The brutal truth of day trading | Page 102 | Forex Factory

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The brutal truth of day trading

  • #2,021
  • Jul 17, 2021 5:46pm Jul 17, 2021 5:46pm
Quoting mixedbags
{quote} ok, still counting FF traders that work/worked in trading firms, financial institutes. I worked in IMF many years back while in New York.
most of the people in IMF knew me back in 1999 - 2003
  • #2,022
  • Jul 17, 2021 5:50pm Jul 17, 2021 5:50pm
Quoting mixedbags
{quote} most of the people in IMF knew me back in 1999 - 2003
Hey mixedbags, I worked with MAS, tharman my boss. I carry his bag.
Know what you trade
  • #2,023
  • Jul 17, 2021 5:52pm Jul 17, 2021 5:52pm
Quoting BWilliam
{quote} The moment the trader trades for a living, trading forex for a regular monthly income he created a problem for himself. It takes a separate thread to explain this fact. Either you know this forex market enough or you don't. https://www.forexfactory.com/thread/...8#post13629428
Hey BW,

I feel like I must chime in and say that I do not know anybody, including myself who solely makes a living on trading Forex. The 1st rule of making money is never place all your eggs in one basket. I will tell you a quick story. In 2010 CFTC (Commodity Futures Trading Commission) in the in the United States wanted to change the leverage of all US based Forex brokers from 100:1 to 10:1. That would have effectively ended Forex trading for many of us. I remember reading about some crazy tax law change in Germany that would have killed trading as well.

Diversify how you earn money. Or else.

- Ric
Be humble or get humbled
  • #2,024
  • Jul 17, 2021 5:55pm Jul 17, 2021 5:55pm
Quoting BWilliam
{quote} Hey mixedbags, I worked with MAS, tharman my boss. I carry his bag.
are you sure it is the bag you are carrying? I shaved his head, yes head not the small head.
  • #2,025
  • Jul 17, 2021 5:55pm Jul 17, 2021 5:55pm
Quoting riclater211
{quote} Hey BW, I feel like I must chime in and say that I do not know anybody, including myself who solely makes a living on trading Forex. The 1st rule of making money is never place all your eggs in one basket. I will tell you a quick story. In 2010 CFTC (Commodity Futures Trading Commission) in the in the United States wanted to change the leverage of all US based Forex brokers from 100:1 to 10:1. That would have effectively ended Forex trading for many of us. I remember reading about some crazy tax law change in Germany that would have killed...
... and directional spot Forex speculation is highly risky.
Know what you trade
  • #2,026
  • Jul 17, 2021 5:57pm Jul 17, 2021 5:57pm
Quoting riclater211
{quote} Hey RickM, I know I am typing in English. Why do feel that you need to brag about the accounts you have. That is not very safe. I am not asking for anything. I said you are doing a good job day trading and good luck. Is English not your first language? Are you trying to impress me/us or something? Are you trying to get me to say day trading is better? I dont think it is. I think it is the reason most people lose money and time and time again it is proven to be the worst way to trade for 80% of those who try it. If you are trying to impress...
Hi ric

You raised the option of trading other markets like stocks and EFT’s, I was just chatting about a current trade I still have on my books.

I can either fake 100 lot trades on these forums and claim to make millions every year or I can be honest and talk about my current trading activities and back it up with prove.

That stock trade is a long term hold and doing exactly what Techanalyst claims is best, sit and do nothing. He is correct if you are a stock trader, I just have a different opinion about how to trade forex profitability.
That’s basically trading when you see the market flip from Bid imbalance to Ask imbalance in a time period lasting from only a few seconds to a few minutes.

