Today I wanted to give you an idea of:

• Length of Trade
• Costs Associated

 

I’m pointing out here that when I say “performance was substantially better” because of costs, theres a commission charge on this account. Here’s an example.

 

 

I wanted to mention something I read, that a skilled YM trader keeps in mind.

 

“When a bottom is forming during the day, it may take an hour or more for the market to properly test support.”

 

The red line represents about an hour on this 5 minute chart, and towards the end of it we can see a test of the consolidation area. A very nice move followed.

 

 

GLOBAL MARKETS-Stocks down after U.S. jobs report muddles Fed outlook – Reuters

 

A trade on the Dow helped with a couple of FOREX trades that didn’t work the previous evening. This has happened several times recently.

Position sizing needs focus. Notice the EUR/JPY trade for 20 pips. It’s for a Nano lot.

Also:

• stop taking mediocre trades
• be quick to take a couple of pips.

 

This is easily a $350 “day”.