So, last night at about 11:30pm EST I posted a demo trade short for EUR/GBP. As with many of my trades, the DM switched overnight and while it was in profit for a bit, it ultimately moved against me. This endeavor has always presented the most frustrating of dilemmas: I absolutely feel that I would have much better results if I were able to watch the markets during the regular, heavy market hours, but the reality is that I can’t. This said, i’m asking for thoughts on this from Djamal or others. What is the suggestion for typical people who work jobs, can’t watch the markets other than intermittently on their cell phones during the work day etc.? Without alerts available from the MK web, the DM switches that impact our trades are at the whim of random checks on the market as we’re able during our regular work days. Just not an easy thing to do when trying to be profitable in what many believe to be one of the most difficult endeavors. Any thoughts or suggestions much appreciated.
ye its seems pretty hard don’t really have much advice. I use trading view to set up alerts so when I’m in work I have alerts go off and then I know to look at my phone(obviously completely depends on your job). Probably the best bet would be to focus on 4H range trading. set alerts at the top and bottom of the range on tradingview. Then you just trade DM switches at the top and bottom of the range. Then when your in front of the computer can try scalps.
Tim, thanks so much for taking the time to offer this suggestion. I think the longer time frames are definitely more suitable to this type of situation and as I have learned price is fairly reactive to the outer bands so I’ll just have to try and do something similar with regard to alerts like you do. Thanks again. Really appreciate it
only using Daily n H4 would be a solution. But less trade opportunities…
Agree with all the above. I also work a full time job and agree it is difficult. I get up early (5am) and dedicate my early mornings to trading before work. This gives me enough time to analyse each pair and highlight any for my watchlist. I can also place trades if the opportunity presents itself. On quiet days I’ll research strategies/backtest etc.
Once I start work, I rarely check the markets. Maybe at lunch time a bit. I ensure my stops and profit targets are automatically set in MT4. I avoid trading on days with big news events for the pairs I’m trading, so that I avoid any unexpected movements while at work.
I actually prefer the lower volatility outside of the main market hours. For me, the price action is less eratic, choppy and volatile.
Definitely each to their own though. It’s one thing that I always find amazing with with markets, there are so many different methods to take money out of it. The key is can you do it consistently and with discipline!
All the best in your trading journey. It’s been 3 years this month since I first learned what a candlestick is, so my journey is… slow but steady haha!
I’d love if Djamal would do a video on this for those in this situation. I’d also love to see the MK web evolve to the point where we could get alerts when there are DM switches or touches of upper and lower bands. Bottom line for me: if surveilling the charts throughout the day for DM switches etc. is required for success/profitability, this is a tough endeavor for anyone with a typical job. If there are certain ways to trade (i.e. H4 timeframe etc.) where a trader can sustain some DM switches, then i’m hopeful that it can be done.
moving to higher timeframes is a good idea then.
The lower the time frame, the more screentime is required.
Lots of love,