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Are you sure you're a Day Trader?

  • #21
  • May 28, 2007 3:44am May 28, 2007 3:44am
Quoting Dexis
Hadrys, may I ask what your typical R:R ratio is when taking a trade? And what do you describe as "so obvious, if it is 200 I take 200" ? How do you know it's gonna be 200 and not more?

Thank you, and happy trading
Typical is 3:1 and it's hard to make it better on H4 chart because of minimum 15-20 pips SL and typical moves of about 50-60 pips. I read everything from the chart - where to put SL, where to TP, when to bail if price reverses and most of the time the price moves like 2 pips above my TP (just in case to trigger it).

How do I do it? Simply trade bounces in the channel and find support/resistance but you need some experience to catch something big like the last 150 pips move up on Cable which went through the whole channel and was a countertrend trade!

Quoting goonergonebad
Hadrys, I have not tried longer term trading yet, but I intend to run a demo account in parallel with my live account where I make several small trades each relevant day (not today though). I understand your point about the spreadsheet with regard to longer term validity. I see Dexis table as a way of confirming to me if I am really hacking it on the shorter term stuff.

I will check out the thread you advise as I actually think I am probably better suited to the longer term trades.
Long term is much easier and so calm... Trading from H4 and Daily charts you'll have great entry points just to catch the whole minor trend without bigger pullbacks! That's why this spreadsheet want work - you would have to enter 500-1000 pips of the whole possible trend to catch

Read Jacko's posts carefully, this guys knows what he is doing but first check out H4/Daily chart of GBP/JPY, USDJPY, USDCAD (!!) in zoom level as my chart (that's not my working zoom).
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  • #22
  • Last Post: May 28, 2007 11:10am May 28, 2007 11:10am
I find short term trading actually to be more stress free. I typically day trade on the 5 minute chart, but do utilize longer time frames to help visualize current trends.
Am I a day trader? Definately.
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