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Trading 24 hours per day, 5 days per week

  • #1
  • First Post: Edited 6:12am Sep 5, 2007 5:58am | Edited 6:12am
Hi

i'm about to start trading my automatable strategy on forex 24 hours per day, 5 days per week on 4 hour charts.

This will involve spending only 10-15 minutes at the computer every 4 hours - at the open/close of a new H4 candle.

I'm a bit worried how i will cope with being surrounded by the markets 24/7 like this, as i am a heavy sleeper, and will need to attend my charts at say 3am and 7am.

Are there any other members who trade in this, or a similar way?

If so, how do you cope with attending your PC every 4 hours 5 days per week?

Do you find it easy or hard?

How long did it take for you to get used to this?

Did it become easier once you got into the rythm of your schedule?

All tips, feedback & advice welcome!

Thanks a lot.
  • #2
  • Sep 5, 2007 6:08am Sep 5, 2007 6:08am
More time at the screen does not equal to more profits. Besides, if you learn how to use alarms in an effective manner, your screentime will be GREATLY reduced. No need to be 24 hours at the trading desk.
  • #3
  • Edited 6:25am Sep 5, 2007 6:11am | Edited 6:25am
Quoting WTB
More time at the screen does not equal to more profits. Besides, if you learn how to use alarms in an effective manner, your screentime will be GREATLY reduced. No need to be 24 hours at the trading desk.
Hi WTB

i get the impression that you didn't read my post properly B4 replying.

This seems to happen a lot on forexfactory.
  • #4
  • Sep 5, 2007 3:41pm Sep 5, 2007 3:41pm
I sleep during late morning and early afternoon which is the slower market time and trade at night . ,(west coast Canada)
I trade the london session and a few hours of the NY session,and sleep in what is the late morning and early afternoon here.Since I sleep in the daytime I will usually sleep for a few hours and then get up for a few and go back to bed for a couple hours before the london session again.Doing it this way it is rare that I sleep more than 4 or 5 hours at a time .
Not much different than all the people in the world who for one reason or another find themselves working the graveyard shift.
However, I try to reserve 3 days a week for just chores and family.
I do not trade from friday morning untill sunday midnight.
  • #5
  • Sep 5, 2007 4:14pm Sep 5, 2007 4:14pm
Perhaps you could trade on six hour candles instead of four. That is, if it won't degrade results.
Vincit qui se vincit.
  • #6
  • Sep 5, 2007 4:23pm Sep 5, 2007 4:23pm
Perhaps you'll find a good system here :
http://home.earthlink.net/~mrob/pub/split-sleep.html

At least that's what I actually hope for you

Good trades
BigBlackfeet Always on the(forex) war path !
  • #7
  • Sep 5, 2007 4:52pm Sep 5, 2007 4:52pm
Quoting jimbil
Hi

i'm about to start trading my automatable strategy on forex 24 hours per day, 5 days per week on 4 hour charts.

This will involve spending only 10-15 minutes at the computer every 4 hours - at the open/close of a new H4 candle.

I'm a bit worried how i will cope with being surrounded by the markets 24/7 like this, as i am a heavy sleeper, and will need to attend my charts at say 3am and 7am.

Are there any other members who trade in this, or a similar way?

If so, how do you cope with attending your PC every 4 hours 5 days per week?

Do you find it easy or hard?

How long did it take for you to get used to this?

Did it become easier once you got into the rythm of your schedule?

All tips, feedback & advice welcome!

Thanks a lot.
During the 1990's I ran in several marathons. I would get up at 4 am, run 10 miles on a lite day, and be off to work by 6:30 am. Home from work at 7-8 pm eat, do paper work ( I owned my own business), and go to bed around 11 pm. (I blew my knee in 1999 and stopped running )

Bottom line, if you derive pleasure and reward from something, you will find
a way to do it.
Best of luck, keep us posted.
  • #8
  • Sep 5, 2007 5:12pm Sep 5, 2007 5:12pm
http://rosstraining.com/blog/?p=62

BTW- i like your avatar pic. what kind of bird of prey is that?
  • #9
  • Sep 6, 2007 4:59am Sep 6, 2007 4:59am
Quoting peregrine
http://rosstraining.com/blog/?p=62

BTW- i like your avatar pic. what kind of bird of prey is that?
Thanks.

