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The brutal truth of day trading

  • #881
  • May 22, 2021 3:19am May 22, 2021 3:19am
my garbage bin is already full of gurus.
LOL.
  • #882
  • May 22, 2021 7:14am May 22, 2021 7:14am
I have a question for everyone -
How is real life related to day trading?!
A trade should be based on an assumption based on facts
  • #883
  • May 22, 2021 8:49am May 22, 2021 8:49am
Quoting maverick2017
I have a question for everyone - How is real life related to day trading?!
Hi Maverick2017

Life is mostly about total freedom which is a luxury - Money easily obtained
Trading is about non freedom and corruption - Money is extremely hard to obtain

Therefore if you have freedom, its not even closely related.
Unfortunately if you have non freedom, you must really feel like they are living within a live market 24/7.
Trading thin liquidity at the boundary of the charts
  • #884
  • May 22, 2021 8:56am May 22, 2021 8:56am
Quoting RickM
{quote} Hi Maverick2017 Life is mostly about total freedom which is a luxury - Money easily obtained Trading is about non freedom and corruption - Money is extremely hard to obtain Therefore if you have freedom, its not even closely related. Unfortunately if you have non freedom, you must really feel like they are living within a live market 24/7.
Hi Rick,
Very interesting reply. What if you take money out of the equation?
What is non freedom?

Thanks for your time
A trade should be based on an assumption based on facts
  • #885
  • May 22, 2021 8:58am May 22, 2021 8:58am
Hello all

I think everyday trade is better if u just trade 2 or 3 days a week and dont force...been realizing that after one year...ofc that is for me...becouse i would force so much in 15 m and 5m that i ussaly forgot that im a guy that loves the 4H and 1H chart for some swing...
Hope you all get better ...so do i
  • #886
  • May 22, 2021 9:02am May 22, 2021 9:02am
Quoting HBN08
Hello all I think everyday trade is better if u just trade 2 or 3 days a week and dont force...been realizing that after one year...ofc that is for me...becouse i would force so much in 15 m and 5m that i ussaly forgot that im a guy that loves the 4H and 1H chart for some swing... Hope you all get better ...so do i
Hi HBN08,
Did you spend days figuring out the market and your trading style?

Thanks for your time
A trade should be based on an assumption based on facts
  • #887
  • May 22, 2021 9:17am May 22, 2021 9:17am
My advice - Trade your own truth.! Stop looking to social media for conformation. Trade the market the way YOU see it.

Know your edge. If you can't write down your edge in a couple of bullet points, or draw it then you need to go back and start again.

And remember the 3 golden rules.

Keep it simple
Keep your risk tight
Waiting IS working (let the market come to you!)
  • #888
  • May 22, 2021 9:20am May 22, 2021 9:20am
Quoting maverick2017
{quote} Hi Rick, Very interesting reply. What if you take money out of the equation? What is non freedom? Thanks for your time
Something you are wasting right now
Attached Image
Trading thin liquidity at the boundary of the charts
  • #889
  • May 22, 2021 9:25am May 22, 2021 9:25am
Quoting RickM
{quote} Something you are wasting right now {image}
Hi Rick,
Thanks for the reminder.
Isn't this a part of freedom?

Thanks for your time
A trade should be based on an assumption based on facts
  • #890
  • May 22, 2021 10:58am May 22, 2021 10:58am
Fascinating thread.

It's amazing though that so many of us who spend hours every day looking at forex charts fail to understand a vital truth about ourselves.

Many of us have been inside a Casino, right? When you have, you've probably seen all those people sitting for hours and hours in front of the one armed Bandits or slot machines. Like me you probably thought "poor sods, they're totally addicted!". Well if someone up there is watching us every day spending hours and hours in front of our computer screens opening and closing numerous trades, you know what he's thinking? "Poor sods, they're totally addicted"!

The difference of course is that those poor sods in the Casino usually stay for a few hours, lose all their money and go home. We don't have that advantage.

