Finally giving it (another) go

just thought it was similar to the way you trade, you could always fine tune the entry. I used to wait for it to retrace to a support/ resistance level's after it broke the high, then enter.

I dabbled with it when trying out different strategies, with some success i may add, It just didn't suit my style, waiting hours for a trade to come good, I liked to get more involved.
 
I know what you mean. I tend to get bored while sat in front of the screen. This means I try and force a trade, rather than let it come to me.
Ideally I'd like to make between 10 and 20 trades a day, with relatively tight stops of 10-20 points.
 
Edinburgh Trader said:
I know what you mean. I tend to get bored while sat in front of the screen. This means I try and force a trade, rather than let it come to me.
Ideally I'd like to make between 10 and 20 trades a day, with relatively tight stops of 10-20 points.
Click to expand...


Hi E T

Was not around too much on Friday but have now caught up with the latest comments etc from yourself and from other members

As D J commented - everything you hear and read on forex sites take with a pinch of salt as 80 - 90% of all traders mostly fail - lose and then after 2 to 5 yes give up

One of the reasons is down to time spent learning the craft . You do need 3000 to 5000 hrs spent studying chart action to really see more clues with many saying you need 10k hrs to achieve a high level

Now think about it - if you spend 2 months at say 8 hrs a day ie say only 42 to 45 working days that's still only approx say 350 hrs - hardly a tenth of what you really need.

The real devil is in the details - there are not that many shortcuts - that is one reason why so many don't quite make it

For sure you will see improvements and many tips will help you if you want to intra day trade Fx

Ideally you do need to be trying for a minimum 5 trades a day - just a couple or three a day are not sufficient and maybe over 20 trades a day is just too much focus and will wear live money traders down unless they are really experienced and can cope.

Personally any chart over 1 min is too slow to catch short term trades of 5 to 20 pips. Overtime even a10 sec tick chart gets boring and looks slow. You can use the 30 and 60min frames for the bigger day picture but the four hr plus are just three her fifty nine minutes behind the action - you don't want he past you want the future :rolleyes::smart:

Regards


F
 
Thanks for the comments F,
I think it's important for me to explain what I'm doing and what I hope to achieve here.
Trading has been a hobby for a few years, although it's disappeared off my radar more than once!
I found myself in a position where I could 2 months of work and thought I would spend that time trading.
I'm not expecting to be a great trader at the end of this, but I do think I can learn a lot.
The comments and advice so far have been really helpful, so thanks to all.
I would rather try and fail, than wonder if I could have done it.
 
Huge amount of reading done this weekend, and a lot of time just looking at charts.
I think a penny dropped at some point on Saturday night, but we'll see.

I will be mainly looking at EURUSD and GBPUSD going forwards, with the Dow thrown in just for good measure
 
I'm looking at the 5 minute EURUSD just now, and am seeing diverenge, indicating a move back south.
Will watch and see how it plays out
 
Edinburgh Trader said:
I'm looking at the 5 minute EURUSD just now, and am seeing diverenge, indicating a move back south.
Will watch and see how it plays out
Click to expand...

EU

Stuck in a range ATM

I can only hold scalp sells under 2838 and 2830

Above 42 and 46 its a scalp buy needing then above 2870 to hold on for larger rise

Divergence on its own is just enough to be sure of a change - its like every single theory - is 50 / 50 maybe on accuracy.

If you find a group of clues ie ideally 4 + all agreeing with each other on a direction for a session then that might give you an edge

I think staying with three pairs for a start is fine and hopefully I can assist you on the EU & GU

Good luck to you this week

Regards

F
 
I noticed one thing that I was doing "wrong" over the weekend.
Once I'm on a trade I tend to zoom in and make the candles bigger, making any movements seem larger than they are! Not good for the stress levels, and I was losing sight of the bigger picture!
 
Edinburgh Trader said:
I noticed one thing that I was doing "wrong" over the weekend.
Once I'm on a trade I tend to zoom in and make the candles bigger, making any movements seem larger than they are! Not good for the stress levels, and I was losing sight of the bigger picture!
Click to expand...

That's fine for scalping 5 to 10 pips - but if you are looking for say 15 to 50 pip moves then the bigger pictures given by the 30 and 60 main frames will help

For me as more of a scalper - I can scalp sell under
LH's like under 56 at 2852/3 knowing I need then falls under 38 and 30 to hold the scalp on

If we don't make under both I can still exit with say 3 to 10 pips and then review again or just leave a part stake on with stop in a small profit etc

I will say the EU is a difficult FX pair to trade as it is played with the most - deliberately etc but spreads are good - mines normally 0.3 of a pip and on good or nice rally days its fine :)
 
Edinburgh Trader said:
Anyone else watching EURUSD?
Any thoughts?
I'm favouring a run to the downside at the minute
Click to expand...

as F also comments re ranging..........

the individual index currencies of EURO and USD both pretty bull since early London opening dude............let 1 show some decent divergence before starting the plays...you need one of them to go bear
 
having said that Euro has drifted more bear in last 40-50mins ..........so if usd stays bull then EU sells will be the afternoons trend
 
I'm short eurusd.
Stop of 15 points, looking for 20 points initially.
My stakes are small, so can live with being wrong!
 
And I was typing, wrong I look to be.

I'm thinking of opening a live trading room. £100 a month, and just do the opposite of what I do.

Any takers?
 
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