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The brutal truth of day trading

  • #2,741
  • Aug 3, 2021 7:37am Aug 3, 2021 7:37am
Quoting mixedbags
The more I compare my strategy with some of the better systems/strategies in FF - "LOW" Win Rate, "BIG" Reward Opening price US30 Trading with the zones - Forexholy's Charts kette - every chart she posted the more...

the more I gain more confidence on my system.
In Forex trading confidence to place big bets down is everything, this is the only thing that matter. No point have some fantastic sophisticated system yet don't have the balls to bet big. That's why trading for a living naturally means no balls trading.
Know what you trade
  • #2,742
  • Aug 3, 2021 7:43am Aug 3, 2021 7:43am
Quoting BWilliam
{quote} In Forex trading confidence to place big bets down is everything, this is the only thing that mayters. No point have some fantastic sophisticated system yet don't have the balls to bet big. That's why trading for a living naturally means no balls trading.
If I show hand (my system), I wonder how many will kick my ass because it is dead simple. When you see those legs on the charts.
  • #2,743
  • Aug 3, 2021 7:50am Aug 3, 2021 7:50am
Quoting mixedbags
The more I compare my strategy with some of the better systems/strategies in FF - "LOW" Win Rate, "BIG" Reward Opening price US30 Trading with the zones - Forexholy's Charts kette - every chart she posted the more...

I am speechless ??????
who are you competing with
my trade is happiness, because I wait
simple market profile
  • #2,744
  • Aug 3, 2021 7:52am Aug 3, 2021 7:52am
Quoting mixedbags
{quote} If I show hand (my system), I wonder how many will kick my ass because it is dead simple. When you see those legs on the charts.
- Doctor, I see legs on the chart
- Next, please! Lunatics next door!

Observer effect
  • #2,745
  • Aug 3, 2021 7:55am Aug 3, 2021 7:55am
Quoting kette
{quote} I am speechless ?????? who are you competing with my trade is happiness, because I wait simple market profile
I am comparing with some of the better strategies in FF not competing nor challenging
  • #2,746
  • Aug 3, 2021 7:57am Aug 3, 2021 7:57am
Quoting ryuryu
{quote} - Doctor, I see legs on the chart - Next, please! Lunatics next door!
I'm mad yes, lol. 138684
  • #2,747
  • Aug 3, 2021 8:02am Aug 3, 2021 8:02am
Quoting mixedbags
{quote} I'm mad yes, lol. 138684
why are you angry
no one can hurt you, you are far away
  • #2,748
  • Aug 3, 2021 8:04am Aug 3, 2021 8:04am
Quoting mixedbags
{quote} I am comparing with some of the better strategies in FF not competing nor challenging
Why you think these are good strategies? Here on FF only one strategy is good - Laura's Roadmap. All others are pure bullshit as for me...
Observer effect
  • #2,749
  • Aug 3, 2021 8:08am Aug 3, 2021 8:08am
Honestly
everyone can do what they want
The important thing is that the small success is there
  • #2,750
  • Aug 3, 2021 4:24pm Aug 3, 2021 4:24pm
Quoting BWilliam
{quote} In Forex trading confidence to place big bets down is everything, this is the only thing that matter. No point have some fantastic sophisticated system yet don't have the balls to bet big. That's why trading for a living naturally means no balls trading.
Hi BW,

You know I dont get much of your cryptic posts about trading. Thus, I dont pay much attention to them.

But let me tell you that this is a very interesting and smart point you are coming with. Indeed, how good is one's (like anyone) trading system, if that trader has no confidence to trade big with it?

Very good question. I will think about it...

Cheers,
B

PS I am surprised you didnt get any thumbs up for this post...
On ignore list of scammers, deceivers and low IQ individuals. Exclusively
  • #2,751
  • Edited 6:01pm Aug 3, 2021 5:22pm | Edited 6:01pm
Quoting BWilliam
{quote} In Forex trading confidence to place big bets down is everything, this is the only thing that matter. No point have some fantastic sophisticated system yet don't have the balls to bet big. That's why trading for a living naturally means no balls trading.
Hi BWilliams

A good profitable trading strategy has nothing to do with “the setup” but more to do with money management.

There is a correct trade size that should be used on any equity account, if we trade larger than this it becomes gambling.

Our goal as day traders is to establish a realistic monthly profit target then break it down to daily profit targets. From the daily profit target, we need to establish how many setups we should expect per day and divide that by our daily profit goal.
For example, the brutal truth about day traders is a realistic monthly goal on a large equity account is 5% increase in equity.

Very few traders world wide actually achieve more on very large equity accounts.
So that’s about 1.25% increase a week or 0.25% increase in equity per day.
As I expect to take 15 clear setups a day (50+ on a good day) I only need to win 0.02% increase in equity per setup to get my daily profit.
Therefore for me to trade for a wage, I need to only trade at 0.5 lot size trade to achieve this wage.

No gambling involved and if I see some great setups, I will take 1 or 2 lot size trades but only if the market is supported of my strategy that day.

