The brutal truth of day trading | Page 79 | Forex Factory

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The brutal truth of day trading

  • #1,561
  • Jun 25, 2021 9:40pm Jun 25, 2021 9:40pm
The perfectly manipulated markets at fib 79 level of previous down leg at some round number above yesterday's high where market turns at these pairs i dont trade audusd but was checking and boom same thing

Again 80% are off the table. Balance can hit BE if they do.
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"Exchange of hands"
  • #1,562
  • Jun 25, 2021 9:46pm Jun 25, 2021 9:46pm
Quoting bilal1947
The perfectly manipulated markets at fib 79 level of previous down leg at some round number above yesterday's high where market turns at these pairs i dont trade audusd but was checking and boom same thing Again 80% are off the table. Balance can hit BE if they do. {image} {image} {image} {image}
yes 88, 77, 22, 15 are areas I anticipate.
  • #1,563
  • Jun 25, 2021 9:52pm Jun 25, 2021 9:52pm
Quoting mixedbags
{quote} yes 88, 77, 22, 15 are areas I anticipate.
Youre levels seems a bit different what i have been taught i am sure they works too, but try these levels as well they works like a charm.
"Exchange of hands"
  • #1,564
  • Jun 25, 2021 9:53pm Jun 25, 2021 9:53pm
For me the FIBO is usually placed on ASIAN High Low or the first 4 hours of the day.
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  • #1,565
  • Jun 25, 2021 10:12pm Jun 25, 2021 10:12pm
Quoting mixedbags
{quote} Yes it's like playing chess in anticipation of the move {image}
Nice chart, i started with tma a year ago but it repaints like anything. I didn't understand how to use. Does this one repaints?
"Exchange of hands"
  • #1,566
  • Jun 26, 2021 6:18am Jun 26, 2021 6:18am
Quoting moodybot
Out of interest, the names on that pic, have you been looking at that group in association with Caleb?
No association with Peter. Just noticed that FF can be full of fake profiles managed by scammers. Those identified by FF were not very smart... they didn't used proxies to diversify IP addresses. But there exist smarter scammers for sure...

Forex courses/signals/investments are millions $ worth of business. No wonder if scammers develop special software/tools to manage fake profiles, create fake content (including fake websites, fake Facebook, Twitter, Linked In etc profiles).
  • #1,567
  • Jun 26, 2021 6:49am Jun 26, 2021 6:49am
Quoting joyny
{quote} No association with Peter. Just noticed that FF can be full of fake profiles managed by scammers. Those identified by FF were not very smart... they didn't used proxies to diversify IP addresses. But there exist smarter scammers for sure... Forex courses/signals/investments are millions $ worth of business. No wonder if scammers develop special software/tools to manage fake profiles, create fake content (including fake websites, fake Facebook, Twitter, Linked In etc profiles).
Agree -lots of scammers abound on YouTube, here and elsewhere. Pictures of idiots photographed beside green lambos, of wads of cash , scammers photographed outside of big homes, beaches etc etc. Must be aimed at the young or the greedy and stupid. The young are targeted because they simply don't have the life experience of older people and maybe are hooked on social media as a mirror of reality. But YouTube, and some extent FF and other sites are being over run with scammers. Even FaceBook has been host to the scammer targetting the young or stupid regarding Forex, investment, crypto or business opportunities in general. Nothing changes over the years - just the products promoted by the scammer.
every Saint has a past. Every Sinner has a Future
  • #1,568
  • Jun 26, 2021 9:46am Jun 26, 2021 9:46am
Quoting GEfx
{quote} After reading this post, I took a few minutes to look a little closer into Peter's past on FF. First, to everyone on George's thread, you have my deepest sympathies, since you have been dealing with Peter's BS since last November. His MO there is exactly what we have seen here. Peter portrays himself as the most experienced, knowledgeable, and wise trader on earth, but when he speaks to others, either directly or indirectly, he always talks down to them, explaining his rude and cruel comments as "being honest" or 'being real" (this is a...
So... you've never made sweet, sweet, love to death? 600,000 bars on a 1m chart aren't any worse than 10,000 bars on a 1H chart. 60,000,000 ticks however are debatable.
"The fun is in the hunt. Not the kill."
  • #1,569
  • Jun 26, 2021 2:11pm Jun 26, 2021 2:11pm
Quoting Redeflect
{quote} So... you've never made sweet, sweet, love to death? 600,000 bars on a 1m chart aren't any worse than 10,000 bars on a 1H chart. 60,000,000 ticks however are debatable.
Agree!

There is no difference to trade 1M, 4H, Daily or once a year.

