Hey all,

Well bub is a day overdue ;) ... come on bub hurry up! Anyhow back to the trading day, as mentioned briefly before, I am looking at holding some longer term positions now that life has got busy and I am unable to monitor my trades as closely. I am trading now off 4H charts, and once in a trade, I monitor the trade on a 1H chart, meaning a lot less back and forth between the computer, and surprisingly, a lot less stress. Without the constant monitoring I am finding my decisions are much less pressured and my thoughts clearer. As you can see from the results below, it means less trades in the day, but not necessarily less profits in this case.

I have had some questions about what indicators are good to look at when starting up. There are so many out there that it can be tough to know what indicators, if any to look at. I have written a brief article on indicator types here to help you get started, but personally, while hard, getting used to looking at the price action itself will benefit a beginner much more than staring blindly at a bunch of lines and indicators on the screen. To me an indicator should be understood before using it, know what it does, does it tell you about momentum, trend, overbought or oversold levels? If you don't know then you can end up with a whole bunch of indicators that are all looking at the same thing. Anyway I have gone into this a little more in the article above so have a look.

Ok here are my results for the day:


So keep it up, try to read those charts and see what the price action is doing, there is no more accurate indicator than the price that the other indicators read off. Best of luck, and, baby permitting, see you tomorrow.

Happy trading.

Today's result: +108 pips | Overall: +323 pips

This entry was posted on Tuesday, October 11, 2005 at 10:42:00 PM. You can skip to the end and leave a response.