Fx futures Journal
- Thread starter Buy1Sell2
- Start date
Wondering if you would care to share any of your approach to daytrading? Specifically, I'd be very interested to hear what risk/reward ratio you are working with. Also, do you have set targets in mind at the time of trade entry, or do you just use a trailing stop and let the mkt make the call. Thanks for any info, and good luck on your new journey!
Sure---I am using a combination of BB, MACD,RSI and Price on very short term charts. I am using the triple screen approach with different time frames. I typically am setting my stop outside of what I perceive to be recent highs and lows and setting it far enough away that it doesn't get taken out too often. I may, as I go, try to bring the stops in a bit. I would have to say that I am not really using a risk reward ratio, since I will be trying to let the market tell me when the move is over. This is basically my longer term strategy except the moves and losses will be smaller and also I seldom use stops anymore in position trading. I suspect it will take me quite a while to get proficient as it did with position trading. In fact, I may never master it, but we'll see. I have decided to try to learn this aspect of trading since many of the posters here seem to be day traders and it may help me relate to them a bit better. So far, the time needed to short term trade may eventually be prohibitive for me. Thank you for the interest in the subject.--
Thanks for the reply, B1S2. We apparently are using similar strategies to daytrade, although I lean more to the scalper mentality. My entries are correct, or I am out (very tight stops = I'm a glutton for punishement - lol). My targets are generally 1.5-3 times risk, except for occasions when I can catch part of a good intraday trend, such as today's nice move in ECH6.
Appreciate your thoughts, and again, good luck with your quest!
Appreciate your thoughts, and again, good luck with your quest!