Many opportunities in a day, now back to my usual 3 - GBPUSD, AUDJPY and US30.
2
The brutal truth of day trading
- #2,723
- Aug 1, 2021 8:56pm Aug 1, 2021 8:56pm
- Joined Oct 2012 | Status: Trade Small, Win Big | 4,988 Posts
If you are good at something, never do it for free--Joker
- #2,728
- Edited 11:00am Aug 2, 2021 10:46am | Edited 11:00am
- Joined Apr 2020 | Status: Trader/Coder | 1,929 Posts
my trading is carefully planned. this is btcusd {image}
It is an interesting experiment - open 10 mini-accounts ($100 each). Each account execute 10 trades of 0.01 on the same pair (GBPUSD). And place the stop loss 15 pips away from price. That is a total of 100 SLs. Do you think market will take out those SLs? A great strategy is there for those who try it out.
Volume is useful if you know how to use it. Of course from the Wyckoff perspective you have to use it with price (and more importantly the context or background). Manipulation is also there and Wyckoff touched on it. Why would you look at volume if you are not looking for possible manipulation? In all there is a lot of useful information on FF - from RickM, George_AUS, profitfarmer, bilal1947
Observer effect
[{quote} Personally I don't know what Wyckoff is, but I think that the volume is the most and only important thing we don't have. And by coincidence, only volumes data on Forex are not available [/quote]
I have shared this before "You have to ask yourself why the members of the self-regulated Exchanges around the world like to keep true volume information away from you as far as possible. The reason is because they know how important it is in analysing a market!" - an extract from the late Tom Williams' "The Undeclared Secrets that dive the stock market" (later called Master the Markets). I believe it is not a coincidence. This is part of the reasons why retail traders lose. I do understand that the Forex market is decentralized.
[/quote]I have shared this before "You have to ask yourself why the members of the self-regulated Exchanges around the world like to keep true volume information away from you as far as possible. The reason is because they know how important it is in analysing a market!" - an extract from the late Tom Williams' "The Undeclared Secrets that dive the stock market" (later called Master the Markets). I believe it is not a coincidence. This is part of the reasons why retail traders lose. I do understand that the Forex market is decentralized.
- #2,731
- Edited 1:39pm Aug 2, 2021 1:27pm | Edited 1:39pm
- Joined Apr 2020 | Status: Trader/Coder | 1,929 Posts
I have shared this before "You have to ask yourself why the members of the self-regulated Exchanges around the world like to keep true volume information away from you as far as possible. The reason is because they know how important it is in analysing a market!" - an extract from the late Tom Williams' "The Undeclared Secrets that dive the stock market" (later called Master the Markets). I believe it is not a coincidence. This is part of the reasons why retail traders lose. I do understand that the Forex market is decentralized.
True! Real truth of Trading.{quote} simplement parce que je ne me soucie pas de l'argent. Ce qui compte pour moi, c'est que je peux toujours répéter cette opération. sur le graphique btcusd j'ai fait toutes les ventes partielles 0,01 est le symbole de ce qui est possible
(p.s. little example. In 2017 we were able to place fill or kill orders with any volume we wish. Even we have no money for that. Imagine the opportunities. And then one degenerate posted that "issue" on reddit. And they fix it. End of glory.)
for guys like Peter, Aussi and Bwilliams that mean we could SEE stops.
Observer effect
- #2,732
- Aug 2, 2021 1:59pm Aug 2, 2021 1:59pm
- Joined Jan 2018 | Status: Trader | 17,298 Posts
{quote}
The important thing is that you have your strategy in mind.
everything else does not count for me
trading should be fun and not sick
some write books about it for 2 buttons (buy and sell)
- #2,733
- Aug 2, 2021 3:02pm Aug 2, 2021 3:02pm
- Joined Sep 2015 | Status: Trader | 2,516 Posts
Trading thin liquidity at the boundary of the charts
- #2,738
- Aug 3, 2021 3:02am Aug 3, 2021 3:02am
- Joined Apr 2020 | Status: Trader/Coder | 1,929 Posts
While I appreciate and try to learn from others strategies , I do find that some are really over complicated. Many use MA - when MA7 cross MA20. How many does an averaging of how many pips have moved away from MA 7 (or whatever setting) when price reverse? How many average up H4 fractal legs? While the algo of the MM or whoever they are, is a complex algorithm BUT it is still based on math, it will still be reduced to 1 + 1.
As an example of using indicators in wrong way: stochastic or rsi. First delusion is that it shows oversold or overbought areas. It is not. Second is using it for entry. Since it shows possible reverses (tops and bottoms) it must be used for exit, not for entry. And then everything works perfect. The same about moving averages. People just don't understand how it works and just repeat like parrots "fast ma cross slow ma blah-blah-blah". 1 trader is using real volume and 200 are drawing lines and arrows talking with poker faces about trading philosophy. It is normal
Observer effect
