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The brutal truth of day trading

  • #1,921
  • Jul 16, 2021 4:38am Jul 16, 2021 4:38am
Quoting Ihlas
What is the explanation of edge? If we can't risk at least 10% or more of our account, either we don't have an edge or something else. It's same as great driver mindset as ryuryu explained in another thread. Either we have an edge (we're not afraid to risk huge) or we don't have. Maybe this can be explained from account safety point. Yeah, tastes differ
Let's not say risk, but invest (maybe another word, but not risk). If have edge we don't risk, we invest or put some money because we know that it will be profitable.
  • #1,922
  • Edited 5:05am Jul 16, 2021 4:40am | Edited 5:05am
Quoting Ihlas
What is the explanation of edge? If we can't risk at least 10% or more of our account, either we don't have an edge or something else. It's same as great driver mindset as ryuryu explained in another thread. Either we have an edge (we're not afraid to risk huge) or we don't have. Maybe this can be explained from account safety point. Yeah, tastes differ
Hi Ihlas, I understand what you're saying perfectly.
(I don't trade for a living if you understand what I mean. Too old for that. I don't "invest" in forex either.)

I read a lot of contradiction with the many posts on here.
Plenty of contradiction.
Quite a bit to explain the details why the contradiction.
So I'm not sure if you guys did the math or not.
The wires don't join. The math don't make sense.
You can't have both. It's one or the other.
Know what you trade
  • #1,923
  • Edited 5:11am Jul 16, 2021 4:44am | Edited 5:11am
Quoting Ihlas
{quote} Let's not say risk, but invest (maybe another word, but not risk). If have edge we don't risk, we invest because we know that it will be profitable.
If you invest or trade for a living, you created yourself a problem you don't have before forex trading.

The word you're looking for is AP gambler.

Btw, how many of you trade forex for a living?
How many of you invest in forex ?
Identify yourself. So that when readers read your post there's context for better understanding.
Know what you trade
  • #1,924
  • Edited 6:22am Jul 16, 2021 5:03am | Edited 6:22am
Quoting scherzi
{quote} I have been trying that approach of hedging but I feel it stressful. Could you share a few tips about how to better using hedging iof stop-loss? I am really interested because I prefer trading without stops, but I am not able to stay calm doing it with leveraged products. For non-leveraged products, I do not use stop loss at all, for instance (nor shorting).
You have to make on a daily basis a chart indicating probable points where you will unlock the hedge. I start after locking up entries in both sides.
I start the trade with a hedge difference of 2 pips between buying and selling in the same asset. It is like I am traveling on a roller coaster observing the market movements and trying to find spots where I can load more (for ramping up) or unload (to take a well-thought-out risk). Risk means no guarantee for profit. The probability of making a profit from 10 pips to 80 pips. I can always reapply lock if things don't go my way. I am not affected by fear because I take as a new challenge to tackle a situation of recovering trades from 10 pips drawdown to 250 pips drawdown in terms of DAX index I trade. Beyond 250 pips in a day: I have no experience.

I don't trade forex because volatility is one-third of the Dax index. Same effort, same time, why not choose more profitable product?

Hedging from the outset facilitates me to observe strict discipline in terms of when to take risks. My eyeballs send signals to my brain on the location of probable spots where momentum (purely by watching volume movements being shot by a pump only during appointed or hot hours) is going to jump or recede. 70% of the time I am right and this gives me a feeling of satisfaction .
Known risk-taking events (hot hours) are Open Hours, close hours, news event hours, the confluence hours between futures and cash (floor) markets: You can either use it for breakout or reversal.
I enjoy it thoroughly because I am traveling with no fear or greed. I am being very selective in getting involved in risk areas to my likings.
No impulsive trading. The whole experience gives me a feeling of "youthful exuberance".
Practice is what brought me to such a stable mental stage.
Practice makes a person perfect
  • #1,925
  • Jul 16, 2021 5:19am Jul 16, 2021 5:19am
I put a few bob here and there. If someone is afraid of a word, or of talking about money amounts, maybe they need to really think why this is the case.

The devious or clever or over eager always want it now. You people make fun of real things that happen but seriously, what I have seen, it doesn't matter if someone says it in %, $ or words, your "edge" or advantage, either is real or it sucks. If you cannot add, subtract, multiply and divide, then don't play with money.

