Overnight orders to be activated

Hi,

Do you place orders that could be activated overnight?
I have missed a win or two as I dont feel comfortable at the moment placing an order to be activated overnight? Obvious reasons are I may have reasons to cancel the order or concerns that my SL wont get triggered and I wake up to find a big loss!

What do you do and am I concerned over nothing?

Thanks

Scotty2Cues said:

Hi,

Do you place orders that could be activated overnight?
I have missed a win or two as I dont feel comfortable at the moment placing an order to be activated overnight? Obvious reasons are I may have reasons to cancel the order or concerns that my SL wont get triggered and I wake up to find a big loss!

What do you do and am I concerned over nothing?

Thanks

Click to expand...

I decide overnight what to trade, but I wait for market open to execute. I also look at the overnight futures to get an idea of what the market will do at open.

Case in point. I was about to bail on the CALL side of an Iron Condor because it had reached my max loss limit. I queued up the trade and went to bed. In the morning, the futures indicated a big drop in the market at open. I delayed my trade until later in the day. Instead of a 20% loss, I only suffered a 3% loss. That meant the overall Iron Condor was still profitable.

See what fits your style.

Scotty, tell me to mind my own biz and I'm not looking too deeply into what you're up to, (no offence) but the few times I've noticed your posts you appear to want to do everything at once. Why not just get your 5hit together on the one TF, perhaps on the one pair, and then start to get *clever*? Just a thought..

Black Swan said:

Scotty, tell me to mind my own biz and I'm not looking too deeply into what you're up to, (no offence) but the few times I've noticed your posts you appear to want to do everything at once. Why not just get your 5hit together on the one TF, perhaps on the one pair, and then start to get *clever*? Just a thought..

Click to expand...

Im always up for criticism etc. Dont think Im trying to do to much though. My strategy is fairly basic; minimal TA, no indicators and basic economics to try and trade with market sentiment.

Ive had a couple of ideas but nothing too ambitious or outrageous for a beginner. Coming up with ideas also helps me learn I think.

If anything my problem during my first live month has been undertrading. I missed quite a few winners because I lost the bottle before putting the trade on. I also cancelled two trades (one I think by putting SL to BE after about 7 pips in profit) because I wasnt confident.

So November will be about being confident in my possible entry points but still sticking with the basics.

Hi Scotty, IMHO don't worry about overnight orders as long as you're looking at the right currency pairs with the right size of order e.g. I would not try overnight orders with GBP/JPY overnight but would do it no problem with EUR/USD...EUR/USD is so heavly traded for so many reasons that it's unlikely to move much more than it's average trading range in one evening....what I have have done is download one years high and low data of eur/usd (normally free which is very nice of them) and calculated 30 or 20 day moving averages to calulcate risk...

Sounds like you're not sure about this as you do not have the right evidence to put your mind at rest that's it's okay, don't trust anyone with this, just download the data and work it out, no problem.

There may be an easier way but that's the way I'd do it...

http://www.global-view.com/forex-trading-tools/forex-history/

Try the above, once you have the data in excel, the world is your oyster..maha ha...

Scotty2Cues said:

I missed quite a few winners because I lost the bottle before putting the trade on. I also cancelled two trades (one I think by putting SL to BE after about 7 pips in profit) because I wasnt confident.

So November will be about being confident in my possible entry points but still sticking with the basics.

Click to expand...

You've identifed the improvements you need to make before considering any other options. And take this from someone who went through the issue a couple of years back, pulling the trigger consistently, without fear and hesitation when your set-up occurs, is one of the biggest trading obstacles you can face. Get that right, get the P&L moving consistently in the right direction, then expand your range of opps.

Black Swan said:

You've identifed the improvements you need to make before considering any other options. And take this from someone who went through the issue a couple of years back, pulling the trigger consistently, without fear and hesitation when your set-up occurs, is one of the biggest trading obstacles you can face. Get that right, get the P&L moving consistently in the right direction, then expand your range of opps.

Click to expand...

yep, this is so true, wise words...consistency is a word I like...

Hey Scotty,

My case in point, have a look at the attached eur/usd 20 day ma.....average trading range is not that scary as long as you understand it and use it to your advantage...

based on previous post, 150 to 160 pips is average trading range of eur/esd but it is becoming more volatile...so watch out!! volatility can be could depending on how you trade, for me, it's a mess...

Thanks BlueChilli, Ill take a look!