Quoting GEfx
As a forex trader, I have learned that anyone who posts a 1M chart is a beginner trader. That's not to say this is a wrong approach, but long-term traders know that trading for just a few pips/trade is the kiss of death. In my experience, actual traders never go to the 1M chart, for any reason ("actual trader" means someone who trades for 75 to 150 pip targets or more at a time, not 3-5 pips), Peter says that he will risk 10 pips to get 4 or 5, which is another sign that he is not a real trader. (Let me say directly to RickM, I am not talking about...
Who trade 1M can say if the strategy good TODAY before lunch. Whose who are trading Daily just will fail the same setup but in 2024 for example. The sample data is very small and slow. I love to read >4H tf traders who win few times and start to post their successful strategies and brag about their success.

About long-term traders the greatest example is "the turtle way". When they were successful for several years just buying and selling on bull market. And then lose everything when the market becomes bear. And all their serious books how to trade... after that... looks hmmm...

I know at least one HFT trader company that earns A LOT. Check Alameda research. They are so good so they have created their own crypto derivative exchange. But they are scalpers.

So I would not divide traders into good and bad depending on the timeframe they are working on
Observer effect
  • #1,570
  • Jun 26, 2021 3:50pm Jun 26, 2021 3:50pm
Quoting ryuryu
{quote}
There is no difference to trade 1M, 4H, Daily or once a year.

I know at least one HFT trader company that earns A LOT. Check Alameda research. They are so good so they have created their own crypto derivative exchange. But they are scalpers.

So I would not divide traders into good and bad depending on the timeframe they are working on
In reverse sequence: I am not dividing traders into good or bad depending on their trading timeframe. I am stating that long-term traders that I know ALL trade on higher timeframes, and I do not know of one single professional traders who trades retail forex today, that ever considers PA on a 1M chart. Nor do I know or trade with any long-term retail forex trader that considers PA on a 1M chart. That is not to say that profitable retail traders do not exist in retail forex that trade a 1M chart. I am stating that moving up to a higher timeframe is, in general, the path to retail trading longevity. And to the point I was trying to make about Peter, who claims to be a long-term trader, if he were in fact a long-term trader, he would not be spending time on a 1M chart, because he would have more experience than to do that.

As for the HFT firm you noted, please consider this: if a new retail forex trader, who has one or two computers at home, has a broker account that shows them mt4 charts, only has access to CNBC, Forex Factory, and/or some other new sources, and maybe has taken a few online trading courses, and who is staring at a 1M chart, is somehow equivalent to, or in anyway similar to, a HFT company that has invested millions of dollars in their IT hardware infrastructure, has hired several dozen PhD's and several dozen highly skilled programmers, has invested millions of dollars in software, and has access to data sources that the new retail forex trader can't even imagine, then we are not communicating within the same boundaries of reality.

And finally, and not to pick a fight with anyone, if there is no difference between 1M, 4H etc, then you show me, using a 1M chart, three trades that are equal to these three trades I took last week, trading three waves on the GBP/$ 30M chart:
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  • #1,571
  • Jun 26, 2021 3:54pm Jun 26, 2021 3:54pm
Quoting bilal1947
The perfectly manipulated markets at fib 79 level of previous down leg at some round number above yesterday's high where market turns at these pairs i dont trade audusd but was checking and boom same thing Again 80% are off the table. Balance can hit BE if they do. {image} {image} {image} {image}
I'm loving your charts!
  • #1,572
  • Jun 26, 2021 4:29pm Jun 26, 2021 4:29pm
Quoting HeyYou
the funny thing about trading/investing is that you can never prove anything... that's why you can't trust anyone except the professional fund managers. anyways... "successful gurus" don't post on forums.. they run their own website, they work for brokers or at least they have a yt channel! on forums you find ppl who start giving advice after a lucky streak... 5%/day.. that's easy, just use no sl and 100 leverage lol
I think "successful gurus" is an oxymoron.
  • #1,573
  • Jun 26, 2021 4:35pm Jun 26, 2021 4:35pm
Quoting GEfx
{quote} In reverse sequence: I am not dividing traders into good or bad depending on their trading timeframe. I am stating that long-term traders that I know ALL trade on higher timeframes, and I do not know of one single professional traders who trades retail forex today, that ever considers PA on a 1M chart. Nor do I know or trade with any long-term retail forex trader that considers PA on a 1M chart. That is not to say that profitable retail traders do not exist in retail forex that trade a 1M chart. I am stating that moving up to a higher timeframe...
Then you know some pretty arrogant and undoubtedly terrible traders. I trade tick, 1M, 5M, 15M, 30M, 1H, 4H, Daily, Weekly, and Monthly charts. I know how price moves across all timeframes because I've gone the distance as any successful trader has.

