For most of 5 years, I spent every available moment in front of screens. 6am until midnight sometimes. Even took a laptop to bed and put it on the nightstand so I could wake up thoughout the night and look at it... lol
We come into trading not having a clue, and the ones that are there are hidden with the rest of info-infinity, so many times traders watch and watch and watch... And I believe that is a required process. It is good news for opthamologists.
That lifestyle becomes addicting, and the psychology that goes with it begins to feel desperate. "One more" becomes the mantra, and also the reason many fail. But, screen time is possibly the only way to learn how you want to trade, what you want to trade, what "trading" really is.
What starts as something fun and exciting becomes something obsessive and debilitating. And then, maybe, you work your way back to fun and exciting.
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I think it is also very prudent to have a money goal. Once your money goal is met BOOM you're out. I know I am. I don't want to have my personal money OR my profit money I take off them in the live market for any longer than is needed to get my money goal. Right now I take out $200 and I am otttttta there.
Whether it takes 1-2 trades doesn't matter. Done is done. Turn off the charts and leave or do something however DON'T turn those charts back on until the next days session opens and you are ready to mark them up for the day's work.
I think once the money goal is met you're good. The rest is over trading and being in the market JUST to be in the market is a recipe for disaster.
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CL is quite good 8:30am est up to 'round about 11am 'ish' est--sometimes inventory day up to 11:25am 'ish.' Take that wonderful 2.5 hour lunch and do what you like.
I prefer Tues-Wed-Thur. for 1:25pm est up to 2:28pm est for CL p.m. session trading (if I trade CL @that time). No Friday p.m. session in CL (seems like gambling). Monday p.m. session 'can' be okay--depends on volume and what is happening in equities/forex/interest rates/volatility on the day.
Now you got it, right?
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just a couple hours a day after the opening bell. If the market isn't cooperating sometimes setting sound alerts at certain prices will help you save time and catch up on other things while price is sorting itself out.
Last edited by Itchymoku; November 1st, 2013 at 01:50 AM.
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This is something im trying to find a balance with. Currently I do some form of market related activity (trading, webinars, excel stats, reading etc) for 12 hours a day. I trade the full London session plus the morning of the US session. So although I dont sit staring at my charts for 12 hours, im pretty much at my computer doing some form of market related activity. I try to take short breaks every hour or two.
It came as no surprise that the majority of my profits are coming from the US morning session. The problem is that when the US session starts ive already been at my computer for 8 hours. So im mentally exhausted even though I dont admit it to myself and just 'power through'.
I have finally come to the realization that I need to force myself to take one large significant break mid day (in addition to smaller breaks). So starting next week I am going to trade the first 2 hours of the London session which is another good profit time for me. Then take a 2 hour break doing something physical (mountain biking or something like that). I will then come back and trade till about 30mins or so before the US session at which point ill take a 30min break until the session starts. The idea being that I will be fresher for when it really matters, ie: London morning and US morning.
This is going to be a bit of a challenge for me. Because my mind is constantly thinking about trading and even if im not actively trading then I watch webinars, read trading books etc. Im constantly on a search for more knowledge, more screentime, more, more, more. But I feel that coming into the US session fresh is important and lately i've been exhausted by that point in the day.
You donít trade the markets; you only trade your beliefs about the markets.
- Van K Tharp
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