Have a great weekend
Trading thin liquidity at the boundary of the charts
  • #2,027
  • Jul 17, 2021 6:04pm Jul 17, 2021 6:04pm
Quoting ryuryu
{quote} What a great approach! Especially about real estate. I'm doing about the same. But during these days a lot of people zombified by mass media that real estate has low income, you have to pay a lot of taxes and it is not a good investment and that you have better to rent it and buy invisible stocks/crypto instead. Because if new crisis comes (when) it will be harder to get your real estate, but much simpler to zero your digital assets.
Hey ryuryu,

Real estate is a good investment but it is longer term. It is hard to make money on real estate instantly because of the huge costs and ongoing costs. Tax treatment is great in real estate because of all the write offs you can get, in the USA anyway, and you can build net worth, but cash flow is an issue. Unless you get the property for $0 down you will spend, on average, 5 years to get all your money back and start turning a profit. Some say that money would be better used in the markets. I disagree if you already have a good portion of your investable cash in the markets. As I said above, spread the money around. RickM mentioned he uses Forex profits to pay down a mortgage, that is good use of profits. Once you pay off a home you live it is no longer a major liability and only becomes a small liability. It will however increase your overall earnings when you no longer have to pay for housing, other than taxes and insurance and if you are a sod you pay for HOA . Housing eats up about 35% or more of the average persons income.

- Ric
Be humble or get humbled
  • #2,028
  • Jul 17, 2021 6:18pm Jul 17, 2021 6:18pm
Quoting RickM
{quote} Hi ric You raised the option of trading other markets like stocks and EFT’s, I was just chatting about a current trade I still have on my books. I can either fake 100 lot trades on these forums and claim to make millions every year or I can be honest and talk about my current trading activities and back it up with prove. That stock trade is a long term hold and doing exactly what Techanalyst claims is best, sit and do nothing. He is correct if you are a stock trader, I just have a different opinion about how to trade forex profitability....
Hey RickM,

I get what you are saying now. Makes more sense. You can not trade all vehicles the same. Stocks trade differently than FX or futures. Corn and Wheat are different from Crude and the Euro. Day trading and scalping is different from swing and position trading. RickM and ryuryu are different from riclater211 & BWiliam. However, it is all trading and we are all traders. We should respect the market and each other and our differences.

- Ric
Be humble or get humbled
  • #2,029
  • Edited Jul 18, 2021 6:13pm Jul 17, 2021 6:34pm | Edited Jul 18, 2021 6:13pm
Quoting simnz
{quote} Both Anton and Tom are hustlers and have planted their promoters in FF. That is OK. Both want to sell their courses to effortless solution seekers. Trading is an individual sports and need practising players.
Trading can be considered as Individual sports. Its not a spectator sports . If Tom and Anton are making presentation to showcase their talents and by doing so are able to enhance their own performance then it is ok.

Anton playing bad cop (creating fear) and Tom being a good cop (creating greed
and testing market for finding course takers) are acceptable selling techniques.

FF is full of free material to initiate a learner into the individual sports. By watching shows and doing hindsight trading and not practising, how can anyone become a trader? Competitions , challenges or trade explorers hardly attract any participation.
Practice makes a person perfect
  • #2,030
  • Jul 17, 2021 7:01pm Jul 17, 2021 7:01pm
Quoting simnz
{quote} Both Anton and Tom are hustlers and have planted their promoters in FF. That is OK. Both want to sell their courses to effortless solution seekers. Trading is an individual sports and need practising players.
Tom H. is not selling a course.

Yes, trading needs practise.
  • #2,031
  • Jul 17, 2021 7:49pm Jul 17, 2021 7:49pm
Quoting Techanalyst
{quote} Well the Institute of Trading where Anton is and other professional traders, they all have been working for banks and financial institutions as investors/traders. You can look it up they are legit. I would rather take the advice from them, than someone here on FF where most likely majority of people here don't even trade/invest for a living. Paying to learn how to trade professionally with someone like Anton and his other mentors, that are legit and have experience in finance, I would say best education investment ever. But to each their...
As a fellow graduate of the ITPM a few years back, the instruction there is eye opening. I would not tell others to buy the courses however, that is something I chose to do to see what those institutional traders did. Obviously, all institutions are not the same, and they have just one perspective out of many. The education did serve to alter my hold times and to be less of a pure chartist, all of which I still apply. For people here, many are trying to cobble together something from nothing, not knowing what they do not know. They will figure it out if they don't quit, don't repeat errors, and have lots and lots of time to burn.

