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Wyckoff Trader
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Hi Have you allowed for the UK's change in daylight saving ? The UK Daylight Saving ended on 30 Oct....The US does not do so until 6 Nov, after which the time difference between UK and US (est) will revert from the current -4 hrs to -5 hrs again.
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Is It True That 90% of Traders Never Make a Dime!
Wyckoff Trader replied to blindfingers's topic in Beginners Forum
Over the years I have seen many mistakes in "professional" trading, including... - A professional trader not realise approx 800mio spot DEM'S booked the wrong way around - meaning an adjustment on the value date by 1.6yards - A professional trader hitting the bid on EBS in cable, thinking he was selling Eur/Usd.. - A professional trader trading/calculating 5 yards of JPY as it was 5 yards of ITL - A professional trader getting the premium/discounts the wrong way around when trading forwards and/or decimal places incorrect. . - A professional trader having a "book" miraculously do a trade by falling on his keypad. - A professional trader buying instead of selling & vice versa - A professional trader misquoting prices plus all the common faults like hesitation on entering/exiting, missing trades etc Whilst Pro's may do it less, take action quicker after making a mistake etc than a non-pro would the reality is: "Professionals" are just human.....humans err.....Period Cheers -
That was the case in the Banks I worked for (London) Cheers
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Hi Ingot I'm not trading this method so my intent is not the introduction of new rules, or speaking for Kroll/OT as to how many days in a week there are ...but I consider a trading week to be 5 days, not 6, and a "day" a period of time where all the participants have had a chance to voice their opinion on the market - especially if I'm considering a break of a previous day high/low I don't consider a separate Sunday bar to have enough data/time to be a separate "day" - the price action of that period is incorporated into "Mondays" daily bar. As you say, applied consistantly there may be no difference in the methods efficiency not/using a separate bar , my intent was just to highlight for those following that some signals will be "broker/chart dependent". Cheers.
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If I were trading this ( or any "daily" bar method) then I would only use charts which dont have, (or I'd ignore) those small "Sunday" bars when looking for high/low breakouts On my charts there would be no violation of the previous day(Fridays) low yet Cheers
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I "retired" from banking about 5.5yrs ago - made a lifestyle choice, moved overseas and currently just trade for myself. I got the trading opportunity (I was back office/dealers position keeper) when asked to temporarily cover a minor currencies Money Market desk...During this period I guess I showed "something" to the room and was moved in permanently. I was sitting next to a FX trader and I would assist him when I could, taking Reuters/Broker calls, looking after orders, admin etc....gradually I would quote and run some small FX positions...eventually I was moved permanently from MM to FX , responsible for trading specific ccy(s). Cheers
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[es] Stop Losses: Help or Hindrance?
Wyckoff Trader replied to AuctionMarket_Trader's topic in E-mini Futures
I always enter with a "disaster" stop... Once I'm in a trade, the actual exit point is dynamic and traded manually. Cheers -
I was sent on 1 x 1 day Technical Analysis course, probably about 5 years after I started trading for the Bank ! No courses in Trading, Money Management, Psychology, Fundamentals etc - It was very much training "on the job" for me. Cheers
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Anyone else Share This Problem?
Wyckoff Trader replied to MadMarketScientist's topic in Trading Psychology
I now almost exclusively daytrade the ES - however this doesn't mean I have to trade every day. If nothing sets up in my trading window of 9.30am > 12.00am est, then I don't trade.(Unless I stray from my plan with an impulse trade - fortunately happens rarely) I don't look across different markets trying to "find a trade". My background is in FX and running (daytrading) positions in several different ccy pairs wasn't really an option due to another trader running that book (eventhough it was often said "feel free to take a position in my ccy if you have a view" it never really happened), plus lack of focus etc.... so I've continued to focus on trading in one market. Each to their own..... Cheers -
Introduce Yourself Here - Don't Be Shy!!
Wyckoff Trader replied to trading4life's topic in Beginners Forum
Hi all... I am an ex Institutional Spot FX trader (mainly $/¥, €/¥, €/$ ) however as an independent trader I now primarily daytrade Futures: ES. Also had a stint as a broker (Institutional side) back in the 90's... Cheers