There are many different ways to generate an above average standard of return that is delivered consistently based on the market and not expectations. Tyre kickers never see what needs to go into a real working trading business. These people spend a high percentage of their time and energy surrounded by other tyre kickers. If you're obsessed with just one perspective, then trading is not for you.

That's my bite at it.

Peter
Real Trading is not gambling.
  • #1,926
  • Jul 16, 2021 5:26am Jul 16, 2021 5:26am
some random thoughts in mind:
earn before i invest - in progress
job is must - trying as long as it is there
building a small fund that can support the monthly expenses - in progress
some money for rainy days - in progress
learn before i trade - in progress - learning Not just by taking trades but by having a mentor i.e. Michael J Huddleston (aka ICT) in my case, and learn from them, no need to invent the wheel.
book profit before it is gone - practicing

below is the vague risk management or may be it is not actually
close 10 pip loss rather waiting for another 10 pips and end up book 20pip loss - struggling
Mastering 0 drawdown entries, i should do BE and take commission out of it - in progress
It is okay to take as many entries i want, commission is the expense.
more aggressive on closing loss trades.

for missing/struggling or unknown to me are:
- patience
- proper risk management, what is this?, never calculated the right lot size

Thank you everyone i am learning something from everyone here!!! you all are wonderful people
stay blessed.
regards
bilal
"Exchange of hands"
  • #1,927
  • Jul 16, 2021 5:32am Jul 16, 2021 5:32am
Quoting BWilliam
{quote} Who is in the group of trying hard to win 1 trade a day or a week, worth 0.1% per trade? I'm trying to figure out who's in this group. Put up your hand pls.
Hi BWilliam,
I can't add anything here or anywhere of your posts. Totally agree what you say. BTW great posts.
Have a good weekend
  • #1,928
  • Edited 6:22am Jul 16, 2021 5:37am | Edited 6:22am
Quoting BWilliam
{quote}Who is in the group of trying hard to win 1 trade a day or a week, worth 0.1% per trade? I'm trying to figure out who's in this group. Put up your hand pls.
not me
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gbpusd:
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gold:
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Gold update - 100 pips
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audjpy:
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old runners:
eurusd:
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audusd:
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"Exchange of hands"
  • #1,929
  • Jul 16, 2021 5:42am Jul 16, 2021 5:42am
Quoting BWilliam
{quote} I don't trade for a living
But you have a lot to say how people should trade. Perfect.

The brutal truth of trading that people who are not traders are trying to teach the things they are not even familiar with.

Try to trade. Then return here and start posting your impressive results. And we will see how many holy grails indicators you are using will be removed to the trash bin. And how many statements you made will be thrown there too.

I'm not a driver, but I'll teach you how to drive.
I'm not a surgery, but I have checked few youtube videos and for sure I know how to cut appendicitis
Observer effect
  • #1,930
  • Jul 16, 2021 7:23am Jul 16, 2021 7:23am
Quoting ryuryu
{quote} But you have a lot to say how people should trade.
He said "not trading for living"... It means he trade but not "for living".
  • #1,931
  • Jul 16, 2021 7:34am Jul 16, 2021 7:34am
after closing sells now Gold in buy
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"Exchange of hands"
  • #1,932
  • Jul 16, 2021 7:49am Jul 16, 2021 7:49am
Quoting scherzi
{quote} Which video would you recommend so that people can learn the esentials?
Yes there are a lot of good ones but this one I think is one of his best. I real "eye opener". It is so true that most RT's spend 95% of their time on technical analysis and probably 5% of the time (or less!) on their psycological approach. It should be the other way round.

Inserted Video
  • #1,933
  • Jul 16, 2021 8:15am Jul 16, 2021 8:15am
AUDUS - both risk free at BE
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"Exchange of hands"
  • #1,934
  • Jul 16, 2021 8:27am Jul 16, 2021 8:27am
Quoting Mtinifx
real "eye opener"
Ask yourself one question. If that bold eye opener is so good trader, why he is writing books, record videos for youtube and teaching? To grow more competitors and have harder life?

- Hey, why are you not training?
- I'm working with my mindset.
- But you you have to train! You are boxer!
- No. Training sucks. Psychology rule. Correct mindset and I'll win.

