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  1. #1
    Senior Member grindtime's Avatar

    Getting into a routine.. Feedback needed please !!!

    Couple questions... I'm just getting started and trying to get together a routine. It seems like I bounce between 8 different charts constantly switching indicators continuously. Just trying to get a feel of what routines you guys have . Like how many charts you watch at a same time?, do you follow the same strategy daily? Do you focus on a certain number of assets ? How many trades do you aim for daily? Ect.

    I'm thinking I may just focus on like 4 assets and aim for 7 trades a day using a couple different strategies between 8-12 EST Pm. Is setting a goal for a trade amount a good idea? Or should I just take them as they come when I see a good set-up ?

    Thanks for the help in advance guys.

  2. #2
    Active Member RichardD's Avatar
    Setting goal is not a good idea at all (it's a surefire way to overtrading which you don't want to experience), you shouldn't take more positions than as many signals your strategy gives a day.

    I would recommend following only one chart at a time in the beginning, the most basic EURUSD. If you are trading 8 different charts at a time (and all of them are FX pairs) you may want to make sure your trades aren't correlated - you don't want to take up twice or triple the risk for nothing.

    I think it's also a good idea to concentrate only on one product, even when you get more experienced; it may boost your consistency with you being able to fundamentally and technically analyze the same thing over and over again (with maximum capacity), so you can really develop an expertise in that particular asset.

  3. #3
    Specialist Member LesterK's Avatar
    In some aspects RichardD is very right about everything he said. Setting a goal in advance is not something that will help you especially if you are very beginner and don’t know very well the capacity and risk management of your strategy. Also messing with different strategies at the same time is not very good for newbie trader. Also more than two assets is a total distraction. This is a plan for advanced binary trader. Only after few thousands of trading hours you can switch to more dynamic and aggressive trading with several assets and strategies at the same time. Also the number of trades should not be very big. 2-3 trades per day can be optimal. If you have any other questions just share with us, but I think you don’t have to place too big goals at the beginning. You just have to set your initial strategy and collect as much as possible trading data to analyze its performance.

  4. #4
    Legendry Member willyw's Avatar
    Do not set a goal on how many trades you do per day. And concentrate on 1 asset. Follow the trend is the best strategy.

  5. #5
    Senior Member grindtime's Avatar
    I went 15 of 20 first day, and 14 of 19 the second day. Alot of those trades were 60 secs. I was 8 of 11 on 15 min trades. So 2-3 trades and only focusing on one pair sounds a little underachieving to me.

  6. #6
    Legendry Member Michael Hodges's Avatar
    you sound risky to me, 60 seconds is a joke, you are going to lose everything if you keep up like what you are describing.

  7. #7
    Master Member SeasaltMcFish's Avatar
    Don't like 60s either, even as a scalper.

    Did manage to get good results on 2m though.

    Nowdays I like 6-10m

  8. #8
    Active Member COGSx86's Avatar
    30 mins is the key

  9. #9
    Senior Member grindtime's Avatar
    Yeah the 60 sec just appeal to the gambler in me which is not a good thing. I plan to stick to the 15 min as my success rate with them was much higher. Plus the return is higher. Making 80-85% instead of 70% . I think even with a good success rate over the long run 60 sec options are a brokers advantage. It's like the slot machines in the casino when the only game you have an edge at are the card games. Even doing 30 min I think 2-3 trades a day is underachieving though. Don't you

  10. #10
    Veteran Member Dan21's Avatar
    I agree with you. :-) Brokers have advantage in short term trades. They can manipulate prices with few pips almost invisible and to destroy your profits. So I trade only from 15 minutes up. Even 1 hour is still in the noise. These trades are too strongly affected by the market fluctuations and only when you move to 4 hours and more you have real advantage in technical analysis. That’s my point of view. I can be wrong of course but most probably I am right

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