I'm looking to increase my account size soon and trade the gbpjpy (some of the other majors as well but mainly the geppy) mostly during london/new york session overlap 8-12 EST and maybe also longer term trades as well. I've been trading with a small account off and on for about 5 years so I'm familiar with much of the basics. My short term goal is to simply use trading as a supplemental income while also gaining more experience towards using it as a primary source of income. I'm not swinging for the fences expecting some eventual dream of an extravagant, wealthy lifestyle (not that I'd mind that either ) but would eventually like to make modest living that could be supported by trading from home and enjoying all the usual benefits of working from home.
For the intraday trades I'd like to focus on gbpjpy mainly for the volatility and am just looking for any general advice in how to deal with this pair. ..Would it be worth it to go back and study historic charts for this time of day and take notes on how it moves, how many pips, etc.?? How about trading with or without a system? I feel that my temperament is better suited towards trading without a system and just going off of S/R, PA, etc...I've noticed that I've had moderate success by anticipating quick moves and getting in and getting out for a small profit, for what it's worth.
(I have a basic understanding of PA such as pinbars, doji, etc., also fibonacci, S/R levels, psychological levels, etc. but I still sometimes get the feeling that it's a coin toss when I make a trade and I'm not fully confident. I do notice that the S/R levels and psych levels seem especially important. I also have learned about the basic ideas about MM, for ex. don't risk more than 2-3% per trade, etc.)
(..on a side note, I'm not sure how to allow fundamentals to influence my trading. Currently the yen has been losing value since around last fall, but just today we're seeing talk of QE in the UK, the gbp taking a hit and talks of this trend continuing for quite some time.
In this situation is it just a matter of trying to figure which currency is in worse shape than the other? Also, how much should other crosses gbpusd, usdjpy, be able to help? what are the best sources for basic financial advice in these areas?)
For the intraday trades I'd like to focus on gbpjpy mainly for the volatility and am just looking for any general advice in how to deal with this pair. ..Would it be worth it to go back and study historic charts for this time of day and take notes on how it moves, how many pips, etc.?? How about trading with or without a system? I feel that my temperament is better suited towards trading without a system and just going off of S/R, PA, etc...I've noticed that I've had moderate success by anticipating quick moves and getting in and getting out for a small profit, for what it's worth.
(I have a basic understanding of PA such as pinbars, doji, etc., also fibonacci, S/R levels, psychological levels, etc. but I still sometimes get the feeling that it's a coin toss when I make a trade and I'm not fully confident. I do notice that the S/R levels and psych levels seem especially important. I also have learned about the basic ideas about MM, for ex. don't risk more than 2-3% per trade, etc.)
(..on a side note, I'm not sure how to allow fundamentals to influence my trading. Currently the yen has been losing value since around last fall, but just today we're seeing talk of QE in the UK, the gbp taking a hit and talks of this trend continuing for quite some time.
In this situation is it just a matter of trying to figure which currency is in worse shape than the other? Also, how much should other crosses gbpusd, usdjpy, be able to help? what are the best sources for basic financial advice in these areas?)