LoL yes this is why i need to get away from hip hop and r&b and dance. need some sounds to relax and help me concentrate rather than polluting my mind + advertising does me HEAD in and makes me angry, last thing i need while trying to manage thousands of $$$$$$
Money management..Money management..Money management.
Having large stops and targets DOES NOT AFFECT your risk. Size your positions accordingly with proper risk management.
Trading on different timeframes shouldnt affect how much money you're risking each time at all, you just need the right money management technique application.
Its not about frequency of trades, its about your R:R and MM!
Forget about trying to pick and trade every micro/mini-trend. You'll still be earning the same amount.
Trade the higher timeframes.
Commission and spreads would have a lesser effect on your trades as they are faded out, and you also increase your chances of winning as markets are less volatile there. It adds to your trading edge.
Nevermind, you may choose to ignore this, but overtime, you will realize this, through the best school, the school of hard-knocks.
Actually you can if you have prices to trade.
I've traded quite a few 2 point trades on a daily chart.
I don't want to derail this thread further though.
As you eluded to, everyone trades their own way.
Personally, I find I need to listen to music. I try pick and choose what I listen to so i'm not head banging whilst EU is moving 100 pips without me! I trade 5min time frames and find that my concentration is quite good with music whereas without it I can get bored or distracted quite quickly.
Another interesting point is the emotional reaction to music, if i've had a bad trade and I find it's getting to me a little, a couple of good tracks from an upbeat album can change that mood in no time.
As is the case with trading in general, each to their own!
The following user says Thank You to KinsaleForex for this post:
Greenr, everyone is a little different (some are a lot different), but I'm very much in agreement with your sense that you would like to listen to music while you trade. I do so regularly and find it very helpful.
You may be familiar with Dr. Brett Steenbarger, the popular trader psychologist who has written several excellent books regarding trader psychology. He highly recommends listening to instrumental music while trading. Vocal music is too intrusive, the words attract the attention of your mind in a way that instrumental music does not.
For what it is worth, I use a high quality set of wireless headphones to listen to my "Trading Playlist" on iTunes while trading and find it very beneficial. Incidentally, I trade from a 1M chart, using 3M, 10M and 30M charts for a multiple time frame point of view.
Some of the songs on my list are: The Swan from Carnival of the Animals performed by Yo-Yo Ma (cello); also performed by Yo-Yo Ma: Song Without Words, and Thais: Meditation; Theme from Schindler's List played by Itzhak Perlman (violin); In a Sentimental Mood played by John Coltrane (saxophone); Liebestraum No. 3 In A-Flat performed by Van Cliburn (piano); also performed by Cliburn: Etude In E, Opus 10, No. 3, Fantaisie-Impromptu In C-Sharp, Waltz In C-Sharp Minor, Opus 64; Tango en Skai performed by Elena Papandreou (classical guitar); September Song played by David Wilson (violin); also by David Wilson: I'm In the Mood for Love, Somewhere In Time, There's a Small Hotel, Meditation; and a number of others by various artists. Whatever relaxes you and allows you to concentrate on your trading will work great. The headphones just quietly put the music into your head. Works great for me.