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The brutal truth of day trading

  • #2,301
  • Jul 22, 2021 6:08am Jul 22, 2021 6:08am
Quoting Rmg
Take it easy folks, deep breath works.
LOL
Learn from your mistakes and march on.
  • #2,302
  • Jul 22, 2021 6:18am Jul 22, 2021 6:18am
Quoting superamigo
{quote} I forgot to tell. I only trade manually. I dont feel safe trusting in a bot. My expectation it is between 40 and 60% yearly. I expect between 7 and 10 year to i consider me a profissional trader. I think above 50000$ it is enough free capital to be a profissional trader. I dont have a high cost living. I can live with only 500$ per month.
if have 500k usd capital then it is ok to allocate 50k $ to forex trading. trade with no more than 10% of your capital.

all the rest seems good - you easily can earn for living by trading
  • #2,303
  • Jul 22, 2021 6:26am Jul 22, 2021 6:26am
Quoting superamigo
{quote} For me it doesnt work. with my leverage 1/30 minimous i accept to work it is 1000$
see TE attached in my signature. trading Microsoft stocks with leverage 1:20. monthly profit about 7%. start capital 100usd.

will be moments with 20% dd... so in long term, no more than 40-50% yearly profits can be expected.

people are waiting for stocks to crash sep/oct. Might be dd for me. let it be. wont turn off EA. because there were periods in history when 3 years in a row no dd. nobody knows the future. past is only indicative.
  • #2,304
  • Jul 22, 2021 6:44am Jul 22, 2021 6:44am
Quoting Techanalyst
{quote} None of us retail traders are "professional traders" because we do not work for any banks or institutions. We work for ourselves, making money on the capital we deposited. But you can learn to approach this business professionally.
I know what you mean. You are talking about , but in my opnion a profissional about anything isnt need work to others. For exemple. Do you think a seller only is a profissional if it is working in a store? Freelancer sellers are not profissional for you? For me a profissional is who is surviving with the income of some job. they are self-employed.
  • #2,305
  • Edited 7:34am Jul 22, 2021 7:18am | Edited 7:34am
Quoting gepards
{quote} if have 500k usd capital then it is ok to allocate 50k $ to forex trading. trade with no more than 10% of your capital. all the rest seems good - you easily can earn for living by trading
if i trade only with 10% of my capital, probably i dont live enough to my goal. for example i have 100$ with return 40% yearly. first year i got 140 then i have to withdraw 36 $ to be 10% again. it will be 104$ being a return only 4% yearly about this split i would need 158 years to my goal.
  • #2,306
  • Jul 22, 2021 7:30am Jul 22, 2021 7:30am
Quoting superamigo
{quote} if i trade only with 10% my capital it is probably i dont live enough to my goal. for exemple i have 100$ with return 40% yearly. first year i got 140 then i have to withdraw 36 $ to be 10% again. i will be 104$ being a return only 4% yearly about this split i would need 158 years to my goal.
i forgot to say that my tax it is 28% then my return of 40% yearly would be only 35%. and i didnt talk about inflation same if it was possible i live 158 years. 50k in 158 years i wouldnt be surprised if it would be like 10k today
  • #2,307
  • Jul 22, 2021 7:30am Jul 22, 2021 7:30am
Quoting superamigo
for exemple i have 100$ with return 40% yearly. first year i got 140 then i have to withdraw 36 $ to be 10% again. i will be 104$ being a return only 4% yearly about this split i would need 158 years to my goal.
you said have 50k... yes... with 100 usd not possible at all..

