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The brutal truth of day trading

  • #1,941
  • Jul 16, 2021 4:11pm Jul 16, 2021 4:11pm
Quoting bluesteele
Not quite sure where I mentioned Magic..
and

Quoting bluesteele
good people in this world who share and give because they are good people... Without motive..
40 years of trading why not 140?

Here on FF 140 y.o. successful trader is ok. He is just lucky all the time and random bearded man loves him.

Let me guess. You are trading support and resistance, use fibonacci and draw random rectangles and lines for 40 years? And you are profitable? Am I right?

p.s. I forgot to mention that you are so good that you are trading only on year TFs. Or 10Y TF. Because lower than 10Y TF year is too noisy. Really why not to have 4 trades with that 40 years. And let me guess second time. You think you are smarter than younger trader just because you are older?
Observer effect
  • #1,942
  • Jul 16, 2021 4:30pm Jul 16, 2021 4:30pm
Quoting RickM
Sorry traders, if you lose its because you haven't yet found your trading edge.
Totally agree!

Each time you made a decision you are opening the Shroedinger cat box and create +1 more reality. In one you lose in one you win. What reality you want to stay in its your decision. The Universe doesn't care. It is chaos.
Observer effect
  • #1,943
  • Jul 16, 2021 4:32pm Jul 16, 2021 4:32pm
problem is that too many people are doing the same thing. I used to trade SRs, but the slippage was insane... MT4 shows 100%/year return... in reality it's like 5-10% lol
  • #1,944
  • Jul 16, 2021 4:36pm Jul 16, 2021 4:36pm
Quoting HeyYou
problem is that too many people are doing the same thing. I used to trade SRs, but the slippage was insane... MT4 shows 100%/year return, in reality it's like 5-10% lol
There is no problem to trade SR. Or pivots (I fount them just great on higher TF's and can show you if you are interested how to mix signals with Stoch for high accuracy).

The problem is that 99.9999% of traders are searching for GREAT entries. But the problem is to search for great EXIT (mm, hedge etc).

There are mql5 website with ALL possible FREE EAs and indicators. There are tons of youtube teachers. And still 99% retail investors lose all in first year.
Observer effect
  • #1,945
  • Jul 16, 2021 4:43pm Jul 16, 2021 4:43pm
Quoting ryuryu
{quote} Totally agree! Each time you made a decision you are opening the Shroedinger cat box and create +1 more reality. In one you lose in one you win. What reality you want to stay in its your decision. The Universe doesn't care. It is chaos.
That’s exactly why you must get out of the wrong reality/ trade as soon as possible, to protect our equity and prevent destructive thoughts from harming our trading careers.
It’s worth monitoring your heart best during winning trades and losing trades - the wrong reality needs to be crushed to save ones health.

Cheers
Trading thin liquidity at the boundary of the charts
  • #1,946
  • Jul 16, 2021 4:47pm Jul 16, 2021 4:47pm
Quoting ryuryu
{quote} and {quote} 40 years of trading why not 140? Here on FF 140 y.o. successful trader is ok. He is just lucky all the time and random bearded man loves him. Let me guess. You are trading support and resistance, use fibonacci and draw random rectangles and lines for 40 years? And you are profitable? Am I right? p.s. I forgot to mention that you are so good that you are trading only on year TFs. Or 10Y TF. Because lower than 10Y TF year is too noisy. Really why not to have 4 trades with that 40 years. And let me guess second...

40 years because I am in my fifties..and started paper trading stocks when I was 13 or 14.

I strictly trade the Dow at the NY open on the 1min and 5min. That's it. No S&R No Fibs..No random boxes. Profitable yes.

Hope that helps you in your assessment of my life and skills.

And no I don't think I'm smarter than a younger person because I'm older.. I'm just much more experienced then you and from just reading your last few posts here ..much wiser.

Cheers
Blue
Master your Mind,,,Master the Market
  • #1,947
  • Jul 16, 2021 4:51pm Jul 16, 2021 4:51pm
Quoting RickM
{quote} That’s exactly why you must get out of the wrong reality/ trade as soon as possible, to protect our equity and prevent destructive thoughts from harming our trading careers. It’s worth monitoring your heart best during winning trades and losing trades - the wrong reality needs to be crushed to save ones health. Cheers
But since we are on "trading" forum it is better just to change your reality. Bad trade - jump to good reality.

And you can create a screenshot of good trades.

And you can say you are trading for 40 years. Or you have 5-6% daily profit. Or price always touch your lines drawn yesterday.

Or you can say that stoch and rsi show oversold areas even they have no volume data in their formulas.

Or you cam use volume indicators from forex broker and say you are very serious prof trader.
Observer effect
  • #1,948
  • Jul 16, 2021 4:54pm Jul 16, 2021 4:54pm
Quoting ryuryu
{quote} There is no problem to trade SR. Or pivots (I fount them just great on higher TF's and can show you if you are interested how to mix signals with Stoch for high accuracy). The problem is that 99.9999% of traders are searching for GREAT entries. But the problem is to search for great EXIT (mm, hedge etc). There are mql5 website with ALL possible FREE EAs and indicators. There are tons of youtube teachers. And still 99% retail investors lose all in first year.
A great entry creates profitable traders
A great exit protects profitable traders.

