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The brutal truth of day trading

  • #3,221
  • Edited Aug 16, 2021 12:11am Aug 15, 2021 11:51pm | Edited Aug 16, 2021 12:11am
Today is one of these days that correlation works immediately and in terms of structure.

GU is responding later to price changes after EU, giving time enough to trade using it manually, and both have been doing the same for at least one hour since I started today.

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  • #3,222
  • Aug 16, 2021 12:59am Aug 16, 2021 12:59am
Quoting BWilliam
{quote} On FF you can't take anything seriously. I'm here only for the entertainment. If you're interested in research you do it with a few like minded members on the same page in small group away from FF.
Lol Oh now you're in support of ideas such as Rick's trading group of super traders? Or does it make a difference if it's "researchers"?
  • #3,223
  • Edited 1:19am Aug 16, 2021 1:02am | Edited 1:19am
Another thing in trading is that everything matters.

I have been saying that pinbars are bs, but a pinbar at a specific level that is meaningful instead adds convergence to the setup.

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In this case, it worked. But pinbars mean nothing, one needs context.
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What I mean is that trading is not a direct application of simple ideas. You may trade japanese candlesticks, or use MACD, TDI, PA or/and MAs, or use whatever you like to; but trading needs deep context imo.

And if I show a winning trade here, it does not mean I am winning in average, never think the person behind that screen is necessarily better than you at this. Most of us traders are losers in the long term, even those who look like winners. Having been 10 years at the arena does not make you a better player here, only good practice delivers good results; not just time.

It is good that anyone who is trying to make it feels that discouragement and negativity. Trading is depressing and brutal and most of us traders will be quitting sonner or later.

Don't think you are different or that I am different or that anyone writting here is different and it is not part of "us".
  • #3,224
  • Aug 16, 2021 1:25am Aug 16, 2021 1:25am
Quoting Koop
{quote} Lol Oh now you're in support of ideas such as Rick's trading group of super traders? Or does it make a difference if it's "researchers"?
I prefer "researchers" over "super traders". Genuine researchers are less biased with neutral opinion, keen listeners and open mind. Competent coders can be helpful as well.

"Super traders" tend to have this guru "know-it-all" complex, "I'm the greatest" attitude can't contribute much in research groups.

"Super traders" are better off leading trading groups, their life calling is to save the other group members from destruction.
Guru and devotee is a symbiotic relationship, both need each other in the trading group.
Know what you trade
  • #3,225
  • Aug 16, 2021 1:40am Aug 16, 2021 1:40am
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  • #3,226
  • Aug 16, 2021 1:50am Aug 16, 2021 1:50am
Our braings tend to negate and ignore whatever does not confirm our beliefs.

I pointed out a pinbar above and, if you realize, the horizontal line above that pinbar was already in my chart on my first post from today an hour ago or so.

But remember, pinbars are bs. See, do not let your brain to not allow you to see the rest of failed pinbars.

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  • #3,227
  • Aug 16, 2021 3:13am Aug 16, 2021 3:13am
A few problems in trading include greediness and impatience.

As a bad trader, I prefer to take most of my bet @ 1:1 RRR, limiting myself my exposure to markets, since the more the time you are at the market, the more the risk you take. See where I took 80% off the trade. And then SL to BE to start trailing price.
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It is a fallacy and it is false that longer-term or higher timaframe trades are safer because of the time component; the confidence intervals in any time series are increasing and the probability of matching the mathematical expectation to a future value decreases with time.

I think it is important to explore trading yourself and always backtest over and over, year after year.

Remember I only show you on that chart what I want you to see, not everything that I did or was watching at. Do not trust me just because I showed you a couple of trades. Do not trust me.
  • #3,228
  • Aug 16, 2021 3:42am Aug 16, 2021 3:42am
The mentality of the herd is what makes you lose. But without the herd, the sheep is lost and dies.

The herd considers the breakout as a strength signal, while others think that it is a sign of weakeness because it means nothing it is left for sale.

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It does not mean each breakout will be strong or weak.

How are HTF prices performing? Aren't they going down so far?

Bye bye, stop losses of breakout traders.
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And unfortunately I could not catch it. Nope, I could not, these lines are not a trade, just a sell limit that was never filled.

Do not trust your eyes when others show you a chart.

Do not try to understand why I used that sell limit. It was just because I have headache and could not react fast before. It is not either a good setup, I thought it was not going to come back and open it most likely.
  • #3,229
  • Aug 16, 2021 3:55am Aug 16, 2021 3:55am
Quoting scherzi
The mentality of the herd is what makes you lose. But without the herd, the sheep is lost and dies. The herd considers the breakout as a strength signal, while others think that it is a sign of weakeness because it means nothing it is left for sale. {image} It does not mean each breakout will be strong or weak. How are HTF prices performing? Aren't they going down so far? Bye bye, stop losses of breakout traders. {image} And unfortunately I could not catch it. Nope, I could not, these lines are not a trade, just a sell limit that was never filled....
lol Damn Scherzi! stop exposing guru secrets! You're giving away the business.
  • #3,230
  • Aug 16, 2021 3:57am Aug 16, 2021 3:57am
Some may be wondering then if breakouts are bullish or bearish...

This was bullish.

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No one knows if a breakout will be a continuation pattern or not.

It depends on how you are looking at your chart that you will take it in one way or another. Now, if you had not seen it, it means that I am making you to see exactly what I want.

It was there all the time.
  • #3,231
  • Aug 16, 2021 3:58am Aug 16, 2021 3:58am
Quoting Koop
{quote} lol Damn Scherzi! stop exposing guru secrets! You're giving away the business.
See the next post lol, I am creating confusion instead.