Quoting BWilliam
{quote} Why would anyone make claims of massive profits on this forum ? Why do you care if someone else made massive profits ? Why do you care if someone follow you or read your shit or not ? Why do you bother to make claims to make good profits day trading your scalping strategies ? Why do you bother to create trading groups then make live calls ? Is this your purpose why you're active on forum ? I see commercial intent. An advertising tool. This type of elaborate activity is not about guts. This is a lame excuse to fry a bigger fish. Anyway this...
Yeah, Rick could be stealth vending. He does mention he has a group. But having a group of friends is not the same as charging to be in that group. So far, I have not seen him working up to a fee to be in that group of trading friends. Trading is terribly lonely, especially here in the math challenged USA.

About trading for a living, I do not. I could not. That would be very much like solitary confinement. It also does not help the end game, which is to get to a state of semi retirement. Drawing from a trading account is sub optimal for me, but that is just one man's take. I do not believe that there is a right or wrong procedure, only right or wrong methods, such as averaging down rather than scaling in.

But back to Rick, let's say he is commercial and has not been caught yet. If he is willing to prove his profitability upon request, what is the problem?
If you are good at something, never do it for free--Joker
  • #2,032
  • Edited 8:46pm Jul 17, 2021 8:28pm | Edited 8:46pm
Quoting jmn5611
{quote} As a fellow graduate of the ITPM a few years back, the instruction there is eye opening. I would not tell others to buy the courses however, that is something I chose to do to see what those institutional traders did. Obviously, all institutions are not the same, and they have just one perspective out of many. The education did serve to alter my hold times and to be less of a pure chartist, all of which I still apply. For people here, many are trying to cobble together something from nothing, not knowing what they do not know. They will...
Don't get me wrong. I have no issues with the commercial side of this business. In fact, after reading this forum given the level of ignorance *facepalm*, people ought to sign up with professional financial mentoring classes.

There's a commercial segment on FF. Do such activities in the right place. When on the rest of the forum be professional with our conduct not be seen as in possible violation of rules. Some members claim to be professional Forex traders, isn't it?

One more thing, this is the discussion segment of the forum. When did it become mandatory to show proof to qualify to post on here? Why is there a stealth campaign to discredit posts/posters who don't show proof? And we use the word professional when our conduct with forum rules are not.

Edit - there's also a negative campaign against commercial members. Don't ignorant "professional" trader members know there's a place and role that these stakeholders play? *facepalm*
Know what you trade
  • #2,033
  • Jul 18, 2021 1:01am Jul 18, 2021 1:01am
Quoting BWilliam
When did it become mandatory to show proof to qualify to post on here? Why is there a stealth campaign to discredit posts/posters who don't show proof?
RickM talking about exact money he operates. 100k, 10k, 50k... "accounts" and "profits"...

RickM mentions "trading group" a lot in his posts...

RickM talking a lot about his "edge" regarding volumes... liquidity...

That might trigger questions to show some proof what is easy to do by exposing at least 1 account. Not a big deal if you are friendly and honest... without hidden aggenda...

RickM pictures himself as rich investor/trader... And he needs a group not to be lonely in his forex journey. What is difference of texts in discord, telegram or other chats compared to texts in ff i dont know...

Or RickM likes live group trading... So he need people exactly when trading happens..? So RickM feels lonely when he make a trades... He needs to confirm entries? Yes you cant talk with wife or kids while opening deals... agree..

RickM uses averaging to exit losing trades. Averaging could work several years. Then wipe out account. But some year or two you are the King. Funny... I saw "Kings Box" somewhere here in FF... who was the author of that inovative term...

This might me cost to be ignored.. Let it be. I saw other people asking proof from RickM in other threads. Without success.

Still there were times when RickM exposed his EAs accounts and screenshots but not anymore... O yes because of scammers... Yes they see your success and you have money and start to private message you... Then why you talk about 100k, 50k and 10k so many times in your posts here and in other threads?
  • #2,034
  • Jul 18, 2021 1:25am Jul 18, 2021 1:25am
Now here is an interesting observation: FF is biased towards only giving people a
If you try to give a the post is masked ...

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.
That is not true. It is more accurate to say that Day Trading does not imply that one should place a trade every day.

Quoting JamesSmithFX
The math does not lie!
That is one of the most over-used expressions on this site.