A great trader has already planned his exit before they have even entered.
Trading thin liquidity at the boundary of the charts
  • #1,949
  • Edited 6:25pm Jul 16, 2021 6:06pm | Edited 6:25pm
The topic of the thread is brutal truth about day trading.

I read a lot about what other people write.
It gave me a chance to understand how they think about Forex trading.
The purpose of Forum is to find out if there're new things to learn.
Tbh there are specific things I learn about from this forum that I benefit from. I wouldn't have learnt if not for this forum.
Not just about Forex trading.
Most of what I learn don't come from forum.
Not sure if someone else find what I wrote useful.
Now I know some people think it belong to the trash bin.

Imo, after 98pages and 1949 posts this discussion has barely scratched the surface. There's no depth. That's my opinion.

There's also the topic about brutal truth about Forex trading forum.

There are so many diverse views.
Individually we are different.
The spectrum stretches from can be done to cannot be done.
From predictable to random.
The common theme is if I can't do it, it must be true for everyone else.
If someone write it can be done, he's a liar, scammer.
People get angry.

I use to engage in quarrels.
Now I don't.
I don't feel the need to.
I don't feel the need to be right.
I'm OK if other members think I'm wrong.
I'm just an average Joe trader.
Who take the trouble to write my opinion.
On a forum.
Perhaps I should not.
It cause pain to others.
Somehow some people just don't like me.
For whatever the reason.
I don't dislike nobody.
I find it weird to dislike a stranger on the Internet.
I've no idea what he/she is like in the real world.
It's strange that such discussion always degenerate into denigrating people who express their different opinion.

Forum is not a place to freely speak our mind.
Other people take offence.
Open discussion is not possible.
There's a lot of angry people on forum.
That's what I've learnt.

Pete is correct.
Restrict what I write on forum.
Know what you trade
  • #1,950
  • Jul 16, 2021 6:23pm Jul 16, 2021 6:23pm
Quoting bluesteele
{quote} 40 years because I am in my fifties..and started paper trading stocks when I was 13 or 14. I strictly trade the Dow at the NY open on the 1min and 5min. That's it. No S&R No Fibs..No random boxes. Profitable yes. Hope that helps you in your assessment of my life and skills. And no I don't think I'm smarter than a younger person because I'm older.. I'm just much more experienced then you and from just reading your last few posts here ..much wiser. Cheers Blue
Take your time Kev, I’ve run out of
  • #1,951
  • Jul 16, 2021 6:58pm Jul 16, 2021 6:58pm
Quoting BWilliam
The purpose of Forum is to find out if there're new things to learn.
Imo, after 98pages and 1949 posts this discussion has barely scratched the surface. There's no depth. That's my opinion.
The common theme is if I can't do it, it must be true for everyone else.
It's strange that such discussion always degenerate into denigrating people who express their different opinion.
Restrict what I write on forum.

Hang in there BW.


People on here only write to support what they can see & believe themselves.

Partly true.

The other part is they defend their own view.

And not just defend it, sometimes also to denigrate others for their "different" view.


I think of this place as looking at the earth from space. Earth is a massive ball. And there is a lot of activity happening on it, globally, that makes up the TOTAL picture of ALL of life on earth.

Some posters (traders) choose to use the wwonderful zoom function, from space in this 'analogy', and try to see & understand what is happening in their microcosm ("little" world) which is happening in and amongst the bigger picture of the "whole" world.

It's like - lets zoom right down into 4th Street & Vine (I think that was in a song somewhere )

And then tell other traders that what is happening in that one area is the ONLY way, because that's what they see & know works for them.

Some tell other traders that what they are then seeing must be wrong - because it isn't what they see themselves.


And thus begins the written & well exposed posts of some passive-aggressive conduct towards others.

If this place descends into a hell hole - its of our own collective doing.


I take no offense, but I can see the separation, of folks towards other folk.


But then it's a sunny morning in Oz and the birds are singing
  • #1,952
  • Jul 16, 2021 7:19pm Jul 16, 2021 7:19pm
Quoting Ihlas
{quote} Hi BWilliam, My value interpretation is also almost same like this. I have marked the failure as an undervalued zone (even I will refer it as control point) too. Demarcation zone (balanced zone) is same as yours. And the overvaluation is not much. But just a little bit. Great. So just a question. Will you sell the top or next value target is 1.39500/1.40800? That was interesting read. Good luck I understand when you say algo target. That created undervalued price 5 days. edited
Hi Ihlas, when you asked that question I don't know if the master algo will move price up to those levels or not yet.