Quoting superamigo
if i trade only with 10% my capital it is probably i dont live enough to my goal.
you then need an additional source of income.

it is big mistake to trade all your capital. huge emotional pressure. and therefore huge possibilities to make bad decisions. you should trade without stress... 20% dd... ok 40% dd.. still ok. If you expect to have 20% dd.. be ready to have 40%. When losing 40% of all your capital could be very painful. you could start to do bad deals. risk too much etc

especially if you are a newbie in trading.. you will wipe out several accounts while learning... even if you learn with demo.. it is not real learning. only with a live account, you start really learning. and will notice your real emotions.
  • #2,308
  • Jul 22, 2021 7:51am Jul 22, 2021 7:51am
Attached is chart pinpointing news releases through out today and yesterday. If you are a day trader I think it might be wise to follow these news releases, the main reason is liquidity - if liquidity dries up - price moves very quickly - also you can see from the chart how many releases there are in a day. If you are a swing trader this information should be considered but not alter your overall approach.
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  • #2,309
  • Jul 22, 2021 7:54am Jul 22, 2021 7:54am
Quoting gepards
{quote} you said have 50k... yes... with 100 usd not possible at all.. {quote} you then need an additional source of income. it is big mistake to trade all your capital. huge emotional pressure. and therefore huge possibilities to make bad decisions. you should trade without stress... 20% dd... ok 40% dd.. still ok. If you expect to have 20% dd.. be ready to have 40%. When losing 40% of all your capital could be very painful. you could start to do bad deals. risk too much etc especially if you are a newbie in trading.. you will wipe out several...
I´m not newbie at all Im trading over 3 years and i alread did kill one capital when i was newbie and i commited the bigest mistake trading with no stop and always wainting revertion.

Actually I'm pretty confortable trading. like I trade only 3 or 4 times on one month I'm not so exposed to emotions and my trade, it is only with pending orders. I don't need be looking for my trade running. If I'm not looking I have no chance to feel emotions. Usually I need only look for my trading near NY exchange close to set updates of my sl on trade. The updates are usually moving my sl to next level, or next top, or botton and I never risk over 2% in one trade and my loss limite to the month it is 8%. Being swing and TF biger than daytrader, give me time to think better and commite less errors. while the time pass less mistakes I got.

I can tell with only 100$ I made 250$ in one day but I was trading only with broker bonus, then the money wasnt mine and after I got this profit I just did withdrawal of the profit and the bonus keep in the broker. If it wasnt the bonus I never would this. Unfortunately in the next month the broker removed my bonus lol and I closed my account this broker.
  • #2,310
  • Jul 22, 2021 8:19am Jul 22, 2021 8:19am
Quoting gepards
{quote} you said have 50k... yes... with 100 usd not possible at all.. {quote} you then need an additional source of income. it is big mistake to trade all your capital. huge emotional pressure. and therefore huge possibilities to make bad decisions. you should trade without stress... 20% dd... ok 40% dd.. still ok. If you expect to have 20% dd.. be ready to have 40%. When losing 40% of all your capital could be very painful. you could start to do bad deals. risk too much etc especially if you are a newbie in trading.. you will wipe out several...
But I agreed it is better not to trade with all free capital, the crash and gaps can kill your capital. I was lucky on Mars 2020 I got a gap in my favor while my trade. I got a huge profit my target was to only 2,8% profit and i got 7,6% If the gap was against me i would have huge loss it could affect me emotionally.
  • #2,311
  • Jul 22, 2021 6:56pm Jul 22, 2021 6:56pm
Below is rather scratchy and raw but it gets the concept across....


Despite the fact that this is a public forum, it shouldn't be used as an excuse not to learn something.

And as much as many of you either hate, despise or resent me ......... I still don't care. Learn something to help yourself or don't.


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If you're 'addicted' to the data as your focal point, then the 'marketplace' has done its job with you.



Peter
Real Trading is not gambling.
  • #2,312
  • Jul 22, 2021 7:17pm Jul 22, 2021 7:17pm
For me, all of this adds up to a healthy view of what's to come. Responding (Not reacting) is more important, more relevant and more powerful than "predicting". This small minded attitude doesn't work or help when seeking to learn this skill set.

Ever heard of Chinese Whispers? .....

https://www.google.com/search?q=Chin...hrome&ie=UTF-8

Trading is basically like that. Either you push your way to the front of the line or you risk hearing everything second and third hand.

Your choice.


Peter
Real Trading is not gambling.
  • #2,313
  • Edited 9:14pm Jul 22, 2021 7:57pm | Edited 9:14pm
Hi PeterC,

Yes, as kids we used to call the game … “Pass The Message” … and it was all verbal.


