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Big Lesson Learned today- hope this helps others! NEWS Results

  • #21
  • Edited 6:59pm Jun 14, 2010 6:35pm | Edited 6:59pm
Quoting pipmutt
Huh

Anyway, for a purely technical trader I wouldn't think it makes any difference which pair it is, a set-up would be the same regardless. By watching multiple pairs across multiple time frames simply means there's likely to be more opportunities.
Try doing this while watching 8 pairs. This is a live account. The marks are generated automatically by the platform. This yesterdays N.Y session price action on AUD/USD. the only pair I am watching. I am able to trade this precisely only from studying the price action of one pair. I dont believe it is possible to trade this accurately or profitably shifting your attention from pair to pair.
I repeat, anyone who is currently struggling with their trading, and is watching and trying to trade opportunities on more than one pair at a time, I recommend you choose one pair, and concentrate on it. There is much greater profit potential doing this. You can be finely tuned on both the fundamentals and technicals. Add in experience with the nuances of price behaviour on your baby and you have the edge necessary to win and win well.
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  • #22
  • Jun 15, 2010 5:19pm Jun 15, 2010 5:19pm
Quoting M.A.C.Doug

I repeat.....
Me too, I disagree for the reasons already stated.

Like I said, for a novice it's probably a good idea but for an experienced trader it wouldn't really make any sense.

Anyway, each to their own, as long as we're making money....
  • #23
  • Jun 15, 2010 10:39pm Jun 15, 2010 10:39pm
Quoting pipmutt
Me too, I disagree for the reasons already stated.

Like I said, for a novice it's probably a good idea but for an experienced trader it wouldn't really make any sense.

Anyway, each to their own, as long as we're making money....
Well it seems we actually agree on alot more than we disagree. There is no way a nooby trader should jump around from instrument to instrument. Get one right first before even considering any more than that. That is the main point I was trying to make. I am not a noob but still prefer watching one instrument, I am more accurate and profitable this way. I can follow the relevant news which enables me to incorporate the fundamental aspect into my trading. For me it is simply a case where there is more profit to be had and its easier to do but, like you say, each to his own
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  • #24
  • Jun 16, 2010 1:00am Jun 16, 2010 1:00am
Quote
Try doing this while watching 8 pairs. This is a live account. The marks are generated automatically by the platform. This yesterdays N.Y session price action on AUD/USD. the only pair I am watching. I am able to trade this precisely only from studying the price action of one pair. I dont believe it is possible to trade this accurately or profitably shifting your attention from pair to pair.
I repeat, anyone who is currently struggling with their trading, and is watching and trying to trade opportunities on more than one pair at a time, I recommend...

Well said. The 'market participants' are different in all financial instruments. Understanding your competitors is as important as understanding your self.

Now i have moved into trading future indices, i am just trading one future indice. Thats it- No stock trading, no currency trading, no options, no calls, no puts- Just one future index.

The turnover in that future index is great, so if i know the game well liquidity is not an issue at all.
  • #25
  • Jun 16, 2010 1:06am Jun 16, 2010 1:06am
Quote
Huh

Anyway, for a purely technical trader I wouldn't think it makes any difference which pair it is, a set-up would be the same regardless. By watching multiple pairs across multiple time frames simply means there's likely to be more opportunities.

Watching more pairs doesn't mean they have to be traded though, for example if you traded Eur/Usd exclusively it's still beneficial to watch Usd/Chf even though you probably wouldn't trade both at the same time.

Yes thats what i do. I trade only one future indice but i watch Nikkei 225, FTSE 100 and dow jones- All 3 are daddies in their respective zone and they move global markets.

But i will only trade in one future indice to understand its 'nuances'.
  • #26
  • Last Post: Jun 16, 2010 1:14am Jun 16, 2010 1:14am
Quote
what's the professor's name?
is he your former teacher?
i'm inspired & motivated.
Subarashi, professor!

Yes, thats inspiring and motivating. He teaches in Tokyo Metropolitan university in Chemistry department. He is not a millionaire type trader- but he has been day trading USD/JPY for 20-25 pips every day in Tokyo session.

He knows the 'nuances' of USD/JPY quite well. I have met him on my university exchange trip to Tokyo.

I will take his permission if i can disclose his name. If he allows, then i will PM you his name.
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