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The brutal truth of day trading

  • #1,621
  • Jun 27, 2021 8:52pm Jun 27, 2021 8:52pm
Quoting GEfx
{quote} As a general statement, sure why not! But I made my statement in reference to Peter. If you are suggesting Peter is an experienced trader then no, he is incapable of distinguishing between noise, harmony, or the numerous voices shouting in his empty head.


While the egotistical brats on this site still want to puff out their chest and still believe they're at the apex of everything trading related, some of us know what we know because we've experienced it and not because we've only read about it or due to merely believing our story. Some people should just stick to talking about what they DO know and stay away from anything real.

Stupid arguments about TF's. Either IT is the tool or YOU are the fool. It's amazing how many people "profess" to be a trader yet all they've done is stayed in their little comfort zone. THAT is not learning or trading, that's just running scared.

It's funny you know, all the "talk" in the world from many people but by using a factual real life third party document, it seems to send them into damage control. And the best they can come up with is "I don't like what you're saying so I want to fight you, head to head." I'm sorry, maybe I missed a step, are we still in primary school???

So GEfx (or whoever or whatever you are) - what is YOUR definition of an experienced trader? And please bear in mind that some of us have experienced things that you haven't, so THAT will add to the critique provided, since you think me inept and benign as a person and a private trader.


Peter
Real Trading is not gambling.
  • #1,622
  • Jun 27, 2021 8:58pm Jun 27, 2021 8:58pm
Quoting PeterCaleb
{quote} And please bear in mind that some of us have experienced things that you haven't, Peter
I experienced 69 have you?
On a serious note this will be the last time the5ers is offering their free evaluation account. Sign up and we will experience it for a month together, O yeah, i love it in birthday suit.
  • #1,623
  • Jun 27, 2021 9:02pm Jun 27, 2021 9:02pm
Quoting PeterCaleb
{quote} While the egotistical brats on this site still want to puff out their chest and still believe they're at the apex of everything trading related, some of us know what we know because we've experienced it and not because we've only read about it or due to merely believing our story. Some people should just stick to talking about what they DO know and stay away from anything real. Stupid arguments about TF's. Either IT is the tool or YOU are the fool. It's amazing how many people "profess" to be a trader yet all they've done is stayed in their...
My definition of an experienced trader is a profitable one, clearly that's not you loser.
You suck at trading so let's tell us about your memories from WW2 grandpa.
Ok Grandpa, let's get you back to bed.
You have to have an IQ higher than 90 to interact with this user.
  • #1,624
  • Jun 27, 2021 9:13pm Jun 27, 2021 9:13pm
I would say a better definition of an experienced trader is one who is a survivor.
They have been through years of making good profits and also survived years of small returns.

They survived and are still in the game.
Thats impressive.
Trading thin liquidity at the boundary of the charts
  • #1,625
  • Jun 27, 2021 9:14pm Jun 27, 2021 9:14pm
Quoting mixedbags
{quote} I experienced 69 have you? On a serious note this will be the last time the5ers is offering their free evaluation account. Sign up and we will experience it for a month together, O yeah, i love it in birthday suit.
Attached Image (click to enlarge)
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  • #1,626
  • Jun 27, 2021 9:21pm Jun 27, 2021 9:21pm
Quoting mixedbags
{quote} I experienced 69 have you? On a serious note this will be the last time the5ers is offering their free evaluation account. Sign up and we will experience it for a month together, O yeah, i love it in birthday suit.


So you're just a dumbed down grot.


Peter
Real Trading is not gambling.
  • #1,627
  • Jun 27, 2021 9:22pm Jun 27, 2021 9:22pm
Quoting Techanalyst
{quote} {image}
It will be in stock again just need to try a few times or refresh the screen as and when to check.
  • #1,628
  • Jun 27, 2021 9:23pm Jun 27, 2021 9:23pm
Quoting Nordling00
{quote} My definition of an experienced trader is a profitable one, clearly that's not you loser. You suck at trading so let's tell us about your memories from WW2 grandpa. Ok Grandpa, let's get you back to bed.



So you're just a complete and utterly disrespectful person, both to yourself and others. Nice. Yeah you're one to know.


Peter
Real Trading is not gambling.
  • #1,629
  • Jun 27, 2021 9:25pm Jun 27, 2021 9:25pm
Quoting PeterCaleb
{quote} So you're just a dumbed down grot. Peter
come on man, naked we come naked we go. being in our birthday suit is what God intended us for. the clothes that we put on are to cover our sins.
you have 2 biblical names yet you cannot understand the scripture and its intended meaning. Naked we are created and naked we are to have fun.
  • #1,630
  • Jun 27, 2021 9:25pm Jun 27, 2021 9:25pm
Quoting RickM
I would say a better definition of an experienced trader is one who is a survivor. They have been through years of making good profits and also survived years of small returns. They survived and are still in the game. Thats impressive.


For me that's a pretty good sum up. Although at some point, the survivor does need to become more than that. Thanks RickM.