6 kids sitting around the dining table. (Hopefully with some sausage rolls & lemonade etc)


The first kid starts off by ‘whispering” in the next persons ear … with some mutli-detail imaginery “story” (that they wrote down first).

eg

“My mother Jan who is 42 years of age was born in Adelaide and went to school at Millicent Primary and used to wear white socks and a tartan dress to school.”


By the time the game had concluded, the 6th person then stood up and told the group what “message” they had received.

(obviously going through its various iterations kid by kid ... edit: as each kid did their best to remember what they were told to pass it on faithfully).


At that point the last kid would stand up and say something like … it was a

“Father named Bill who is 55yo and was born in America and never wore any shoes to school as they were too poor.


We all laughed loudly without realising the why.


Hell, even the cops will tell you they can talk to five “eye-witnesses” of a car accident and each might have a different variation to the incident (not what they even “heard” this time, but what they actually “saw”.)


Imo when you are presented with either verbal, written or even eye-witness accounts, I suggest you do as much due diligence as you possibly can.
  • #2,314
  • Edited 10:21pm Jul 22, 2021 9:50pm | Edited 10:21pm
Quoting bilal1947
stay tuned guys! and stop fighting because the Xtreme Brutal Day trading has not stopped yet some partials taken and BE hit {image}
the trade i took yesterday Michael too took it Liquidity - the secret piece of the puzzle

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"Exchange of hands"
  • #2,315
  • Jul 22, 2021 11:05pm Jul 22, 2021 11:05pm
the show has just begun

please take your seats

Gold
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EURUSD
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GBPUSD
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Audusd
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NZDUSD
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"Exchange of hands"
  • #2,316
  • Jul 22, 2021 11:09pm Jul 22, 2021 11:09pm
Quoting bilal1947
{quote} Update: the Xtreme brutal day trading is on: for charts sneak peek: https://www.forexfactory.com/thread/...6#post13637396 {image}
Xtreme Brutal Day trading is not over, but today is last day of my holidays and it will be over then

People ask me how i can make that many pips, i also agree with them the problem is in this trade report generator indicator

i made loses yesterday but recovered too.
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"Exchange of hands"
  • #2,317
  • Jul 22, 2021 11:40pm Jul 22, 2021 11:40pm
Quoting bilal1947
{quote} Xtreme Brutal Day trading is not over, but today is last day of my holidays and it will be over then People ask me how i can make that many pips, i also agree with them the problem is in this trade report generator indicator i made loses yesterday but recovered too. {image}
Bilal, roughly how many hours (on average) you spent per day glued to the screen during those trades?
  • #2,318
  • Jul 22, 2021 11:40pm Jul 22, 2021 11:40pm
Quoting PeterCaleb
Trading is basically like that. Either you push your way to the front of the line or you risk hearing everything second and third hand.
How to get to the "front line"? Make connections and get some friends from central banks?

R. Kiyosaki talked about that in his books..."It is not important what you know but whom you know".
  • #2,319
  • Jul 22, 2021 11:45pm Jul 22, 2021 11:45pm
bilal,

You do understand that "Michael" did not make up or create the stuff he talks about ....... right? He talks about stuff that has never ever been a secret or hidden or disguised or anything else one wants to say about it all. So there is no reason to mention him or praise him. Just the same with the things I talk about, I have no copyright or 'ownership' over it. It has always been in the common domain. It only requires someone to go looking. If someone wants to aim higher, you NEVER look to your peers for help. Why? They're where you are. No higher.

I'm just saying, he's really no different to other people who fragment the knowledge base required. I can say that with genuine conviction because I have been trading a rather long time, feasibly longer than "Michael" I dare say. Anyway, glad your trading is going well.


Peter
Real Trading is not gambling.
  • #2,320
  • Jul 22, 2021 11:46pm Jul 22, 2021 11:46pm
Quoting gepards
{quote} How to get to the "front line"? Make connections and get some friends from central banks? R. Kiyosaki talked about that in his books..."It is not important what you know but whom you know".
My grandma was saying the same 60 years ago...
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