Its my favourite - a Golden Eagle - one majestic bird of prey - especially when seen circling high in the sky in the wild, such as in the Scottish Highlands. They also have a wonderful call.
  • #10
  • Sep 6, 2007 5:01am Sep 6, 2007 5:01am
Quoting Pippopotamus
Perhaps you could trade on six hour candles instead of four. That is, if it won't degrade results.
I have though of that, but i presently use MT4 which has either H4 or H24 and nothing in between like H6,H8,H12 at present. I could switch back to TS8.3 when ther profits start rolling in. NT6 is another option, but i don't really like it as a platform. H4 also seems the optimum TF to use.
  • #11
  • Sep 6, 2007 5:05am Sep 6, 2007 5:05am
Quoting jimbil
Hi WTB

i get the impression that you didn't read my post properly B4 replying.

This seems to happen a lot on forexfactory.
You're right. You said you would only need 15 minutes every 4 hours. Sorry about that mate.

If you only need 15 minutes every 4 hours, have you considered using a PDA with internet connection for this strategy?
  • #12
  • Sep 6, 2007 7:48pm Sep 6, 2007 7:48pm
jimbil,

I have automated some strategies before. It is not as easy as some make it seem. I think you have a pretty good feel for the reality of the situation. Remember to stick to the strategies!

As far as charting, I have been a technical trader for 10 years...if you need to bounce any ideas off...feel free.

Also, as of early to mid October, I will be handeling the EURO-shift for our Forex company. So, I will be awake for those hours you will be tending to your charts. Feel free to keep me awake with a post!

Andy
  • #13
  • Sep 6, 2007 10:29pm Sep 6, 2007 10:29pm
Are there any other members who trade in this, or a similar way?
I trade in a similar fashion. I trade 24 hours a day for my managed account services and for my own account too. Both are done at the same time and manually.
If so, how do you cope with attending your PC every 4 hours 5 days per week? I usually start my trades during the London session and from that point I set my computers on strict rules and alerts to notify me on making modifications so I don't have to be watching the screen for hours. I'm basically on call 24/7. If I'm sleeping and something occurs, my computers will wake me up. If I have to leave my home office to take care of errands, I have my computers set up to send me multiple text messages. I bring my laptop everywhere I go so I never miss anything. Fortunately, most of the action I'm involved with is when I'm home awake watching everything or sleeping so I am always accessible to the computer immediately.

Do you find it easy or hard?
Easy. My system is not a scalping system and I have my stop losses wide enough so I'm not having to rush to the computer so quickly. For me, it's very easy and stress free.
How long did it take for you to get used to this?
Immediately. It was never an issue for me
Did it become easier once you got into the rythm of your schedule?
It's just always easy for me. The reason why is because I simplify my strategy. The more complicated you make your system, the more things you have to deal with and that will simply make it much more difficult to handle when you have to wake up in the middle of the night.
All tips, feedback & advice welcome!
My advice is to demo it for a few days or weeks to see how you can manage breaking your sleep to manage the trades. If after a week it doesn't bother you, you should be ready to go. Don't forget to always have hard stops in place. The last thing you want to do is wake up to a blown account. But if you use good money management, that most likely wouldn't happen anyway. I also recommend to set alerts on when your stop loss is supposed to hit so that way you can "make sure" your trade closed out properly. Extra caution is never a bad thing.
Best of luck
Thanks a lot.
No problem

I replied to you all in blue text above. Have a great one
  • #14
  • Sep 6, 2007 10:45pm Sep 6, 2007 10:45pm
do you copy another forum topics or you are the same person???
  • #15
  • Last Post: Sep 6, 2007 11:11pm Sep 6, 2007 11:11pm
Quoting WTB
More time at the screen does not equal to more profits. Besides, if you learn how to use alarms in an effective manner, your screentime will be GREATLY reduced. No need to be 24 hours at the trading desk.
that's because your a "Swing Trader" LoL
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