The brutal truth of day trading | Page 117 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

The truth about trading 164 replies

Truth about trading 9 replies

Truth about online trading...Is this us also? 5 replies

Pulos Bill - The Truth About Fibonacci Trading (Attached) 4 replies

The Bonehead Trader..please be brutal!! 47 replies

Attachments: The brutal truth of day trading
Exit Attachments

The brutal truth of day trading

  • #2,321
  • Jul 23, 2021 1:50am Jul 23, 2021 1:50am
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".


If all you know are 'salesmen' then what shall you naturally learn? (Kiyosaki is a good salesman). Certainly not how to milk a cow. So what will you learn from having 10% and calling it 100%? Sometimes one without the other IS the problem. Just a question. Not trying to start anything here. It's for you to decide if it's worth pursuing in your life.


Peter
Real Trading is not gambling.
  • #2,322
  • Jul 23, 2021 1:54am Jul 23, 2021 1:54am
Quoting Pumi
{quote} Bilal, roughly how many hours (on average) you spent per day glued to the screen during those trades?
well i didnt count but to give you an idea it is the main thing my days has evolved around during this week locked down upon holidays,

My spare office chair and sofa cushion to support my tail bone!

meanwhile i manage to do:
indoor cycling 15-30 min in total with a 10 min - 10 min each 2-3 shift
also tune 5 min headline news in between on youtube, and music is ON
talking to parents 15 min, 15min is must, and prayers upon their time it only take 5 min.
my sleep is also in pieces 4 hrs then in between 1 hrs when i need.
i do help my wife a bit whenever she ask for, cannot say no she is the Boss! secret for a happy life .

i was on a locked down during these holiday till today, so will be back to normal sleep from tomorrow and no trading.
"Exchange of hands"
  • #2,323
  • Edited 2:44am Jul 23, 2021 2:25am | Edited 2:44am
Quoting PeterCaleb
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....
Hi Peter

To answer why i mention Michael?

It is not he knows me, or i am his agent and catching fishes for him. No! but i learnt from him through his YouTube and other available materials which i have also shared in my thread for everyone, and he is the BOSS in the business but not GOD off course. so i mentioned him in the JOY that it is same trade which i took yesterday and he is talking about it today the guy from whom i have learnt, a very natural thing nothing to be offended.

YOU must be extremely good in the business even than Michael i never doubted that but being a student i am no able to GEL with your way of teaching, and i am being honest trust me.

if a teacher, mentor explaining me how this works and yet i have to do the puzzle than i am a bad student in that case. but if you really wanna help me and other bad students like me of your valuable experience let your charts do the talking, a picture is more than a 1000 words! please dont take it negatively.

I have all the respect for anyone older or younger than me, i am ready to learn from any one.

May God bless you and family with good health and peace at heart
stay blessed !
regards
bilal
"Exchange of hands"
  • #2,324
  • Jul 23, 2021 2:55am Jul 23, 2021 2:55am
Quoting PeterCaleb
{quote} If all you know are 'salesmen' then what shall you naturally learn? (Kiyosaki is a good salesman). Certainly not how to milk a cow. So what will you learn from having 10% and calling it 100%? Sometimes one without the other IS the problem. Just a question. Not trying to start anything here. It's for you to decide if it's worth pursuing in your life. Peter
tnx Peter. Thinking of concept "1 pip move ir random 1000 pips move not random".. I would say the majority of moves below 30-50 pips are "random"... at least from our regular traders perspective.

when having "random" process then to get out something out of that process it must be used appropriate tools. for a random process, good tool is quantitative data analysis (statistics, fluctuations, probabilities etc). this can be done only with EAs.
  • #2,325
  • Jul 23, 2021 3:00am Jul 23, 2021 3:00am
Quoting bilal1947
{quote} well i didnt count but to give you an idea it is the main thing my days has evolved around during this week locked down upon holidays, .
Thanks Bilal. The reason I'm asking is because I'm on the wrong time zone (or should I say the perfect time) for day trading the London and first half of NY as it clashes with my 9 to 5 (UTC+02:00). I have been looking at other sessions but from what I'm seeing the London and NY are the best.

At the moment I'm researching the second half of the NY to possibly trade for roughly 2 hours a day. The downside about it by that time my eyes would be tired of the screen (I'm specializing in one of the IT areas).

