Why wants everyone and their mother trade on 1, 3 or 5 minute charts? It may be tempting, but the shorter the timeframe, the harder it gets.
1min Chart setting
- Thread starter Andrewtuk
- Start date
Harder, yes!!
Stressful, I'm FRIED from this weeks madness, so YES!!
But get good at it and the profit potential and growth even from a small account is HUGE!
You can in a month or 3 turn a $500 account into $10,000.
Ofcourse you can turn a $10,000 into Zero just as quickly.
Longer term stuff, your talking years or more for that kinda profit/loss ofcourse.
Everything is possible. However, it is extremely unlikely.
Even turning $5000 into $100,000 within a year or a few requires a rare combination of skill, luck, risk tolerance and a favorable market environment.
$500 to $10,000 within a month or three? People would be better off setting more reasonable goals.
I'm saying is possible, not that the op can do it, not from day 1 few years to get there.
Is the game i play, bring pretty close to unlimited funds from a small account.
The issue with Chop is :-
1. your buying a Low say, quite frequently Low's break and turn to downtrend = Loss.
2. Bad entry in chop, limits your profit hugely as it's only got a 10pip range anyway way ( FX )
3. By the time, you factor out the spread and your comm's, most of the time there isn't a lot of profit left.
4. Then it's chop, trying to trade it with a tight ish SL just gets the SL hit all the time by damn spikes, bigger SL, no.1 happens and bigger loss.
Trying to reduce and give up on chop currently, it's costing me too much in $$$'s and time
Where the $$$'s are being made, is jumping on the moves like in GBPAUD at 14:45 GMT, join the buyers basically. Try to get 50pips say for risking 10 area.
The time you trade is important, stop away from news, creates spikes which hit tight SL's, 14:30gmt till 18:00 is the best Trend zone and where the $$'s is made!
Although I have automated systems and they trade 5 days/24 hours, you have design them for different volume that being traded, like most evenings not much going on, so less volume traded and stop limits have to be used, some systems love reports and others orders have to be pulled. I understand what you saying and some instruments simple don't do as well in chop but I love trading ES cause of the chop, Crude and currencies are far less of a choppy environment and I like trading chop overall, I am just ok trading trend. I always say in my youth that trend was too many losses cause of false signals especially on long side.
It comes down to knowing the instrument thoroughly, whether in past lows held to the tick or was sloppy like Nasdaq, also knowing what breaking of pivot were, like in ES when breaking of pivot is 1-3 ticks, I am not expecting continuation of trend but when 4 ticks or more, I do expect trend, but also depends on Swing ave, where is price in relationship to existing trend, is it possible half over or near extreme, how many points or pips left in existing trend.
It all comes down to work you put in on what you trade, every instrument is different.
Most I manually trade ES is 75 minutes of day session from open on a bad day and 60 on average day, need more time to try to tick out my Goal on small movement days.
Been a chop trader for years, couldn't take the trend trades too chasey for me, but slowly moving across to just trend trader, my chop/bad trend trades have been hurting, but they the good trend trades more than making up for it, so phasing out the chop element, sadly not the Bad Trend trades but hey!
Need to move to trade 2-3hours of US Session mainly and maybe first 90mins of UK session, out side of that, trend reduces, too much whiplash!
Trading really does drive me NUTS!
there is no such thing as a best setting or best indicators
the use of indicators and their setting should be result of the trader's concept of trading
the concept will determine what and how to use
do not have a concept? then do not use anything.. in fact do not trade at all !!!
why 1 min? why not 2 min or 30 sec? or 30 ticks?
again answers in your concept
what to do? think.. trade on paper.. ideas will come up
if ideas are not coming up then trading is not for you
move on !
Been a chop trader for years, couldn't take the trend trades too chasey for me, but slowly moving across to just trend trader, my chop/bad trend trades have been hurting, but they the good trend trades more than making up for it, so phasing out the chop element, sadly not the Bad Trend trades but hey!
Need to move to trade 2-3hours of US Session mainly and maybe first 90mins of UK session, out side of that, trend reduces, too much whiplash!
Trading really does drive me NUTS!
Once you get over 35 years of it, you more like "I don't give a shit" personality to trading and you expect each trade to be profitable and get annoyed it lost a tick or point. I trade almost immediately after on any report, watch markets long enough.....
On about 10 for FX/Spot, 1 year Option, 2 years Nasdaq stocks.
Fair few years, with zero or very near zero trading though.
Getting the Momo immediately after news, if your quick thinking, sounds like a good way of getting max profit with min time spent infront of screen, not for me, not that quick.