How to spot a waste of time trading day... | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

Spot Forex vs CFD Forex: Are we really trading Spot? 11 replies

Do you think FX trading systems etc are a waste of time? 2 replies

Waste time and money decyphering a market on its closing price 10 replies

Back testing...is it a waste of time? 17 replies

A Dream Scheme... (Don't waste your time) 38 replies

Attachments: How to spot a waste of time trading day...
Exit Attachments

How to spot a waste of time trading day...

  • #1
  • First Post: Jun 12, 2007 7:45am Jun 12, 2007 7:45am
I am soooooooooooo bored....

Please someone, explain to me how to identify mind numbingly, tedious, scrotum squeezing, oops I did it again..., is there anybody out there? days like today....

Pleeeeeeeeeeeeeease....

Just watch - It will all kick off now!
  • #2
  • Jun 12, 2007 8:29am Jun 12, 2007 8:29am
Quoting goonergonebad
I am soooooooooooo bored....

Please someone, explain to me how to identify mind numbingly, tedious, scrotum squeezing, oops I did it again..., is there anybody out there? days like today....

Pleeeeeeeeeeeeeease....

Just watch - It will all kick off now!
Anything can happen to rock the financial markets, but usually if you do not see any major econ data news on the horizon it will be a quiet day of range trading. Surprises do happen though.
  • #3
  • Jun 12, 2007 8:38am Jun 12, 2007 8:38am
Sounds like you've identified it pretty well, whatever it is you're talking about. Whatever that is, learn to trade it.

Look at the EU/USD. It's in a defined channel. It's at the bottom of that channel. I just went long. I'm looking for 10 or 15 pips and I'm done for the day, if it goes back to the high side of the channel.

If it's a real breakout through support, I'll have to take my loss and go short. It's been in the channel a good while, so it could be a nice breakout.

Trend's been down for about two months, so odds are it will break out to the downside.

What's wrong with that?
  • #4
  • Jun 12, 2007 9:10am Jun 12, 2007 9:10am
"whatever it is you're talking about"

BlueRuby, you're my kind of trader. Thanks for providing a sense of normality to my freaked out day.

Days like today drive me to distraction. Hence my drivel (My aim in life is to go beyond normal drivel....).

I just feel that the more experienced guys on forums like this should be able to let us newbies know that - DUHHH! days like today happen and today looks like it's shaping up to be one. Therefore, go play golf, watch a DVD, go out, do something else, etc. Anything but trade.

Interesting point about 10-15 pips. In the UK, with the potential of using the best of a bad crop of spread betting companies, compounding your stake and most importantly waiting for the right time to scalp (10-15 pip hippie scalps), can, I believe, lead to a successful and eventual mechanical trading lifestyle that would satisfy most trading aspirations.

As I type there is mild activity across the board. Hmmmmm....
  • #5
  • Edited 11:22am Jun 12, 2007 9:30am | Edited 11:22am
Quoting KudzuFX
Anything can happen to rock the financial markets, but usually if you do not see any major econ data news on the horizon it will be a quiet day of range trading. Surprises do happen though.
Yep, I understand about the fundamentals, but I would like to think that the savvy guys on this forum should be able to identify and advise potential waste of time situations. For me, there seems to be a lot of ego based traders monopolising this forum and at times not enough input from the ones who can guide. Those that do, invariably speak in tongues.

As I type, with the exception of EUR$ and EURYEN the movement +/- has not exceeded 45 pips across the main pairs board.
  • #6
  • Jun 12, 2007 10:54am Jun 12, 2007 10:54am
Yesterday monday all my charts were totally flat-lined. Most boring day. I was hoping for some kind of breakout that never happened. Today EURUSD did break to the downside which I traded.
  • #7
  • Jun 12, 2007 11:57am Jun 12, 2007 11:57am
ive been busy with exams and all so havent traded much but tha pound moved some today and i caught a dozen pips

bought at the triangle last night and the rectangle today

the biggest trendline at the bottom held support many times and it wasnt steep so i expected some action around it. either a nice bounce or a break and a decent move down. it bounced.

i guess maybe other pairs have been slow today but i mostly trade gbpusd.
gbpchf moved like 200 or 300 pips the last 2 days
Attached Image
  • #8
  • Jun 12, 2007 1:03pm Jun 12, 2007 1:03pm
Quoting goonergonebad
Yep, I understand about the fundamentals, but I would like to think that the savvy guys on this forum should be able to identify and advise potential waste of time situations. For me, there seems to be a lot of ego based traders monopolising this forum and at times not enough input from the ones who can guide. Those that do, invariably speak in tongues.

As I type, with the exception of EUR$ and EURYEN the movement +/- has not exceeded 45 pips across the main pairs board.

Yeah, I get what you're saying about speaking in Forexese. Forex can be made as complex or as simple as you want it to be. It just depends what your focus is.

Keep in mind too that none of us are on your payroll (not that I'm aware of). Sometimes free advice is as good or bad as what you paid for it.

For my part I do not mind the slow and boring trading days for one important reason. It is usually the calm before the storm. Some traders despise the so called "noise" of the market. Among the other things I study (indicators, fundies, other markets, oil, gold, bond and stock indexes) I watch the "noise." If you learn to read the "noise" you can have another trading tool attached to your brain.

I watch price movement not just because I want pips, but to analysis what storm might be brewing ....... or not. If I read the tea leaves correctly that will mean more pips or at least not losing pips.

best wishes,
  • #9
  • Jun 12, 2007 8:58pm Jun 12, 2007 8:58pm
My idea of a bad day to trade is when none of the trends look stong. This is usually going to mean a carry trade unwind. If the market stops it could be a small dip -- or due to somehthing else. If the trends just look kinda mushy look out!

When the dollar market is being manipulated, as it has been for several weeks now, it really messes up the news and compounds issues of c/t unwinds.

When I suspect an c/t unwind - or a worsening of same -- like today -- I go long on GBP/CHF and even EUR/CHF at times. I made 90 pips today on just those two -- but I started at 12:00 am CST. And didn't have any fun in the process.
  • #10
  • Jun 12, 2007 9:16pm Jun 12, 2007 9:16pm
dun spot it go long term trading...

I think if you wanna day trade, it would be better for index futures instead...dow nq s&p.
  • #11
  • Jun 12, 2007 9:24pm Jun 12, 2007 9:24pm
Aye it started out real slow today, I was about to call it quits myself for the day. Then it just started moving, actually did rather well today considering.
  • #12
  • Jun 13, 2007 8:45pm Jun 13, 2007 8:45pm
ussually people call it calm weather before the storm.....
  • #13
  • Jun 13, 2007 9:42pm Jun 13, 2007 9:42pm
oh i know...when chuck goes to sleep and snooris loudly
  • #14
  • Jun 14, 2007 2:45am Jun 14, 2007 2:45am
Market's been awfully quiet as of lately. Every currency's ATR keeps lowering and lowering week after week.
  • #15
  • Last Post: Dec 17, 2009 7:07am Dec 17, 2009 7:07am
Quoting WTB
Yesterday monday all my charts were totally flat-lined. Most boring day. I was hoping for some kind of breakout that never happened. Today EURUSD did break to the downside which I traded.
i am going to follow your blog. hope to learn something. thanks in advance.
0 traders viewing now