Another option is to forget day trading and look at swing and short term trading.

Edit: So the method I use and the time to trade has to sync with my 9 to 5.
  • #2,326
  • Jul 23, 2021 3:24am Jul 23, 2021 3:24am
When I was growing up, 'making money' meant you worked and it entered your life and then you did something with it. And so this meant you keep what you earn. Trading needs to be seen this way by more people. The best strategy is useless if you cannot hold onto your earnings.

For me, there are 3 types of markets in reference to earnings - 1 transparent, 2 non-transparent and 3 just plain dodgy.

Penny stocks are a good eg of 3. Although many people probably wouldn't remember that some of the "big things" of today were once just like a penny stock.

Each market has its transparency 'soft spot'. You just need to find it. Stories will get you some of the way. Technicals help but are prone to data cramps AKA information overload or analysis paralysis. (You just need to stop thinking like a consumer and think more like a hunter, looking for something with strong intent.) And I suspect because many who enter these markets, have never studied finance, economics, business and politics etc, they think/believe it futile or 'too hard' or something. People have lost everything because they ignored the primary basics.

Referring to random. To me, there are several misnomers in trading AND even more today than ever before. NOTHING is random. Random to person 1 is very specific to person 2. Context is where any trader is successful or not in this case. EA's are useless without context.

"Don't overcook the roast." I used to hate eating burnt roasts. The skin is crunchy and carbonized and the flesh is eeeww, not great.

Trading is the same. CERTAIN elements need to remain simple. If you overcook them they'll blow up in your face.

After some time, a person really needs to develop a 'nose' for what tactic or idea could/would/"should" work on a scale of 1-10 before any work is begun.

When you look at a chart, and you see the "up down gyrations" of that market, you're seeing an in/out revolving door. Every market works the same - transparent volume and liquidity or not.

Looking around these days, once someone labels "what is happening", in my impression, they've just cut their own legs off at the knees. Once this happens you've restricted blood flow to your knowledge base.

For people who use volume or tick totality, one fits inside the other. It was meant to work that way and THAT is why they were designed to work the way they look today.

To move from speculator to something more or better you need vision.

I could go on but others will want to speak.


Peter
Real Trading is not gambling.
  • #2,327
  • Jul 23, 2021 3:43am Jul 23, 2021 3:43am
Quoting PeterCaleb
. To move from speculator to something more or better you need vision. I could go on but others will want to speak. Peter
I can well relate, changing just the profile picture to an eye wont going to broaden my vision !
"Exchange of hands"
  • #2,328
  • Jul 23, 2021 3:53am Jul 23, 2021 3:53am
lighting the candles sticks

day trading Brutality is still ON fire.

# Lighting a candle symbolizes bringing light to our wishes or desires (googled the spelling of lighting and got this nothing fancy )
Attached Image (click to enlarge)
Click to Enlarge Name: bf6e47a423a0070ea74742e3a80b341d.png Size: 87 KB
"Exchange of hands"
  • #2,329
  • Jul 23, 2021 5:23am Jul 23, 2021 5:23am
https://thecollegeinvestor.com/4726/...ys-bankruptcy/
  • #2,330
  • Jul 23, 2021 8:23am Jul 23, 2021 8:23am
Xtreme Brutal Day Trading


How i turn 10K in to 40K ?

i will be sharing the trade history of these days for your comments, suggestions and feedback, off-course some will trying to pull legs but i need positive critisim so i can learn from the experience ones.


Stay tuned !!!
"Exchange of hands"
  • #2,331
  • Jul 23, 2021 8:31am Jul 23, 2021 8:31am
Quoting PeterCaleb
When I. I could go on but others will want to speak. Peter
Keep talking, please ...
  • #2,332
  • Jul 23, 2021 8:43am Jul 23, 2021 8:43am
Quoting bilal1947
Xtreme Brutal Day Trading How i turn 10K in to 40K ? i will be sharing the trade history of these days for your comments, suggestions and feedback, off-course some will trying to pull legs but i need positive critisim so i can learn from the experience ones. Stay tuned !!!
That is only 400%. Once I made 22000% in 2 months, that was funny. Сan you guess what happened next?
Observer effect
  • #2,333
  • Edited 10:01am Jul 23, 2021 8:46am | Edited 10:01am
Quoting ryuryu
{quote} That is only 400%. Once I made 22000% in 2 months, that was funny. Сan you guess what happened next?
i am not in competition, but learning so your comments are welcome !

this is just 3 days, in 2 months i dont know what will be the comparable outcome.

