare you to point to it on a map…Sounds like the UK post Brexit…
VB translates very bad beer. XXXX well that’s just lolly water. No wonder those queenslanders drink it. We prefer the good old wife basher in the west, emu export although personally haven’t participated in fire water for years.
Back to the subject at hand. There is just no substitute for quality screen time. We’re at +8 gmt in the west. So at 6pm I start watching and waiting for NY open. Sometimes I get a signal in the first hour. Sometimes it will be 6hrs of flatness. Its just what we do bro. @tommor would like you to believe there are other ways. But this is what we do. Just have to find ways to entertain yourself in th mean time.
The only thing I can say is I post what I believe to be true, and these things are derived from what I have personally seen and experienced and what I have seen others experience. I’m certainly not involved in marketing in any way.
Call it bulk posting if you will but if a lot of people are posting who it looks like are going to make very damaging decisions in their trading, I’m going to post as often as I can manage what I believe to be good advice as to better ways of doing it.
What I say is that most inexperienced traders will not get past the 3 month anniversary in their trading if they take it that trading means day-trading. They will start their career day-trading and day-trading will end their career.
BUT - I could be wrong and maybe you can show how. So post some details and let’s discuss and learn about them.
