[walterw]

Ok, let me start with some key factors here about my type of aproach I will be looking for...

I am by definition some sort of scalper... or very short term daytrader... I dont stay to much inside a trade, I like to make it quick, IF there is momentum I might stay inside for longer... otherwise I prefer to make severall good small trades... so what I will present here its not very valuable information for the long term trader... I hope it will be usefull for the short term trader...

I have one method I use to start developing a trading strategy, and that is: How much money I aim for an X period of time.. (day / week), so I can meassure my expectations from what my money motivation is in relation to what my technique can really make me trade on the market...

My very first mentor thought me this: " dont ask the market what he cant give you, but be prepared to take what he is willing to give you"

My derivation here is this: what he is willing to give me, is it in a "real" proportion to what my $ expectations are ?

I am aiming more than what I can make ? will I be forcing the market to give me what I want... or will I take everyday a little chunk that will at the end of the journey become a mountain ...

So thats my filosofy : "give me every day a little chunk"...

For the sake of simplicity I decided to follow only one forex pair... and that one will be the USD/JPY..

Also at this point I will only be looking at one time frame: 1 min.

My Daily target will be 5pips after comisions... sounds little uhuuu ? well its not... at this very aparent slow pace in three years you can be making millons...

So my target its to finish every and other day with a total net (after comisions) of 5 pips... The market can give me more?, I leave money on the table ? I dont care, its not my bussiness, my real bussiness its closing every trading day with my 5 f#$%d pips (period).

Forex trades 24 hours and that can be triky, we all know that the real trades happen at the time the markets are having their best, so in terms of time I copy this post form other forum :

The three major market centers for forex are Asia (Tokyo), Europe (London) and North America (New York).

• 8:00pm EST, the Asian market opens (although New Zealand and Australia open about 1 hr earlier).
• 2:00am EST, the European market opens.
• 3:00am EST, London, the most active center for forex, opens.
• 8:00am EST, the North American market becomes active.


The most liquidity and turnover occurs when London and New York overlap, which occurs between 8:00am and 12:00pm EST. The least liquid period occurs when London finishes and before Asia opens.


So from 3:00 am to 12:00 pm est could be a nice time to trade... also should we research how USD/JPY does at 8:00pm est...

So here I will apreciatte inputs from those who are more familiar on this time issue..

All this being said I will start throwing some raw ideas on next posts... cheers Walter.