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Is it possible to trade 2-5 times a day, everyday?

  • Post #1
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  • First Post: Jul 20, 2007 5:09am Jul 20, 2007 5:09am
I watch european and us sessions everyday for like 5-8 hours a day but i hardly make any trades. At most i have like 3-4 trades a week, many are held for a few days. Rarely would I be able to open and close trade on same day. I've been making a bit money, so you can say I'm still struggling.

But it's not the money that bothers me. It's the lack of action. I want to be like those traders who constantly able to trade many times a day and still make good amount of money. So, even though I make less money by trading a lot, I think i will still be happy. So long I dont burn my account, because then I wont be able to trade.

I had tried this before but I destroy a few accounts so I've been scared, I read scalping threads like one by linuxtroll, but I still feel unsure how to execute the trades. I watched the 1min chart of euro and gold for weeks but i still dont get it. I try to enter paper trade a few times, but the result have been disastrous.

Is it because the way I trade now that makes me unable to be a good scalper? I trade now by using principles of fibo retracement and expansion over the minor trend shown on daily chart. For example on gold, I enter long when gold break the down trend line (and after confirmation of higher high & higher low), then just recently exit when it hits the 61.8 retracement at $673. It was profitable trade but take weeks to complete. And this is not really fun, sure I make good profits (over $15/oz after spread and swap), but I dont feel like a trader.

I want to be like those pit traders, always busy trading the whole day. How to be like that? Please help
Sorry, what I mean by that my strategy wont work in intraday, is actually a question asking what works for intraday, as well as a question asking if trend lines and fib are useless in short period of time.

I've read that maybe MA cross is the idea, but MA cross like in every 5pips which earns me nothing after spread, and Risk:Reward would be very bad because of the high percentage of cost inside every win/loss.

What to do? What to do? Please help!!!
Quoting matouya
I watch european and us sessions everyday for like 5-8 hours a day but i hardly make any trades. At most i have like 3-4 trades a week, many are held for a few days. Rarely would I be able to open and close trade on same day. I've been making a bit money, so you can say I'm still struggling.

But it's not the money that bothers me. It's the lack of action. I want to be like those traders who constantly able to trade many times a day and still make good amount of money. So, even though I make less money by trading a lot, I think i will still be happy. So long I dont burn my account, because then I wont be able to trade.

I had tried this before but I destroy a few accounts so I've been scared, I read scalping threads like one by linuxtroll, but I still feel unsure how to execute the trades. I watched the 1min chart of euro and gold for weeks but i still dont get it. I try to enter paper trade a few times, but the result have been disastrous.

Is it because the way I trade now that makes me unable to be a good scalper? I trade now by using principles of fibo retracement and expansion over the minor trend shown on daily chart. For example on gold, I enter long when gold break the down trend line (and after confirmation of higher high & higher low), then just recently exit when it hits the 61.8 retracement at $673. It was profitable trade but take weeks to complete. And this is not really fun, sure I make good profits (over $15/oz after spread and swap), but I dont feel like a trader.

I want to be like those pit traders, always busy trading the whole day. How to be like that? Please help
to blow your account, is to try and trade on 1min charts if you're not sure of your method, and you are new to trading.
You don't have to trade every day to make money, you just have to find a method that works for you on the longer term charts.
Having fun, and making money, is something we'd all like to do, but unless you're Tiger Woods, or other top sports pro, you'll have to concentrate on making money.
When you're doing that, have your fun away from the charts.
Quote
But it's not the money that bothers me. It's the lack of action. I want to be like those traders who constantly able to trade many times a day and still make good amount of money. So, even though I make less money by trading a lot, I think i will still be happy. So long I dont burn my account, because then I wont be able to trade.

Quote
I had tried this before but I destroy a few accounts so I've been scared, I read scalping threads like one by linuxtroll, but I still feel unsure how to execute the trades. I watched the 1min chart of euro and gold for weeks but i still dont get it. I try to enter paper trade a few times, but the result have been disastrous.
You are in this business not to make money, but to have fun, am I right ? Trading can be like casino, if you wanna have fun, you will need to spend money. No free lunch.

Why not you just put USD100 in your account ?.. Have fun with it, trade as much as you like. If you burn the account in a month, it's still ok. Spending USD100 a month for fun is not bad at all. You like my idea ?
Thanks for the input guys, I might just do that luqmanz. But I'm still leaving the option open to make money and have fun at the same time. Still naively believe in that. Will keep trying to find the answer...
Quoting matouya
I watch european and us sessions everyday for like 5-8 hours a day but i hardly make any trades. At most i have like 3-4 trades a week, many are held for a few days. Rarely would I be able to open and close trade on same day. I've been making a bit money, so you can say I'm still struggling.
You are walking the path of a successful trader. Ask around and you will see that the majority of those making money do not trade too frequently. If you absolutely want to trade more, try expading the number of pairs to trade. If you want to get some fun and at the same time discover secrects of of short TF trading, maybe get a micro lot account to play with it. Try to apply Que's MM
from long time I was in trading chat room

and there was an old experienced trader admins the room

in that day new guy logged into the room
and talk about a problem while he trades and it seems like yours

our trader tell him that:

>being trader didn't means you must be smart
>controlling emotions didn't make you trade, only eliminating them
this means to be a trader that makes REAL money you must be:
stupid machine

and he gave him two links any say to him read every article 5 times then go and trade, I took those links and print them as pdf

after a week this new trader came again to the room and was very happy with the result

may be this solve the problem

here are the articles, may they help
Attached File(s)
File Type: pdf 1.pdf   119 KB | 621 downloads
File Type: pdf 2.pdf   56 KB | 520 downloads
Ben,

I think those articles enlighten me a bit. Yes, I should actually start doing. But my other problem is that I dont have a strategy or plan for this short term trades. But then again you are right, if I dont have the plan, then I should make one soon. Experience with something and just keep trying. I guess I fall into the holy grail trap again.
trade for fun??? whatever happen to going outside and play some football
Working towards CME membership
Quoting matouya
I watch european and us sessions everyday for like 5-8 hours a day but i hardly make any trades. At most i have like 3-4 trades a week, many are held for a few days. Rarely would I be able to open and close trade on same day. I've been making a bit money, so you can say I'm still struggling.

