Day Trading the Forex for Profits...

Quote from Vespasian:

UGHHHHHH

That is terrible !!!

You should consider trading stocks with your methods I'm sure they will work the same if not easier.

:)
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Ya know, I HAVE considered it...not stocks per se, but the emini futures. However, I found that the U.S. markets are highly corrolated, so really if the ES moves, the mini dow often moves with it, as does the Nas, etc...

The only one I find that pretty much dances all by itself is the russell.

So, two "markets" to choose setups from (russell, and all the others)

In currencies, I can screen 20+ pairs each night, and find more opportunities for smooth movement and clear S/R levels.

If I find two that are corrolated (ie: EUR/USD and GBP/USD), I will choose the best one, and STILL have an opportunity to trade a pair with very little corrolation to these two...say, AUD/JPY or GBP/CHF.

BUT, for the opportunities that do arise, they are arguably equal to or even better in the stock index futures markets...

The OTHER issue is, I'd have to get up at 5:00 am to start at 5:30 am studying my levels, targets, potential opportunities...etc. The market opens 6:30 am my time

So, on a professional note... I have more quality opportunities in the Forex, due to there being larger selection of LESS corrolated markets (all markets have some corrolation, just not as much as, the dow, NQ, and Spooz)

On a personal note, I'd rather stay up late, than wake up early.

I suppose I could trade Japan, as the hours for me would be wonderful (market opens 5:00 pm), or Australia (market opens mid day), but I have not looked into either.

Day Trading in California is a generally a choice of two poisons, one sour, one bitter. I just prefer bitter to sour.
 
Quote from sam0182:

I trade the same but try and put more emphesis on the Tokyo session and then the first hour or two of London, depending on setups. Unfortunately, I work at 6AM so...I can only take one or two nights a week of being up that late, waiting for trades that may or may not present themselves during London.

Sounds like you're on Pacific Standard Time too?

Nice journal.
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Thanks Sam, and yes, i''m in california.... it's obviously not the envy of the trading world.

I find volitility poor in Tokyo generally, although daily pivot points seem to get more respect there than any other time frame... especially with the majors and the yen pairs.

I have traded tokyo with some success, but find london or US to be the sessions I can best capitalize on...

When it comes to Japan, do you find you have more success there? or is that just the market that works best for your schedule. In other words... if you could choose any session to trade without affecting your day...which would it be? why?

Greg
 
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