I suppose that the only solution is to stop gambling and start investing. One sure way to know whether one is in reality a gambler is to look at how many trades you opened last week. If you can count them on one hand you're more likely to be an investor. If you need a calculator - you're gambling. If you're gambling, you gotta remember one thing: THE HOUSE ALWAYS WINS
  • #891
  • May 22, 2021 11:55am May 22, 2021 11:55am
I think if one trades 6hrs everyday and spends 4hrs on research or reviewing the day then that person will have a tough time changing their thought patterns. It is like a chain reaction and it is not bad if you do the basics right, like eat on time, sleep on time, go for a walk or just sit outside, play some games/card games/board games, exercise a bit (because we have covid running wild). If one is in a good state of mind and has the same level of energy, most of the times during the day, then none of these activities will affect the person negatively. It can even lead to a more active life than the other way around.
A trade should be based on an assumption based on facts
  • #892
  • May 22, 2021 12:00pm May 22, 2021 12:00pm
Quoting PeterCaleb
For the people who still believe that scalping or trend trading are "different", or that genuine fundamental analysis is in any way different to technical all boils down to context. Literal (Most modern day people) thinkers relate to these things as if they are 'categories', when in fact, in real life they are only descriptive tools. For gefx ... how about this, you tell me how old you are and how long you've been trading consistently year in and year out and I'll do the same. You see, where I come from, "consistent" actually means year after year....
Wow...how do you reply to this jumbled blather of non sequitur? Regarding your question about my age and trading experience: I am 62 and have been consistently profitable since 2007. So, you should have no problems demonstrating your superior, "real-life" trading skills when you participate in my challenge.

It's interesting to read your posts, where you create these strawman assumptions about people, then sneer at and denigrate your creations. This is your mechanism to maintain your imagined superiority over people. Quick tip: no one is buying it.

Most important to me right now is to communicate the following: I think Peter bullies and belittled people on FF. I am challenging his behavior, and he continually demonstrates that he is a know nothing faker. I don't think I'm better than him, and he may be better than me. But I sure as hell won't be bullied by him.

The challenge remains on the table, Peter.
  • #893
  • May 22, 2021 12:45pm May 22, 2021 12:45pm
Quoting PeterCaleb
For the people who still believe that scalping or trend trading are "different", or that genuine fundamental analysis is in any way different to technical all boils down to context. Literal (Most modern day people) thinkers relate to these things as if they are 'categories', when in fact, in real life they are only descriptive tools. For gefx ... how about this, you tell me how old you are and how long you've been trading consistently year in and year out and I'll do the same. You see, where I come from, "consistent" actually means year after year....
One additional comment: you referred to me as an academic, which I think is really funny. I have several good friends that are academics. They all have PhDs, two are tenured professors (one teaches short-term finance, the other teaches economics), while the third is a theoretical physicists who works in the Western suburbs of Chicago. As I type this, I'd add that they are intellectuals, too. Using these three as the standard. I am no academic. I have two masters degrees, one in finance, the other in economics, both from one of the top 5 universities in the US. I used my education to build a consulting business in Chicago, and in my 30 year career, re-engineered business operations in companies in finance and manufacturing. I'm about as real world as it gets. And, over time, I have maintained my interests in academic studies. None of this makes me smarter or better than anyone, because I know everyone here has there own stories to tell about what makes them unique. The difference between Peter and me is, I don't belittle you or sneer at your life's work. Everyone can contribute or ask questions (I know, sometime it's necessary to offer encouragement and direction to some questioners). No one is above everyone.
  • #894
  • May 22, 2021 2:23pm May 22, 2021 2:23pm
Quoting maverick2017
{quote} Hi HBN08, Did you spend days figuring out the market and your trading style? Thanks for your time
Hey
yes sir.
only Aud/usd and Eur/usd two markets not more.
Im more of a intra day trader, i trade every week but not everyday altho i miss big moves sometimes..im happy to get a 50 pip a week
(only been in forex for 1 year ) everyday study and practise

Thanks for the reply
  • #895
  • Edited 5:00pm May 22, 2021 2:33pm | Edited 5:00pm
Quoting ryuryu
What 99% people doing here? They are searching for free holy grail strategy. And it is better if it will be EA. To run and forget. And earn
Ok. Clear. Will try to provide something holy

Canceled:

Deleted after warning about commercial status. Thank you for your advice.
  • #896
  • May 22, 2021 2:37pm May 22, 2021 2:37pm
Quoting HBN08
{quote} Hey yes sir. only Aud/usd and Eur/usd two markets not more. Im more of a intra day trader, i trade every week but not everyday altho i miss big moves sometimes..im happy to get a 50 pip a week (only been in forex for 1 year ) everyday study and practise Thanks for the reply
Hey HBN08,

Quote
only Aud/usd and Eur/usd two markets not more.
You are growing at a good rate.

