The brutal truth of day trading | Page 181 | Forex Factory

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The brutal truth of day trading

  • #3,601
  • Sep 25, 2021 9:21am Sep 25, 2021 9:21am
Quoting BWilliam
{quote} That's why I take issue with all the misleading posts on forum. I take the trouble to post to highlight them that might offend some people. The more important thing I do is to post live calls. This way members who are interested can follow the call to "see" for themselves as the market unfold before their eyes. Then ask the question why they did not "see" it before the move happen ? I also posted material and education videos how to think in this forex market. Anyway I won't be posting anything anymore. This forum is too toxic and too stuck...

I know you are right but I like my opinion better.
90% of the people who write here are demo traders who know nothing.
  • #3,602
  • Sep 25, 2021 4:22pm Sep 25, 2021 4:22pm
Quoting BWilliam
{quote} That's why I take issue with all the misleading posts on forum. I take the trouble to post to highlight them that might offend some people. The more important thing I do is to post live calls. This way members who are interested can follow the call to "see" for themselves as the market unfold before their eyes. Then ask the question why they did not "see" it before the move happen ? I also posted material and education videos how to think in this forex market. Anyway I won't be posting anything anymore. This forum is too toxic and too stuck...
Hi BW,

Before you go...do you trade a live account?

Cheers
B
On ignore list of scammers, deceivers and low IQ individuals. Exclusively
  • #3,603
  • Sep 25, 2021 4:25pm Sep 25, 2021 4:25pm
Quoting kette
{quote} I know you are right but I like my opinion better. 90% of the people who write here are demo traders who know nothing.
What is your point?

A newborn doesn't just walk the same day he/she's born.

If you know more share with and guide those who know nothing.
  • #3,604
  • Sep 25, 2021 4:27pm Sep 25, 2021 4:27pm
Quoting BWilliam
{quote} This forum is too toxic and too stuck in their own ways.
I agree with you.
  • #3,605
  • Sep 25, 2021 5:37pm Sep 25, 2021 5:37pm
Quoting Pumi
{quote} What is your point? A newborn doesn't just walk the same day he/she's born. If you know more share with and guide those who know nothing.

I am interested in the clever things that are written here.
The majority are demo professionals, demo traders can't write anything serious in this room, that's how I see it.
Where is the hardcore trading here, in a demo?
two charts
I had a real panic with the demo
not with live trading

do not misunderstand
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  • #3,606
  • Sep 26, 2021 2:28am Sep 26, 2021 2:28am
Quoting kette
{quote} I am interested in the clever things that are written here. The majority are demo professionals, demo traders can't write anything serious in this room, that's how I see it. Where is the hardcore trading here, in a demo? two charts I had a real panic with the demo not with live trading do not misunderstand {image} {image}
I got you.
  • #3,607
  • Sep 26, 2021 6:03am Sep 26, 2021 6:03am
today i have the problem again.
Why did I buy there (DEMO)
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  • #3,608
  • Sep 27, 2021 1:27am Sep 27, 2021 1:27am
Quoting RickM
{quote} Well my time is important, whether I trade a demo account while testing a new strategy or trading it live - I have emotions both ways. Of course if you don’t value your time, go live and cross your fingers. Some people here forget there is a very handy tool on MT4 called a strategy tester, well worth your time.
Time is indeed important mate, so every minute counts! But if we strictly speak of newcomers, spending months together on a demo acc and then gaining a false confidence that we’ve mastered all there is to trading and its strategies, and then to get your acc blown into your face. That then comes as a nasty surprise that hey, it was all good and green and shiny in my demo , what’s goin on here???
  • #3,609
  • Edited 12:51am Oct 1, 2021 12:02am | Edited 12:51am
MY OPINION: There are NO SHORTCUTS to becoming a consistent and profitable "Day trader". You cannot compare a 10yr old trader practicing 1-3hrs per day to a 3yr old trader practicing at least 12hrs - 16hrs per day.

Remember to not always focus on P/L but ensure same focus is allocated to your "Margin Used %". This must not exceed 4%-5% of your overall Balance/Equity (open trades) at any given time. If it so does make sure you pause trading and review which trades to close asap to avoid unnecessary drawdowns and accounts been blown. As humans, mistakes are unavoidable when it comes to trading. I review my plan to put me in check when i go wrong overtrade or become overconfident as i am still a manual trader.