But it's not the money that bothers me. It's the lack of action. I want to be like those traders who constantly able to trade many times a day and still make good amount of money. So, even though I make less money by trading a lot, I think i will still be happy. So long I dont burn my account, because then I wont be able to trade.

I had tried this before but I destroy a few accounts so I've been scared, I read scalping threads like one by linuxtroll, but I still feel unsure how to execute the trades. I watched the 1min chart of euro and gold for weeks but i still dont get it. I try to enter paper trade a few times, but the result have been disastrous.

Is it because the way I trade now that makes me unable to be a good scalper? I trade now by using principles of fibo retracement and expansion over the minor trend shown on daily chart. For example on gold, I enter long when gold break the down trend line (and after confirmation of higher high & higher low), then just recently exit when it hits the 61.8 retracement at $673. It was profitable trade but take weeks to complete. And this is not really fun, sure I make good profits (over $15/oz after spread and swap), but I dont feel like a trader.

I want to be like those pit traders, always busy trading the whole day. How to be like that? Please help
I'm with ya on this. I'm doing about 1 trade per week. I'm learning patients, that's for sure. I'm doing two things to increase my trade rate:

1. Trading more pairs
2. Looking for more ways to trade the market.

It is tough, but part of trading profitably is to not trade a good portion of the time.
I´m trying to do the same thing. Many smaller trades instead of a few larger. It sounds less risky at least. Of course spread becomes relatively larger but if the method is clearly defined..
Quoting johs
I´m trying to do the same thing. Many smaller trades instead of a few larger. It sounds less risky at least. Of course spread becomes relatively larger but if the method is clearly defined..
In my opinion, you're walking the wrong path - it's better to cherry pick few trades with a good projection than a myriad of half-assed trades in which you barely make to cover the spread.
  • Post #13
  • Quote
  • Last Post: Edited Jul 23, 2007 12:21pm Jul 22, 2007 11:00pm | Edited Jul 23, 2007 12:21pm
Quoting matouya

But it's not the money that bothers me. It's the lack of action.
Yikes man. This is no way to look at trading. If you do a search for money managers for top New York-based hedge funds, you'll see they're looking for PhD's in finance and statistics. Hardly exciting stuff, but wildly profitable. Since I (recently) became (somewhat) profitable, the thrill-to-dollar ratio of trading has swung wildly away from the thrill side. If trading gets boring I'd look at it as a good thing and not something to lament.

Quoting matouya

I want to be like those pit traders, always busy trading the whole day. How to be like that? Please help
Well, I have never been a pit trader. I did, however, manage to work for a while for a futures brokerage in Chicago a mere city block from the Mercantile Exchange. Every now and again I'd get to visit the trading floor or have to suffer through a story by one of the former floor traders who had to quit because he was 35 and suffering chest pains, a divorce or two, a drinking problem, you name it. That's action for you. If you want to be just like a pit trader, quit what you are doing, move to Chicago, rent a studio apartment in Pilsen, take the green line in to downtown everyday and actually work as a pit trader.

There is no other profession like it and nothing you are doing now will simulate an open outcry market. You are trading retail FX, a completely decentralized, unregulated, electronic market. You don't have to shout your bids or wave your hands, you click a mouse. I think this may be your disconnect - trading online in forex is never ever going to accurately replicate floor trading.

Also, you are going to pay spreads that are dozens of times higher than what pit traders pay. Often times they're trying to take just a couple of ticks (ticks are pips in futures lingo) from the market. You'll get killed trying to do that paying two or three pips in commission. Floor traders have much fatter accounts than most retail traders have access to - this is key. When you take 4 pips out of the Euro, you're paying your broker $30 in spread and pocketing $10 (assuming full lots). A floor trader is taking almost the entire $40 - and they're most likely pushing multiple lots since $40 per day gets you about a cup of coffee and a donut in the Windy City.

Pit traders are surrounded by dozens of other traders and have access to much better information regarding the current state of the market. This is anything from their clerk running in a client's order to the commotion created by sweaping news events. You're all alone in front of a monitor. They're trading on an entirely different level.

You (probably) aren't paying anything for your overhead other than your internet connection. A floor trader has to pay money to be a member of an exchange. This is a fixed cost that is incredibly high and places traders under enormous pressure to trade profitably. Imagine if you had to pay $35,000 per month just to have access to a trading platform! The only real cost most retail traders incur is the variable cost of the spread and the fixed cost of their internet hookup.

Being a floor trader is not only very demanding, it is also giving way to electronic trading. You have a lot of luxuries as a computer trader that you cannot appreciate without seeing this stuff first hand. Trading in a pit is absolutely exciting and action-packed. But it wears you out day after day. If you want action, there are thousands of other things you can do to feed your thirst for fun. Go skydiving, ride a roller coaster, play paintball (my favorite!), swim with sharks, bungee jump, moutain climbing, the list goes on. Whatever you do, try not to trade in a manner that contains a lot of "action." I think you'll ask anyone who's been around trading for a while and they'll agree with me: the more boring this becomes the more money you make. I think SeekingLight has a saying that goes something like, "You make money by waiting, not trading."

-=DAVE=-
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