Peter
Real Trading is not gambling.
  • #1,631
  • Jun 27, 2021 9:32pm Jun 27, 2021 9:32pm
Quoting RickM
I would say a better definition of an experienced trader is one who is a survivor. They have been through years of making good profits and also survived years of small returns. They survived and are still in the game. Thats impressive.
Why is it impressive? Every business has a gestation period . On an average it is 8 years.
Practice makes a person perfect
  • #1,632
  • Jun 27, 2021 10:31pm Jun 27, 2021 10:31pm
Quoting PeterCaleb
{quote} So GEfx (or whoever or whatever you are) - what is YOUR definition of an experienced trader? And please bear in mind that some of us have experienced things that you haven't, so THAT will add to the critique provided, since you think me inept and benign as a person and a private trader. Peter
I do not provide mentoring to anyone. Seeing as the rules are the same for all of us, that means you AND me, my suggestion to someone who wants to learn to trade would be this.: start posting trading analysis, pre-trade setup charts, and post-trade results, and the experienced traders here on this thread will provide comments and critique. Peter, before we talk about experienced traders, lets get you started on some basics.

You should just stick to talking about what you DO know and stay away from anything real.
  • #1,633
  • Jun 28, 2021 12:56am Jun 28, 2021 12:56am
Quoting RickM
{quote} Hi Exodus I have had the great pleasure of trading alongside few great traders here that are members of Forex Factory. One of them is a Russian trader who has helped me expand by horizons on how I could trade liquidity imbalances. He has placed almost no posts on Forex Factory because he has no desire to waste his time. I also have had the pleasure of working with a very experience trader from the UK who has worked within the trading industry for twenty years. Neither does he feel any need to waste his time posting on Forex Factory. I am...
Good! I am glad that you found help along your pathway with trading. In hindsight a trustworthy mentor would have been useful to me also.

When I started I didn't believe some who said how long it can take to start making profits consistently. Well... they were right. Like any career it takes a number of years to become good at it.

Quoting ryuryu
{quote} The first truth is that people are NOT coming here in search of knowledge. They are coming to read fairy tales or/and in search of holy grail.
Ok, well some people come here in search of knowledge. I have been visiting FF since it was run by a guy using the handle "Merlin". I first came here as a complete novice and the mood on the site was different then. There were fewer people bigging themselves up, and definitely fewer people with caustic comments.

Quoting ryuryu
... Bullshit. Nothing changes. 10 years ago and now. The same fairy tales, magic random lines and higher timeframes. In that 10 years people send rovers to Mars, created electric cars, mobile phones and more. But in trading everything still covered with magic. Lines, rectangles, fibo levels and luck. No new approaches. Nothing new. Few traders are trying to think different but no one cares.
Nothing changed...? Really...?

For one thing it is now more difficult for bucket shops to operate because people can compare their trading platform response, and the information actually being displayed in the charts. Myself and another guy on here who at the time were using the same broker discovered that the trading platform response changed the moment you made a withdrawal from your account. I think that broker went bust when the SNB pulled their hard-support on EurChf @ 1.20 (or whatever it was). Poetic justice.

Anyway, I am going back to lurking. Cheers
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
  • #1,634
  • Jun 28, 2021 2:13am Jun 28, 2021 2:13am
Quoting PeterCaleb
While the egotistical brats on this site

This is guru speak for I know something that you don’t, so follow me.
Quoting PeterCaleb
some of us know what we know because we've experienced it and not because we've only read about it or due to merely believing our story

More of the same.
Quoting PeterCaleb
anything real

This is amusing. Now you have gotten to the point that you have a monopoly on what is real. Do you even have a passport, son?
Quoting PeterCaleb
Either IT is the tool or YOU are the fool.

Guru speak again. Proof, please.
Quoting PeterCaleb
THAT is not learning or trading, that's just running scared.

Says who, you? Are you peer reviewed? More guru speak.
Quoting PeterCaleb
what is YOUR definition of an experienced trader?

This would only provide safe harbor and comfort to someone trying to perfect their sales pitch. No one is going to do that Peterboy.
Quoting PeterCaleb
some of us have experienced things that you haven't,

So now it has gone from you, to a few of you, this is an appeal to popularity for social validation. Try again.
Quoting PeterCaleb
since you think me inept

Yes, you are one of the most craven and sloppy attention [redacted] I have ever seen.
If you are good at something, never do it for free--Joker
  • #1,635
  • Jun 28, 2021 2:43am Jun 28, 2021 2:43am
Quoting PeterCaleb
{quote} So you're just a complete and utterly disrespectful person, both to yourself and others. Nice. Yeah you're one to know. Peter
I have no respect for the scams. Move on, get over it.
You have to have an IQ higher than 90 to interact with this user.
  • #1,636
  • Jun 28, 2021 5:13am Jun 28, 2021 5:13am
Seeing as the rules are the same for all of us .... That means all of you AND me.

My suggestion to someone who wants to learn to trade would be this ...

* Usually there is no reason to join any site to be able to access the information and knowledge found on the site. Trading sites are known for changing the way people think. It's important to understand that opinions are not going to help you learn how you can trade. Only what you can do is important.