Do not only focus solely on strategies to enter and exit trades but ensure risk mgt and money mgt are part of the overall strategy/process. I know how hard it is to apply stop loss on a trade and eventually get stopped out and then price heads back to your profit target. Figure out a way to do this as this may also depend on timeframes as well. It took me 2 years to figure out something for myself and still doing more. This will bring calm and some level of confidence. Have you tried out all the indicators/ strategies on google, forums? Not funny but atleast it shows your burning desire and how hungry you are to succeed. Along the line you may find out that you do not need all the indicators!

Always try to allow trades run a little longer atleast hitting your set TP rather than closing it out quickly once the green pips turns on. See attachment. sometimes its good to just walk away from your desk when you open the trades or do something in you "to do list" or "library list".

Study hard and practice currency correlations very well as this would give you an edge in the FX markets on a day-to-day basis. e.g. In the past 2 days GBP and NZD currencies have been well correlated on the Higher TF. So you would not want to sell GBPUSD and Buy NZDUSD! Correlated major indexes - EUR & CHF; AUD & NZD; USD & JPY; GBP & CAD(to some extent). So from time to time these pairs tend to change or become non correlated as well. In most cases atleast 3 indexes tend to move in the opposite direction against the remaining indexes. In a good mkt environment 4 indexes tends move against 4 indexes. This takes sometime to learn. If you then add fundamentals to your technical analysis, hmm.. you have an edge!

Using the Currency indexes will be to your advantage and you will see lots of improvements.

Market structure, patterns, candlestick formations, S/R (Price Action) and Fib Ret/Ext tools as well as ATR indicator should be key elements to your trading. You will be amazed at how confluences tend to play out using S/R, Trendlines, Fib tools and maybe moving averages.

You must put in the hard work and effort to carry out proper technical analysis. Most of the time we do not see the bigger picture and what the market actually does. Do not rush into trades. Thanks to today's advancement in technology compared to trading in the 1920's - 1970's.

It takes a lot of time with constant practice, perseverance to become disciplined and consistent profitable "day trader". As this makes you to repeat same process day in day out. Not an easy thing to do! but overtime it becomes part of you. As a beginner throw away that "get rich quick" fantasy out of your head.

I hope this will help some of my brothers who are just new to "day trading" or still blowing up accounts "day trading". We learn every single day! I am still learning by the day and improving to my best abilities.

Learn from everyone, have a filter (take what will suit your style of trading and move on). Develop a "to do" list, "library list", trade journal, trade plan as this should be treated as a business and not just a hobby.

"Jesse Livermoore was a Legendary trader but would you consider him a successful trader? Takashi Kotegawa is a Legendary trader and a consistent trader until the day he pulls out his funds and retires then i can consider him a successful trader!"

Stay humble, stay calm and be patient. God bless our efforts.
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Grit; Knowledge; Right Mindset; All you need to overcome. KIS!
  • #3,610
  • Oct 8, 2021 9:24am Oct 8, 2021 9:24am
Wanted to say something brutal.. and then remembered that we have this nice thread here.. forgotten and slowly covered with dust..

Ok one more brutal truth from me

What I see from my EAs farm... the best performing are those which use averaging + SL. All the rest using statistical "edge" performs not impressive.

GBPUSD 9 month results:

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MSFT 6 month results:

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Running averaging with SL on ORACLe too.. so far 15% in ~3 months. Also very stable, BUY only, even stocks slide now... still make stable profits.

All the rest EAs... welll ... some win some lose some BE.. all package some ~10% in profits for now.

And brutal truth is - use averaging (but not greedy, use SL).
  • #3,611
  • Oct 8, 2021 9:54am Oct 8, 2021 9:54am
That's great.
keep it up.
  • #3,612
  • Oct 8, 2021 10:01am Oct 8, 2021 10:01am
Quoting gepards
Wanted to say something brutal.. and then remembered that we have this nice thread here.. forgotten and slowly covered with dust.. Ok one more brutal truth from me What I see from my EAs farm... the best performing are those which use averaging + SL. All the rest using statistical "edge" performs not impressive. GBPUSD 9 month results: {image} MSFT 6 month results: {image} Running averaging with SL on ORACLe too.. so far 15% in ~3 months. Also very stable, BUY only, even stocks slide now... still make stable profits. All the rest EAs... welll ......
Thank you for the tips.

