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  1. #1
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    How To Make Day-trading Easy

    Day-trading as you already know by now has the power to offer many advantages over a short time lapse. Itís no wonder that so many people get interested in day trading.

    A day trader is basically an individual that holds onto their position for a day only. He is usually out of the market at the end of the trading day thus monitoring all trades taken in real time. This type of trading can be very rewarding if proper rules and money management are followed. It comes also with lower risk, due mainly to smaller losses. A lot of new aspiring traders are attracted to day trading because of these particular features.

    However, day trading as good as it seems also carries some major disadvantages. You see, a lot of new aspiring traders tend to enter the forex world with one major goal, to make a ton of cash in record time. This mentality usually leads to:

    ∑ Over-trading
    ∑ Stress
    ∑ Fear

    All those attributes, if we may say so, may lead to the rapid depletion of your capital.

    This happened to me too at in my early stage of trading. This, like it or not, is a common phenomena in trading. We as traders are highly exposed to such flaws and our main goal in the early trading period is to be able to overcome those issues by following a rock solid plan.

    To tell you the truth, in my early trading days, I would be glued to my computer the whole day waiting for a trade set-up. I was too scared to miss a trade, so I deem right to stay in front of my PC for nearly 24 hours until the right set up happened. Well, most of the time, I found myself so exhausted that I could hardly think straight. My focus was all out of whack. I was constantly stressed and my social life was slowly fading.

    At this point, I knew that something needed to be done if I wanted to build a career out of trading. Besides, my dream was to leave my 9 to 5 job in order to have a better life. If being slave of my computer was the outcome, I would be better off working for someone else.

    I took a break from trading for nearly 2 weeks just to refresh my mind and rethink of my strategy to tackle the Forex world. This was not an easy decision as my ego took a beating. However I had to choose either to keep on going and blow my account or reassess my whole approach to trading. The second option was undeniably the one to go for.

    This was one of the best decisions I would take to guarantee my success in trading. I wrote down all the things that made my trading worse. Those were what I got out of it:

    ∑ Stress
    ∑ Over trading
    ∑ Fear
    ∑ Lack of energy

    The four components above were playing a crucial role to my failure in trading. I clearly had to bring some changes that would dramatically reduce the possibility of the above to occur.

    My plan, believe it or not, was very simple. I went back to my platform to pin point at what time the market tends to move the most in a day. My thought was that if I could pin point a time where the currency pairs have the tendency to move the most I could start trading at around that same time everyday. My analysis was of great help to my trading as I realize that the London market had a tendency to move some of the currency pairs quite drastically.

    From then, I started to monitor the market at the same time everyday and trade accordingly using my strategy. I was amazed by the result. I was making more profit in 3-4 hours of trading compared to trying to trade the whole day. Consequently my stress level decreased, I was in control of my emotion and on top of it all I had still energy left to enjoy life. Trading, to my eyes, was stress-free from then on.

    I basically changed one simple component in my everyday trading and that played a major part in my success in the currency world. This is a change that you too may bring to your trading if you want the odds to be stack on your side.

    The point of this story is to show you that trading is best done at certain times of the day. This is the time where most banks and large institutions get active in the currency world. They move the market and thereby increase volatility on major pairs.

    Volatility = Profit (as far as I am concern)

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  3. #2
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    Re: How To Make Day-trading Easy

    It's not about working hard it's about working smart
    Thank you for sharing Roxen

    Barbara

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    Re: How To Make Day-trading Easy

    yea great post , I agree

    last week I made 4 trades I got +500 Ä in one day.
    today I made 11 trades I got -240 Ä

    dont play till you break it ( one of the game plan

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    Re: How To Make Day-trading Easy

    Wow,

    By focusing on the times when the currency pairs move the most I could reduce my trading day to four hours and catch most of the days move. This is worth trying. Thanks

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    Re: How To Make Day-trading Easy

    What are the best time then to trade for the various currencies?

    Does someone have a link with the best times noted? Everyone says the "Asia Open" but I'm not exactly sure when that is.

    Thanks for the help

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    Re: How To Make Day-trading Easy

    In my opinion the London - US overlap (I trade it from 11 - 3 GMT) is an excellent times of trading forex. For a lot of people it is important not having to spend a whole day staring a PC monitor. 4 hours is still more than enough, but they offer great opportunity.
    Of course when one achieves his target goal for the day/session, he can quit much earlier. Still when things dont go as planned, there is usually still plenty of opportunity to at least break even in this time window.

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    Re: How To Make Day-trading Easy

    Quote Originally Posted by hotkisa
    What are the best time then to trade for the various currencies?

    Does someone have a link with the best times noted? Everyone says the "Asia Open" but I'm not exactly sure when that is.

    Thanks for the help
    Some times you get good moves during the asian open but this last month with most of the european big wigs on vaction mostly you got a lot of sideways trading.

    the most movement comes from the european session especialy during the us overlap.

    caution though, the us overlap brings alot of reversals because alot of news is released early in the secession

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    Re: How To Make Day-trading Easy

    I am planning to become a full time trader after 2 years. before that, I need to have a consistent tracked record in trading

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    Re: How To Make Day-trading Easy

    Just remember to keep track of upcoming major news and close open trades if possible before news being announced. Helps to stay away from surprises...

    Brgds/Pilotlife

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    Re: How To Make Day-trading Easy

    Thanks for sharing your experience and insight Roxen! It sounds as if you identified some elements about yourself and the market, devised a plan, then displayed the discipline to follow that plan.....the result: improved performance!

    All the best on your continued success

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