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The brutal truth of day trading

  • #1,101
  • Jun 10, 2021 6:05pm Jun 10, 2021 6:05pm
The brutal truth about day trading is you have to be incredibly aggressive and have total faith in your abilities to read market data without outside influences.

The current close of the last candle and the action of the last five previous candles is the market.
Only a shift in volume that flips the order flow should alter our determination to follow recent movements.

Its all on the chart if we use aggressive patience.
Trading thin liquidity at the boundary of the charts
  • #1,102
  • Jun 10, 2021 6:40pm Jun 10, 2021 6:40pm
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Real Trading is not gambling.
  • #1,103
  • Jun 10, 2021 7:18pm Jun 10, 2021 7:18pm
Quoting PeterCaleb
{image}
Its not important

What is important?

The last candle and what happens on the next candle.

We are day trading, not value investing.
Trading thin liquidity at the boundary of the charts
  • #1,104
  • Jun 10, 2021 7:20pm Jun 10, 2021 7:20pm
Footy (well AFL is my version of it lol)


The Coach has a responsibility for the total overview of every match. And how the match transpires.

The Coach needs to see the big picture for how their opposition is playing & what their plays are, and which opposition (plus his own) players are moving around.

This assists his team for a match to end in pretty much how it was anticipated to turn out. Hopefully with a victory.



Then there is the individual Player.

They are in the ‘heat of the battle’ watching, chasing & grabbing a fast moving ball and using all of their personal skills to ensure that when they are in the action that a desired outcome is achieved (usually moving the ball in a forward manner towards their teams own goal and hopefully scoring in that instant of play).



As such, the Coach (or big picture organiser) sees things the “Player” doesn’t need at that moment as the Player is focused on the “immediate action” and uses the skills they possess to affect the moment and create success for THAT immediate endeavour.



Should the Coach distract the player and tell the Player they do not see the “whole” picture of the match. Maybe distract the Player from doing what the Player does best - in the “instant” of each action?

Should the Player ignore the Coach’s excellent overall view of how each match should be played in total?

A quandry for both.



“Together” maybe the Coach & Player have the best hope of ‘winning’ match after match.
(Rather than thinking their way is an only way or best way to approach each game.)


The best ‘Player’ wins each moment and assists the team to win their match.
The best ‘Coach’ allows the team as a whole to improve, for immediate and future success of the whole team.

Each can learn from each other.


With trading maybe collective and collaborative abilities of a Coach and also a Player could work best in forex, or trading in general.
  • #1,105
  • Jun 10, 2021 7:53pm Jun 10, 2021 7:53pm
"You can call me whatever you like. Take a bucket of piss and call it Granny's Peach Tea. You won't fool a fly or me. I'm not gonna drink it."

Day trading where you isolate and decouple the digestion of any market is called speculation. There's nothing fancy about it. When I speak about "value" I'm not referring to long term time horizon. I am speaking of real value. No a concoction of misguided connectors.

I say lift your game people. That spewdom bowl must be smelling pretty ripe by now.

If people seriously cannot see the elephant in the room by now, then there's possibly no hope for you.

"I see trees of green, red roses too, lots of marbles rollin' away, and a sea of spewdom too."

Out of 100 points of real life differing information, if you have less than 50 at your disposal at any one time, it is called, and always is called - speculation.

That is real life, not some digital screen that flashes and beeps.

Have fun.


Peter
Real Trading is not gambling.
  • #1,106
  • Jun 10, 2021 7:54pm Jun 10, 2021 7:54pm
Quoting TimeTells
Footy (well AFL is my version of it lol) The Coach has a responsibility for the total overview of every match. And how the match transpires. The Coach needs to see the big picture for how their opposition is playing & what their plays are, and which opposition (plus his own) players are moving around. This assists his team for a match to end in pretty much how it was anticipated to turn out. Hopefully with a victory. Then there is the individual Player. They are in the ‘heat of the battle’ watching, chasing & grabbing a fast moving ball and using...
Pete .... mate, right shape ball...(oval).. wrong game!! Should be talking about bum sniffers, not that funny headless chicken game!!
  • #1,107
  • Jun 10, 2021 8:15pm Jun 10, 2021 8:15pm
Fact Of Life in Trading = Usual stereotypical day trading is speculative, so beyond the usual thinking of = speculative so must have high or very high % SR per trade style and setup, how about .....

Up and Down = activity.

Tick Totality Data is more readily available and when used properly (!!!!!) ..... naturally couples with the appropriate sister market/s.

So try using the correct data with something like the Stochastic Oscillator. Change the data source and utilize its calculations. Its calculations are designed to go fishing and it allows you to replicate order flow and market participation. AGAIN, with proper use.

Day trading is speculative and bad news for people who leave 90% of their body on the chopping block because they base their reality on the assumption that Life will continue as "it always has" ...... uuuum, really??!! But this scope goes beyond just "that" trade. It refers to your accounts, your broker contact, your understanding of the real world.

A tool and resource can never substitute for common sense.