Good work. Keep on.
  • #3,613
  • Oct 18, 2021 4:32pm Oct 18, 2021 4:32pm
I mean this is pretty brutal lol

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  • #3,614
  • Oct 19, 2021 3:45am Oct 19, 2021 3:45am
[quote=Dingoman-two;13705126]
Quoting Aussi
{quote} well you know where to look if you are serious[/quote If you are serious about wanting to learn how to trade then follow Aussie, If you are expecting to be spoon-fed every step of the way, then don't waste his time, or yours, It's you that needs to put the effet in and learn. Or you can keep listening to stupid people if you wish, {image}
Hey dingo could u please share the indicator u are using for open close high low on your chart
thank you.
  • #3,615
  • Oct 19, 2021 3:56am Oct 19, 2021 3:56am
[quote=OwaisJam;13751143]
Quoting Dingoman-two
{quote} Hey dingo could u please share the indicator u are using for open close high low on your chart thank you.

Hi OwaisJam,

could you help me out please by letting me know what chart what indicator please as I have many
  • #3,616
  • Oct 19, 2021 6:16am Oct 19, 2021 6:16am
[quote=Dingoman-two;13751162]
Quoting OwaisJam
{quote} Hi OwaisJam, could you help me out please by letting me know what chart what indicator please as I have many
Hello
Yes i saw previous daily open previous weekly open line daily pp line on your chart
I am looking for this indicator
  • #3,617
  • Oct 19, 2021 9:24am Oct 19, 2021 9:24am
[quote=Dingoman-two;13751162]
Quoting OwaisJam
{quote} Hi OwaisJam, could you help me out please by letting me know what chart what indicator please as I have many
Sir i am doing fine at this moment i have accuracy of 50percent i also do know when a trend is about to reverse or continue in gold m5 and m15 but the issue is i cant have exact buy or sell meaning i have to put a sl from 1810 to 1815 this is where i am struggling i want to put some levels which give me accuracy so that i can reduce my stop loss...
I trade in m5 and m15 only if i put SR levels on big tf i cant see any strong entry point or they appear very less though effective i need some advice on this i will research on this thing if u guide me thank you very much its today trade but the issue was i was not 100percent sure that it will go down from there so i put sl of 30pip
1783 to 1786
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  • #3,618
  • Edited 10:25am Oct 19, 2021 9:49am | Edited 10:25am
Quoting OwaisJam
Quoting Dingoman-two
{quote} Sir i am doing fine at this moment i have accuracy of 50percent i also do know when a trend is about to reverse or continue in gold m5 and m15 but the issue is i cant have exact buy or sell meaning i have to put a sl from 1810 to 1815 this is where i am struggling i want to put some levels which give me accuracy so that i can reduce my stop loss... I trade in m5 and m15 only if i put SR levels on big tf i cant see any strong entry point or they appear very less though effective i need some advice on this i will
...
This is a great indicator.
I hope this is the one you are looking for my friend.

https://www.mql5.com/en/market/product/1873?source

https://www.mql5.com/en/market/product/1857?source

https://www.forexfactory.com/thread/...rading-an-edge
  • #3,619
  • Oct 19, 2021 10:34am Oct 19, 2021 10:34am
Quoting Dingoman-two
{quote}{quote} This is a great indicator. I hope this is the one you are looking for my friend. https://www.mql5.com/en/market/product/1873?source https://www.mql5.com/en/market/product/1857?source https://www.forexfactory.com/thread/...rading-an-edge
thank you dear i got the point i will buy this as soon as possible....
  • #3,620
  • Oct 20, 2021 5:08am Oct 20, 2021 5:08am
Quoting Dingoman-two
{quote}{quote} This is a great indicator. I hope this is the one you are looking for my friend. https://www.mql5.com/en/market/product/1873?source https://www.mql5.com/en/market/product/1857?source https://www.forexfactory.com/thread/...rading-an-edge
Hello sir could u plz give a look on my chart i have applied some indicators are they enough
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