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Boring day

  • #1
  • First Post: Jun 7, 2006 12:59pm Jun 7, 2006 12:59pm
I've been sitting here all morning and part of the afternoon waiting for my system to indicate a trade. Nothing, nada, zilch all this time. Sigh. I'm forcing myself to stick to the system (trying to teach myself some discipline lol).

This makes me wonder if it is best to just sit out when my system doesn't indicate a trade or to look for a second system that works better given the current market? I think the problem is that my system is based on moving averages which means it should work better in trending markets and what I've seen today is more ranging.

(The only thing I've gotten all day is about +18 pips during some volatility when the US markets opened but that could easily have gone against me.)

Squid
  • #2
  • Jun 7, 2006 1:03pm Jun 7, 2006 1:03pm
well, if your 18 pips were based on a lot of 100.000, 180$ is not too bad anyway

Yes, boring day.
Fortunately I work also, so I dont have to stand such boring / dangerous days..
  • #3
  • Jun 7, 2006 1:06pm Jun 7, 2006 1:06pm
Quoting trucco
Fortunately I work also, so I dont have to stand such boring / dangerous days..
I'd say that work is unfortunate! ;-) I'm hoping in less than 5 years to be able to quit my job and live off trading.

Squid
  • #4
  • Jun 7, 2006 1:09pm Jun 7, 2006 1:09pm
Quoting Squid
I've been sitting here all morning and part of the afternoon waiting for my system to indicate a trade. Nothing, nada, zilch all this time. Sigh. I'm forcing myself to stick to the system (trying to teach myself some discipline lol).

This makes me wonder if it is best to just sit out when my system doesn't indicate a trade or to look for a second system that works better given the current market? I think the problem is that my system is based on moving averages which means it should work better in trending markets and what I've seen today is more ranging.

(The only thing I've gotten all day is about +18 pips during some volatility when the US markets opened but that could easily have gone against me.)

Squid
I think, on average, my system generates a signal a day. If I make 18 pips in a day, I'm happy.

You'll here this from me over and over and over ... trade your system religiously. Use the extra time to do something positive in your life (do something nice for your wife or significant other.) Or, read some books on trading, study, etc. I filled a lot of my time (and still do) manually backtesting my system. I have about 500 tested trades logged that I can refer to now. I'm moving on to another currency pair.

So, stick to your system and fill the time with other good things.
  • #5
  • Jun 7, 2006 1:51pm Jun 7, 2006 1:51pm
Good advice, as always, Stockwet. Thanks!

Squid
  • #6
  • Jun 7, 2006 1:51pm Jun 7, 2006 1:51pm
I trade GPBUSD on the 15 minute and 5 minute charts. Today my system generated around 10 signals of varying strengths.

I guess it depends what you're trading, but I find Wednesdays to be pretty action packed.
  • #7
  • Jun 7, 2006 1:53pm Jun 7, 2006 1:53pm
Quoting grickherder
I trade GPBUSD on the 15 minute and 5 minute charts. Today my system generated around 10 signals of varying strengths.

I guess it depends what you're trading, but I find Wednesdays to be pretty action packed.
Cool! Care to share what kind of system you use?

Squid
  • #8
  • Edited 6:27pm Jun 7, 2006 2:16pm | Edited 6:27pm
Quoting Squid
Cool! Care to share what kind of system you use?

Squid
Price action using candlesticks on the smaller charts. Basically I read through the James16 threads and tried to apply what I learned. I also got a copy of Left Brain Trading and set up the Absolute Fibonacci framework. It's a proprietary system so I don't think I have enough posts to recommend it (I need 50 right?). It's essentially a resistance/support system based off of Fibonnaci ratios not connected with specific highs and lows.

Basically I look for the classic bar/candle stick patterns that occur on the Absolute Fibonnaci lines where there are no major points of resistence in the direction of the the price action indicator. I set my target for the next Absolute Fibonnaci line and when it gets there it'll either bounce or give a continuation signal (again, classic bar/candlestick formations) and I close the position or wait as appropriate.

I generally aim for 15-20 pips per trade. I only trade on Tuesdays and Wednesdays and only GBPUSD. I used to trade EURUSD, XAUUSD, USDCAD and others but I like to focus on one chart. I find GBPUSD moves in rather large quick movements so that if it takes 5 pips to give me the indicators I need, I can still get 15-20 out of a trade.

I trade live and don't leave the computer with open trades. It's the opposite of what a lot of people do, but it's working for me. Nothing to worry about when I'm not there. So basically, I scalp-- so ofcourse there will be lots of signals and no day will be "boring."

The James16 threads are pure gold.
http://www.forexfactory.com/forexfor...ead.php?t=2331
  • #9
  • Sep 7, 2014 5:21am Sep 7, 2014 5:21am
Quoting Squid
I've been sitting here all morning and part of the afternoon waiting for my system to indicate a trade. Nothing, nada, zilch all this time. Sigh. I'm forcing myself to stick to the system (trying to teach myself some discipline lol). This makes me wonder if it is best to just sit out when my system doesn't indicate a trade or to look for a second system that works better given the current market? I think the problem is that my system is based on moving averages which means it should work better in trending markets and what I've seen today is more...
if you think the market is boring . chose a higher time frame and you will see itsnot boring
  • #10
  • Aug 22, 2020 11:30am Aug 22, 2020 11:30am
During bad or boring day, I prefer to spend my time in learning or creating new trading plan and backtest it.
  • #11
  • Aug 23, 2020 2:50am Aug 23, 2020 2:50am
Don't go chasing those trades! It's your job to take what the market is willing to give - you can't 'make' the market do anything it doesn't want to. A boring day is better than a bad day. Also, you made money during your 'boring' day!? What more could you want!?
  • #12
  • Last Post: Aug 26, 2020 12:56pm Aug 26, 2020 12:56pm
Try to trade easily and earn money consistently. Always focus on making money, and make strategy to deal with the losses.
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