when Iím trading I love to have music on in the back ground
1. I enjoy a bit of sound to the ears as trading can get rather boarding at times
2. I find it help to calms my nerves ect keeping me in the "ZONE"
But as i am quite young, i have just been listing to a local radio station on a web Brower to keep my computer memory down
My local radio station in the UK is KISS 100 and they play most Morden Hip hop, R&B and commercial music, with lots of adverts
So i want to listen to some clam relaxing music, i listen to any thing and i donít have a particular taste for music. But i donít know where to start in search from some good chill out music. I have never really been into music in a big way, just always go with the flow with what on the radio or T.V ect or random likings to certain sounds and artists. But most of them be in very upbeat and loud and aggressive
So i was wondering what types of music you guys listen too while your trading to help you relax
Sigur Růs, Explosions In the Sky, Mogwai, emancipator, The Cinematic Orchestra, Buckethead, Zero 7, Air, Kings of Convenience, Chopin, God Is an Astronaut, The Sea and Cake, Godspeed You! Black Emperor, Blue Sky Black Death, Lemon Jelly --- just to name a few...
Right now I'm listening to FC Kahuna - Hayling, an excellent song..
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I guess it depends on how much you need to concentrate. If you are trading on short timeframes (ie 5min) then your concentration needs to be high so any distraction should be avoided. I would therefore avoid anything heavy or with lyrics and certainly local radio with advertising will be a distraction. I would look towards classical music myself. I know baroque music is often quoted as ideal for a learning environment but whether that is opening up learning channels or concentration channels I can't remember at the moment. I'll look it up and see what I can find
Scalping and trading in timeframes lower than 1 hour is no good.
In my experience so far, trading in lower timeframes would just end up you giving back whatever profits you reaped and most of the times, even more.
Plus, not only that, it also uses up most of your time.
You'll just add onto your psychological stress and you'll get more greedy/fear the more you look at the charts.
Its better to just watch it for 15 minutes or so, make a logical decision, set your SL and TP, then close the screen and forget about it.
"Watching the charts does not make you richer, following your trading plan and having an edge will."
If your trading more than a hour chart for set ups, you more of a position trader with large stops and targets. Day traders and scalpers generally use 5 min charts for set ups with smaller stops and targets
I cannot see how you can scalp off a 1 hour chart lol, i am sure it is possible tho