Dedicate 10,000 hours into something to become a professional. Sure; you can do it part-time over 6 years on 4H charts. Or you can watch the market move tick-by-tick 20 hours a day for a year and a half until your eyes bleed out of your skull... and that's undoubtedly the least painful part of the process.

I'm pretty sure professional traders aren't hired to manage funds part-time.

I would argue 50,000 hours achieves mastery... Half a lifetime of trading 4H charts could make for a pleasant retirement...but I'll let you know in a few more years if a decade of 1m charts made for a pleasant life. If you're still around to inquire; of course.
"The fun is in the hunt. Not the kill."
  • #1,574
  • Jun 26, 2021 4:53pm Jun 26, 2021 4:53pm
Day trading, in whatever morphed state you choose to see it, is just the same as watching people for long enough ----

"Ergo, a falsis principiis proficisci."

Not attempting to be clever here, because I know "people" love to druel over online nonsense and call it sweet melted butter.
Real Trading is not gambling.
  • #1,575
  • Jun 26, 2021 4:55pm Jun 26, 2021 4:55pm
Quoting PeterCaleb
Day trading, in whatever morphed state you choose to see it, is just the same as watching people for long enough ---- "Ergo, a falsis principiis proficisci." Not attempting to be clever here, because I know "people" love to druel over online nonsense and call it sweet melted butter.
You are the online drooler. Stop stretching your useless nonsense. You are still doing bla, bla, bla, bla. Stop.
  • #1,576
  • Jun 26, 2021 5:03pm Jun 26, 2021 5:03pm
Quoting Techanalyst
{quote} You are the online drooler. Stop stretching your useless nonsense. You are still doing bla, bla, bla, bla. Stop.
It's not nonsense if you have a brain that works. Sorry to disappoint you young lady.
Real Trading is not gambling.
  • #1,577
  • Jun 26, 2021 5:15pm Jun 26, 2021 5:15pm
Quoting PeterCaleb
{quote} It's not nonsense if you have a brain that works. Sorry to disappoint you young lady.
I'm a guy and quit the "lady" BS. You are pathetic, and you are just stretching a nonsense. If you are not willing to share charts, and what are you trading, buy or sell and you do not want to share it, like other traders, get out of here. You are useless.
  • #1,578
  • Jun 26, 2021 5:19pm Jun 26, 2021 5:19pm
Quoting PeterCaleb
{quote} It's not nonsense if you have a brain that works. Sorry to disappoint you young lady.
It is nonsense as we can see in Gepards's trading results. You owe that guy 100 bucks. YOU SCAM.

You are using cool words to catch people but you are just a joker dressed up as king. Go to philosophy forums.
You have to have an IQ higher than 90 to interact with this user.
  • #1,579
  • Jun 26, 2021 5:22pm Jun 26, 2021 5:22pm
For me I use a 1M/5M or TT chart for close proximity better price positioning. Therefore, it makes little to no difference what "TF" the "trade setup" is forming on.

** For those who think I'm being a "guru" here, I'll dumb it down for you ..... the above means I aim to get reaaaaally tight entry so I don't have to chase the market or deal with the unnecessary stress of any high levels of unrealized floating loss. Or what some people mistake for "drawdown". WOW!! It's called ----> GOOD MONEY MANAGEMENT.

Better price positioning is what someone uses when they want -

* To protect their capital
* Minimize the perceived : actual risk ratio (i.e. - where you place your order vs how much the market moves against you before reversing and going in your favor to profit)
* Maximize gains without any added pressure or stress.

THAT ... is what a genuine career trader does. They want to keep their money, they want to protect it and they want to make gains while realizing and being mindful that certain things are out of their control along the way.

* All you people seem obsessed with and clearly have some kind of fetish with this guru stuff. Obviously have a problem dealing with NOT being the smartest in the room. Me? I'm ok with that. Why? I enjoy learning but won't tolerate "authoritative" people "telling" people the narrative they "should believe and trust". Dumbasses who are too proud to admit they don't know or understand something.

So funny.

Anyhow.

Ciao

Peter
Real Trading is not gambling.
  • #1,580
  • Jun 26, 2021 5:31pm Jun 26, 2021 5:31pm
Quoting PeterCaleb
For me I use a 1M/5M or TT chart for close proximity better price positioning. Therefore, it makes little to no difference what "TF" the "trade setup" is forming on. ** For those who think I'm being a "guru" here, I'll dumb it down for you ..... the above means I aim to get reaaaaally tight entry so I don't have to chase the market or deal with the unnecessary stress of any high levels of unrealized floating loss. Or what some people mistake for "drawdown". WOW!! It's called ----> GOOD MONEY MANAGEMENT. Better price positioning is what someone uses...
Your trading results are total failure. You blew up the account.

So your reaaally tight entries are not working.

Hold this L
You have to have an IQ higher than 90 to interact with this user.
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