I find cable is flat one day, the next, huge moves. Euro's a little more consistent in terms of day-to-day volatility. Maybe there's a better method to predict cable....dunno ;P
You look at the charts. Is price in a tight range going no where or is it moving. If you wait for history to be written before you act, you'll never be apart of it.
This probably sounds like a real newbie question, but I guess it would sound stupider when I'm a pro and don't know this. What does RT stand for? Is it total positions? Thanks.
100% agree here. Forex is a chartist's dream. In another thread someone ridiculed the used of Fibs in trading, but used against a currency's chart it proves a highly accurate predictor to price movement or direction. BTW, RT = round turns
Ah, that's what I figured for RT. I agree with you all as well on forex. Being open 24 hours also helps me as a trader in college, as well as the better tax structure and lack of daytrading limits. I will go back to stocks and indices eventually (I didn't do bad trading options on indices), though.
For those of you who enter 20 or more trades per day -- do you still fill out a journal entry for every trade, or do you do something more like reflecting on the day at the end, or what do you do? Thanks.
I reflect on the day as a whole. If I take large hits, I go back to those trades to see what I could have done differently. This is where experience and a good memory(chart patterns) come into play.
If you asked an equity trader that scalps the same question, what do you think his/her response would be? Why should your asset class be any different?
For equity i enter from 1000-3000 trades per day. Trading the futures i enter from 200-1000 trades a day. Last friday the ES setup was sick and i just held most of my contracts all day(slow trades day). My trade size in equity are from 200-1000 most of the time but i do dig in when i see a nice setup. For the futures 5 contracts per trade(order) most of the time sometimes bigger.