I drew those demarcation zones last Friday. Price just bounce between those zones of 110 pips. It did not come near target1. By Wednesday, it became clearer the algo won't move price higher. That's why i made this post. Anything near 1.3900 is overvalued giving the once a week trading opportunity. The algo moved price past the demarcation zone in the last 6 hours Friday.
https://www.forexfactory.com/thread/...1#post13625641
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Know what you trade
  • #1,953
  • Jul 16, 2021 7:42pm Jul 16, 2021 7:42pm
Quoting BWilliam
{quote} Hi Ihlas, when you asked that question I don't know if the master algo will move price up to those levels or not yet. I drew those demarcation zones last Friday. Price just bounce between those zones of 110 pips. It did not come near target1. By Wednesday, it became clearer the algo won't move price higher. That's why i made this post. Anything near 1.3900 is overvalued giving the once a week trading opportunity. The algo moved price past the demarcation zone in the last 6 hours Friday. https://www.forexfactory.com/thread/...1#post13625641...
From the chart I posted I can only see one trading opportunity this week.
It's beyond me how to see more than one trading opportunity.
Perhaps those who see many trading opportunities explain how they do that with chart examples.
Know what you trade
  • #1,954
  • Jul 16, 2021 8:00pm Jul 16, 2021 8:00pm
Quoting ryuryu
{quote} and {quote} 40 years of trading why not 140? Here on FF 140 y.o. successful trader is ok. He is just lucky all the time and random bearded man loves him. Let me guess. You are trading support and resistance, use fibonacci and draw random rectangles and lines for 40 years? And you are profitable? Am I right? p.s. I forgot to mention that you are so good that you are trading only on year TFs. Or 10Y TF. Because lower than 10Y TF year is too noisy. Really why not to have 4 trades with that 40 years. And let me guess second...
Hey ryuryu

You told me you were having a drink last night but exactly how many did you manage?.

Bluesteele is a good experienced trader and we should be taking notice of his quality posts.
He is one of the few traders on Forex Factory that seriously trades a live account, unlike hordes of demo traders we normally see past through this social media forum.

Enjoy your weekend.

Cheers (but maybe your’e had enough)
Trading thin liquidity at the boundary of the charts
  • #1,955
  • Jul 16, 2021 8:11pm Jul 16, 2021 8:11pm
Quoting joyny
{quote} He said "not trading for living"... It means he trade but not "for living".
I wonder if people actually examine in detail to understand what "trading for a living" means.

For example,

Do banks and financial institutions "day trade the forex market for a living" ?
Are banks authorised to "day trade the forex market for the bank's living" ?

In the same context of a retail trader.
The exact same way a professed retail day trader who trade for a living.
Know what you trade
  • #1,956
  • Jul 16, 2021 8:44pm Jul 16, 2021 8:44pm
Quoting RickM
{quote} Hey ryuryu You told me you were having a drink last night but exactly how many did you manage?. Bluesteele is a good experienced trader and we should be taking notice of his quality posts. He is one of the few traders on Forex Factory that seriously trades a live account, unlike hordes of demo traders we normally see past through this social media forum. Enjoy your weekend. Cheers (but maybe your’e had enough)
Na thats how he behaves normally. Nothing unusual.

The other day he gets excited by listening the word imbalance on a candlestick chart and he thinking in his mind oh its me who trade volume imbalance though Scherzi didnt even use that word Volume in his post. Yet he making himself laugh how stupid scherzi is though it looks the otherway round.

This will only harm him in long run as when one feels his glass is full and he knows everything and he missed to learn new things.
"Exchange of hands"
  • #1,957
  • Jul 16, 2021 8:45pm Jul 16, 2021 8:45pm
Quoting RickM
{quote} A great entry creates profitable traders A great exit protects profitable traders. A great trader has already planned his exit before they have even entered.
Couldn't agree more. But, it seems the journey that is required to get to that place where you can pick great entries and exits is too difficult for most. And the cruel reality is, knowing how to pick entries and exits is much less important to success than knowing the exceptions to the rules. Good trading RickM.
  • #1,958
  • Jul 16, 2021 8:48pm Jul 16, 2021 8:48pm
Quoting here2there
{quote} That sounds interesting. I would like to see it on a live trade.
I tried to get an example posted today, on the GA, in my FF journal. It didn't cooperate with me. I'll try again next week. I think the basic set up is still alive but we'll see next week.
  • #1,959
  • Jul 16, 2021 8:57pm Jul 16, 2021 8:57pm
Quoting BWilliam
{quote} From the chart I posted I can only see one trading opportunity this week. It's beyond me how to see more than one trading opportunity. Perhaps those who see many trading opportunities explain how they do that with chart examples.
Okay, meanwhile below is a link.
https://youtube.com/c/InnerCircleTrader
"Exchange of hands"
  • #1,960
  • Jul 16, 2021 8:58pm Jul 16, 2021 8:58pm
Quoting bilal1947
This will only harm him in long run as when one feels his glass is full and he knows everything and he missed to learn new things.
Spot on correct.

That's why I read every post.
The winners, losers, naysayers, whiners make no difference.

I wrote in the past, I learn the most from the losers and naysayers.
Strange but true for me.
Know what you trade
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