Forex Day Trader's Thread

Do you sit close to the screens? I sit quite close and worried I may get lost on the screen as it's so big. I'm due an upgrade some time though.
 
Got about 40 pips since the 8 ball/confirmation coin trade on cable and still hanging on to eur/usd long. Think i'll run it up to 3.0000

Offers are still being accepted though i'm being PM'd about my 8 ball and coin and no - I won't sell them separately. It's a package.
 
gold dont like to see to gain above 1020/1024 or otherwise the gold will move towards 1100 first before diving to 600
 
Your thoughts?

Hello everyone, i have recently started trading forex and so far prefer it to indices and equities etc but I was looking for some input?

Today I went short on € JPY and was up say 40pips but did not close out the deal (and I am still in) as I now have my SL at BE and as I believe the pair are in a down trend I am looking for a larger pippage than 40.

Can I ask what your daily amount of Pips or target is and whether you guys trade position over a period of days (or longer) or whether you take whatever is available to you each day and have a cut off point for taking pips off the table. (Trying to gauge what is realistic - per day/week/month)

My thoughts are that it depends on the pair and the circumstances. If the pair are trending well I guess you ride and keep moving your stop to secure profit? (I was looking at 50pips) Or if the pair is range bound do you play the support and resistance areas and scalp?

But just wondered if you would share some imput?

Thanks in advance.

🙂
 
kaisen said:
Hello everyone, i have recently started trading forex and so far prefer it to indices and equities etc but I was looking for some input?

Today I went short on € JPY and was up say 40pips but did not close out the deal (and I am still in) as I now have my SL at BE and as I believe the pair are in a down trend I am looking for a larger pippage than 40.

Can I ask what your daily amount of Pips or target is and whether you guys trade position over a period of days (or longer) or whether you take whatever is available to you each day and have a cut off point for taking pips off the table. (Trying to gauge what is realistic - per day/week/month)

My thoughts are that it depends on the pair and the circumstances. If the pair are trending well I guess you ride and keep moving your stop to secure profit? (I was looking at 50pips) Or if the pair is range bound do you play the support and resistance areas and scalp?

But just wondered if you would share some imput?

Thanks in advance.

🙂
Click to expand...

Kaisen, it really depends on what kind of trader you are. A day trader is different than a position trader or longer term trader. Also the style of trading will affect your way of taking profits. I've seen scalper taking profit of 5-10 pips with lots of trades in a day. A swing or momentum trader will aim at larger profits with longer time frames. It's all about your style and personality.

If you want to have an idea of how much the pairs range per day, then look at ATR for each of them on daily basis. Cable pairs tend to have very wide range per day, so you can take larger profits, but also take larger lost.

I usually take about 3-6 trades in 2 sessions a day, asian & us sessions. I don't have a fix target of pips per day though, just take whatever the market allows me to take.

Good luck with forex
 
If you look at the weekly chart of eur/jpy would you say the pair's in a downtrend really? Or do you just think you know where it's going next? I don't mind holding something over a few days, but if I can get in and out in the same hour/day with a good profit i'd always do that. You asked a lot of questions there - but it really depends on your intentions of the trade to start with. What size stop did you put on?
 
cpngtw said:
Kaisen, it really depends on what kind of trader you are. A day trader is different than a position trader or longer term trader. Also the style of trading will affect your way of taking profits. I've seen scalper taking profit of 5-10 pips with lots of trades in a day. A swing or momentum trader will aim at larger profits with longer time frames. It's all about your style and personality.

If you want to have an idea of how much the pairs range per day, then look at ATR for each of them on daily basis. Cable pairs tend to have very wide range per day, so you can take larger profits, but also take larger lost.

I usually take about 3-6 trades in 2 sessions a day, asian & us sessions. I don't have a fix target of pips per day though, just take whatever the market allows me to take.

Good luck with forex
Click to expand...

Thanks cp. My plan at the present time is to go with the higher TF trend and wait for an opportune price to enter (fib pull back and around s1/2, pivot or r1/2, 200ema,200ma etc). If the trend is strong I am happy to manage the trade and move my SL along to secure profit as I know forex can trend quite well compared to other markets.
I have found a few good threads on strategies and I have also looked quite a bit at 127 fib. Do you have anything to comment on the 127 fib extension?

Thanks for your time👍

🙂
 
Is Pippy away? hehehe
All the hamsumness is missing
 

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Masquerade said:
If you look at the weekly chart of eur/jpy would you say the pair's in a downtrend really? Or do you just think you know where it's going next? I don't mind holding something over a few days, but if I can get in and out in the same hour/day with a good profit i'd always do that. You asked a lot of questions there - but it really depends on your intentions of the trade to start with. What size stop did you put on?
Click to expand...

Hi - thanks for your reply.

I must confess I am in two minds over the main trend - so any input would be appreciated.
On one hand there has been a large downtrend from Aug 08 to Feb 09 and currently we have an uptrend although my inexperience is unable to decide whether the "main" trend is a still a downtrend IE the current period is a retrace of the main trend to between a 50 and 382 fib?
Any thoughts welcome on that one.

My entry at 13155 was based on my decision that price was struggling to go higher and had found it difficult to go higher a number of times previously. Also at the time the 200ema and 200ma were just above the entry price (on 1H) providing what i felt was good resistance. I also considered 13150 to be a good psychological resistance.
Stop loss was initially 13182 which was above the doji high on the 4H on 1st Oct and also a number of MA´s.
SL now BE.

Any thoughts welcome!

🙂
 
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