If it was me then I wouldn't automate everything I'd just alarm the signal you are missing or alarm the presignal situation. If its only valid when the context is right (as mine are) then I'd set up an alarm that I could turn on and off easily --- for example in Sierra Chart I have a few alarms that are enabled if I change the colour of a line (which I can do with two clicks while retaining focus on the price action). Make the alarm loud
Hi Mark, Really good points, I appreciate it. I will follow up of some of your ideas. You are absolutely right. I live in New York, but trade European market, but unfortunately this is the only way I can trade right now. I have 9-5, and can not quite it until I build my grub stake. I can not justify making some of my savings my trading capital. It needs to be earned, then when going full time I will have the skills and confidence needed for this business. I get up at 2:30am, and it is obviously very different from 7am. I had to make a lot of adjustment in my life style to be able to do it, which include more exercise, healthy eating, very modest drinking over the weekend and so on. Sometimes, I just loose focus because I am tired, usually towards the end of the week (I am extra cautious on Fridays). I did start my endeavor into trading world with longer time frames, but it was a total disaster. Psychologically, I only feel confident trading short term. Thus staying in focus is my main challenge right now. The reason why I switched to DAX is because currencies stay in range for weeks at a time. I had 3 weeks period during November 05 when I did not have a single trade, similar in December and February 06 was almost dead during Europe open hours (I only trade eur/usd pair). This made me look at other instrument because I need it to move in order to be able to trade it. The system I use will work on any time frame. SL/TP will obviously need to be adjusted based on what time frame is used. Regards, redduke
RedDuke, you seem to be overlaying a wish or plan on to your personal temperament that isn't strong enough for it. If you have such poor attention spans and/or appear to go into catatonic mind freezes, do yourself a favor and give up trading.
Hi Cheese, It has nothing to do with mind freezes. Trading on very sort time frame requires undivided attention, and it is extremely hard not to loose focus for hours at a time. That is why I posted my question to see maybe someone else went through this and to get their advices. I already had some good advices on this thread which I will follow. You advice to quite trading is not helpful. I am putting and lot of effort into becoming full time trader and will put a lot more. It is a gradual process and I am trying to do as best as I can. If you are already successful congratulations, if not what is the point of your post? redduke
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Well Version77 so many ill-equipped novices and amateurs come into trading and so many seem to easily get themselves so royally f**ked up the butt. Why encourage that? I'm saying, 'Quit. Keep what little money you have. This business isn't happiness for you.' But, bottom line, its down to free choice.
Is that the best you can do? When someone falls or even just stumbles, you discourage them from getting up and trying again? It is one thing to speak your mind when someone asks, but you have repeatedly given unsolicited advice for others to just quit. Where does all of this summary judgment come from? Are you part of some kind of discouragement fraternity or is there more to it? Trading is certainly not for everyone. But it is for them to decide, not you. With very little exception, the condiments you seem to favor are salt and vinegar. As an aside, and in response to your reference regarding "ill-equipped novices and amateurs," were you "fully equipped" when you first started trading?
Well now Thunderdog every thread is full and full and full of unsolicited advice including yours .. you just hadn't noticed, right? So ok where do all your embroidered and puffed up opinions come from? You need to get savvy about peoples chances. The real world .. heard of that? But as I've already said, 'But, bottom line, its down to free choice.'
I have a bit different view of your problem. What if your loss of focus is because of your brain is just too bored of all that somewhat mechanical decision making process of trading? For me, trading can be tediously boring, hence my mind starts to wander and focus is all gone. I would try to set audible alarms for entries and condition my mind to react that sound. Let the subconsciousness deal with ongoing flow of information and drive your aware focus something else. Perhaps reading a book or light exercise will do. Nothing too heavy though. I bet you would end up being much more aware and alert. Trigger shyness might be another side of previous problem. Could it be that your mind is questioning that have you noticed and processed all that information your mind usually tries to process? And because your mind doesn't find that nagging missing common denominator you end up hesitating. And indeed there is something missing, feel that is present when you have lost your focus. Take care.