I started this thread thinking that I just may be out of luck. I now have new hope as I enjoy trading the daily charts. I don’t worry during the day, I don’t watch the charts. I think this is actually much easier on the stomach. I also haven’t lost on a trade since I started doing this last Wednesday. The large sl needed for longer time frame doesn’t even bother me. I just know that I will have to use smaller lots to manage the money. I am very excited actually about the possibilities.
Glad to hear things are going well for you.
What strategy did you decide to use with the daily charts?
Terry
I was initially going to use the 8 and 8 on mostly the usd pairs. The trend has been so strong lately that I was never getting the indicators to cross. So I just decided to trade the trends using 70% atr for the sl. I wait for the price to cross important numbers and go with the trend. I then then move my sl at the end of the day and let it ride.
At least on demo.
Much easier to look once a day.
Other wise I seem to figure what the market is doing to do next start changing my plan and don’t stick to my intial strategy.
I here that all the time.
That seems to be one of the biggest problem if not the biggest is when your emotions start to get involved.
You look at your trade and say, " oh no I better close the trade now or else", and you close it thinking its going the other way on you.
And then you look the next day and it is back on track according to your stategy and you say damm why did I close that trade yesterday.
Another thing to always keep in mind is a lot of people in this thread have voiced concern over about missing signals.
My advice would be SO WHAT? Your trying to make a living in a market that by definition has limitless possibilities and opprtiunity. So if you miss one, no big deal, I have no doubt that another is on the way.
I must’ve missed over 20 signals this month, but I wasn’t at the screens, or I was in bed, or I would have to flat the position going into the weekend. But the point is there will be more so just focus on that. You stay at this long enough and you start to find it boring enough that you want to get away from the screens and live life a little.
Trade to Live - Don’t live to Trade.
Daedalus,
Once again nicely done. What a refreshing break from the megaposters.
Well maybe I was right. I think I have lost 10 straight trades now. This is going absolutely smashingly! I find it almost impossible to believe anyone could lose that many trades in a row, even throwing darts at a board to make your decisions.
This is one of those times where you MUST stick to your rule set and have faith in your system. DON’T CHANGE ANYTHING. (Assuming you have a profitable system to begin with)
My worst run (since I began to think I could trade ie about 2 yrs into this business) was about 6-32. Just a couple of months ago I had a brain fizz one night and went 5-10. Never underestimate the market and ensure that your money management could cope with at least twice the worst run you have ever experienced. Daedalus is spot on with his advice. My bread and butter trade I backtested in October 2006 and have traded live ever since with tweaks along the way. I have reviewed it and trades hundreds of times. In short I know it like the back of my hand and it has gone more than 10 in a row losers despite being a highly profitable system. Its that knowledge that keeps me afloat with it during the bad times. With 16 net wins last month (32% ROI) it has downturned this month to be just +3 but I KNOW without a shadow of a doubt that will turn round.
hi
this ties in to a question i have. i was told that the forex market was a 24 hour market but in london, trading stops at 2145 or so. how can i keep trading later say in the US and/or asian side of the market?
thanks:)
Not sure which platform you are looking at but mine
run from 1800hrs GMT (approx.) on Sunday until 2200hrs
GMT on Friday. Non stop.
thanks.
this must mean that trading crawls to a virtual standstill after 2145 gmt london time? because there is hardly any activity with little chance for profit.
is that rigt?
Again it depends upon which pair you are following, I made
45 pips between 2230hrs & 0115hrs GMT, last night. on E/Y.
But Forex is like that, there are quiet times but not always
in the same period. I have seen the charts go sideways all
of the London morning session.
The problem is that people tend to want a massive amount
of pips at the same time everyday, but the charts ain’t like that.
If nothing seems to be happening then stay flat, don’t force it.
Impatience is one of the biggest faults in a forex trader.
thanks. i agree. its flat right now on at least 12 currency pairs. but can i ask you this though.
where exactly do you set your stop for bollinger breakout? the break out isn’t alway a straight rise.
thanks
Using Bollinger Band “Bands” To Gauge Trends
Inside Day Bollinger Band Turn Trade
Tales From The Trenches: A Simple Bollinger Band Strategy
Some more reading I know but it saves my typing fingers.
I don’t eclusively use BB so I can’t say, but the articles above
may give an insight.
thanks. will take a look. reading id my forte’
well if you have no time to trade, consider a managed account, check out Atuan Capital, they are good.
Iyados
Thank you :):)
Bollinger Bands is one of my favorites with W%R. I guess even you don�t use it exclusively it�s a very important tool for you.
Maggie
If you have a full time job and live in the states you can trade the Yen pairs. Dont be discouraged because you cant trade the pair you like.
I’ve realized there are key times when the market moves during the day, so it is very possible to trade even with a full-time job.
I’m a full time student and I am able to find a time to trade where there is alot of movement with little risk.