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The brutal truth of day trading

  • #1,582
  • Jun 26, 2021 5:33pm Jun 26, 2021 5:33pm
Quoting Redeflect
{quote} 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...
Your unqualified comments about my friend notwithstanding, best wishes and good luck. I hope you achieve everything you're working for!
  • #1,583
  • Jun 26, 2021 5:39pm Jun 26, 2021 5:39pm
Quoting petercaleb
Hidden
ok, let's connect two dots together:

i am a profitable trader, you are just a loser. And that means;

your way of thinking is wrong, mine is right.

loser.
You have to have an IQ higher than 90 to interact with this user.
  • #1,584
  • Jun 26, 2021 6:18pm Jun 26, 2021 6:18pm
Quoting Redeflect
{quote} 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...
Price doesn't know what time frame are we trading it but sure one can make more pips and money on LTF, if one knows how to do it. On job most of office time ppl spent on screen so thats part of the job.
"Exchange of hands"
  • #1,585
  • Jun 26, 2021 6:22pm Jun 26, 2021 6:22pm
Quoting HeyYou
I can make 500%/day easily .. https://www.forexfactory.com/thread/...-pyramiding-ea I used to make 2000% a day and 10000% a week my problem is consistency
You should have withdraw your profits, and start again with the same equity, that i can advise but what you think can be the issue and how you're planning to fix that. Just asking so i can learn something while you overcome it.
"Exchange of hands"
  • #1,586
  • Jun 26, 2021 6:55pm Jun 26, 2021 6:55pm
Quoting bilal1947
{quote} 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?
Yes, TMA repaint. I just leave it there to remember someone that made me seriously look into forex.
  • #1,587
  • Jun 26, 2021 7:02pm Jun 26, 2021 7:02pm
Quoting GEfx
{quote} Your unqualified comments about my friend notwithstanding, best wishes and good luck. I hope you achieve everything you're working for!
I'm quite qualified to speak of my friend. Perhaps it's you that's unqualified to judge qualifications.
"The fun is in the hunt. Not the kill."
  • #1,588
  • Jun 26, 2021 7:04pm Jun 26, 2021 7:04pm
Pertaining to FIFO scalping and holding for longer period. Let us assume we have the direction bias correct and eventually it moves 40pips within 3 hours in our favour. My target is $500. I placed 10 lots and scalp for 5 pips in a matter of less than a minute and called it a day. Or I could place smaller lot for bigger pip gain which also increase my risk of being exposed in the market. Bigger lot requires better MM that's about it.

This video if you understand German -

Inserted Video


From this post Why 90% of traders lose... by Bionics give us some interesting explanation.
  • #1,589
  • Jun 26, 2021 7:18pm Jun 26, 2021 7:18pm
Quoting Redeflect
{quote}

I'm quite qualified to speak of my friend.

Perhaps it's you that's unqualified to judge qualifications.
I have no doubt that you are qualified to speak of your friends, just not mine.

I don't judge "qualifications". It seems something has upset you. If so, sorry.

Best wishes and good trading!
  • #1,590
  • Jun 26, 2021 7:31pm Jun 26, 2021 7:31pm
Quoting mixedbags
Pertaining to FIFO scalping and holding for longer period. Let us assume we have the direction bias correct and eventually it moves 40pips within 3 hours in our favour. My target is $500. I placed 10 lots and scalp for 5 pips in a matter of less than a minute and called it a day. Or I could place smaller lot for bigger pip gain which also increase my risk of being exposed in the market. Bigger lot requires better MM that's about it. This video if you understand German - https://youtu.be/zIE_kw7RYuc From this post...
I understand your point. But, in my world, if you believe it's going 40 pips (because you have a target there), then you have left $3,500 on the table on that 1st trade, and you've eliminated the option (and probability) that another trade will present, making the 40 pip move worth, let's say, 60 pips total. So, you took 5 pips when 60 were possible, given some risk parameters. Your way is absolutely valid, but in time, if you stretch with the market to target, you stand to gain much more. I think if you are comfortable with 5, then take them if it is a process that gets you what you need. But I think you'll agree there are more gains possible.
  • #1,591
  • Edited 10:09pm Jun 26, 2021 7:46pm | Edited 10:09pm
Quoting Redeflect
{quote} 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...
I think you are being very disrespectful to all other profitable traders with those comments.

While I may sit and only trade the 1 minute chart mostly (any time frame or tick frame that allows me to see liquidity imbalances), I don't ever think I have a better trading strategy than a profitable trader who sits on the Daily charts. Most successful traders I know all trade the Daily charts, I am almost a lone wolf.

Trading the low time frames successfully with good profitability doesn't make me better or smarter, just different.

We are on the same team buddy, we all work bloody hard to take money out of the market and out of the hands of our brokers.

Best of luck -
Trading thin liquidity at the boundary of the charts
  • #1,592
  • Jun 26, 2021 8:06pm Jun 26, 2021 8:06pm
Quoting mixedbags
Pertaining to FIFO scalping and holding for longer period. Let us assume we have the direction bias correct and eventually it moves 40pips within 3 hours in our favour. My target is $500. I placed 10 lots and scalp for 5 pips in a matter of less than a minute and called it a day. Or I could place smaller lot for bigger pip gain which also increase my risk of being exposed in the market. Bigger lot requires better MM that's about it. This video if you understand German - https://youtu.be/zIE_kw7RYuc From this post...
I never got your thought process on this.

