How do you stay focused during the day?

I don't know what you mean about backtesting. What does tat mean?? makret makers and specailst don't back test. Specialist open market based on order flow....market makers just supply liquidity to anyone who wants it. Ecn's are eveybody...specailist, market makers, day traders, hedge funds, etc....and everyone is just trying screw everyone else. mkaing it sound like a crystal ball...

I don't think specailist hedge funds and MM's back test...they follow the trend, news, and watch there investory...other than that you were sold some program that's a lagging indicator.

Price is the only indicator...maybe retracements and RSI. I'm not discounting machines(logirythms....spell chck) but they just keep it tight b/t bollinger bands.

best indicators:
price
trend
news
earnings
RSI=overbought and oversold
Fibs
maybe:
ADX
macd
50 and 200 ma
 
When I say backtesting I mean uploading historical trade data regarding my currency pair, (I'm a currency trader), running my trading system against it to see profit potential.
 
Quote from cashmoney69:

watch music videos on you tube, check et, watch cnbc or some other show...set alerts and wait for a set up...no point in sitting there all day.
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I started with ACDC and now know about everything there is to know about fleetwood mac and main members of the band.....LOL

Gotta love youtube.

I have Bloomberg internet TV going most of the day to catch news. works really well. I would say that I am making 2-4 trades per week off of it and all so far have been good.
 
Quote from Will2Trade:

Backtest, backtest, backtest

You see, as a non-profitable newbie, I don't think I've yet gained the privieledge to indulge in other non-trading activities during my normal trading hours.

Other then light FM or classical / JAZZ music turned down very low just to break the silence, an hour lunch break. I just backtest my pair on my secondary computer and just glance my primary desktop to wait for any setups.
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Sounds like your someone that will continue to make more and more money.

Best of luck to you and your backtesting. Its the key to success IMHO. Backtesting turned me from a rollar coaster to a steady trader with mostly gains. I am sure with your attitude it will pay off big for you as well.
 
1) A couple of bottles of Red Bull
2) BBC Podcasts
3) Audiobooks

I don't like to interact with people thru chats or IMs when I'm trading.
 
Since turning fulltime trading, i find that watching the markets on my own is very lonely and secluded. And when trades don't turn out right i get very depressed and disappointed at my mistakes or lost discipline. The feeling of becoming a home hermit.

It works for me to have two chatrooms (and briefing.com) taking up one screen. One chatroom is free and text-only. The other is paid chatroom with moderators discussing trades and showing charts. I like interacting with "colleagues" on both chatrooms, making friends through emails and Skype outside the chatrooms. You will never know what kinds of help or opportunities that other traders in my same situation or development phase will present itself. Also I have Briefing.com Platinum service for realtime market news.

The period from pre-market to 9:35 10:00 10:30 reversal times can be intense and I don't see how you can lose focus. After 11:15 or so I stop trading to stretch, eat, nap, check internet/news, review trades and P&L for morning session. After 1:30 or so we scan 15mins charts and trade again after 2pm. I guess the only times to lose focus is during the lunch/quiet hours.

No CNBC, no music, no unnecessary surfings. We can always do these after market closes.

Regards,
 
ET, NuclearPhynance, Financial-news us, pro-at( french trading forum ), bloomberg...

Sometimes I read sport magazines. I used to watch porn but it's really bad for performances LOL.

The more I trade, the more I have to be focused on working orders...and the less I can do other things. Now, I am happy when I've read all interesting threads on ET by noon... Sometimes, I am just at the P§L thread after reading "trading" and "wallstreet news" parts.
 
Quote from bwolinsky:

CNBC straight up, all day. They move markets. If you're doing anything else, I think you're not trading.
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:confused:

Sure... CNBC is what all real traders must use...
 
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