Oops .. there I go again, failing to resist the temptation to get involved.
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
  • #2,035
  • Jul 18, 2021 1:42am Jul 18, 2021 1:42am
Quoting joyny
{quote} RickM talking about exact money he operates. 100k, 10k, 50k... "accounts" and "profits"... RickM mentions "trading group" a lot in his posts... RickM talking a lot about his "edge" regarding volumes... liquidity... That might trigger questions to show some proof what is easy to do by exposing at least 1 account. Not a big deal if you are friendly and honest... without hidden aggenda... RickM pictures himself as rich investor/trader... And he needs a group not to be lonely in his forex journey. What is difference of texts in discord, telegram...
Hi Joyny

I have no commercial interests.

Why am I here, because when I help people in Forex factory, I get messages back like this.

I have a stack of these on my computer and who else can claim that.

These are worth more than money to me.
Attached Image (click to enlarge)
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Trading thin liquidity at the boundary of the charts
  • #2,036
  • Jul 18, 2021 2:04am Jul 18, 2021 2:04am
Quoting RickM
{quote} Hi Joyny I have no commercial interests. Why am I here, because when I help people in Forex factory, I get messages back like this. I have a stack of these on my computer and who else can claim that. These are worth more than money to me. {image}
Then why not show some nice account? Why not expose in details how to enter how to exit trades in public thread? Would get much more positive feedback than from private groups...
  • #2,037
  • Jul 18, 2021 2:40am Jul 18, 2021 2:40am
Quoting joyny
{quote} Then why not show some nice account? Why not expose in details how to enter how to exit trades in public thread? Would get much more positive feedback than from private groups...
Because only 5% people is smart enough to use it as motivation to work, rest, 95% will hate you... so simple ...
  • #2,038
  • Jul 18, 2021 2:51am Jul 18, 2021 2:51am
Quoting joyny
{quote} Then why not show some nice account? Why not expose in details how to enter how to exit trades in public thread? Would get much more positive feedback than from private groups...
i dot know if youre looking for some signal service or what you will get seeing a 100k account it will add 0 value to you.
"Exchange of hands"
  • #2,039
  • Jul 18, 2021 3:15am Jul 18, 2021 3:15am
It will be difficult to ask PokerChip, rockypoint, TraderRon, Genry_05 to come together in agreement. So I decided to combine and mix them together.
The spread is lousy.

Attached Image (click to enlarge)
Click to Enlarge Name: kDx92Kx.png Size: 42 KB

Each of their system has strength and weakness, I just leverage on them.

This exercise is better than arguing among traders to score some ego stroke. Better go to the local massage spa to let someone stroke for me.

Btw forex trading is my ego-extension.
  • #2,040
  • Jul 18, 2021 3:21am Jul 18, 2021 3:21am
Quoting joyny
{quote} Then why not show some nice account? Why not expose in details how to enter how to exit trades in public thread? Would get much more positive feedback than from private groups...
Lol.

You know, the trading industry is full of scams. I don't know you guys, but I have spent a few thousands in books and courses in the past. Spent years studying and practicing at night and during holidays.

Then one has a lot of problems with the family and friends, because the time required to survive here, in particular, at the beginning, is exaggerated.

At some moment many left their works; some had to come back in front of everyone. From those who survived, maybe a few tried again and finally made it. Others not.

And, along the way, no one supported you.

Now people that you don't know ask you why are you supporting the community in this or in this other way.

There is no money enough to pay the excesses one has to make to become a trader most of the times. The physical and psychological exahustion is terrible, believe me.

I think a few of us enjoy interacting with others and sharing ideas that we consider important. We are aware that most of the courses, techniques are false and that your broker just wants you to lose your money asap because they know you (not you, but their clients) are a loser and they need to take away your money fast before you leave. Everything that will be taught about trading by your broker will be oriented for you to become a professional loser. Chart patterns, technical indicators, japanese candleshits, fibonacci trading. Be prepared to become the #1 loser with all that crap.

But think in the time we spent, the exahustion we suffered and the money we paid to the markets.

That is why we share just whatever we please and nothing else.
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