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Work fulltime during main trading hours ?

  • #1
  • First Post: Jun 28, 2008 11:33am Jun 28, 2008 11:33am
Hi

I have a dilema if i waht to trade the forex i need to do put on trades/monitor morning before work and when i am back home and before i go to sleep. That i suppose is ok but what worries me is news could stop me out.

Can anyone recommend what I can do about this and which news you would say not to trade on a particular day to avoid being stopped out. As some news may come out while i am at work I work a 9-5pm (gmt ) UK

cheers
  • #2
  • Jun 28, 2008 11:54am Jun 28, 2008 11:54am
Quoting Game
Hi

I have a dilema if i waht to trade the forex i need to do put on trades/monitor morning before work and when i am back home and before i go to sleep. That i suppose is ok but what worries me is news could stop me out.

Can anyone recommend what I can do about this and which news you would say not to trade on a particular day to avoid being stopped out. As some news may come out while i am at work I work a 9-5pm (gmt ) UK

cheers
Have you try PDAs or Smartphones?
  • #3
  • Jun 28, 2008 12:16pm Jun 28, 2008 12:16pm
I have the same problem you do so i've developed a system to capture the larger movements. This usually doesn't give me too many problems, but i have gotten caught putting stops too tight and getting stopped out before price moves in my direction. Like i hear so often, you have to stay on top of your game.

I've tried the mt4 demo for my smartphone, but found it too difficult to work with. I might reconsider when i switch to Interbankfx tho...

Personally, i don't feel that there's a great solution, but whatever makes pips right?
  • #4
  • Jun 28, 2008 2:36pm Jun 28, 2008 2:36pm
Quoting Game
Hi

I have a dilema if i waht to trade the forex i need to do put on trades/monitor morning before work and when i am back home and before i go to sleep. That i suppose is ok but what worries me is news could stop me out.

Can anyone recommend what I can do about this and which news you would say not to trade on a particular day to avoid being stopped out. As some news may come out while i am at work I work a 9-5pm (gmt ) UK

cheers
Just stay away from U.S Non-Farm Payrolls. And sometimes ECB's head comments. And always watch the volatility.
  • #5
  • Jun 29, 2008 4:24am Jun 29, 2008 4:24am
thanks for the replies

I will have to look at this very carefully as news comes out on pairs throughout the day i need to look into a strategy that will incoporate the lck on seeing whats going on the screen. Perhaps PDA, SMARTPHONE is also something to look into.


GAME
  • #6
  • Jun 29, 2008 12:41pm Jun 29, 2008 12:41pm
Trade LONGER timeframes man! you dont have to monitor your trades all day long, trust me- I've been there and done that. Instead, start looking to the daily and weekly charts and let it build up from there. That's where you want to be anyways- Catching larger moves without the stress of the lower timeframes.
I dream, therefore I become.
  • #7
  • Jun 29, 2008 1:50pm Jun 29, 2008 1:50pm
Why not spend 30-45 minutes, scalp the london opening at 7 GMT your time before work and be done for the day. No need to hold on to positions, no need to come back and look at where price went during the day, no need to sit there at work and wonder, has price gone up or down....am I in profit etc.
  • #8
  • Jun 29, 2008 7:47pm Jun 29, 2008 7:47pm
The last two posts are very good trading advice for someone in your trading situation.

Good Luck
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #9
  • Jun 30, 2008 2:04am Jun 30, 2008 2:04am
Quoting CTGUY
The last two posts are very good trading advice for someone in your trading situation.

Agree.
  • #10
  • Jun 30, 2008 2:33am Jun 30, 2008 2:33am
Quoting mike w
Trade LONGER timeframes man! you dont have to monitor your trades all day long, trust me- I've been there and done that. Instead, start looking to the daily and weekly charts and let it build up from there. That's where you want to be anyways- Catching larger moves without the stress of the lower timeframes.
Very true.
Not all sins are created equal
  • #11
  • Jun 30, 2008 2:57am Jun 30, 2008 2:57am
i wuld advice you to go into full time swing trdaing . this will be better becos of the nature of your work. when you arrive , spend some time analysing the charts properly. place your trades based on the longer time frames.
know thy edge and abide by it ! 4 in it shall thou be successful !
  • #12
  • Jun 30, 2008 11:53am Jun 30, 2008 11:53am
thanks for all your useful advice guys

I leave the house for work at 7am GMT so scalping 30-45mins is a no go thanks for the suggestion anyway.

Can you recommend any trading system in the forums that might help me as a guide to go down the route of trading longer time frames weekly and daily and what stop losses and profit taking strategy.

thanks

GAME
  • #13
  • Jun 30, 2008 1:49pm Jun 30, 2008 1:49pm
Actually you might just be very lucky by having to work and not being able to sit at the computer. Shorter time frames KILL new traders. I know I've been there Although I'm still a newbie I've been trading for over a year now, and trading the daily has been a huge help.

I don't have to always sit in front of the computer. I place fewer trades with wider take profits and stops. Much less maintenance and potential for loss. Also since I'm not always in front of the computer I'm less likely to meddle with my plan.

Also this is just my two cents but chuck most of your indicators out the window and stick with solid daily trendlines and support and resistance areas. These work more often than not. That way you can place pending orders in advance before going to work.

This has the advantage of planning a trade with a cool head, and then leaving. Works very well for me. Keep a dozen favorite charts open and just cherry pick the very best, most awesome, brain dead, daily moves.

Anyway my two cents, although that's only what works for me If any of you pro traders have some thoughts I would love to hear it.
  • #14
  • Jun 30, 2008 5:30pm Jun 30, 2008 5:30pm
Quoting Game
Hi

I have a dilema if i waht to trade the forex i need to do put on trades/monitor morning before work and when i am back home and before i go to sleep. That i suppose is ok but what worries me is news could stop me out.

Can anyone recommend what I can do about this and which news you would say not to trade on a particular day to avoid being stopped out. As some news may come out while i am at work I work a 9-5pm (gmt ) UK

cheers
My advice is trade longer-term. In fact, I recommend this to everyone. However, think about this:

Even if you were there.....could you stop news from stopping you out anyways?

All you can do is play probabilities. Beyond that, your job is done.

Clockwork
  • #15
  • Last Post: Jun 30, 2008 6:41pm Jun 30, 2008 6:41pm
Quoting Game
Can you recommend any trading system in the forums that might help me as a guide to go down the route of trading longer time frames weekly and daily and what stop losses and profit taking strategy.

Try Pin Bar, apply it to daily chart. Or study Japanese Candlestick by Steve Nisson---most examples in it use daily chart.

But, to be honest, you should browse Trading System of this forum by yourself. Not mean to be harsh, but there's a lot of people trades with quite a lot of different system on daily chart alone. Which is the best for you, only you and you alone know it, by trial and error.

Good luck.
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