Originally Posted by summitfx

My work day begins at 6am mtn time with the EurJpy chart. I spend a few minutes reviewing the charts of the usdjpy, eurusd and the eurjpy starting with the daily, 4 hour, 1 hour down to the 15 and 5 min. I then review the upcoming news events to determine what may have an affect on my trading. Many morning there is a 6:30 report to consider. I never trade the news and wait 5-15 minutes for a trend to develop after the news. I also have a minor bias in my mind about where I think the pair is going based on where it's been etc..

I use a color change red to white-white to red as my alert and then drill down to the indicators to get confirmation. When I enter a trade I know exactly where my stop loss is - usually based on 5 min support and resistance. I also trade 5-8 standard lots so I'm looking for 10 -12 pips once or twice a day and that's it-
Finished~ If I fail to make my goal I will usually look at the Asian open for another whack at it using the same pre-game rituals. Occasionally, I stay up for the GrandDaddy of them all and trade the London open but that is rare.

I'm convinced that trading is about 80 % mental and the other is knowledge and luck. It's a game of averages. Win some lose some-use good money management techniques and pay yourself often.

Vegas is probably developing good skills but lacks 78.99% of the 80%
confidence level needed to be successful.

My chart shows- green vertical lines 6am to 7:30 am- my workday. The red line horizontal shows a short and the green horizontal shows my long. With 4 pips for spread on each trade, I walked away with a net 18 pips today.

That's my 2cents worth and I'm sticking with it.

Good Luck