Intro and questions

[purepest]

Hey guys,

I wanted to introduce myself but my main aim is to look for some advice.

My name is Colin and I have been trading on Betfair for a while now. Mainly football but sometimes look at other things.

I have, in the past, traded Forex which proved to be painful but I was way younger then. Since then I have learned a lot about trading discipline and money management and I wanted to come back to looking at the markets.

My situation is that I work Monday to Friday. I leave the house at around 07:45 and get back at around 18:15 and I am in the UK (because time zone seems important).

I am looking for markets that I can trade that fit my 'working' life style. I know that the London open on the GBP/USD seems to be good to work with but I just cannot do this but there must be other opportunities out there that I can look at in the evenings or before I go to work.

Can anyone point me in the right direction?

Cheers
Colin

*away to troll the forums for ideas :whistling

 

[Rhody Trader]

My suggestion, given the length of your workday, is to look at a swing or longer-term timeframe. Day trading may seem very appealing, but doesn't strike me as a realistic option for you at this point. The good thing there is that you can trade basically any market which suits you (assuming proper capitalization in some cases).

 

[purepest]

Thanks Rhody.

What is the best reading or a good place to start for this sort of strategy? I do catch some action on GBPUSD in ther morning and occasionally catch some movement during the day across some currency pairs but as you say its no ideal.

I notice you're a vendor, have you got any suitable?

Cheers
Colin

 

[Rhody Trader]

Swing trading isn't a strategy per se. It's a timeframe. Generally speaking it means trading positions which tend to last a couple of days out to maybe a couple of weeks. Basically, it's attempting to play the more intermediate market moves - not the short-term ones that day traders play, and not the long-term ones the position traders play, but the ones in between.

 

[wackypete2]

Another solution would be to trade US stocks during the last 2 hours of the NY close, which should be early evening for you. Usually can catch some nice moves during that time, or try to swing trade stocks by buying at the close.


Peter