First I had to find metatrader client that have all the crosses which I have on Oanda. Fxpro was the one that I found. Then I opened all the crosses of one currency, arranged the layout on the screen and saved that profile. So for CHF I have usd/chf, eur/chf, gbp/chf and chf/jpy because those are available crosses on Oanda with CHF. There is no cad/chf available on Oanda so i didn't include it.
For all of you that are heavy on various indicator setups it's great tool to use and leave screen uncluttered. Metatrader is loaded with so much of custom indicators that you can find all over the net. You can save profile for TA setups like Murray math, Pivot points, Rainbow MA or any other setup that you like for each pair separately. Try imagine all of them one one screen. :D
You can easily navigate with your saved profiles with click on current profile name in the bottom of the screen in the status bar. Yo can also use hot keys Shift+F5 Previous Profile Ctrl+F5 Next Profile.
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6 comments:
I gathered from your posts that you trade while at work. If you switched to higher order of magnitude charts, it might be easier to combine work and trading. But if you are scalper at heart, it could be difficult to sit on trades for hours and days. Depends on your psychological make up.
Hi Mike, generaly I do not trade at work but from home, only occasionally when I'm time constrained by work I trade there. As you say I'm scalper at heart. I guess this is just brainstorming while little frustrated with market last days.
My first trading day this year was long term trading with small leverage. It wasn't really long term, it was just and hour, but I tasted small leverage trading. If I stayed in that trade I would witness validation of my idea over next few days.
My biggest problem so far with higher time frames was that I really don't recognize good setups that I like. On smaller time frames I can see action minute by minute and judge how strong is the will behind some move. On still charts of higher TF it's not easy for me.
But somehow I'm bit by bit liking idea that 1% gain by let's say 1R is the same 1R be it 20, 70 or 150 pips.
If I change my coat, I expect of you to start scalping eur/usd on 5sec chart :-)
Yes, by playing with leverage it doesn't really matter (in theory) how many pips it takes for, say 1% gain or loss. Trading larger time frames lowers the costs of trading, because the spread uis the same.
When one has "an edge", logically it would make sense to take as many trades as possible(go to smaller time frame) in order to magnify this edge. Problem is, spread will be taking a bite out of profits.
I do trade as low as 1M charts, but this is mostly for amusement and can't do it for very long. Find it exhausting. Going to any smaller charts, I would need to see the order book and use that. FX order books(even if available) would reveal only small part of the total market, so can't really be used the same way like in stocks or futures trading. Besides, for me to trade say 1M charts with the maximum leverage making sense(to maximize returns), would make position size large, pushing, platforms maximum trade size. At this point trades stand out, and, strangely, get stopped out more often(wonder how that happens?)
Mike, very good words. You sound seasoned ;) You mention the cost of trading at such a small time frame and that is true, although personally IMO I don't think it matters as long as you are making a profit. I tend to shy away from longer term trades as I view those as "Opportunity cost" instead. Make sense?
Orion, as far as I'm concerned, there is not one perfect time frame. I understand the concept "Opportunity lost" very well. When I started to trade full time, this concept kept me in front of computer 24-36 hours straight. Few different strategies, 4-5 pairs, 1-5M charts and some trade is ALWAYS forming. Hard to get away. Over time my confort zone, for discretionary trading, settled in between 1-4H charts. Most of the traders in blogosphere ( I don't mean any one particular person) are relative newbies. For them extremely active trading, combined with excessive leverage, is probably not the best idea. Can lead to real trouble fast. Eventually everybody will find time frame that not only fits into livestyle, but also meshes with personality. If it is trading for 1 pip using tick charts, that's great. It just takes some time, substential number of trades (few hudred? a thousand?) patience and discipline
Oh, yes, once again agree with you wholeheartedly. Although I trade lower time-frames my entire day is over in about 15-60 minutes on most days. If I can get in one good trade I'm done. I certainly agree with all you've said, there is ALWAYS a trade forming somewhere.
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