The brutal truth of day trading | Page 182 | Forex Factory

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The brutal truth of day trading

  • #3,621
  • Edited 5:47am Oct 20, 2021 5:32am | Edited 5:47am
Quoting OwaisJam
{quote} Hello sir could u plz give a look on my chart i have applied some indicators are they enough{image}

Hi O,

You can use any indicators or number of indicators you wish,
But from my experience, the fewer the better,
(less confusing/keep it simple)
The chart below is my favorite.
Attached File(s)
File Type: mq4 VWAP_2.mq4   2 KB | 338 downloads
Vwap 9-12 or-13 you can choose the one that best suits you, my friend,
EMA 50 red line,
Attached File(s)
File Type: ex4 Market Panel Display Controller.ex4   56 KB | 294 downloads

Attached File(s)
File Type: ex4 MACD two lines change color.ex4   8 KB | 297 downloads

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2021-10-20 182622.jpg Size: 302 KB
  • #3,622
  • Oct 20, 2021 6:20am Oct 20, 2021 6:20am
Quoting Dingoman-two
{quote} Hi O, You can use any indicators or number of indicators you wish, But from my experience, the fewer the better, (less confusing/keep it simple) The chart below is my favorite. {file}Vwap 9-12 or-13 you can choose the one that best suits you, my friend, EMA 50 red line, {file} {file} {image}
sir i got your point i will buy pivot proof indicator...
Thank you very much!!!
  • #3,623
  • Edited 9:31am Oct 29, 2021 8:34am | Edited 9:31am
https://www.actionforex.com/articles...istent-trader/

https://www.icmarkets.com/blog/tradi...chology-books/

Get Comfortable Being Uncomfortable
To become successful as a trader, you must put yourself into situations that will bring loss. This is part of your job as a trader. You are actively competing against the most powerful forces in your body: the unconscious and subconscious. You are quite literally fighting yourself and most of the time.
The takeaway from the entire article is, in order to succeed in trading, you need to learn to be comfortable accepting the possibility of loss on any one trade.



YOU WILL BE AMAZED HOW YOU WILL BECOME CONSISTENT IN THE LONG TERM.
Grit; Knowledge; Right Mindset; All you need to overcome. KIS!
  • #3,624
  • Nov 3, 2021 5:37am Nov 3, 2021 5:37am
The brutal truth about day trading is that 90% of the day traders fail. One major reason for this is, anyone with a small capital is welcomed in the market. However, starting day trading with a small capital can be a disastrous decision for a new trader. If you don’t have enough capital, swing or position trading can be a good choice but not day trading. Traders with small capital are often encouraged to use high leverage which is very risky and the surest way to not only lose all your capital, but to sink in debt too.
  • #3,625
  • Nov 4, 2021 6:01am Nov 4, 2021 6:01am
I'll put it this way.
most of them are too stupid to act and write what they read.
  • #3,626
  • Nov 4, 2021 10:22am Nov 4, 2021 10:22am
One more brutal truth from me... better do not trade at all

Was it enough brutal for you - newbie who read this? Or "pro" who burned n accounts with 10 years experience on doing that

If have 1000$, buy BNB crypto and put it on Binance Vault earning automated program. No indicators, no EAs, no charts needed. See every day how coins arrive in your wallet and enjoy automated re-invest functionality (daily compounding).

See here I explained in more details.
  • #3,627
  • Nov 6, 2021 2:32am Nov 6, 2021 2:32am
many are looking for a solution. the solution could be a reinterpretation of a long-forgotten strategy.
now with a smarter and more experienced brain.
it worked for me.
  • #3,628
  • Nov 7, 2021 4:35pm Nov 7, 2021 4:35pm
The brutal and probably the worst and the best truth about trading is, trading let's you have a taste of how earning quick money feels. You get to feel how it is like to earn the amount of money you normally earn in a month just in few days of trading. It really gets in you. Then your day job starts to look pointless. In time, you start to hate your job. Because you can earn a wage just with a click in the comfort of your home. Why spend a month working your a** off right?

Of course if you don't know what you are doing, all the profits go away quickly. But you always remember the time that good amount of money you made in days or even in minutes.

So trading makes all the jobs seem pointless in the end. It makes you question your life standards, salary, job, expenses etc. and it really messes up all the balance of life, work and money in your mind.
You have to have an IQ higher than 90 to interact with this user.
  • #3,629
  • Nov 7, 2021 7:30pm Nov 7, 2021 7:30pm
Quoting Nordling00
The brutal and probably the worst and the best truth about trading is, trading let's you have a taste of how earning quick money feels. You get to feel how it is like to earn the amount of money you normally earn in a month just in few days of trading. It really gets in you. Then your day job starts to look pointless. In time, you start to hate your job. Because you can earn a wage just with a click in the comfort of your home. Why spend a month working your a** off right? Of course if you don't know what you are doing, all the profits go away quickly....
I don’t agree with your statement, it’s just fancifully.

Yes, I do well with my trading and it’s provides me a nice lifestyle but it’s always secondary to a well paid salary or business than has bonuses.