But it’s gambling and not needed.

The real issue day traders have is some days are almost untradable so we have to work harder and aim for double our daily goals on great trading days.
Therefore I will no berserk on one day a week if the market allows and trade for a longer period, not larger trade size.

Now if you want to get rich, trade very large on your setups but don’t come to me when you stuff it up.
The market preys on greed.

I expect zero likes from traders here on Forex Factory because of this post as most are not real day traders and just love trading 10 lots on demo charts to boast to other old retirees here they are cool.


Cheers boring Rick
Trading thin liquidity at the boundary of the charts
  • #2,752
  • Edited 11:15pm Aug 3, 2021 5:27pm | Edited 11:15pm
Quoting bfx17
{quote} Hi BW, You know I dont get much of your cryptic posts about trading. Thus, I dont pay much attention to them. But let me tell you that this is a very interesting and smart point you are coming with. Indeed, how good is one's (like anyone) trading system, if that trader has no confidence to trade big with it? Very good question. I will think about it... Cheers, B PS I am surprised you didnt get any thumbs up for this post...
Thanks bfx17, you get my point. This very important point ties in with my other posts that I wrote. Read in conjuction with all of them to make sense of them all. Read other members posts about their confidence to place big bets. That's how to know how good the trading system is. After all the hype then followed by no balls to place big bets is clear contradiction.

Trading for a living starting with small capital is high probability fail. If this trader has no balls to place big bets how's it possible to grow the capital? Even if the trader is good enough to earn a wage he will not break free from the status of wage earner because he has no balls. He has to trade for a living all his life. Is it even possible to trade for 35-40years without falling prey to decision fatique? Change in industry specification? There are so many uncertainties. Can one be 100% sure that he can retire as a full time retail wage earning trader? Besides raising the necessary capital large enough to trade safely for a living.

This is not about boasting win rate. This is not about boasting superior trading knowledge or skill. This is not about boasting nice looking TE. This is not about boasting live calls. This is logical reality. To me it's impossible task.

When the trader retires after 35-40years trading for a wage to pay his bills plus a retirement fund, only then can he claim he traded for a living. Who has done that starting from average Joe worker status, actually retired as a real Forex trader for a wage for his living? ZERO.

Specific to scalpers dreaming of trading for a wage.
50 trades on average a day.
50 x 260 trading days =13,000 trades a year.
13,000 x 30 years 390,000 trades in his trading for a living career. Maintained at 90% win rate.
Does that sound logical or realistic to you?
Know what you trade
  • #2,753
  • Edited 5:51pm Aug 3, 2021 5:39pm | Edited 5:51pm
To me with a 10k account it is for hobby, with a 50K account it help me to pay my car installment. Thing change when I have 4 100k funded accounts and 1 more to come by mid of this month. no i don't trade these funded accounts like those youtubers that hit 50k to 200k profit. everyday 1k I will be very happy.

when I do the challenge everyday target $500 when reached I'll closed that platform even if there is a very good setup. slow and steady is the way I took those challenges.
  • #2,754
  • Edited 10:52pm Aug 3, 2021 5:41pm | Edited 10:52pm
Quoting RickM
{quote} Hi BWilliams A good profitable trading strategy has nothing to do with “the setup” but more to do with money management. There is a correct trade size that should be used on any equity account, if we trade larger than this it becomes gambling. Our goal as day traders is to establish a realistic monthly profit target then break it down to daily profit targets. From the daily profit target, we need to establish how many setups we should expect per day and divide that by our daily profit goal. For example, the brutal truth about day traders...
I don't think you understand the other realistic way - the big balls way to trade Forex. You have not thought deep enough about this serious subject. You simply brush it off as gambling. You have not yet understand the true meaning of risk management. You already made up your mind that you are correct. So I won't explain it on this forum, no point.

About your dream of scalping Forex for a wage. Tell us(this forum) your story when you retire. Also tell us how many among your group retired as a Forex scalper for a living. There's nothing to boast about scalping Forex for a living, it's just another job.

Lastly, despite your boasting and all the cheering for you on this forum. There are few who has seen the light, the realistic way. These group of traders will eventually come way ahead of you and your scalping 50 trades a day for a wage group. Mark my words. And this group of traders don't boast on this forum.

Response to RickM post below -
I have nothing more to add to what I have written. Pls don't accuse me of selling pdf to win argument. Why don't you take it as you're the best trader on FF. More important, tell us about your journey in scalping 50trades a day @90% win rate over the next few years/decade. To you Forex scalping is exciting. To me there's zero excitement in trading Forex.
Know what you trade
  • #2,755
  • Aug 3, 2021 5:48pm Aug 3, 2021 5:48pm
Quoting ryuryu
{quote} Why you think these are good strategies? Here on FF only one strategy is good - Laura's Roadmap. All others are pure bullshit as for me...
there is 1 rectangle breakout strategy in FF that is not too bad. I'll try to hunt it down and test it again.
  • #2,756
  • Aug 3, 2021 7:02pm Aug 3, 2021 7:02pm
Quoting BWilliam
{quote} I don't think you understand the other realistic way to trade Forex. You have not thought deep enough about this serious subject. You simply brush it off as gambling. You have not yet understand the true meaning of risk management. You already made up your mind that you are correct. So I won't explain it on this forum, no point. About your dream of scalping Forex for a wage. Tell us(this forum) your story when you retire. Also tell us how many among your group retired as a Forex scalper for a living. There's nothing to boast about scalping...
Hi BWilliams

If you aren’t going to lay your counts on the table, stop the bullshit.
No more fairytales.
No more “Algo’s rule the world” BS

Tell us your exact realistic ideas on money management and your concepts. By all means hide some of your secret material but there is plenty more you can share.

