DislikedTrading hours and frequency - when and what time of the day to trade? How will TMS work? etc. I get quite a few PMs from members here who ask this same question. These members hold fulltime jobs and they live in different time zone, most do not have the luxury to trade the London session hours which is by far the best market seesion to trade. They want to trade only once a day but when they reached home but by then the London session has closed or near closing. They have the same problem like many do, thier employers do not allow them to to their...Ignored
I'll give you some details, I am in the military, and as such work long hours, and have no access to any trading platform or web site during my day at work. I am currently in the US Pacific time zone, so London opening happens after, or right around when I go to bed (I have to be up at 0500 for work). So I end up waking up through the night to check for TMS trades.
It's difficult to judge trade set ups in those few minutes, and I end up missing a lot of set ups. I most often find my trades at the opening of the 0700 PST candle, and they are usually sluggish to develop. When I do find set ups in my admittedly sleepy state, they usually perform right up to expectations of the system.
I use a set TP of 50 pips since I cannot monitor trades through the day at all. And in situations like the G/A trade we have been watching develop, I have missed almost 250 pips because of this, and I missed the re-entry on the bounce, I was exhausted after work, and turned my alarm off without consciously waking up.
My goal is a modest net 100 pips a week, but I would certainly be much happier with more! I have 5 years left on my contract, and as such, have 5 years to either get financially to the point that I can get out of the service, or decide to re-enlist for another 6 years. Through my career, I have been gone from home, more often than not. I have been away from home for most of the last three years (all of the last year), and will be home for about two months before leaving again. So developing this into an income stream would be a literal lifestyle change for me. It would be nice to be with my family for more than a few months at a time.
War. Is my profession.