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EPrado said:
"It is kind of boring though, just waiting for setups every day."


In my humble opinion, great trading can and will be very boring at times. A major part of the game is discipline. Those with discipline will wait.....and wait....and wait......then strike when it's there. At the end of the month I don't care if I do 5 trades or 50. This thinking is not for everyone and believe me sitting and waiting day after day can be brutal at times. But you have to do it.

Now I am not saying that guys who do a ton trades a day can't make it. But in my experience the ones who over trade really don't get too far. Then when you figure in costs they are making much less.

From what you wrote you seem to be on the right path. Good luck man.
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Really? I get like 4-6 trades on average a week. (I often miss trades when I sleep lol) I think I need to wake up a few times during the night to check charts.

Thanks, really? Seems slow at first but I think once compounding kicks in, it should be fun :D
 
iamnewuser911 said:
Really? I get like 4-6 trades on average a week. (I often miss trades when I sleep lol) I think I need to wake up a few times during the night to check charts.

Thanks, really? Seems slow at first but I think once compounding kicks in, it should be fun :D
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I let the market dictate to me how many trades I do. Some weeks I get 10+ trades, some weeks 1-2. If the set up is there I pull the trigger. For me less is more. It comes down to making money. If your strategy dictates doing more trades and the performance is good then go for it. In the past I have gone into "action junkie" mode. When I was younger. I never got anywhere. These days if I want action I got to the casino or the horse track.

It also depends on how many markets I trade at once. I base that decision 100% on volatility. Sometimes I am trading 2 -3 markets, sometimes 6. Obviously the more markets I watch the more trades I will get.

I have done the night and day thing trading both sessions at the same time. It's not easy, but if you have markets that you do well in then go for it. I'm getting too damn old though. When I was in my 20's/early 30's I could trade on no sleep. I was friggin Iron Man.....lol.
 
EPrado said:
I let the market dictate to me how many trades I do. Some weeks I get 10+ trades, some weeks 1-2. If the set up is there I pull the trigger. For me less is more. It comes down to making money. If your strategy dictates doing more trades and the performance is good then go for it. In the past I have gone into "action junkie" mode. When I was younger. I never got anywhere. These days if I want action I got to the casino or the horse track.

It also depends on how many markets I trade at once. I base that decision 100% on volatility. Sometimes I am trading 2 -3 markets, sometimes 6. Obviously the more markets I watch the more trades I will get.

I have done the night and day thing trading both sessions at the same time. It's not easy, but if you have markets that you do well in then go for it. I'm getting too damn old though. When I was in my 20's/early 30's I could trade on no sleep. I was friggin Iron Man.....lol.
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Wow... No sleep? I was planning to sleep a little many times a day to try not to miss any setups.

This week there were 7 setups so far according to my strategy.

What did you do in between the "waiting for setups", I often just play video games then check charts every 15-20 mins. Or browse etc. what did you do since you stayed up 24 hrs?!

I feel this current "stage" is a big and hard one (small account), having patience (seems slow).
 
In the past I would trade U.S. Then sleep from 8:00 p.m. to 1:00 a.m. edt. Then get up and trade Europe into the U.S. Session. 5 hours sleep would be enough. But it does get rough towards the end of the week. In my younger days I would do the 24 hour thing, except I was done trading at 4:15 p.m. From 4:16 pm. until 9:29 a.m. the next day I was doing what 98% of traders did in Chicago on a Thursday night. Believe it or not that gets old as well. On a serious note set your alarm for 2 am or whatever, check charts. If your set ups are well defined you should be able to tell quickly if there is anything to do or not. If not go back to sleep.

As far as the in between times.....do whatever you think will keep you occupied and keep you from doing trades you shouldn't be. I bs with other traders......go on the internet...I have a few good trading books around I always look through again and again. I think I have read Market Wizards I and II a few times each year.

The patience thing is slow. But in my opinion it is what will separate you from the others out there. Some people on here whine that only 5% of traders make it. Who knows. That could be true. But I would be willing to bet a huge part of that 5% have unbelievable patience. I used to trade a lot more years ago. I was amazed how much better the results were if I just waited for set ups and did much bigger size on those fewer trades. The difference was huge.
 
EPrado said:
In the past I would trade U.S. Then sleep from 8:00 p.m. to 1:00 a.m. edt. Then get up and trade Europe into the U.S. Session. 5 hours sleep would be enough. But it does get rough towards the end of the week. In my younger days I would do the 24 hour thing, except I was done trading at 4:15 p.m. From 4:16 pm. until 9:29 a.m. the next day I was doing what 98% of traders did in Chicago on a Thursday night. Believe it or not that gets old as well. On a serious note set your alarm for 2 am or whatever, check charts. If your set ups are well defined you should be able to tell quickly if there is anything to do or not. If not go back to sleep.

As far as the in between times.....do whatever you think will keep you occupied and keep you from doing trades you shouldn't be. I bs with other traders......go on the internet...I have a few good trading books around I always look through again and again. I think I have read Market Wizards I and II a few times each year.

The patience thing is slow. But in my opinion it is what will separate you from the others out there. Some people on here whine that only 5% of traders make it. Who knows. That could be true. But I would be willing to bet a huge part of that 5% have unbelievable patience. I used to trade a lot more years ago. I was amazed how much better the results were if I just waited for set ups and did much bigger size on those fewer trades. The difference was huge.
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Ahhhh, so close yet so far!
 
Scataphagos said:
I met her on a park bench. She had a Husky puppy and a bottle of gin. I was defenseless.
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Must say, I really like this line. Sort of like something Bogie might have said in Casa Blanca. :)

The original Husky puppy has lived out his life of 15-years. But here's a pic of his replacement with the old lady...
 

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Scataphagos said:
Ours is very vocal... like a comedian in a fur suit. :)
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Yep. Exactly. They are very vocal when they want something. We have a 2 yr old and a 9 yr old. The younger one is hilarious. She messes with the older one. Will sneak up on her, smack her with her paw then run. The older one will eventually get up and pounce on her. 5 minutes later the younger one starts the whole thing over again. Great pic of yours.
 
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