Intraday Live short term trading calls from an Expert Retail Forex Trader

[Forexmospherian]

The last 2 hrs or so have made up for a boring morning - sometimes its just waiting for the right time and opportunities - and ignoring the BT tease hours

 

[Forexmospherian]

EU - ideally need to stay under 35-6 to sell again

 

[Forexmospherian]

9115 done 9140 now?

Would need a clear breach of 15 by say 5 -8 pips and then it might try again

Off in a bit - as out tonight

Hope its not been too bad today MM

All the best

Regards

F

 

[Forexmospherian]

Did you notice the time we did EU low so far of 3525 ?

 

[Forexmospherian]

close to uc sell and eu buy?

Normally when that happens and its at this time on a Friday - then the market wants to catch as many out as it can - so be careful now - as the EU should drop lower and Swissy rise more - but - that can suddenly change outside a time window

 

[Forexmospherian]

78 quid on 10k account using less than 1% on each trade

What stake sizes - ie very low ie under 0.5% ??

Ok just spotted comment

 

[Forexmospherian]

OK - that's it I think - made sure I am out of everything and another day - another target over achieved and most important - more money in the kitty ;-))

Have a great weekend

 

[Mr Fox]

The last 2 hrs or so have made up for a boring morning - sometimes its just waiting for the right time and opportunities - and ignoring the BT tease hours

The markets did a Kansas City shuffle on me this morning. It faked short, and took me out for scratch only for it to shoot long for +100 pips.


And then the rest of the day made me stew at the missed long, that when the afternoon moves did arrive my focus, and concentration span was shot.


I wish I had taken up fishing as a hobby, at least that way I'd have the patients to deal with days like today.

Have a good weekend all. I know I might.

 

[Forexmospherian]

The markets did a Kansas City shuffle on me this morning. It faked short, and took me out for scratch only for it to shoot long for +100 pips.


And then the rest of the day made me stew at the missed long, that when the afternoon moves did arrive my focus, and concentration span was shot.


I wish I had taken up fishing as a hobby, at least that way I'd have the patients to deal with days like today.

Have a good weekend all. I know I might.

Morning John

Sounds like Friday's forex market really did play you up - but don't worry you would be just one of multi thousands of traders who's "mindset" was played with and as normal the "market " won the game.

We can all pretend that this is due to hundreds of thousands of forex traders all around the world buying and selling against each other - and at certain times the "bulls" wins , other times the "bears" and for most of the time "stalemate" - like a "tug of war" match - with both sides trying hard - but not really getting anywhere.

In reality - its nothing like this - its a psychological battle in a jungle comprising of a few Elephants, Lions, Deers and a massive number of fleas and ants.

Yes you have guessed it - we are the flees and the ants ( Deers are all newbies ;-) )

To win in this game -its no good just being good at reading TA and understanding Fundamentals - you need to understand all the tricks and games that will be used to mentally torture any trader who is trading from a real live money account.

For example - in normal life - most people are fairly good at playing mind games - ie If the wife says - "Does my bum look big in this dress?" what are you going to say ?

If you have any sense or diplomacy - you lie and say " no - not at all you" - "you look sexy" etc etc - you play the game ;-)

Similar if you have just had a big argument with the girlfriend / wife etc - you don't say - "Am i the best lover you have ever had ?" - because you will know the answer before she even opens her mouth ;-)

So back to trading - we are just "ants being mentally tortured.

Now you know that - to survive - and even make some money - you have to play the mind games with the market yourself - you will not win - but at least it might not torture you so much ;-)

First part - learn to lose - and not bother - so important - we know we will lose - accept it - get used to it and then work on it to your advantage.

If you keep losing say £10 - but keep winning - £12 or £18 more than you lose - then your mind will accept that. What your mind will not accept is losing £10 - but only winning £4 or £8 - and not that often - that will always play you up.

Second part - learn to not get wound up - extremely difficult - but just "don't give a toss" - ie let it all go over your head - chill - relax - do what ever you need to do to find your inner peace

( But don't shoot the wife / partner / next door neighbour / bank manager or old boss )

Third Part - Split your trading day into sections - mine are all 30 mins - so if I do say 6 hrs and 12 sections - it could be looked upon as 12 days of trading in one day. If its in 1 hr or 2 hr sections - thats fine - but then after each section - whether you won or lost in that section - wipe it from your immediate mind - ie like driving down the road for 2 miles - can you remember all what you saw afterwards - no - treat trade outcome like that - review them another time - ie at the end of the day or week or whenever

You will get to know over time - which sections to ignore - as the Elephants and Lions are about to have you - and then other sections - when they will leave you alone - as they are too busy eating ( making money )

Conclusion

Forget fishing - just learn the "gameplay " hobby - read the "Art of War" - get you mindset in the right zones - and remember you are dealing with a Market that will play every trick in the book - to try and have your money

I am sure John - you already know all this. We all can change - if we want to - but if we don't - then the market as won again and life just goes on - and then we just get annoyed with ourselves.