Check the facts, most profitable traders struggle to earn more than 5% return on their equity per month.
Most of them are Stock traders where often sitting on your stocks and doing nothing is best.

I myself scalp the forex market for very nice profits, but it’s no match to my profits I get from my family business. Not to mention all the tax free advantages and a juicy expense account I get to use at no cost.

Forex Factory is full of dreamers being fed a lie from demo trading guru’s.
Trading thin liquidity at the boundary of the charts
  • #3,630
  • Nov 7, 2021 7:42pm Nov 7, 2021 7:42pm
Quoting RickM
{quote} I don’t agree with your statement, it’s just fancifully. Yes, I do well with my trading and it’s provides me a nice lifestyle but it’s always secondary to a well paid salary or business than has bonuses. Check the facts, most profitable traders struggle to earn more than 5% return on their equity per month. Most of them are Stock traders where often sitting on your stocks and doing nothing is best. I myself scalp the forex market for very nice profits, but it’s no match to my profits I get from my family business. Not to mention all the...
Oh well.
If you have a well-functioning business that brings in hundreds of thousands of dollars a month then choose it rather than trading.
I would do that.
  • #3,631
  • Nov 7, 2021 7:51pm Nov 7, 2021 7:51pm
People have a very common misconception about day trading: that it's risky
The easiest way is to "buy low, sell high" or "buy the dip, sell the rally". Day trading is another option.
It may seem easy, but it isn't.
  • #3,632
  • Nov 7, 2021 9:03pm Nov 7, 2021 9:03pm
Quoting Nordling00
The brutal and probably the worst and the best truth about trading is, trading let's you have a taste of how earning quick money feels. You get to feel how it is like to earn the amount of money you normally earn in a month just in few days of trading. It really gets in you. Then your day job starts to look pointless. In time, you start to hate your job. Because you can earn a wage just with a click in the comfort of your home. Why spend a month working your a** off right? Of course if you don't know what you are doing, all the profits go away quickly....

Dont take this as an attack on you, I can only read this and think where you are mentally.

Your statement..."You can earn a wage just with a click in the comfort of your own home"…that’s a big problem and your mentality is
nowhere near where you need to be to be trading successfully. Forex is not a comfortable business, in my opinion no successful business is comfortable and you dont want it to be or you will not succeed. Its not a bad thing.

Get comfortable being uncomfortable, finding success in anything will require you to get uncomfortable and make some sacrifices.

"Why spend a month working your ass off?" Are you looking for the easy way? There is no easy way. You’re going to spend a lot longer than a month working your ass off in Forex or anything that you do. It might be a different kind of hard but hard is hard and your hard is different than my hard and the next persons hard is different then yours but the point is, Go hard at everything you do and you will develop the needed skills over time to succeed.

Trading/Investing day in and day out, week over week, month over month and being consistent at it year after year….thats working your ass off and it not easy.

If I could leave you with something here, if you are serious about this business or any business re-read what I said above. Dont fall into the trap of the current society leading you to believe the current narrative about "the great resignation" or "cancel culture" "entitlement" or this or that. Thats kinda what comes to mind when I read your statement about making a wage from the comfort of your own home or why work your ass off.

Ill leave it at that, hopefully you find something of value above.
Swing the AXE..HARD w/ Effort, Consistency and Patience
  • #3,633
  • Nov 7, 2021 9:35pm Nov 7, 2021 9:35pm
Quoting tiborf71
{quote} Oh well. If you have a well-functioning business that brings in hundreds of thousands of dollars a month then choose it rather than trading. I would do that.
My point is anyone that works a job is guaranteed a hourly or daily rate regardless if they work well or not. A trader that has a bad day and trades like a lobster can lose a week or months profits in a single session.

Day trading is just trying to earn a wage, but risky a months profits if they stuff it up. A guy flipping burgers makes more than most traders because their pay is guaranteed not by performance but by attendance.
I wish I could turn up every trading session with no fear of ever losing.
Trading thin liquidity at the boundary of the charts
  • #3,634
  • Nov 7, 2021 11:03pm Nov 7, 2021 11:03pm
Quoting HTG
{quote} Dont take this as an attack on you, I can only read this and think where you are mentally. Your statement..."You can earn a wage just with a click in the comfort of your own home"…that’s a big problem and your mentality is nowhere near where you need to be to be trading successfully. Forex is not a comfortable business, in my opinion no successful business is comfortable and you dont want it to be or you will not succeed. Its not a bad thing. Get comfortable being uncomfortable, finding success in anything will require you to get uncomfortable...
Quoting RickM
{quote} My point is anyone that works a job is guaranteed a hourly or daily rate regardless if they work well or not. A trader that has a bad day and trades like a lobster can lose a week or months profits in a single session. Day trading is just trying to earn a wage, but risky a months profits if they stuff it up. A guy flipping burgers makes more than most traders because their pay is guaranteed not by performance but by attendance. I wish I could turn up every trading session with no fear of ever losing.
I agree with you guys. I think you didn't get what i tried to say in that post.