Do you use 1H & 4H for intraday trades?

I'm trading full time and realized that profit will come in multiple trades and not a single big trade. Like , scalp, scalp, scalp, swing.

Please do not call me sir, I'm anything but sir.

Thanks for your time
A trade should be based on an assumption based on facts
  • #897
  • May 22, 2021 3:38pm May 22, 2021 3:38pm
Quoting gepards
{quote} Ok. Clear. Will try to provide something holy People - if you want free EA from me, please follow me. When I will have 200 subscribers I will give away 1 of my profitable EAs for free. Or I will provide Super Holy Grail EA - now working on it. It will be something awesome. Based on probabilities fluctuations moving averages. You never can see that strategy. Nowhere. It is my know-how. Using probabilities oscillator made by me. Incredible results because deals will be opened at the...
gepards, this post is good way to get you marked as commercial. This reads exactly like an ad. You appear to be relatively new here, so I am giving you some friendly advice. Just let your posts speak for themselves, and the rest will take care of itself.
If you are good at something, never do it for free--Joker
  • #898
  • Edited 7:01pm May 22, 2021 4:56pm | Edited 7:01pm
Quoting Mtinifx
Fascinating thread. It's amazing though that so many of us who spend hours every day looking at forex charts fail to understand a vital truth about ourselves. Many of us have been inside a Casino, right? When you have, you've probably seen all those people sitting for hours and hours in front of the one armed Bandits or slot machines. Like me you probably thought "poor sods, they're totally addicted!". Well if someone up there is watching us every day spending hours and hours in front of our computer screens opening and closing numerous trades,...
Hi Mtinfix

I see it differently.

I invest by buying stocks and holding them for months or years to slowly grow my account for my future retirement.

I gamble short term by trading forex positions for seconds or minutes to earn a wage that pays my bills this month.

A gamble can offer odds 90% in your favour like trading does for me but it’s still gambling.
As anything can go wrong, I believe a trader needs to have an additional source of income when the unexpected occurs, and the house wins.
Trading thin liquidity at the boundary of the charts
  • #899
  • May 22, 2021 7:52pm May 22, 2021 7:52pm
Quoting RickM
{quote} Hi Mtinfix I see it differently. I invest by buying stocks and holding them for months or years to slowly grow my account for my future retirement. I gamble short term by trading forex positions for seconds or minutes to earn a wage that pays my bills this month. A gamble can offer odds 90% in your favour like trading does for me but it’s still gambling. As anything can go wrong, I believe a trader needs to have an additional source of income when the unexpected occurs, and the house wins.
Hello RickM. I respectfully disagree on how you categorize investing and gambling here. IMO gambling becomes investing once the the odds of you making money are greater than 50/50 (assuming an even payout). I don't think attaching a time factor should come in play when distinguishing to two.
  • #900
  • May 22, 2021 8:41pm May 22, 2021 8:41pm
Quoting ccrkk10
{quote} Hello RickM. I respectfully disagree on how you categorize investing and gambling here. IMO gambling becomes investing once the the odds of you making money are greater than 50/50 (assuming an even payout). I don't think attaching a time factor should come in play when distinguishing to two.
Hi ccrkk

I lose a couple of 90% high probability win trades every night when I shouldn’t. Every time we enter a trade on to the live market, it’s a gamble.
No trade is ever guaranteed a win payout, however if you buy a US stock index ten years ago or any time in the past, you would never lose once in history (provided you hold at least ten years).

Leverage is the problem, I believe any leveraged market product is a gamble.
Saying that, as I place on average 50+ trades during the London session, I do manage to grind out a daily profit with a some skill and a bit of luck as I am gambling.

Cheers
Trading thin liquidity at the boundary of the charts
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