I made my first profitable day! And a question | Forex Factory

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I made my first profitable day! And a question

  • #1
  • First Post: Oct 18, 2011 9:36am Oct 18, 2011 9:36am
Wasn't much, I took a $990 demo accout to $1,080 through a series of small scalps on Eur/USD but I feel like a tiny bit clicked today. I've been demoing for about a month on and off and I've had days where I've made more winning trades than losing trades but still lost money because of one or 2 ugly decisions. Today I went 6 out of 6 which obviously isn't going to happen every day but even my worst trade I got out with 1/2 pip in profit using some patience.

Anyways I'm on the east coast, I go to my regular job at 11:00 am, I've been trading since 9 am, got up at 8:30 am. What time should I get up to get more screen time? For now I'm just sticking to EUR USD and playing a little with USD JPY.
  • #2
  • Oct 18, 2011 10:47am Oct 18, 2011 10:47am
Quoting TimmyZ1
Anyways I'm on the east coast, I go to my regular job at 11:00 am, I've been trading since 9 am, got up at 8:30 am. What time should I get up to get more screen time? For now I'm just sticking to EUR USD and playing a little with USD JPY.
uhm, if you want more screen time why dont you get up at 06:30 instead of 08:30?

Im not quite sure why you needed to ask this. Seems pretty straightforward...
  • #3
  • Oct 18, 2011 10:52am Oct 18, 2011 10:52am
Quoting traderjai_inhi
uhm, if you want more screen time why dont you get up at 06:30 instead of 08:30?

Im not quite sure why you needed to ask this. Seems pretty straightforward...
It seems dumb I know but should I get up at 5:30? 4:30? I'm looking for the times with the most volatility so I can study the charts. Gotta learn to crawl before I can walk
  • #4
  • Oct 18, 2011 10:54am Oct 18, 2011 10:54am
Quoting TimmyZ1
It seems dumb I know but should I get up at 5:30? 4:30? I'm looking for the times with the most volatility so I can study the charts. Gotta learn to crawl before I can walk
i get up at 2am CST (3 EST) to catch the euro session cause i work the 9-5 job. I think you would want to catch the opening session rather than just jump into active session, but whatever suits your needs.
  • #5
  • Oct 18, 2011 10:56am Oct 18, 2011 10:56am
Ohh, so not so much when you should get up but when there is more movement in the market. The euro is typically most active from 02:00 est to noon est. So getting up an hour or 2 earlier will get you the extra screen time during a somewhat more volatile time.
  • #6
  • Oct 18, 2011 11:02am Oct 18, 2011 11:02am
Quoting traderjai_inhi
Ohh, so not so much when you should get up but when there is more movement in the market. The euro is typically most active from 02:00 est to noon est. So getting up an hour or 2 earlier will get you the extra screen time during a somewhat more volatile time.
Thank you, gotta keep learning
  • #7
  • Oct 19, 2011 3:24pm Oct 19, 2011 3:24pm
Usually, when you're checking out a brokerage use a demo account to start with. I started with a traders way demo account and now, have my own dedicated account. The demo will allow you to check the site in detail.
As for the best time to trade in, it would have to be during the cross overs.
  • #8
  • Oct 20, 2011 8:32am Oct 20, 2011 8:32am
Quoting traderjai_inhi
Ohh, so not so much when you should get up but when there is more movement in the market. The euro is typically most active from 02:00 est to noon est. So getting up an hour or 2 earlier will get you the extra screen time during a somewhat more volatile time.
I know this has nothing to do with this topic but what exactly is a jackhole?
  • #9
  • Oct 20, 2011 8:42am Oct 20, 2011 8:42am
Quoting diy_
I know this has nothing to do with this topic but what exactly is a jackhole?
JFGI
  • #10
  • Oct 20, 2011 10:34am Oct 20, 2011 10:34am
Hi,

Would you mind sharing your current tracking system for your trades and performance statistics? Refer to the articles here. I am using Oanda as the broker at the moment and their transaction history looks too 'raw' to have this summarised info. Thinking of doing it in Excel but it would take manual inputs each time a trade is triggered or changed, thus being very time-consuming.

Thanks
  • #11
  • Oct 20, 2011 1:21pm Oct 20, 2011 1:21pm
There is no right time of day to trade, it depends on what you are trying to get out of it. Volatility is only beneficial if your system is able to take advantage of said volatility. Scalping is very adaptable and can be done in both low and high volatility environments, so I would say if that is what you want to do then you just want to pick a time that will maximize your screen time without impacting your performance (too early or too long a session may hinder your ability to trade well) .
  • #12
  • Oct 20, 2011 1:32pm Oct 20, 2011 1:32pm
Quoting smittens4212
There is no right time of day to trade, it depends on what you are trying to get out of it. Volatility is only beneficial if your system is able to take advantage of said volatility. Scalping is very adaptable and can be done in both low and high volatility environments, so I would say if that is what you want to do then you just want to pick a time that will maximize your screen time without impacting your performance (too early or too long a session may hinder your ability to trade well) .
well that is almost a downright lie. there's no point trading when the market isn't going to move for you for quite some time leaving you open to events that could adversely affect price unexpectedly. there is such a thing as time risk.
Congratulations ScalaFX for coming out of the closet!
  • #13
  • Oct 20, 2011 4:16pm Oct 20, 2011 4:16pm
Quoting dyd
Hi,

Would you mind sharing your current tracking system for your trades and performance statistics? Refer to the articles here. I am using Oanda as the broker at the moment and their transaction history looks too 'raw' to have this summarised info. Thinking of doing it in Excel but it would take manual inputs each time a trade is triggered or changed, thus being very time-consuming.

Thanks

I've only been trading on a regular basis for about 2 weeks so I'm not sure what your looking for. I print out my total trades for the day, manually calculate the total pips just to see how much I made and that's about it.
  • #14
  • Oct 26, 2011 12:05pm Oct 26, 2011 12:05pm
I just want to say that you do not need to be so nervous, it’s not so important when you should get up.

Some new traders tend to overtrade and I do not recommend this.

What I want to say is stay close with he forex trend every, and make your own strategy in a relative long term, you can decide it to be 3 days or 7 days. Don’t push you to be in front of the screen from time to time and force you to get up.
  • #15
  • Last Post: Dec 3, 2011 1:04pm Dec 3, 2011 1:04pm
Yeah, don't worry about more screen time. Just do your regular hours. Remember to always wait for the market to come to you and not to chase after the market. If within your regular trading hours, the market don't offer good trading opportunity, don't trade. Wait for the next boat.

If full-time traders are doing the above, you should have less compelling reasons to feel pressured to trade since you have other income source. Patience is one of the critical success factor in trading if I may offer you this advice from my trading experience.
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