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Morning all,

I thought I would give you a update on last week.

Monday, was a good day I traded EJ using 1 min chart and it was a very easy day ended up +50.

Tuesday, I decided to give GJ a try and got my butt kicked , I found the spreads on IB where 5-6 pips during the Asian session which is to big when you add comms as well.
I have been trading off a Ninjatrader chart that uses a feed from Gain capital, which is slightly slower than my IB platform which means i lose a tick here and there.
I switched back to EJ and finished the day flat.

Wednesday , I ended the day +10.

Thursday , didnt trade.

Friday , was a bit of a pig, I got whipped in the asian session and to top things off ,I loaded IB on to another PC set it up and it all seemed fine . Except that my bloody stops didnt trigger and I came back to the PC to be 60 pips down.
I hadnt set up the stops correctly so they wouldnt trigger outside UK market hours.

I decided to back to the 10 min chart and managed to get on the breakout around 12 UK time which saved my bacon for the week.

So I ended Friday no better off than I did on Monday +50.

I do admire you 1 min traders , but I think I will trade the 10 min for a bit.

Ian

Buderim, you're not alone. I was ticking over nicely trading the 1 min EUR JPY and got kicked on Thursday. Lost the previous gains, but there was only one reason it happened - I broke my own rules and deserved it. Discipline!!!

Anyway, have been tweaking and will try again this week as and when...

Out of curiosity, Bud, how many hours is Gingertown ahead of us here in the UK and what hours of day do you trade?

SC think discipline is so important for scalping, very easy to give your gains back. Do recommend the article "day trading" by Douglas Zalesky. The copy I got was out of SFO magazine(feb 2003), it lists a whole lot of do's and dont's and have found it very helpful. Have a good week all

Hi Hils,

Gingertown - lol (sounds like somewhere Chris Evans would live)

we are 10 hours ahead at the moment , I have been looking at the Asian session around 1 am your time, but i think I will wait until maybe 6-7 am when Europe wakes up.

Bud,

This isn't an exact science (if it were, everybody would be doing it) but, as a general rule, markets tend to be at their choppiest around the time that a new timezone comes into play. Once that's happened they tend to move into a trend.

Between 6am and 9am (UK time) is often good to play the 1-minute chart with some superfast settings as the Asian trend is tested and either pushed further or reversed. Once that's happened, it's then time to just sit back and let the trend run until the Yanks wake up and the same thing happens over again.

The eur/gpy is hard to trade this morning very wippy.

Do you mean JPY? Tight range. No meat on the bone. It'll break.

Sorry yes JPY been trying to short it from 161.80 ,still got 40 out of cable on that drop
from 2500

Thanks for that hils,

I will have a look at the European open .

Ian

"This isn't an exact science (if it were, everybody would be doing it)"

judging by the traders thread everybody IS doing it...

Still plodding away, to be honest finding it a bit more difficult than i thought, on the good days its fantastic, on the rangebound days the whips are frustrating me,
its just a case of getting the balance right, Rome wasnt built in a day was it,:-)
will keep plodding along till i get my timeframes strategy right,
think ive got to switch more longer term instead of my usual quickies,
Like Hils, i like a good quickie now and then, but sometimes a marathon is more effective:-)

the Forex day does have a pattern as Hils says.

Early doors probes both edges of current range for direction...then off it goes for most of the am

An interesting read over on Forex Factory.

http://www.forexfactory.com/showthread.php?t=56670

The trader that threw money management out of the window and took his account from $1,000 to $126,000 last week.

It certainly appears to be genuine. Nice to see that it can be done.

I like the fact that he finds trading this way 'relaxing'. I wonder what he does to produce an adrenalin rush ;-)

this is the other side of Forex Ruth...rangie? rangie?...all day....

Its a futures day....

right - now that the uk has closed could the dow put on a 100pts please so that i can make some dosh on my usd/jpy long.

It has everything to do with my frame of mind today - signals have been good, but I really didn't want to bother trading EUR/JPY up and down. Down should've been enough ;)

I was so convinced it wants to retrace to 160.80s - had b/e stops and limits several times whilst I was doing other stuff and ended up with nowt.



Bummer ;)

Love the pic but dont get the connection....was it "frame for mind" was get naked in a photo kiosk ..lol

Hils re your comments on the traders thread re moving over to forex...those that were using CFD's to effectively gear up Investment Longs...are going to find it tough....

Scalpers are going to find FX tough too...as not easy to use that as only way to generate profits in FX

those that trade (not scalp) indexes might have a better shot though..as they ride a trend.....

But the sloppy or no stops types regardless of the above are not going to be around long... as gearing on FXCM under 10k a/c up to 200:1 as you know so 10-20 times the leverage of Index trades...and more than that compared to 250 stocks and tiddlers...

My tip if you are new start trading 10k trades....and stay at that size for a long while...margin on a 200:1 leveraged a/c is only 50

With you on the margin Foale.

According to my broker there's a pattern with traders who don't make money or make very little money.

First they start with stocks and blow their pot.
Then they blow the pot again

then they move to indices cos the margins are lower.
and they blow the pot

and lastly they move to fx cos the margins are tiny which is their last roll of the dice. And surprisingly enough they blow their pot.

Choccie:

Nice pic. But when I looked up I realised it wasn't you after all ;-)