Hi John
Hope your weekend wasn’t as wet as it threatened to be up here in Scotland.
I spent the weekend going over all the articles and educational tutorials in CMSFX and reading the charts on the VT. I wanted to find out which are the best times to trade as I listened to quite a few webinars on CMSFX and the instructor (lives in Florida so 5 hours behind us) said she gets up at 430am and then trades till 11am EST. I then went over the charts and I could start making out trading time patterns and it was so wow.
I did as you said and put in trade lines, especially vertical ones to see the time frames and they appeared to be early morning UK time. I always wondered why the trading hours for me in the US spent so much time being flat and after I went back several weeks and even just days I could make out the pattern that early mornings our time (I guess when the two big markets overlap) is when there’s more action going on. Certainly for a newbie like me who likes to get in on an up or down and claim my few pips and then get out.
I’ve also made a series of screen shots of the various currencies pairs and how they react to different time zones. I’m too nervous to put in a trade that goes over a few hours. I think with time I will gain the confidence to do that especially when I can identify trends but for now the short period’s suit me. I see the demo account as my own money and when I loose it bothers me. I have one serious demo account and one where I experiment. When the day’s trading looks yuck I don’t trade the serious account.
Now tomorrow I will start to put all this into practice and see where I went wrong and lost so many pips. From my notes I could see I at times maybe too often for comfort that I traded against the trend (short term 1 minute charts) and where I should have counted my losses and got out. The one day, twice in succession, my stops kicked me out before I had time to adjust them to accommodate spikes.
The other times I was trying to trade when too few pips were available and I had my charts too zoomed out making look like a good trading position when in fact the spread line’s thickness should have clued me in that I was wasting my time and only when I zoomed out completely did I see what an idiot I was to even think of entering a trade then. I heard you in the background saying when in doubt don’t trade and that was so obvious and it always occurred after lunch in the USA and it was just a flat waste of time.
What I find helps me a lot is watching the P/L and say I rise up to 5 pips and then it drops back down to 10 or even -10 and then goes back up to 3 or 4 and does one more dive. When it goes back to 3 or 4 on the second time or even five at a push, I close the deal. It’s on the second hesitation that I pull out and take my gains. I can’t really ask if that’s a logical way to do things because I don’t have the guts that someone else may have.
When we were at my daughters place in Oregon Leigh put in a trade for her. It zoomed up to $300 over a few minutes (Trading on a $10 000 account using $10) and Tanya and I both yelled get out but Leigh let it ride as he thought it may rise further. It didn’t, it went down to $120 and he pulled out. That was a valuable lesson for all of us. He feels my caution and small wins will win over his decision to take on some bigger risks and let the trade run longer. Only education and practice will sort this one out.
Leigh and I will keep in mind the time zones and if need be when I’m in the States I’ll get up really early to make use of the UK and European market times to put in a trade and then go back to bed.
So much to learn and I am fascinated. I’m taking it all in like a sponge but siphoning out overload and sticking to a few indicators that work for me and I understand.
And with that I’m going to bed – more than likely to dream of charts. Something I’ve been doing ever since I started the course. Good night. Kind regards - Desiree
Hi Desire
A very interesting email. Just send me your XL spreadsheet of your Trading Analyser of every trade for my comments!
My daughter and her family are with me at present - I had student (Darren B) here a couple of weeks ago this was his first weeks TA results using REAL MONEY not a demo account – a different mind set.
His Comments
"Hi John, I had a decent week. I think I have learnt a great deal this week.
My discipline could improve a great deal but generally I feel I'm getting better at this strategy. The control of each trade is becoming habit forming but letting my profits run is where I certainly need improving. I guess this will come with more experience. Let me know what you think." Looking forward to receiving yours! Regards John Bartlett
Hope your weekend wasn’t as wet as it threatened to be up here in Scotland.
I spent the weekend going over all the articles and educational tutorials in CMSFX and reading the charts on the VT. I wanted to find out which are the best times to trade as I listened to quite a few webinars on CMSFX and the instructor (lives in Florida so 5 hours behind us) said she gets up at 430am and then trades till 11am EST. I then went over the charts and I could start making out trading time patterns and it was so wow.
I did as you said and put in trade lines, especially vertical ones to see the time frames and they appeared to be early morning UK time. I always wondered why the trading hours for me in the US spent so much time being flat and after I went back several weeks and even just days I could make out the pattern that early mornings our time (I guess when the two big markets overlap) is when there’s more action going on. Certainly for a newbie like me who likes to get in on an up or down and claim my few pips and then get out.
I’ve also made a series of screen shots of the various currencies pairs and how they react to different time zones. I’m too nervous to put in a trade that goes over a few hours. I think with time I will gain the confidence to do that especially when I can identify trends but for now the short period’s suit me. I see the demo account as my own money and when I loose it bothers me. I have one serious demo account and one where I experiment. When the day’s trading looks yuck I don’t trade the serious account.
Now tomorrow I will start to put all this into practice and see where I went wrong and lost so many pips. From my notes I could see I at times maybe too often for comfort that I traded against the trend (short term 1 minute charts) and where I should have counted my losses and got out. The one day, twice in succession, my stops kicked me out before I had time to adjust them to accommodate spikes.
The other times I was trying to trade when too few pips were available and I had my charts too zoomed out making look like a good trading position when in fact the spread line’s thickness should have clued me in that I was wasting my time and only when I zoomed out completely did I see what an idiot I was to even think of entering a trade then. I heard you in the background saying when in doubt don’t trade and that was so obvious and it always occurred after lunch in the USA and it was just a flat waste of time.
What I find helps me a lot is watching the P/L and say I rise up to 5 pips and then it drops back down to 10 or even -10 and then goes back up to 3 or 4 and does one more dive. When it goes back to 3 or 4 on the second time or even five at a push, I close the deal. It’s on the second hesitation that I pull out and take my gains. I can’t really ask if that’s a logical way to do things because I don’t have the guts that someone else may have.
When we were at my daughters place in Oregon Leigh put in a trade for her. It zoomed up to $300 over a few minutes (Trading on a $10 000 account using $10) and Tanya and I both yelled get out but Leigh let it ride as he thought it may rise further. It didn’t, it went down to $120 and he pulled out. That was a valuable lesson for all of us. He feels my caution and small wins will win over his decision to take on some bigger risks and let the trade run longer. Only education and practice will sort this one out.
Leigh and I will keep in mind the time zones and if need be when I’m in the States I’ll get up really early to make use of the UK and European market times to put in a trade and then go back to bed.
So much to learn and I am fascinated. I’m taking it all in like a sponge but siphoning out overload and sticking to a few indicators that work for me and I understand.
And with that I’m going to bed – more than likely to dream of charts. Something I’ve been doing ever since I started the course. Good night. Kind regards - Desiree
Hi Desire
A very interesting email. Just send me your XL spreadsheet of your Trading Analyser of every trade for my comments!
My daughter and her family are with me at present - I had student (Darren B) here a couple of weeks ago this was his first weeks TA results using REAL MONEY not a demo account – a different mind set.
His Comments
"Hi John, I had a decent week. I think I have learnt a great deal this week.
My discipline could improve a great deal but generally I feel I'm getting better at this strategy. The control of each trade is becoming habit forming but letting my profits run is where I certainly need improving. I guess this will come with more experience. Let me know what you think." Looking forward to receiving yours! Regards John Bartlett
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