timsk
Legendary member
- Messages
- 8,729
- Likes
- 3,425
Hi John,
Welcome to T2W.
Apologies in advance if this sounds critical - it's not meant to be. I think you'll get more replies - and certainly more insightful ones - if you give a little more of yourself first. Obviously, you know what you do - but we don't! So, how about treating us to 'A Typical Trading Day in the Life of john_doe'?
If you set the bar to which others can aspire then, hopefully, they will respond in kind!
Tim.
Welcome to T2W.
Apologies in advance if this sounds critical - it's not meant to be. I think you'll get more replies - and certainly more insightful ones - if you give a little more of yourself first. Obviously, you know what you do - but we don't! So, how about treating us to 'A Typical Trading Day in the Life of john_doe'?
If you set the bar to which others can aspire then, hopefully, they will respond in kind!
Tim.
Hello, I trade FX, and I wake up around 7 am EST, place my order, stop, and target at 8 am EST, and then my day is done. I only do 1 trade a day. I recheck the trade at end of day, and then adjust the stop/target if neither were hit during the day. That's my routine.
Similar to what I do. But I'm trading silver/gold, have to look into FX. Sometimes (more then often) I set target too high against the amount I'm trading and it hits stop loss during the day when I could have closed in profit.
I think it does help to watch certain trades that you do, but in the real world that isn't always possible.
If that happens to me, I consider it a loss. That is to say, even if I was watching price action throughout the day it would still be a loss. My trade setups are designed to produce a solid trend throughout the day, and my target level is based off a backtest of about 1000 days. If my stop is hit, it means that either I didn't read the price action properly (which could happen since I have a discretionary trading system), OR I did everything properly (according to my plan) and simply have to absorb a loss. In the latter case, I am often taken out by quick moves up or down that take out my stop before moving in my original direction. I consider it part of the game. If I changed my stop level to accommodate these actions, then I'd skew my risk-reward for all my winning trades.
Lee Shepherd
Senior member
- Messages
- 2,164
- Likes
- 573
Goodluck with that type of trading.
I figure that this works for you, maybe it has been doing anyway. I also assume that the rest of the day you are out spending your 'well earned cash' and doing just want you want to in life. (That's hopefully a true statement and not sarcasm)
The thing with this style (to be critical but truthful) is that it is sold by many a vendor this way. I'm not saying you're a vendor by the way, nor am I saying it can't be done short term.
I will however say this as I do to anyone that ever brings this ridiculousness up in conversation:
If it really is this easy, what the hell do all those guys and girls do all day at the exchange, and why do all these traders work 16+ hour days. And that doesn't even include the algo machines that look for opportunities 24 hours a day.They must be absolutely crazy. Do they not know that they can make the same amount or even more money just trading for 1 hour a day.
Lee
resistance
Member
- Messages
- 89
- Likes
- 1
For me day trading is placing your order daily and closing them on daily basis. I usually place the orders just before the london open and then these are closed after the london market is off.
a) I'm not a vendor, but can you point me to a vendor that does this? I'd be curious.
b) your comparison to other traders are not valid because it is unlikely those traders have a similar trading style to myself; I trade based off my understanding of "accumulation" and "distribution", and I've spent years and thousands of hours developing my strategy, so yeah I do consider it hard earned cash.
c) algo machines? That's an apples to oranges comparison--irrelevant
d) not all traders spend 16 hours a day trading; I have multiple friends from business school who trade for banks--all the ones I've spoken to actually trade on a longer-term basis; they are not glued to the charts. They spend their time doing market making and other responsibilities for the bank.
e) along the lines of d, generally speaking, what about traders who trade off daily charts, weekly charts, or even 4 hour charts?? If you trade off a daily chart, honestly what reason do you have to stare at charts all day long?
It seems you don't think it is possible to find one good trade a day on a consistent basis. OK cool. Good luck.
NVP
Guest Author
- Messages
- 37,936
- Likes
- 2,144
agreed Lee
the higher TF's are fine and dandy ....but they dont offer the number of trades to make a decent living if you are using sensible MM......
oh yeah and they represent 98% of all Junk mail trading systems .....
N
DitterPD
Active member
- Messages
- 177
- Likes
- 6
I wake up, eat breakfast, drink coffee, take a good, long stretch (!) and finally sit down at the computer
Look at the quotes at the time, check the news and read some analytics, posts, articles.. The I decide what my trading plan for today will be, set up limits, move my stop-losses and take-profits (if necessary).. several times a day I check the current situation and if necessary making few corrections here and there.
In my opinion, sitting whole day long in front of the monitor is not needed and may be even harmful..
So this is my day in brief..
Look at the quotes at the time, check the news and read some analytics, posts, articles.. The I decide what my trading plan for today will be, set up limits, move my stop-losses and take-profits (if necessary).. several times a day I check the current situation and if necessary making few corrections here and there.
In my opinion, sitting whole day long in front of the monitor is not needed and may be even harmful..
So this is my day in brief..
