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Methodology

 
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FredF3VI

Methodology

So I hear that Shawn Lucas has a method of when hes done with Trading, he closes his laptop and is done Trading for that day.Any FULL TIME FUNDED TRADERS care to share their methods of trading? I realize that I have an eye for direction when it comes to staying in the trade for 24-72 hours, everytime I take another trade under 24 hours, I end up losing a majority of those Trades. Please correct me if Im wrong, Im just a newby to trading and is all ears right now.

Wed, 07/15/2020 - 8:24pm
 
broslansky

@fred,

My primary approach is to trade the European Open (EO) and the London Open (LO). The EO is at 06:00 GMT, while the LO is 07:00 GMT. So, for Central Daylight Time, I'm ready to go at 00:15 CDT. I do some basic analysis and chart snips. Then, FXGold's lovely voice :) is in my earpiece at 00:45 CDT.

Since we only trade the EO / LO, we can be done in a couple of hours. Sometimes, we need to wait longer for a specific type of trade to setup. We always open and close the trade while in the Room. We never leave a trade open for 24 hours. So, in our case, when the trade has reached its potential, yes, we're done for 24 hours.

When you're staying in a trade for 72 hours, you will have a different approach as to when you're trading for 24 hours. You're experiencing a couple of bank opening / closing hours vs only one for a 24 hour window. Additionally, entering a week will have more movement, as the weekend orders are being filled. Closing a week / month will also shake the markets, as the bankers need to close their open positions and balance their books. All of these things need to be factored into your trade. So, yes, trading for 72 hours is different than trading for 24 hours.

By way of example, when you watch Shawn trade, he'll trade Price Action most times of the day, except for late afternoons as the markets are closing and the prices are flat. But, you're right, he can be done in a couple of hours.

You may need to have a different strategy for the different time slots. If you're getting beat up, switch to a sim account and try different things. Remember, the Funded account is highly monitored by Apiary. They're very protective of preserving their capital.

When I was first funded, I was too eager to grow the account and too careless on protecting the account. So, after an almost 20% drawdown, Ron disabled my Funded account. I needed to go back to the Stats and reprove my willingness to watch my entire account. Now that I'm restored to a Funded account, I'm much more on the vigil to protect the account. Still make mistakes, just not as extreme as I was in previous months.

Just my .02 pips worth.

Happy trading!

 
FredF3VI

Thanks bro broslansky.Good insight to understand why the market is pushed back and forth.

 
TomCatt

Glad you have an eye for the Longer Term. Somehow I've never managed to make that work for me as it seems to always get around to hitting my stop loss somewhere within the course of the day.

One thing I have found is that Chart Patterns tend to repeat regardless of the time frame they are on so if you have an eye for what plays out you need only adjust to
a more appropriate time frame for the shorter Term moves. If you could share what you look for, see and have play out, it might help some of the rest of us who don't have that directional compass.

One thing about shorter time frames is they do have more relative Volatility moves than do the Dailies but the ranges show best on the Longer charts. I often use a 4 hour chart for overall range & direction for my trading pair & period then scale down to a 15 & 1 minute chart to rope in my shorter term active trading period.

Wobbling within a Range or playing Breakouts seems to work best for me when I can see a building momentum one way or the other but it does require active monitoring as moves often happen fast and without warning. We each must develop our own way of doing things that fit our personality and life style.

Do you use RSI, Sto or MacD on any of your charts to show direction or do you rely totally upon your read of the Candles?

 
FredF3VI

I use a naked chart. No indicators. One thing thats been kicking my butt lately is I tend to overtrade. What I make lately, I give back to the market, as you can see its a weakness for aggressive traders. Last month I profited due to the fact that I took trades and left it because I was busy getting the family our for staycations. Another thing I discovered is that my first impression is usually my best impression. I read the candles. I use a daily ,4hr and 15 minute chart. I wish I could give you what I know but I would prefer to prove myself as a Trader. Once Im in a 10,000 account, I would probably be more comfortable telling you what I do. I don' want to steer you wrong buddy.

 
PIPDawg

Love the insight from a "funded" trader.......good luck!!!! See you in the money soon!

 
FredF3VI

See you soon buddy. I love your Profile name PIPDawg. Its all about the Pips because mo money mo problems.