M1 good entries:
Attached Image (click to enlarge)
Click to Enlarge Name: 341af163650dcdfe5d332e63ccdb4073.png Size: 102 KB
"Exchange of hands"
  • #2,334
  • Jul 23, 2021 8:56am Jul 23, 2021 8:56am
Quoting bilal1947
{quote} i am not in competition, but learning so your comments are welcome ! this is just 3 days, in 2 months i dont know what will be the comparable outcome. it has become 50K i have closed all trades now it is 500% M1 good entries: {image}
You are posting charts without TF selected. There are no lot size etc. It is over-leveraged gambling?
Observer effect
  • #2,335
  • Jul 23, 2021 9:05am Jul 23, 2021 9:05am
Quoting ryuryu
{quote} You are posting charts without TF selected. There are no lot size etc. It is over-leveraged gambling?
Na, all charts have time frame its mention on every chart on right side.

because money was not the focus, but pips, so i was sharing Pips gains summary, now i am open for your criticism, i am sure it will help me.

currently leverage was 1:500
"Exchange of hands"
  • #2,336
  • Jul 23, 2021 9:08am Jul 23, 2021 9:08am
Look at the GU now
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD.png Size: 22 KB
  • #2,337
  • Jul 23, 2021 9:11am Jul 23, 2021 9:11am
Quoting bilal1947
Xtreme Brutal Day Trading How i turn 10K in to 40K ? i will be sharing the trade history of these days for your comments, suggestions and feedback, off-course some will trying to pull legs but i need positive critisim so i can learn from the experience ones. Stay tuned !!!
Xtreme Brutal day trading - Turned 12K into 50K - gain of 38K - in 4 Days

Nothing fancy money shouldn't be the target but pips, but that's how i feel i should grow and can manage some fund in the future or my own small fund too.

i am open for your comments and positive criticism. please do comment and kindly don't ignore as i will not be posting this from onwards any more.

attached same trade compact summary report and detailed trades statement, i know 4 days is not a good history but still that the time i have for now.

i am done for the holidays

i thank everyone who will going to comment and guide me further in advance for taking time out for me.

Stay blessed
bilal
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1187f68ab24feb020bcb6205c2ceebf0.png Size: 82 KB
Click to Enlarge Name: 710d9685be599a81cfb617892526e9d2.png Size: 25 KB
Attached File(s)
File Type: zip DetailedStatement.zip   13 KB | 328 downloads
"Exchange of hands"
  • #2,338
  • Jul 23, 2021 9:18am Jul 23, 2021 9:18am
Quoting bilal1947
{quote} Xtreme Brutal day trading - Turned 12K into 50K - gain of 38K - in 4 Days Nothing fancy money shouldn't be the target but pips, but that's how i feel i should grow and can manage some fund in the future or my own small fund too. i am open for your comments and positive criticism. please do comment and kindly don't ignore as i will not be posting this from onwards any more. attached same trade compact summary report and detailed trades statement. i am done for the holidays i thank everyone who will going to comment and guide me further...
Nothing to criticize here. Profit factor >2 it is ok. DD is too big, but who cares.
Observer effect
  • #2,339
  • Jul 23, 2021 10:34am Jul 23, 2021 10:34am
Quoting ryuryu
{quote} Nothing to criticize here. Profit factor >2 it is ok. DD is too big, but who cares.
Point noted, and how about absolute drawdown?
"Exchange of hands"
  • #2,340
  • Jul 23, 2021 10:44am Jul 23, 2021 10:44am
Quoting bilal1947
{quote} Xtreme Brutal day trading - Turned 12K into 50K - gain of 38K - in 4 Days Nothing fancy money shouldn't be the target but pips, but that's how i feel i should grow and can manage some fund in the future or my own small fund too. i am open for your comments and positive criticism. please do comment and kindly don't ignore as i will not be posting this from onwards any more. attached same trade compact summary report and detailed trades statement, i know 4 days is not a good history but still that the time i have for now. i am done for the...
could you share your TE? so it can be verified thx
who dares wins
mashFX DSRII Return This Year: na
2 traders viewing now