[Day trading] When to stop trading...? | Forex Factory

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[Day trading] When to stop trading...?

  • #1
  • First Post: Jan 20, 2008 2:05pm Jan 20, 2008 2:05pm
I wanted to know your opinions about something. I usually trade during the first half of the London session using 1 minute charts on EURUSD (with very conservative MM). There are many times where the first three or four trades are good trades and I start thinking for myself "just quit for the day, you've made a nice profit, don't blow it!!".

So, how do You [day traders] manage this? If you have a string of winning trades at the beginning of your trading day, do you quit for the day or do you just keep trading like nothing happened?

I guess I should go through my trading records to see what's more profitable: trading for a fixed period of time every day of trading till I reach a X % profit or loss, but I don't have a big "sample" of lives trades so I can't really draw any conclusions...

What do You think...?
"I say high, You say low, You say why, and I say I don't know..."
  • #2
  • Jan 20, 2008 2:24pm Jan 20, 2008 2:24pm
If I made good trades in the morning I usually don't trade the whole day.
Living in Europe it's quite nice when you can stop trading 1 hour after NY open which is 3'o clock in central Europe. The rest of the day I read and backtest alot or do something else. I don't have a minimum that I want to gain on a day. I just let them pips come.

When I trade the whole day I stop around 5-6 o'clock GMT+1.
  • #3
  • Jan 22, 2008 9:22am Jan 22, 2008 9:22am
Quoting Ricardo.
I wanted to know your opinions about something. I usually trade during the first half of the London session using 1 minute charts on EURUSD (with very conservative MM). There are many times where the first three or four trades are good trades and I start thinking for myself "just quit for the day, you've made a nice profit, don't blow it!!".

So, how do You [day traders] manage this? If you have a string of winning trades at the beginning of your trading day, do you quit for the day or do you just keep trading like nothing happened?

I guess I should go through my trading records to see what's more profitable: trading for a fixed period of time every day of trading till I reach a X % profit or loss, but I don't have a big "sample" of lives trades so I can't really draw any conclusions...

What do You think...?

Hi,

This is not easy to answer, because I don't know your trading style.

For example, why do you only trade the first hour of London?
IMHO
If you only find patterns to trade in London open,
you should stop to operate the rest of the day.
But if the patterns that you look for, you can find them the rest of the day,
why stop to trade?

Textor
  • #4
  • Jan 22, 2008 9:50am Jan 22, 2008 9:50am
Quoting textor
Hi,

This is not easy to answer, because I don't know your trading style.

For example, why do you only trade the first hour of London?
IMHO
If you only find patterns to trade in London open,
you should stop to operate the rest of the day.
But if the patterns that you look for, you can find them the rest of the day,
why stop to trade?

Textor
I trade during the first 3 or 4 hours of the London session, not during the first hour exclusively but I don't have any particular reasons for it, I do it because London's first hours is the time where I can be in front of the computer, plus the spread on EURUSD is 0.9 pips (with Oanda).

Anyway, so far I have 112 live trades so I guess I could start going through those numbers and see what's best for me, but as I am making a lot of trades each day, the 112 trades represent only 6 days of live trading and I don't think I can come up with a decision by looking at only 6 days of trading.

Guess I'll have to wait and see...
"I say high, You say low, You say why, and I say I don't know..."
  • #5
  • Last Post: Edited 2:21pm Jan 22, 2008 10:42am | Edited 2:21pm
Quoting Ricardo.
.....
Anyway, so far I have 112 live trades so I guess I could start going through those numbers and see what's best for me, but as I am making a lot of trades each day, the 112 trades represent only 6 days of live trading and I don't think I can come up with a decision by looking at only 6 days of trading.

Guess I'll have to wait and see...
Yes, you are right, you need a lot more of data.
But trading in London/NY open is a good choice for you,
since it seems you like scalping trading.
Be careful with trading costs.

Textor
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