A 6 1/2 hour trading day doesn't seem all that long, however I seem to struggle quite a bit with staying focused and just observing market price action. Would anyone have any suggestions? I have been swing trading/automated trading for a long time, however I am new to 'day trading', I would like to sit and watch, stay focused on price action for 6 1/2 hours. considering I am doing this at home, without the usual hour long commute etc, it shouldn't be that hard, but boy is it hard. In a regular job, the day is usually broken up by meetings, people coming by, going out to get lunch etc. So although I used to be at my desk for 8-9 hours in front of a computer, the activities were varied. Sitting in front of a computer and watching price action, which I very much like to do, I am finding very hard to do. I have seen ads for that 5 hr energy drink which seems interesting, its full of vitamin b, I tried red bull once. I am doing more meditation these days and bought a bike to get some exercise....Thanks.
The bad news is that sitting and watching "price action" is like watching grass grow. The good news is that you don't have to do that to make money ... unless you want to. Is that really the lifestyle you want?
I know what you are saying, but yes, this is what I would like to do for now, learn to read price action. I am not bored or least I like to think so, I like watching the ebb and flow of price. I find it interesting. Thanks.
Break it down into more manageable time slots. We as traders have to put structure to the markets. If you were only allowed to trade 2 hours at a time (with a 30 minute break in between) what time slot would you say has the most potential for your style of trading?
What's been helpful to me is a small Skype group; we're on the phone all day and since we trade the same things, we can help keep each other focused discussing potential setups, "if it does this, enter a position here", etc. Another way to avoid having to watch the grass grow (which is true at times) is to have an order in place in advance if price gets to a certain level. Then you don't always have to watch. Set up a sound effect to alert you to your order being lifted, or have a sound effect to alert you to a price level being reached in anticipation of an entry. Then you can walk around and do other things until the sound gets your attention.
Find a simple strategy. Know where your stop is, and let it roll. If you're getting stopped out too much, come back in the afternoon or the next day. Once you're in, you can fairly easily do other things while still keeping an eye on what's going on. Once you get a good strategy, you won't have to focus as much as you are trying to do right now. I got a Trek myself. What'd you get?
Great, many good ideas. Thank you for your replies. I was trying to do the total immersion thing, god knows 6 1/2 hours in the comfort of ones home is not that long. For tomorrow I am going to try that 5 hour energy drink, 8000% dose of vitamin B, should be interesting...
If you're going off of price action: Open to 11:30am 2:00pm to Close Anything in the middle is suicide. Also, price action usually requires the close of the bar so if you aren't seeing any potential setups then you don't really have to sit there and stare at the screen. Also, if you are looking at the 5 min chart and you aren't seeing any potential setup and the next bar opens, you know you have 5 minutes before the next candle so you can get up and go do some things and then come back in time for the next. I like to look for the very best setup so I'm usually waiting for that 1 trade that comes in those two time periods. Today I found 1 in each and only took the 2nd because the 1st was before the news, but would have been profitable. If I reach my daily goal in the first hour of the day, then I have all day to "not really pay attention," or I can just look at the screen casually and see if there would have been other setups. You don't really have to sit there all day staring at your screen if you know what you're waiting for.
1) We, you, anybody can get used to anything. You'll get used to it. 2) We are creatures of habit. Without forcing any particular routine, you develope one without being aware. These things take time. Like others posters said, you'll just develope a style that will keep you focused, ie certain times of day, particular trading style.
one thing to remember is if you sit there and watch the grass grow all day it will look the same all day and you won't know when to cut it. So you might force trades just to entertain yourself