You put your stuff up, I am happy to put my stuff up as well.

Either explain more or just start selling PDF’s like some forex factory members do here.

Lastly I don’t boast, forex trading is bloody boring because I watch every M1 candle on EURUSD and Gold.
I have never said I am correct, I am just showing traders a pathway to being a day trader.
I have reviewed dozens of professional traders work and results so I know what’s real what’s not possible.

I don’t think you know what you are missing by being a low time frame scalper. We get to see the big players take actual trades, we see the manipulation occur in front of our eyes and we profit instantly. Just in those brief moments, it’s all worth it.

Being a Liquidity traders is exhilarating when the market goes beserk, better than sex.

Cheers Rick who may not get enough because the markets get him just as excited
Trading thin liquidity at the boundary of the charts
  • #2,757
  • Aug 3, 2021 7:18pm Aug 3, 2021 7:18pm
[quote=RickM;13653845]{quote}
We get to see the big players take actual trades, we see the manipulation occur in front of our eyes and we profit instantly.



Its actually the opposite. Big players see what others traders are doing. If you want to see what big players are doing, you need to go at least on daily chart, pay attention to supply/demand and need to know fundamentals.
Understand worldwide economics micro and macro if you want to understand what big players are doing. On a low time frimes like 1 minute, its just noise.
  • #2,758
  • Aug 3, 2021 7:34pm Aug 3, 2021 7:34pm
[quote=Techanalyst;13653863]
Quoting RickM
{quote} We get to see the big players take actual trades, we see the manipulation occur in front of our eyes and we profit instantly. Its actually the opposite. Big players see what others traders are doing. If you want to see what big players are doing, you need to go at least on daily chart, pay attention to supply/demand and need to know fundamentals. Understand worldwide economics micro and macro if you want to understand what big players are doing. On a low time frimes like 1 minute, its just noise.
Hi Techanalyst

For the big picture, you can see it in history like you said.

But it’s possible to see the big players put up blocking orders, it’s possible to see the big players
decrease liquidity on either the buyers or the sells orders.

Last night mid London session, the selling liquidity doubled in size 2 to 1 over buyers during a bearish drop. I saw one selling order block price resulting in a bearish move.
If you look at EURUSD now it’s bearish, the move was confirmed by a single block established at 10.23pm Brisbane time.

They are setting up for a massive bearish move this week. It all started from a single block on Friday.
That block lasted 15 minutes.

Game over, it’s going run hard bearish unless something changes their outlook.

Cheers
Trading thin liquidity at the boundary of the charts
  • #2,759
  • Aug 3, 2021 7:41pm Aug 3, 2021 7:41pm
Quoting RickM
Quoting Techanalyst
{quote} Hi Techanalyst For the big picture, you can see it in history like you said. But it’s possible to see the big players put up blocking orders, it’s possible to see the big players decrease liquidity on either the buyers or the sells orders. Last night mid London session, the selling liquidity doubled in size 2 to 1 over buyers during a bearish drop. I saw one selling order block price resulting in a bearish move. If you look at EURUSD now it’s bearish, the move was confirmed by a single block established at 10.23pm
...
I do agree that EURUSD is going to go further down, and it is fundamentally bearish, last week news for USD was negative. As it is possible that it could go down from here, I think it has more room to go up to 1.19xx second supply zone before heading back down. My analysis are bearish on EURUSD but i will not enter a sell position yet. I have been selling USDCHF since 0.9196 and should get to demand zone on daily around 0.8998. The forecast for EURUSD:

The Euro Dollar Exchange Rate - EUR/USD is expected to trade at 1.18 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.17 in 12 months time.

https://tradingeconomics.com/euro-area/currency
Click forecast.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDdaily.png Size: 104 KB
  • #2,760
  • Aug 3, 2021 7:49pm Aug 3, 2021 7:49pm
But to add some of BWilliams magic to this thread, my guess he has a point marked on EURUSD at around 1.1857.
I think he calls them value points or something.

I call it a Vacuum point, George AUS would call it a Herd Mentality Line.

Either way it’s fake resistance setting up retail traders for a hard full.

Sell hard then Buy the exhaustion it causes - is my call.

I could be wrong but who reads this post anyway

Cheers
Trading thin liquidity at the boundary of the charts
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