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A system that works for a part time trader with minimum screen time

  • Post #1
  • Quote
  • First Post: Feb 19, 2009 3:33pm Feb 19, 2009 3:33pm
Hi:
Because of my full time day job and some family time in the evening, I can afford only some time in front of the chart between 7 PM and 11 PM (PST). I have been trying several systems for quite some time and so far no success. I just don’t want to give up on FOREX as I have already invested some time which I could have used for some better work. I think I am looking for a system (mainly daily or 4 hr time frame at the max) where I can analyze the chart in the evening (PST) and place a trade and see what happens next evening. I am not greedy but at the same time it has to be profitable whether its 30 PIS or 300 PIPs a month. Can I get some help from the pros? If there are others who also feel this way, we can group together and help each other. I am sure it’s genuine problem with most of the part time traders till they prove themselves to their family or to themselves. My wife still thinks that it’s wastage of time and I am hooked to a bad habit kind of gambling. Brick bat/sarcasm/honest opinion/expert help/been there; all are welcome.

Thanks in advance,

-FX_California
look at any of the daily systems and find one that works for you. With a daily system you only need a few minutes a day to place and manage your trades. I won't recommend a particular one because everyone is different and you need to find one that suits you.
"Thou shall follow the Turtles!"

I even wrote it for you already: http://www.forexfactory.com/showthread.php?t=143250
Jacko Forex House of Pleasure and Pain.
+ James 16 Chart Thread.
End of story.
Quoting Tjpld
Jacko Forex House of Pleasure and Pain.
+ James 16 Chart Thread.
End of story.
Took the words right out of my mouth. I'd say James 16 requires a bit more time...but with Jacko's method I am in and out in a few hours or less.
Thanks to all of you
Quoting bgin2end
Took the words right out of my mouth. I'd say James 16 requires a bit more time...but with Jacko's method I am in and out in a few hours or less.
Quoting Tjpld
Jacko Forex House of Pleasure and Pain.
+ James 16 Chart Thread.
End of story.
I second that. This forum has the best traders here. My girlfriend loves jacko because he helps me make lots of dollars which I can spend on her.
I wonder what jacko traders that could be losing money would say....

Hey dude, your sob story is rather pitiful. I spent thousands of hours on forex over the past 4 years. I have a very good shot at making huge returns this year (I made 3000% in 2008 in demo dollars) And before you say demo accounts aren't like live accounts, I don't scalp and don't need perfect fills.

So.... I don't have any empathy. For people that work hard, they deserve the fruits of their labors. And those wanting a quick handout need to respect the hard work, blown accounts, and stress that accompanies this business.

I'd say you are wise to admit your gambling tendancy, and should do some serious reflecting on what happens if you keep failing. You don't want to end up like pujolshomerun (I will post a link if you don't know who he is)
Tdion:

When I wrote "Brick bat/sarcasm/honest opinion/expert help/been there; all are welcome"..for sarcasm, You were top on my mind. Waiting for your response.

Thanks,

FX_California
Quoting tdion
I wonder what jacko traders that could be losing money would say....

Hey dude, your sob story is rather pitiful. I spent thousands of hours on forex over the past 4 years. I have a very good shot at making huge returns this year (I made 3000% in 2008 in demo dollars) And before you say demo accounts aren't like live accounts, I don't scalp and don't need perfect fills.

So.... I don't have any empathy. For people that work hard, they deserve the fruits of their labors. And those wanting a quick handout need to respect the hard work, blown accounts,...
Well, there was no sarcasm. I simply stated facts.
  • Post #11
  • Quote
  • Edited at 7:02am Jan 26, 2011 6:57am | Edited at 7:02am
I work in a Bank during day, without internet access. Usually I look at moving averages
in the morning ( I use fibonacci numbers5,13,21,34,55 periods) and see if two exp.
averages have crossed before taking a position. I put a stop-loss at the Drummond
point. In between I phone up the brokerage during lunch and evening. Later at home
I do examine the days graph. Exp MA are slow but they do give you a confirmed
trend. One thing I learned from Linda Bradford-Raschke and other great traders is
to trade on a confirmed trend. They never take stupid risks anticipating a trend.
I trade in gold futures.You can also read "Swing Trading" by Rivalland, a British attorney.
You can search for Law Girl in forex factory positngs. Both Marc Havilland and Law Girl
writes very realistically about trading, without any chest-thumping.
Similiar to a mult-time frame trading approach try to develop a mult-conceptual
frame work to trade. It can be Elliot wave, Support and resistance, stochastics and
Bollinger Band, 123trading system etc. Each of these concepts become a prism through
which different aspects of the market becomes apparent. WIshing all of you
good trading.

josefrancis
A possible alternative approach if time is limited on a day to day basis but you can spare the time to develop a strategy is to try and code it and then produce SMS alerts for instance to prompt you for possible opportunities.

This is the approach I will be taking, but of course the hard bit is to produce a good strategy.
I work full time and some of my favourite systems for the dailies include:
- Bollinger band breakout (can be a break of 20,1 or 9,1 based on your preference)
- Trading based on Demark pivots...(TD1 and TD2 seem to work fine)

My stop is usually a break of the three day low (not counting inside bars)

Most systems posted here can be used, imho the key is in having a hard stop loss in the market to avoid catastrophies..
Does anyoneuse ZigZag on D1 or H4 TF's? What are some of the settings and mods you have found helpful?
Quoting FX_California
I just don’t want to give up on FOREX as I have already invested some time which I could have used for some better work.
This is poor logic and a very dangerous way to think.
si hoc legere scis nimium eruditionis habes
Have a look at my thread in the system section of FF. J16 is also good.
  • Post #17
  • Quote
  • Last Post: Sep 28, 2011 1:46pm Sep 28, 2011 1:46pm
Quoting magnumfreak
look at any of the daily systems and find one that works for you. With a daily system you only need a few minutes a day to place and manage your trades. I won't recommend a particular one because everyone is different and you need to find one that suits you.
After reading all the posts, seems to me that the first reply was the best!

What I might add is this, when you find a method that works on daily, you could try using 12 hour charts and check for signals twice a day.

You get 12 hour charts buy using offline charts, so depending on your indicators, that could be a problem, but the advantage is that you could also use time shift so that your twice daily chart checking can be set to fit your schedule.
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