VERY nooby question

[cbyp]

Ok, im finding it difficult to understand when trading what timescales you work with.

I understand its up to you when you trade and over what timescales but if they generate the same revenue why sit there all day when you can end-of-day trade?

do some people sit there for 10 hours making money on really small pip changes? why all that effort when a 4 hour transaction will gain revenue just as well with less screen time?

if over say 4 hours, do you place your buy or sell, then sit waiting for hours to pass then hit the sell/buy to make profit? do you have to watch the screen for 4 hours? or come back periodically, like evry half hour, or is there something automatic you can set... ie. is that what a stop is.

Can i for example site for an hour, trade, then get out and do something else, making good profit in the time i sat down trading? or is it more set the buy, wait, then check it later.

also, to maximise profit VS time, should one trade multiple currencies? I dont want to trade over say two months, using 1% of my capital, and make like £20, i want to make £2k a month trading full time.

you're probably gonna tell me to go buy a book, but i already have a couple, they presume you know what the terms mean....

its very basic, but i understand the more advanced theory, just not how you physically do the trade (running before learning to walk). What time scales do you trade over? How many trades of the same currency do you do a day?

Any help appreciated, i can read indicators and want to begin trading on paper, but i have not been shown how to use the software.

Thanks

 

[Ivanovich]

Essentially this is dependant on the person. I trade in the morning EST and evening EST, for no more than an hour each sitting. I make approximately $1,000 a day on the average. Sometimes I don't make anything, sometimes I make a big hit. But that's my time zone, and that's what I usually do.

Around evening EST, the market is dead as Asia is not even awake yet, or just waking up. That allows me to see the silence and calm of the market and make rational decisions and analysis. In the morning EST, it's crazy. Usually I close my positions if they're relatively profitable or review whether my TP and SLs were hit. Rarely do I open a trade in the morning.

I used to live in Russia and traded the European open (which was 11AM Moscow time). But the day was crazy and I spent a lot more time because I had to open and close trades during the day.

I like this much better.

-Ivan

 

[Optionpro007]

Ivan:

Congratulations on your success. It seems you are the most succesful FX trader in ET from what I can discern.

If possible, could you elaborate your time zones again ? is EST eastern standard ? You live in the US ?

You open trades at night and close then in the morning ? Correct ?

Thank you for any thoughts !

Quote from Ivanovich:

Essentially this is dependant on the person. I trade in the morning EST and evening EST, for no more than an hour each sitting. I make approximately $1,000 a day on the average. Sometimes I don't make anything, sometimes I make a big hit. But that's my time zone, and that's what I usually do.

Around evening EST, the market is dead as Asia is not even awake yet, or just waking up. That allows me to see the silence and calm of the market and make rational decisions and analysis. In the morning EST, it's crazy. Usually I close my positions if they're relatively profitable or review whether my TP and SLs were hit. Rarely do I open a trade in the morning.

I used to live in Russia and traded the European open (which was 11AM Moscow time). But the day was crazy and I spent a lot more time because I had to open and close trades during the day.

I like this much better.

-Ivan

 

[Ivanovich]

First of all, thank you for the compliments. I seriously doubt I am the most successful trader on this forum.

Anyway, yes, EST is eastern standard time. I live (now) in Puerto Rico, having just moved down here last month from Russia. But yes, I open trades in the evening and usually close them in the morning, if they're not already closed.

Sometimes, if I'm at work (trading is a hobby, not a primary job for me) and it's boring, I'll play the market for a bit, particularly if I see a pair at a strong resistance or support line. But most of the time it's evenings and mornings for me.

Cheers,

Ivan

 

[Deptrai]

Your stock just drop, Ivan. Anyone who can't rely on forex trading as his sole source of income not only isn't an elite forex trader but isn't a good forex trader as well. I always knew you weren't any good. Your posts lack depth and understanding. You never help anyone out because you have nothing to offer anyone. Furthermore, you are often sarcastic in your post. Definitely, a characteristic of the 99% who eventually lose.