Psychology is very interesting. But if you don't know how much 2+2 is it will not help.
Observer effect
  • #1,935
  • Edited 8:43am Jul 16, 2021 8:27am | Edited 8:43am
Today again
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for charts:
kindly refer https://www.forexfactory.com/thread/...8#post13629608 and below onwards all charts.
Happy weekend everyone
"Exchange of hands"
  • #1,936
  • Jul 16, 2021 9:34am Jul 16, 2021 9:34am
Quoting ryuryu
{quote} Ask yourself one question. If that bold eye opener is so good trader, why he is writing books, record videos for youtube and teaching? To grow more competitors and have harder life? - Hey, why are you not training? - I'm working with my mindset. - But you you have to train! You are boxer! - No. Training sucks. Psychology rule. Correct mindset and I'll win. Psychology is very interesting. But if you don't know how much 2+2 is it will not help.
I agree

You either have a good trading edge using with an aggressive / patience mindset or you just look for psychology excuses as a reason why you failed.

Sorry traders, if you lose its because you haven't yet found your trading edge. Your strategy including money management just isn't good enough to survive the corrupt financial markets. Its extremely unfair.

So lets not look at ourselves however to blame for our trading failures, lets instead look at how the system can be beaten.

We can trade against the big players and win.

Never forget that statement - We can beat the big players at their own games because we can trade where they can't fight us, they are helpless in one area because they have no power.

THIN LIQUIDITY
Trading thin liquidity at the boundary of the charts
  • #1,937
  • Jul 16, 2021 1:07pm Jul 16, 2021 1:07pm
Quoting ryuryu
{quote} Ask yourself one question. If that bold eye opener is so good trader, why he is writing books, record videos for youtube and teaching? To grow more competitors and have harder life? - Hey, why are you not training? - I'm working with my mindset. - But you you have to train! You are boxer! - No. Training sucks. Psychology rule. Correct mindset and I'll win. Psychology is very interesting. But if you don't know how much 2+2 is it will not help.
Obviously you don't have a clue what your talking about in regards to Tom. If you think he makes his income from YouTube or books or training your 100% wrong.

You would be wise to choose someone else to denegrate.
Master your Mind,,,Master the Market
  • #1,938
  • Jul 16, 2021 3:18pm Jul 16, 2021 3:18pm
Quoting bluesteele
{quote} Obviously you don't have a clue what your talking about in regards to Tom. If you think he makes his income from YouTube or books or training your 100% wrong. You would be wise to choose someone else to denegrate.
Sure. Tom is looking as his PC to take few great trades as usual. But he is strong. He go and teach. Because he is so cool. More great traders more profit for Tom. Or not? Or... wait...?

  1. https://assets.faireconomy.media/nfs...ar46710_15.gif bluesteele
  2. Joined Aug 2007

14 years of trading and still believe in magic?

Observer effect
  • #1,939
  • Jul 16, 2021 3:38pm Jul 16, 2021 3:38pm
Quoting ryuryu
{quote} Sure. Tom is looking as his PC to take few great trades as usual. But he is strong. He go and teach. Because he is so cool. More great traders more profit for Tom. Or not? Or... wait...? {image} bluesteele Joined Aug 2007 14 years of trading and still believe in magic?
Man, why are you so angry? You are in a great place, you have great trading buddies...chill a bit

Cheers
On ignore list of scammers, deceivers and low IQ individuals. Exclusively
  • #1,940
  • Jul 16, 2021 4:05pm Jul 16, 2021 4:05pm
Quoting ryuryu
{quote} Sure. Tom is looking as his PC to take few great trades as usual. But he is strong. He go and teach. Because he is so cool. More great traders more profit for Tom. Or not? Or... wait...? {image} bluesteele Joined Aug 2007 14 years of trading and still believe in magic?
Not quite sure where I mentioned Magic.. and no I haven't been trading for 14 years closer to 40..

Perhaps one day you will learn their is actually some good people in this world who share and give because they are good people... Without motive.. I understand being jaded and having ego skew ones thoughts ...I once was similar.

Wishing you all the best and the only reason I replied to you is I don't take kindly too the ill informed spreading disinformation about a personal friend.

Cheers
Blue
Master your Mind,,,Master the Market
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