* Know that you are alone. Trading is an activity best done on you own without any influences from other people. Everything you do needs to be done independent of everyone. You need to know that no other trader cares about your trading more than you. You will need to be neutral and objective and do all the research you can to create a blueprint on...

- About Trading

- How to trade

... And it is best for you to do it as thoroughly as you can, without interference from anyone.

* It's a good idea not to follow anyone.

* It's a good idea not to get involved in all the talk from people. There's a reason why they say the crowd is wrong most of the time.

* When doing research online, remember that people online are not your friends and you need to protect yourself. When possible, do not join or participate in any site or apparent socializing as it is not real and will distract you from your research and learning.

* Most people congregate on trading sites to feel that they belong. However fake relationships won't help someone learn as you simply do not know who you are talking to and therefore will never know if the information is real and true until you do your own private research.

* Retail traders are not well respected in the financial world and this is not an accident. Most people never do quality research about the industry.

* It is your future so you need to do the work.

* Most retail traders look to their peers to help them. You need to learn they cannot teach what they do not know. And usually that is why their trading has not advanced any further.

* You need to maintain your self respect when doing your research. There will be many who will test you.

* I don't want you to follow me. You won't trade as I do. You need to find out how you see everything.

* People are easily coralled like sheep and this makes them easier to manipulate, particularly on trading sites. Your job is to be better than them and do better than them. But this won't happen if you become one of them.

Have Fun. Good Luck.


Peter
Real Trading is not gambling.
  • #1,637
  • Jun 28, 2021 5:13am Jun 28, 2021 5:13am
The brutal truth of day trading is very simple. The small time frames are not your friends!
Day trading is counterproductive no matter the strategy you have. The math does not lie! You can easily see that short term trading as anything below 1 day gives you very bad odds.

First of all, the trading cost will have great effect as the short term trade horizon reduces the probable trading range by the square root. This means that scalping for example is really really bad. Cost increases in percentage terms relative to profit potential multiplied by the higher trade frequency as well as the higher use of leverage which is typical in day trading. So, basically when you trade very short term you shoot yourself in the foot. The brokers know it and for this reason short term trading with high leverage is encouraged with negative swaps. They want trade volume. More volume = more commissions. They make more money when you day trade.

If you want to increase your chances for survival and profit you have to do the opposite of day trading. You have to increase the time horizon and reduce the trade frequency. This way you minimize the effect of trading cost on your capital and you have the chance to capture large price ranges. Also, leverage should be minimized. 0.1-0.3 : 1 is a good start for initial positions combined with averaging up. It's better to trade more pairs with smaller positions. Diversification is good for many reasons. And this is where we come to the second point. Day traders typically trade only one pair. This is another very bad practice. You should trade all available pairs. There is always some good opportunity in one of the currencies. Find it, Trade it! Forex is not just EURUSD!
  • #1,638
  • Jun 28, 2021 5:53am Jun 28, 2021 5:53am
Quoting JamesSmithFX
The brutal truth of day trading is very simple. The small time frames are not your friends! Day trading is counterproductive no matter the strategy you have. The math does not lie! You can easily see that short term trading as anything below 1 day gives you very bad odds. First of all, the trading cost will have great effect as the short term trade horizon reduces the probable trading range by the square root. This means that scalping for example is really really bad. Cost increases in percentage terms relative to profit potential multiplied by...
How about looking at the price levels rather than position duration? For example, setting the necessary target and key levels that, in the trader's opinion, will be achieved. Then the larger the timeframe, the longer it will probably take to reach the goal (but not always) and the more points can theoretically be taken.
Diversification in which currencies do you mean? If you only use technical analysis of the chart, then there is some possibility that for all currencies you will be able to determine the direction, but if you look at the fundamental component, then it is important to take into account the correlation of different currencies.
  • #1,639
  • Jun 28, 2021 6:24am Jun 28, 2021 6:24am
Quoting JamesSmithFX
The brutal truth of day trading is very simple. The small time frames are not your friends! Day trading is counterproductive no matter the strategy you have. The math does not lie! You can easily see that short term trading as anything below 1 day gives you very bad odds. First of all, the trading cost will have great effect as the short term trade horizon reduces the probable trading range by the square root. This means that scalping for example is really really bad. Cost increases in percentage terms relative to profit potential multiplied by...
0.1 - 0.3? what is the account size, 500k?
  • #1,640
  • Jun 28, 2021 6:25am Jun 28, 2021 6:25am
Quoting petercaleb
seeing as the rules are the same for all of us .... That means all of you and me. My suggestion to someone who wants to learn to trade would be this ... * usually there is no reason to join any site to be able to access the information and knowledge found on the site. Trading sites are known for changing the way people think. It's important to understand that opinions are not going to help you learn how you can trade. Only what you can do is important. * know that you are alone. Trading is an activity best done on you own without any influences...
stop spamming the same text. Reported.
You have to have an IQ higher than 90 to interact with this user.
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