Scanning for Setups?

[alfiemal]

Hi everyone, Ive been at forex for quite a while now and I have learnt that there are several decent strategies. However what has been bugging me lately is that you have to wait sometimes for hours and hours on end for a setup.

At the end of most days I can see FX prices have bounced off previous support, confluence of pin bars and fib/pivots etc, indicator divergence is good, trades in the direction of the main trend etc...

What im finding the hardest part about trading (after the learning curve) is actually sitting waiting for setups, its unbearably boring and if your watching your screen at 7am and nothing is developing its very difficult, for me anyway to just sit doing nothing for most of the day. Ive been tempted to turn scalper because of this!

Does anyone know much about scanning equipment which could potentially find decent setups and take alot of the stress out of trading?

 

[advfntrader]

trading is boring if you are doing it properly. I too have the lack of discipline to wait but this has burnt me every time !!

wait for the setup and trade the plan. trying to force trades usually means losing

 

[everyonerich]

im a scalper, thats why you'll see i have trade on journal.

 

[alfiemal]

trading is boring if you are doing it properly. I too have the lack of discipline to wait but this has burnt me every time !!

wait for the setup and trade the plan. trying to force trades usually means losing

Exactly the same as me! I suppose I am just going to have try harder with the patience, good to hear its not just me though.

 

[alfiemal]

im a scalper, thats why you'll see i have trade on journal.

Is your scalping on FX? What is the strategy? I am thinking of maybe learning some short term trades to keep me occupied during the inactive periods...

 

[Rossini]

While your waiting to trade on a live account at full size open a spread betting account and trade the min bet size maybe £1pp just to amuse yourself. You could test new strategies, or just **** about.

 

[fibonelli]

One of the very few advantages over professional traders is that we can patiently wait for the very best setups.

If you don't like waiting then:

1. Drop your timeframe;
2. Apply your method over a range of easily understandable instruments;
3. Write a simple program to scan across of instruments/markets for rough and ready setups that meet some of your criteria.