In history there is no short term daytrader "warren buffet style" billionaire, billionaire from forex with smallest duration on trades is 5 days and almost 100% of trades on his account between 10 to 30 days.
but newbie traders deposits 100$ and think I will use 2% stop loss, that is 20 pips, I will be rich daytrader, In reality traders place minimum 0.01 lot, that is 1000$ so 2% is 20$ or 200 pips,
If price is 1.23 traders will try to guess 100 peaces of 1 cent (3rd and 4th decimal), If currency moves 2.60% in a month that is record, almost 100% of heavy news do not move price even 1 CENT.
Almost 100% of strategies are daytrading strategies, where they guess where part of 1 cent will go, and they all fail (currencies do not move even 1 cent a day) , and they cant stomach 100 pips loss which is 1 CENT (leverage, not reality), and they do not understand they are placing 1000$ minimum into market, if it moves 5% what is whole year thats 5% of 1000$ or 50$.
They will ignore if price moves for 3 month into one direction, or copper moving 28 month into one direction after falling 5 years into other direction, and as daytraders they will try hard even for 10 years to lose and guess inside 1 CENT where price will move today.
but newbie traders deposits 100$ and think I will use 2% stop loss, that is 20 pips, I will be rich daytrader, In reality traders place minimum 0.01 lot, that is 1000$ so 2% is 20$ or 200 pips,
If price is 1.23 traders will try to guess 100 peaces of 1 cent (3rd and 4th decimal), If currency moves 2.60% in a month that is record, almost 100% of heavy news do not move price even 1 CENT.
Almost 100% of strategies are daytrading strategies, where they guess where part of 1 cent will go, and they all fail (currencies do not move even 1 cent a day) , and they cant stomach 100 pips loss which is 1 CENT (leverage, not reality), and they do not understand they are placing 1000$ minimum into market, if it moves 5% what is whole year thats 5% of 1000$ or 50$.
They will ignore if price moves for 3 month into one direction, or copper moving 28 month into one direction after falling 5 years into other direction, and as daytraders they will try hard even for 10 years to lose and guess inside 1 CENT where price will move today.
