Yes, it truly is probably the most challenging time zone. My wife is from Japan and trading at 11pm is doable with a nice nap, but the London open isn't my favorite but something I have noticed is the nice sustained moves it makes around that time for the entire day! I could go to sleep and make 200 ticks.
Ok, so here is my dilemma. I think a conclusion I had come to last year when we got away from Hawaii so we could trade.
Trading at the London Open hasn't been the same or even close. 6E at the London open moves fast, then nothing for an hour, then fast, etc.. Hard to trade for an hour in that time. So, I thought, well I will trade the other guys (CL, FDAX, etc..) and maybe that is just because things are going a bit crazy right now with the markets but it was a roller coaster ride. I was too tired last night to really put in the effort, but just watching the charts was, how do you say... "BORING!". haha.. Come back in 15 minutes, oh, it moved 3 ticks!!! Wow! Then, for no reason I can find maybe besides volume (which I don't find because it isn't something I trade using) it starts trending and going.
humdrum, must find a solution.
CL was interesting to watch.
So far, my best trading has been when I make small wins consistently trading TF in the morning. 18 months of trading a method to which is extremely physical challenging to incorporate into my lifestyle. Interesting......
The following user says Thank You to bluemele for this post:
I trade from 4:45am to 7:30am. From 6am-7am things usually slow down and it seems I get less trades, if any, during this time. This also happens when I trade the first hours of Asian. I have two monitors and pull up the net on the second one. But I only look at positive things like humor sites, fun video clips, etc.. It helps pass the time until moves start happening again and it keeps me in good spirits. If you don't have at least 2 monitor maybe get one and try doing the same thing. Might make it easier to pass the time during London's slow periods.
Until you move seems like you're gonna have a rough time regardless of the session. So just gotta pick the lesser of the evils. It sucks, I know! hah.
1. Long term says down, why aren't you going down?
2. Ok, this is the area, it HAS TO BE this area.
3. You have got to be kidding me. Does this method work?
4. Why am I falling apart here? It has to be the trendiness of the market.
5. Man, what is going on?
6. I have no idea what I am doing.....
Yesterday on market replay was much the same. It seems like lately the larger the separation the more unlikely it will move the direction that I am thinking it will go. VERY VERY VERY FRUSTRATED. To the point beyond emotions.
Market = UP UP UP UP UP UP UP UP, DOWN (ok, why here) Oh of course, this extension but the other 200 extensions didn't really matter and that was a fake-out. Ok, but why this extension? hmmmm.... Oh, it went down for 3 points and then back UP UP UP UP UP UP UP, but the long term say down or weakness, "No, of course they don't", "Ok, why not", well "because". Ok, so what is the answer.... aaaaaahhhhhhhhhhhhhhhhhhhhhhhhhhhhhh!
Last edited by bluemele; February 25th, 2011 at 01:26 PM.
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Remember to ask yourself important questions when reviewing.
- Does your plan adequately prepare you for the market you were trading?
- Was your plan clear enough, did you know what you were supposed to be doing?
- Did you do it?
- If not, why not? And how can you improve this in the future to not repeat this mistake again?
Grade yourself on aspects like overtrading, profit taking, setting stops correctly, following rules, etc. Pick one or two target areas and get specific -- then set a specific goal you will work on exclusively for the next 2 weeks. An example: if over trading is the problem, the goal is 3 trades a day. If profit taking is the problem, the goal is something like don't move the first target in closer, leave it alone, no matter what. If the goal is related to stops --- like you picked direction correctly but were stopped, then focus on entry timing and proper stop setting.
Just some examples. Get specific. Don't try to do everything at once, just pick one or two. Make big post-it notes. Put them on your monitor, on your desk, etc. "THINGS I MUST DO TODAY", and two bullet points.
Grade yourself daily -- did you do them?
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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The following 5 users say Thank You to Big Mike for this post:
I absolutely understand where you are coming from regarding your statement of how the market must be doing "x" and it isn't. Truth is, it doesn't really matter what it is SUPPOSED to be doing, does it? All what matters is what it is doing. Over the next two or three weeks, it may do what you think it will do, but who cares about two to three weeks from. What matters is what is happening on your screen right then. I had this same problem last week or the week before, when I saw this.
"Trade what you see, not what you think"
It doesn't matter what anything or everything is telling you if the market shrugs it off.
The following 2 users say Thank You to JohnnyAustin for this post: