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The brutal truth of day trading

  • #3,561
  • Sep 19, 2021 2:08am Sep 19, 2021 2:08am
You begin to gamble for a living full time at the roulette tables racking up profits month after month.

This is actually a good analogy. We are speculators. Where you went wrong is that there are no positive expectancy games in Vegas.

You think of yourself as a pro gambler.

Yes, we gamble, this is what we do.

There's no difference between "successful" AP gambler and Forex trader.

Yes, there are. We, as traders, have a positive expectancy over a large number of trades. It is close in roulette, craps, and blackjack, but not quite. Look for the terms "kurtosis", and "skew", when you get a chance.

However, there are only a handful of gamblers and traders(0.01%) who are truly successful that made money that change their financial status and retain it.

I agree, but not for the same reasons that you do. Most aspiring traders know what to do, but they cannot do it for purely mental reasons. Further, if you do not mind, I would like the source of your statistic. Raw data if you can.

The rest fall under this category of "veteran" gamblers or Forex traders.

This begs the question of why you are in an FX forum full of gamblers?
If you are good at something, never do it for free--Joker
  • #3,562
  • Sep 19, 2021 4:09am Sep 19, 2021 4:09am
Quoting Aussi
{quote} thats where i got my background on trading i traded penny stocks , moved on to forex and the background helped me a lot, i still have a hand in stocks and trade the aus200 on forex , some can not do the transmission to forex but in the end it is about the cash stocks or forex
Hi Aussi, great to see you back in good shape

Since it is weekend, for entertainment purposes, could you tell us how tough is to live out of a demo account? Could be any type of demo account: penny stocks, stocks, forex etc., you name it. I guess it is important for your followers from the Fantasy Thread to understand that.

Cheers,
B
On ignore list of scammers, deceivers and low IQ individuals. Exclusively
  • #3,563
  • Edited 4:34am Sep 21, 2021 4:17am | Edited 4:34am
People think they can build up/ develop their psychology by demo trading for maybe upto 6 months or more. But the honest truth is that is a big waste of time. By trading live with little amounts of money(you can afford to lose) you then start to see all sorts of emotions in the human body pop up and you get the feel of how your psyche works! "Day trading" is not easy which has markets move/fluctuate in different directions and patterns from time to time. but constant practice, resilience and doggedness will surely lead you to a great start.

This will bring about discipline leading you to finding "rule-based" strategy(s) that will suit your trading style and limit your exposure to the "5 O's of TRADING" and even more. Then this makes day trading a lot easier and you will have a sigh of relief thereafter but note there is no limit to what you can learn on a daily basis no matter your years of experience as "day trading" is a continuous process for as long as you are committed to "day-trading".
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Grit; Knowledge; Right Mindset; All you need to overcome. KIS!
  • #3,564
  • Sep 21, 2021 4:35am Sep 21, 2021 4:35am
Quoting pipibrasci
People think they can build up/ develop their psychology by demo trading for maybe upto 6 months or more. But the honest truth is that is a big waste of time. By trading live with little amounts of money(you can afford to lose) you then start to see all sorts of emotions in the human body pop up and you get the feel of how your psyche works! "Day trading" is not easy which has markets move/fluctuate in different directions and patterns from time to time. but constant practice, resilience and doggedness will surely lead you to a great start. This...
If you're "practicing" with "small money you can afford to lose", what's to stop you from trading or treating it like a Demo account anyways?
  • #3,565
  • Edited 5:05am Sep 21, 2021 4:46am | Edited 5:05am
Quoting Koop
{quote} If you're "practicing" with "small money you can afford to lose", what's to stop you from trading or treating it like a Demo account anyways?
Well, this may depend on individual. I never felt the same way turning a $100 account into $1000 by demo trading/ real live trading. The emotions i dont get while demo trading and i hit that almost every time. Reason why i tried to develop that "no feelings" live trading in as much as it may seem inevitable to some extent. Honestly if i were still demo trading i wouldnt have gotten to where i am now. I am no genius nor a guru, dont get me wrong but i appreciate what i have learnt so far and still learning. Faster than if i were demo trading. I go to demo accounts to test my strategies.
Grit; Knowledge; Right Mindset; All you need to overcome. KIS!
  • #3,566
  • Sep 21, 2021 4:58am Sep 21, 2021 4:58am
before you against leverage. kindly note that traders with $200 trading capital won't make reasonable profit.....
  • #3,567
  • Sep 21, 2021 9:47am Sep 21, 2021 9:47am
Quoting pipibrasci
People think they can build up/ develop their psychology by demo trading for maybe upto 6 months or more. But the honest truth is that is a big waste of time. By trading live with little amounts of money(you can afford to lose) you then start to see all sorts of emotions in the human body pop up and you get the feel of how your psyche works! "Day trading" is not easy which has markets move/fluctuate in different directions and patterns from time to time. but constant practice, resilience and doggedness will surely lead you to a great start. This...
I’m thinking that post may be the winner of the stupidity award today.

Wrong in so many ways, I don’t know where to start.
Trading thin liquidity at the boundary of the charts
  • #3,568
  • Sep 21, 2021 10:34am Sep 21, 2021 10:34am
Quoting RickM
{quote} I’m thinking that post may be the winner of the stupidity award today. Wrong in so many ways, I don’t know where to start.
I have learned that many, if not most, people on this site are young and lack resources, so they post things that sound cool that the pulled from social media. Doomed from the start.
If you are good at something, never do it for free--Joker
  • #3,569
  • Sep 21, 2021 10:56am Sep 21, 2021 10:56am
Quoting pipibrasci
People think they can build up/ develop their psychology by demo trading for maybe upto 6 months or more. But the honest truth is that is a big waste of time. By trading live with little amounts of money(you can afford to lose) you then start to see all sorts of emotions in the human body pop up and you get the feel of how your psyche works! "Day trading" is not easy which has markets move/fluctuate in different directions and patterns from time to time. but constant practice, resilience and doggedness will surely lead you to a great start. This...
The Ultimate Insult - May God Have Mercy On Your Soul - Billy Madison (Academic Decathlon) - YouTube
  • #3,570
  • Sep 21, 2021 11:27am Sep 21, 2021 11:27am
Quoting RickM
{quote} I’m thinking that post may be the winner of the stupidity award today. Wrong in so many ways, I don’t know where to start.
Grit; Knowledge; Right Mindset; All you need to overcome. KIS!
  • #3,571
  • Sep 21, 2021 11:28am Sep 21, 2021 11:28am
Quoting Ross88
{quote} The Ultimate Insult - May God Have Mercy On Your Soul - Billy Madison (Academic Decathlon) - YouTube
Grit; Knowledge; Right Mindset; All you need to overcome. KIS!
  • #3,572
  • Sep 21, 2021 11:36am Sep 21, 2021 11:36am
"The brutal truth about DAY TRADING Forex without referencing currency indexes is as good as leading a blind man to a steering wheel and handing him over the keys"! That is absolute gambling. - PipiBrasci
Grit; Knowledge; Right Mindset; All you need to overcome. KIS!
  • #3,573
  • Sep 21, 2021 11:42am Sep 21, 2021 11:42am
Quoting RickM
{quote} I’m thinking that post may be the winner of the stupidity award today. Wrong in so many ways, I don’t know where to start.
I don't see so much wrong in his post. Rick, maybe you can point out what you see wrong?

People write posts for... themselves. Comunity just helps to formulate ideas/questions. Collective thinking/learning here.

One (not the last... because there are no limits) learning level is when you teach or try to explain to somebody. This is when you learn a lot. Not that students who asked question... They learned their part while wrote questions... you learn when you write answers.

So Rick, what you could learn by writing what you saw wrong?
  • #3,574
  • Sep 21, 2021 11:51am Sep 21, 2021 11:51am
Quoting pipibrasci
{quote}
All jokes aside I agree with some of what you said mate

Just do what's right for you
  • #3,575
  • Sep 21, 2021 12:04pm Sep 21, 2021 12:04pm
Quoting pipibrasci
People think they can build up/ develop their psychology by demo trading for maybe upto 6 months or more. But the honest truth is that is a big waste of time. By trading live with little amounts of money(you can afford to lose) you then start to see all sorts of emotions in the human body pop up and you get the feel of how your psyche works!

Quoting RickM
I’m thinking that post may be the winner of the stupidity award today. Wrong in so many ways, I don’t know where to start.
I have to take the other side on this one, Rick.

One of the few, if not only, advantages of trading forex is that you can open an account with as little as $50.00. Most futures brokers require a minimum of $2,000-$5,000. I don't know about stockbrokers, but I do know the PPT day trading rules require an account with at least $20,000 (yes, there's a way around this, but I don't trade stocks, so let's move on).