If you get it wrong because price can pull back 5 pips at anytime, you would be in serious draw down.
I do agree we shouldn't apply standard money making strategy's to the market as the results end up favouring our brokers most times, but why risk so much on a single trade.
If you can get five pips easy, why not trade smaller and repeat the process ten times a day with very little risk to your account.

Ten good small 5 pip trades and you are done for the day, no single loss would eat up more than 0.50% decrease in equity.
Do this on a $100,000 account and you have the same profit with little risk to your equity.

You are brave - Cheers
Trading thin liquidity at the boundary of the charts
  • #1,593
  • Jun 26, 2021 8:12pm Jun 26, 2021 8:12pm
Quoting GEfx
{quote} I understand your point. But, in my world, if you believe it's going 40 pips (because you have a target there), then you have left $3,500 on the table on that 1st trade, and you've eliminated the option (and probability) that another trade will present, making the 40 pip move worth, let's say, 60 pips total. So, you took 5 pips when 60 were possible, given some risk parameters. Your way is absolutely valid, but in time, if you stretch with the market to target, you stand to gain much more. I think if you are comfortable with 5, then take...
Yes, sure I too understand where you are coming from. More than 15 years in the market I prefer to end my day even before London Open. I can enjoy other things so much more and it is priceless. Sometimes when I look at my son's computers during NY session, I can see opportunity but I rather drink a beer and chat with my spouse.
  • #1,594
  • Jun 26, 2021 8:24pm Jun 26, 2021 8:24pm
Quoting mixedbags
{quote} but I rather drink a beer and chat with my spouse.
We are very much alike on this point! Good trading!
  • #1,595
  • Jun 26, 2021 9:52pm Jun 26, 2021 9:52pm
Quoting Techanalyst
{quote} 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.
Tech old mate, every time you reply to that cretin, you make his day. He gets off on it. #troll
  • #1,596
  • Jun 26, 2021 10:43pm Jun 26, 2021 10:43pm
Quoting peterhenders
Well you dont need EA's, the eye has all the details needed to trade the way trading should be. No complications just pure simplicity {image}
What strategy are you using? I'm interested in 4H swings
  • #1,597
  • Jun 27, 2021 12:06am Jun 27, 2021 12:06am
Quoting RickM
{quote} I think you are being very disrespectful to all other profitable traders with those comments. While I may sit and only trade the 1 minute chart mostly (any time frame or tick frame that allows me to see liquidity imbalances), I don't ever think I have a better trading strategy than a profitable trader who sits on the Daily charts. Most successful traders I know all trade the Daily charts, I am almost a lone wolf. Trading the low time frames successfully with good profitability doesn't make me better or smarter, just different. We are on...
Rick, you don't trade price, you trade volume ( loosely speaking). When trading volume, it is best get to the smallest granularity that you can. If you try to trade price at M1, you will get signals that are within the spread of your instrument. If a trader is new, this will bleed him out, as he will overtrade.

I think that is the point being made.
If you are good at something, never do it for free--Joker
  • #1,598
  • Jun 27, 2021 12:51am Jun 27, 2021 12:51am
Quoting bilal1947
{quote} 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.
Hi bilal just wanted to know at what TF you adjust Fib. retracement? for example do you adjust it on current day highs and lows or last 2-3 days or week.
  • #1,599
  • Jun 27, 2021 2:42am Jun 27, 2021 2:42am
Quoting asalami23
{quote} Hi bilal just wanted to know at what TF you adjust Fib. retracement? for example do you adjust it on current day highs and lows or last 2-3 days or week.
Hi Mate

i mark the recent legs which has not retraced to 89 level.
"Exchange of hands"
  • #1,600
  • Jun 27, 2021 4:09am Jun 27, 2021 4:09am
Quoting jmn5611
{quote} Rick, you don't trade price, you trade volume ( loosely speaking). When trading volume, it is best get to the smallest granularity that you can. If you try to trade price at M1, you will get signals that are within the spread of your instrument. If a trader is new, this will bleed him out, as he will overtrade. I think that is the point being made.
He is actually trading price same as you, but he is analyzing the charts in terms of liquidity.

There are two main actions you can perform in trading:

  1. Reaching for an objective.
  2. Hedging your positions.


When a market is repricing, these two sides are balanced every time and that causes the program that controls price in any market to print swings.

Suppose that the pricing software in your market is configured to vary price by one point when supply/demand varies by 1%. Well, that is completely arbitrary and that is how markets work. The pricing software can be configured to keep a flat price, but that would imply that there is no possibility for negotiation and no one would be trading there. Prices do not change by buyers or sellers strength, but because someone has configured a pricing software and it is all artificial.

And that can be seen on the charts as well as the pricing templates that the owners of the software activate at the beginning of each pricing cycle. These templates are what analysts observe, but as long as they do not understand the templates used at each iteration, they will find their patterns failing over and over or just being too imprecise or impossible to anticipate.

I say all this because trading liquidity imbalances is applicable to any timeframe. The difference between 1 minute or the smaller timeframes and H4+ timeframes is the velocity. Lower timeframes will give you less opportunities to join the move basically, since changes will be more abrupt in general. But liquidity works in the same way for any timeframe. The only difference is the time required to complete one cycle.

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