I am very sorry, but this is reality. But if you prefer forum reality, I hear there's a good reel of threads that will feed that fantasy of intellectual lust.


Peter
Real Trading is not gambling.
  • #1,108
  • Jun 10, 2021 8:52pm Jun 10, 2021 8:52pm
Quoting PeterCaleb
Fact Of Life in Trading = Usual stereotypical day trading is speculative, so beyond the usual thinking of = speculative so must have high or very high % SR per trade style and setup, how about ..... Up and Down = activity. Tick Totality Data is more readily available and when used properly (!!!!!) ..... naturally couples with the appropriate sister market/s. So try using the correct data with something like the Stochastic Oscillator. Change the data source and utilize its calculations. Its calculations are designed to go fishing and it allows you...
Peter

I am trying to take you seriously but really?

You use a stochastic oscillator to trade the markets, and we are supposed to believe you are an experienced trader with financial industry training.

Demo trader retiree who dreams of receiving adorning fans

ha ha ha ha ha
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Trading thin liquidity at the boundary of the charts
  • #1,109
  • Jun 10, 2021 9:15pm Jun 10, 2021 9:15pm
Quoting RickM
{quote} Peter I am trying to take you seriously but really? You use a stochastic oscillator to trade the markets, and we are supposed to believe you are an experienced trader with financial industry training. Demo trader retiree who dreams of receiving adorning fans ha ha ha ha ha {image}


You can think what you like. Anything like a chart or order flow or Oscillator is just a tool. The difference dear Rick, is this - You did NOTHING to earn access to the futures data. NOT pay for something but EARN access.

I have used counter market data FOR YEARS funneled through a tool such as the Stochastic indicator. Why? Any ignoramus can just look at what IT does and what the market does and see a correlation.

Dickheads who think they have been given "special permission" to use market data eg Futures, order book data etc are kidding themselves. You didn't earn the right to use it ........ it was GIVEN to you like a child is given a free toy. And it can be take away at ANY time because you have learned nothing from your experience with it. You are at the mercy of the powers-that-be and are constantly bent over a barrel because all these modern day traders have done nothing to earn their place in the markets. You believe you're entitled to that data. Hahahahaha. Now THAT is very very funny.

A gun can still kill even WITHOUT ANY BULLETS dear Rickyboy.

So yes laugh. Make a fool of yourself. You're just a slave to the next reaction but you're too engrossed in what you're getting to see it clearly.

Just as a side note - I sometimes still trade with longer term horizons using only OHLC pricing because OOOOOO .... I know how to use the information and can utilize my brain and trade without any concern for what data junkies are doing.

A tool is a tool is a tool. And people are the same. So sorry to show once again that I am not interested in being 'king of the castle' RickM. But that has no bearing on how I think and trade.

Good day to you. Enjoy your weekend.


Peter
Real Trading is not gambling.
  • #1,110
  • Jun 10, 2021 10:22pm Jun 10, 2021 10:22pm
Quoting RickM
{quote} Hi TraderTim Well that work was probably a waste of time, GBPUSD is the wrong pair to test the correlation of Spot FX to Futures FX. There isn't enough volume on Futures GBPUSD on 50% of ocassions to be able to trade it with total confident on spot FX. That was one of the things that surprised me when I started, on slow nights you only get a couple of data sets in a minute. The best pair to gauge the correlation is EURUSD - and that's the best currencey to trade with that correlation. Another pair that offers great signals is AUDUSD, but...
Hi RickM

did i understand you correct, we should buy once imbalance happened, upon low volume restest of imbalance.
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"Exchange of hands"
  • #1,111
  • Jun 10, 2021 10:38pm Jun 10, 2021 10:38pm
Quoting PeterCaleb
{quote} You can think what you like. Anything like a chart or order flow or Oscillator is just a tool. The difference dear Rick, is this - You did NOTHING to earn access to the futures data. NOT pay for something but EARN access. I have used counter market data FOR YEARS funneled through a tool such as the Stochastic indicator. Why? Any ignoramus can just look at what IT does and what the market does and see a correlation. Dickheads who think they have been given "special permission" to use market data eg Futures, order book data etc are kidding...
Would you mind popping up a chart or two, explaining how you would correlate your thought process with the info provided through the data on a chart.
It might clear up some confusion as to how a higher intellect analyses a chart against a barrow boys interpretation. Thanks.
  • #1,112
  • Edited 11:13pm Jun 10, 2021 10:50pm | Edited 11:13pm
I have found these days that trying to teach people common sense is a wasted effort. Look at Bilal's post above for eg. Do you REALLY need him to tell you how to trade what that screen is showing?

Anyway ....

Moody.... To respond and seeing as I get tired of typing....

It is this ...

https://www.forexfactory.com/thread/...6#post13578446

+

the pdf's on the thread I started. I'm truly sorry but common sense is just that, sensible. And FX is "different" only because of how it's been marketed. Anyone who watched its inception into the open marketplace can bear witness to the marketing and advertising that went into its promotion from that point onward.

If you really need anymore than that, then you're fishing.