The point is that a would-be trader can open a forex account for about the cost of two weeks worth of Starbucks (I don't drink coffee either, so $5.00 a cup might be an underestimate). Accordingly, a would-be trader can refrain from his daily caffeine fix for a short period of time and put that money in a live account. While the amount is small, it actually does allow the would-be trader to experience the emotions and psychological effects that can only be experienced in an account where actual money is on the line.
Without VSA, you're playing checkers while the Smart Money plays chess.
  • #3,576
  • Sep 21, 2021 12:05pm Sep 21, 2021 12:05pm
Quoting gepards
{quote} I don't see so much wrong in his post. Rick, maybe you can point out what you see wrong? People write posts for... themselves. Comunity just helps to formulate ideas/questions. Collective thinking/learning here. One (not the last... because there are no limits) learning level is when you teach or try to explain to somebody. This is when you learn a lot. Not that students who asked question... They learned their part while wrote questions... you learn when you write answers. So Rick, what you could learn by writing what you saw wrong? ...
These are people who learn or think they learned from reading lots of trading books and by demo trading for years while they fuss. But when they get into the real deal they get stung and keep wondering what happened. Your number of years of trading does not determine how successful you are or you will become. Day Trading is a journey and different ppl have their destinations. Someone is having a bad year with plasters all over does not mean the other folk next door is! Day Trading is not a bed of rosses but constant learning and adapting to every single market environment is key.


Let people rattle!
Grit; Knowledge; Right Mindset; All you need to overcome. KIS!
  • #3,577
  • Sep 21, 2021 12:18pm Sep 21, 2021 12:18pm
Quoting xRedStaRx
{quote} What do you mean price moves in perspective of stop hunt, you can't determine that from daily change or ATR
What's up Red - been a while mate. Just found this account from yonks back in time. Hope the markets are treating you lavishly
I AM BIASED - MY THOUGHTS ARE AGAINST YOURS
  • #3,578
  • Sep 21, 2021 12:28pm Sep 21, 2021 12:28pm
Quoting pipibrasci
{quote} demo trading for years while they fuss. But when they get into the real deal they get stung and keep wondering what happened. Your number of years of trading does not determine how successful you are or you will become. Day Trading is a journey and different ppl have their destinations. Someone is having a bad year with plasters all over does not mean the other folk next door is! Day Trading is not a bed of rosses but constant learning and adapting to every single market environment is key. Let people rattle!
Oh, whilst I'm here let's have a stab at this

Demo trading is a god send, especially when testing out new ideas - there's nothing different between a paper account and a live account in today's day and age when it comes to price feeds (open a few accounts if you really want to check) - I still use demo today when testing out nonsense, which is most of the time.

What is an issue is 'people' not being able to control their own emotions when switching from demo to live, we've all been there; if you haven't been there then get ready... if an idea works on demo (and i'm talking seriously and rigorously tested with stats to back it up) then why the hell should this logic not work on a real live account.

Just my 2 pence ofc
I AM BIASED - MY THOUGHTS ARE AGAINST YOURS
  • #3,579
  • Sep 21, 2021 1:49pm Sep 21, 2021 1:49pm
Quoting OnlineAddict
{quote} I don't use any EAs as robots...I wouldn't trust any automated software with trading decisions.
i did at one time - but they are only good for a time, robots cannot adjust for changes in the markets
https://linktr.ee/Soultrader
  • #3,580
  • Sep 21, 2021 1:52pm Sep 21, 2021 1:52pm
Quoting jezzode
{quote} Oh, whilst I'm here let's have a stab at this Demo trading is a god send, especially when testing out new ideas - there's nothing different between a paper account and a live account in today's day and age when it comes to price feeds (open a few accounts if you really want to check) - I still use demo today when testing out nonsense, which is most of the time. What is an issue is 'people' not being able to control their own emotions when switching from demo to live, we've all been there; if you haven't been there then get ready......

demo trading is pointless - first of all it's a false data feed, not the same as a real feed - how do i know this? let's just say i do. in demo accounts you will have wins that don't actually exist in the real market.

demo trading is pointless because as you say it does not prepare you for real trading - the only point to a demo account is to test a theory, nothing else. you cannot grow as a trader on a demo account.
https://linktr.ee/Soultrader
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