Because when you are so confused that you could open buy and sell positions at the same time, then it is when one starts to take seriously this.
  • #3,232
  • Aug 16, 2021 4:07am Aug 16, 2021 4:07am
Quoting Koop
{quote} lol Damn Scherzi! stop exposing guru secrets! You're giving away the business.
Here's another one

50 Lots already in profits right?
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maybe not?

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  • #3,233
  • Aug 16, 2021 4:10am Aug 16, 2021 4:10am
A little Speculation/Gamble

No proper setups on my strat still at the moment

so going out for a bit of food

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  • #3,234
  • Aug 16, 2021 4:21am Aug 16, 2021 4:21am
Quoting simnz
{quote} Leveraged is linked to the amount of risk you can take. I look for brokers who have robust and fool-proof margin trading sytesm. Reputed exchange-traded instruments brokers provide a letter of guarantee or bond to the exchange. Not transfer any money. Exchanges have determined good faith deposit or initial margin and it is not obligatory on the part of any reputed broker to implement it. But they do so because they will be sitting on a load of cash piled up from the customers and make money from the pile of cash. A smart broker who has a...


Fair enough. For me, I use "leverage" as a way to see if someone is a real trader or if they sees it (And trading) as a play toy. People don't understand and respect leverage. Where did that money come from? Who's footing the tab? Who just lost their house somewhere because someone (somewhere else) with too little brains but a lot of money was over leveraged in a trade that just went south? Aaaah it must be wonderful for people to live believing ignorance is bliss.

A wise trader understands the landscape they're contributing to and sees how the money system and game moves.

Anyway, leverage. Respect it or perish, whether one thinks they're clever or not.


Peter
Real Trading is not gambling.
  • #3,235
  • Aug 16, 2021 4:40am Aug 16, 2021 4:40am
When I look at my feet, am I looking down or seeing down? I can never remember.

I just let my feet look up at my head and meanwhile my head looks at my feet.

This is how I remember to stay grounded when I read some of this on forums or online or what I hear people talk about at the pub.

Sometimes I think people really do believe their own opinions. Not talking about my previous post response or writing this because of it at all. Just speaking generally.

I say be your own "XYZ" and leave the manure back in the truck.

If what you have learned can withstand decades of forward testing, hhhhmmmm I mean trading, hhhhmmm, I mean speculating or ..... is it....?? No, no, it IS speculating. Are you SURE Peter? No I'm not suuuuurrrrre now because all these "people" on here can't decide which dictionary they're reading from..... I "think" you're good to go if you can complete your own right of passage. Oh the woes of growing up and having to sit at the big person's table.

The sun's thaaaat way right ?? (Pointing up) So it would make sense that gravity likes the sun. What goes up also goes down with purpose. Mmmm. Complicated stuff.


Food for thought.


Peter
Real Trading is not gambling.
  • #3,236
  • Aug 16, 2021 4:45am Aug 16, 2021 4:45am
This is also a rare post showing a trade I think I am going to lose. It is not a bad setup, it is a FOMO setup.

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lol

ohhhh
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  • #3,237
  • Edited 5:35am Aug 16, 2021 5:23am | Edited 5:35am
Ok, this one was better, but I calculated incorrectly the entry in terms of RRR and I exited immediately when I realized prices were slow to my taste. Sometimes a strong burst of price happens afterwards (positive), but my DD is too much the speed is too slow.

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You have to exit when reality does not meet expectations. Because the brutal truth is that price is not going to do what you desire it to do, no matter how strong is your hope or need.

The Universe ignores you, you do not matter. We are not important.

Do not hear yourself, nor your heart; just look at the screen.

If you miss an opportunity because you were cautious and still have patience to wait for the next one, then you have won.

I lost the previous trade before this one because I did not have patience. It should not be difficult to be better than that. It's pathetic whe one loses because of that.

I do not trade trendlines but I find funny these reactions.
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The burst occurred. It could have not.

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  • #3,238
  • Aug 16, 2021 5:37am Aug 16, 2021 5:37am
Quoting scherzi
This is also a rare post showing a trade I think I am going to lose. It is not a bad setup, it is a FOMO setup. {image} lol ohhhh{image}
Hi Scherzi

EURUSD

Looking at my chart, I took a trade a bit later when the Delta had flipped and price was turning bullish.

I took three trades at the bottom for a rise in equity of 0.06%.
Please note Futures EU6U21 (EURUSD) is a few pips out of sync in a whole couple of months, something we can work with.

VOLUME is saying go long and hard

Cheers
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Trading thin liquidity at the boundary of the charts
  • #3,239
  • Aug 16, 2021 5:59am Aug 16, 2021 5:59am
Quoting RickM
{quote} Hi Scherzi EURUSD Looking at my chart, I took a trade a bit later when the Delta had flipped and price was turning bullish. I took three trades at the bottom for a rise in equity of 0.06%. Please note Futures EU6U21 (EURUSD) is a few pips out of sync in a whole couple of months, something we can work with. VOLUME is saying go long and hard Cheers {image}
Thank you Rick for the heads-up.

I am waiting for an long entry on m5 now since I exahusted m1.

Let's see if I can also get a piece of the cake today
  • #3,240
  • Aug 16, 2021 6:08am Aug 16, 2021 6:08am
Quoting RickM
{quote} Hi Scherzi EURUSD Looking at my chart, I took a trade a bit later when the Delta had flipped and price was turning bullish. I took three trades at the bottom for a rise in equity of 0.06%. Please note Futures EU6U21 (EURUSD) is a few pips out of sync in a whole couple of months, something we can work with. VOLUME is saying go long and hard Cheers {image}


euro is not my strength
buying from the daily low makes sense
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