Peter
Real Trading is not gambling.
  • #1,113
  • Jun 10, 2021 10:52pm Jun 10, 2021 10:52pm
Quoting PeterCaleb
{quote} You can think what you like. Anything like a chart or order flow or Oscillator is just a tool. The difference dear Rick, is this - You did NOTHING to earn access to the futures data. NOT pay for something but EARN access. I have used counter market data FOR YEARS funneled through a tool such as the Stochastic indicator. Why? Any ignoramus can just look at what IT does and what the market does and see a correlation. Dickheads who think they have been given "special permission" to use market data eg Futures, order book data etc are kidding...
You seem a bit angry with "these modern day traders" Peter.

Almost bitter.
If you are good at something, never do it for free--Joker
  • #1,114
  • Jun 10, 2021 11:02pm Jun 10, 2021 11:02pm
Most of you people are probably assuming that, Jimmyboy. No, not bitter or angry. Just know that paths that are seeded on BS also end in BS splattered over other people.

"No man/woman is an island."

And so I will say again ...... Learn or don't learn.

The lessons are always the same. But people either mature or they don't.

Many of you have this attitude that reeks of presumed confidence and knowledge, but when it's actually put to the test, the best you can come up with is a canteen brawl. It's rather disturbing considering many probably have children etc. Let's imagine for a moment what those children are actually learning from said role models.

So I am not invested in what people think of me. So learn or not. It's not my money or future.


Peter
Real Trading is not gambling.
  • #1,115
  • Jun 10, 2021 11:05pm Jun 10, 2021 11:05pm
Quoting PeterCaleb
I have found these days that trying to teach people common sense is a wasted effort. Look at Bilal's post above for eg. Do you REALLY need him to tell you how to trade what that screen is showing? Anyway .... Moody.... To respond and seeing as I get tired of typing.... It is this ... https://www.forexfactory.com/thread/...6#post13578446 + the pdf's on the thread I started. I'm truly sorry but common sense is just. And FX is "different" only because of how it's been marketed. Anyone who watched its inception into the open marketplace...
Yes he earned the respect by being humble. i wish we can learn from you too if you can post sample charts like i just put a small chart to raise a query. it is simple to do.
when sun rises every one can see.
stay blessed
"Exchange of hands"
  • #1,116
  • Jun 10, 2021 11:06pm Jun 10, 2021 11:06pm
Quoting bilal1947
{quote} Yes he earned the respect by being humble.


Bilal, I am very sorry to be the one to tell you that he is far from humble. If you choose not to "agree" or "don't believe me" then you need to pay more attention.

Showing people how to trade that leads into a dead end is not my idea or humble OR helpful. Sorry.


Peter
Real Trading is not gambling.
  • #1,117
  • Jun 10, 2021 11:12pm Jun 10, 2021 11:12pm
Quoting bilal1947
{quote} Yes he earned the respect by being humble. i wish we can learn from you too if you can post sample charts like i just put a small chart to raise a query. it is simple to do. when sun rises every one can see. stay blessed


Bilal,

What many people are trying to do is - "speculate properly". Which is fine if you have low personal standards and are looking for the "easy way".

You don't need "more charts", you need to look at what's doing the thinking in step one. One day you will learn this, hopefully sooner than later.


Peter
Real Trading is not gambling.
  • #1,118
  • Jun 10, 2021 11:21pm Jun 10, 2021 11:21pm
Quoting PeterCaleb
{quote} Bilal, I am very sorry to be the one to tell you that he is far from humble. If you choose not to "agree" or "don't believe me" then you need to pay more attention. Showing people how to trade that leads into a dead end is not my idea or humble OR helpful. Sorry. Peter
it is okay i respect your opinion too.
"Exchange of hands"
  • #1,119
  • Jun 10, 2021 11:22pm Jun 10, 2021 11:22pm
Quoting PeterCaleb
{quote} Bilal, What many people are trying to do is - "speculate properly". Which is fine if you have low personal standards and are looking for the "easy way". You don't need "more charts", you need to look at what's doing the thinking in step one. One day you will learn this, hopefully sooner than later. Peter
I find it difficult to correlate charts to the texts, so i requests for charts. its easier to link and learn.
"Exchange of hands"
  • #1,120
  • Jun 10, 2021 11:45pm Jun 10, 2021 11:45pm
Quoting PeterCaleb
I have found these days that trying to teach people common sense is a wasted effort. Look at Bilal's post above for eg. Do you REALLY need him to tell you how to trade what that screen is showing? Anyway .... Moody.... To respond and seeing as I get tired of typing.... It is this ... https://www.forexfactory.com/thread/...6#post13578446 + the pdf's on the thread I started. I'm truly sorry but common sense is just that, sensible. And FX is "different" only because of how it's been marketed. Anyone who watched its inception into...
Thanks for taking the time.
No, I do not require Bilals post or explanation although it is on the mark.
I placed this chart yesterday, on another thread, perhaps not to dissimilar to Billal.
My question was to ask you to show some charts with regard to your thought process, but in this instance if I were to fish, I believe tide and weather are against.
Perhaps there are no fish.
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