Don't get annoyed with yourself - next week you will do well - just remember that ;-))

Regards

F

 

[Dinos]

- Split your trading day into sections - mine are all 30 mins -
F

Mine are 3 trading "sessions", 8.30 - 10.30, 1.00 - 2.15 & 2.30 - 4.00. keeping data on every trade in each session will give plenty of info to get teeth into, eg R/R levels, disaster stop levels etc.

Just another version of FX sections.

 

[Forexmospherian]

Mine are 3 trading "sessions", 8.30 - 10.30, 1.00 - 2.15 & 2.30 - 4.00. keeping data on every trade in each session will give plenty of info to get teeth into, eg R/R levels, disaster stop levels etc.

Just another version of FX sections.

Hi Dinos

I would agree with your sessions times and I am sure they generally work for you - allowing you nice breaks in between to review different levels and be ready for your next session.

Do you generally stay under say 3 or 5 trades a day - or if you see nice set ups on multi pairs do you venture for larger numbers ?

Regards

F

 

[Mr Fox]

Hi F,

Due to it being a holiday tomorrow in the US will you still be trading $ crosses.

Best
John.

 

[Forexmospherian]

Hi F,

Due to it being a holiday tomorrow in the US will you still be trading $ crosses.

Best
John.

Yes John

I never worry about the US having an holiday - my best trading day in 2013 when I managed just over 400 pips in the day was on July 4th - ie America's Independence day and of course an holiday

So from 6 - 7am UK time - all as normal - and then by 1- 3pm we will know whether the US want to play or not ;-)

Have not got a clue how busy it will be - as it is a Monday and therefore not one of the busiest trading days - but as we both know - this game will always be one of surprises ;-))

Have a good week - (you will !) - forget Friday - its just one blip in your best trading year you will ever have

Regards

F

 

[Mr Fox]

Yes John

I never worry about the US having an holiday - my best trading day in 2013 when I managed just over 400 pips in the day was on July 4th - ie America's Independence day and of course an holiday

So from 6 - 7am UK time - all as normal - and then by 1- 3pm we will know whether the US want to play or not ;-)Have not got a clue how busy it will be - as it is a Monday and therefore not one of the busiest trading days - but as we both know - this game will always be one of surprises ;-))



Have a good week - (you will !) - forget Friday - its just one blip in your best trading year you will ever have

Regards

F

Hi F,

Thank you for that, and thank you to you, and Dinos for the earlier post and again I have learnt a bit more about effective time management, and will surely incorporate what you guys said into my self-improvement.

If there's one thing I hate, and that is having my time wasted, whether by others, or myself, and Friday was just that, as it took my focus away from the 4 previous profitable days I had, and just made me focus on what I had missed.

Re. Your best day. Maybe Zee Germans thought about sticking it to the yanks while they were on Holibob's(although if I remember correctly it was a day of $ strengh).


Have a good week F, and please excuse me for asking you too many questions.



Best
John.

 

[Forexmospherian]

Monday 20th January 2014 - time - approx 7.00 am and European Open

We must remember the US are on holiday for their session and being a Monday it could be a slower day. Still for at least the next 7 hrs its should be as normal so lets do a quick update

Both the EU and GU have seen falls in price last week whilst the UChf rose to a new high of 9131 early on today. For the last 6 + hrs price of the Swissy as fallen to 9110

The EU as risen 30+ pips over the last 6 hrs from a low of 3507 up to 3541.

Above 3530 the EU is still scalp bullish - and i would only scalp sell presently under 31 and 27.

GU - similar move to EU - with a rise from just under 6400 to 6430 and whilst above 6414 still in scalp bullish mode. You really need under 6411 and 08 to be taking more scalp sells for lower.

I am out for London Open on school run - so will update other pairs I normally trade prior to 9.00am

Have a good day and a great week - unfortunately not here for everyday this week - but will keep you informed etc of when I am off

Regards

F

 

[Forexmospherian]

Just coming to the end of the half hr time window - and EU topped for now at 3555 exactly at half hr - and then 53 became a scalp sell - with price needing to stay above 44 to scalp buy again

 

[Forexmospherian]

GU made 6442 - on the half hr - and 39 became a scalp sell with price needing to stay above 28/29 to be able to scalp buy again for any attempt over 43 and higher

 

[Forexmospherian]

AU today as risen so far approx 40 pip up to the 8800 - 05 area. Above 8785 its still scalp bullish - and I would only hold any scalp sells under 82 and 77 - otherwise still could test higher

 

[Forexmospherian]

EU - did not drop under 3549 - and now trying to breach high again at 3555 with 4 mins to hr window

For now above 48 and 46 still in scalp buy mode for higher.

Only scalp sell it now under 48 and 46

 

[Forexmospherian]

GU - now just scalp buy bullish above 6431. Need to check out next interim R's for this next window