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Originally Posted by Nanog
Most day traders trade the Asian/European and European/US market times. These times denote an overlap in the markets and when the markets move the most. Sorry if you already know this. Om Bak, you seem to be using fundamentals as reasoning for your trades. I am not sure if that works for the small guy. Good news for the pound will for example come out and the next thing that happens........it drops like a stone. Everybody would have expected it to strengthen. With hindsight, reports will give the reason why. I might be wrong....it might be possible to trade succesfully this way but I am not convinced. Somebody here said they traded trends.....I think that this might be the best way. In a trend.....you will see tops or bottoms formed. These are the places to place your stops. The stops should be a ratio of say 1/3 to the likely/possible win. What time frames do you use?
You can put a widget on your desktop which will tell you the market hours......Here is the link.
http://fxlabs.oanda.com/cgi/fxlabs.pl?id=13 |
Hey thanks for that
. I don't place much emphasis on trading fundementals though, I trade with the trend, range trade, trend reversal, I've only started on margin FX but have been investing in the share market 19 years, same story there as you would probably know, prices can rally on bad news or fall on good news. Not sure what you mean by time frames, if you mean time held on open position, it isn't all that long. I move my stops until such time the trend changes or a pull back stops me out.