I pointed that out as a brutal, the worst and also best fact. Earning quick and losing quick. But no matter how much you lose, you will always remember the time you made a lot money in a short period of time. That's the human psychology.

Otherwise, yes if you wanna do this business you gotta manage your risk etc. but i just wanted to talk about how trading feels for an average guy. I am way ahead of that phase and level thankfully.
You have to have an IQ higher than 90 to interact with this user.
  • #3,635
  • Nov 8, 2021 1:49am Nov 8, 2021 1:49am
Quoting Nordling00
{quote} {quote} I agree with you guys. I think you didn't get what i tried to say in that post. I pointed that out as a brutal, the worst and also best fact. Earning quick and losing quick. But no matter how much you lose, you will always remember the time you made a lot money in a short period of time. That's the human psychology. Otherwise, yes if you wanna do this business you gotta manage your risk etc. but i just wanted to talk about how trading feels for an average guy. I am way ahead of that phase and level thankfully.
I understand you.
it is very uplifting and it feels good to make money by succeeding only on the basis of your own brain and abilities.
  • #3,636
  • Edited Nov 10, 2021 2:07am Nov 9, 2021 4:26pm | Edited Nov 10, 2021 2:07am
Quite Funny the way Vectorvest says it but sadly it's the honest truth..and one of the mistakes we make as traders. Hope the short clip (1min.20s) impacts/changes the mindset of some and hope we can listen to this everyday before every first trade till it becomes part of us.

Well, If this doesnt suit you, move on!
Attached File(s)
File Type: mp4 vectorvest 4.2mb.mp4   3.9 MB | 291 downloads
Grit; Knowledge; Right Mindset; All you need to overcome. KIS!
  • #3,637
  • Edited 9:25pm Nov 9, 2021 7:20pm | Edited 9:25pm
Quoting pipibrasci
Quite Funny the way Vectorvest says it but sadly it's the honest truth..and one of the mistakes we make as traders. Hope the short clip (1min.20s) impacts/changes the mindset of some and hope we can listen to this everyday before every first trade till it becomes part of us. {file}
Hi pipibrasci

How true is that video, traders in a winning trade become pressimistic and traders in a losing trade become optimistic.

I solved that by just hitting a position large and getting out before my emotions interfered with the position. That’s a medium to high trade position entered on strong delta reading for a two to five second hold periods.

That removes emotions from destroying the entry or destroying the trader.
Trading thin liquidity at the boundary of the charts
  • #3,638
  • Edited 2:51am Nov 10, 2021 1:26am | Edited 2:51am
Quoting RickM
{quote} Hi pipibrasci How true is that video, traders in a winning trade become pressimistic and traders in a losing trade become optimistic. I solved that by just hitting a position large and getting out before my emotions interfered with the position. That’s a medium to high trade position entered on strong delta reading for a two to five second hold periods. That removes emotions from destroying the entry or destroying the trader.
Well as you know Vectorvest is an old man in the game and is not a scalper and as such this may/may not apply to your style of scalping but to other scalping methods as well as swing and position trading.

The question is how do you treat a losing position, same as a winning position? Do you just become pessimistic and close within 2- 5 secs if its not in profit or you let the damn thing run hoping it would come back & giving back quick profits of 20 winning trades to just 1 losing trade? Are all your trades locked in profits even as a scalper? Would you like to share as this can impact on some scalpers still having difficulties. Your scalping strategy is high risk which requires very high skill and strong emotional technique to pull through and succeed in the long term.
Grit; Knowledge; Right Mindset; All you need to overcome. KIS!
  • #3,639
  • Nov 10, 2021 4:16am Nov 10, 2021 4:16am
Quoting pipibrasci
{quote} Well as you know Vectorvest is an old man in the game and is not a scalper and as such this may/may not apply to your style of scalping but to other scalping methods as well as swing and position trading. The question is how do you treat a losing position, same as a winning position? Do you just become pessimistic and close within 2- 5 secs if its not in profit or you let the damn thing run hoping it would come back & giving back quick profits of 20 winning trades to just 1 losing trade? Are all your trades locked in profits even as a scalper?...
Just do not trade manual if can't handle emotions. I trade 100% automated. Had sometimes to sit in dd several months. Fully rely on EAs in those hard times. Do not touch opened trades... leting EAs handle them. Otherwise total mess.

Here 10 months results - all runing EAs (green rectangle) so far produced 22% profits. Some win. Some lose. Diversification works

Attached Image (click to enlarge)
Click to Enlarge Name: 10_months_performance.png Size: 153 KB

Is it posible to diversify manual trading? No. You as a manual trader you are like 1 "EA". You bet on 1 horse... even that is yourself running. No diversification. Manual trading can be diversified if you invest in n manual traders (copy their deals).

Those who dont know how to deal with EAs coding etc... still have a chance to "earn money on complete autopilot" (about 20-40% yearly without compounding). Read my posts regarding Binance futures:

https://www.forexfactory.com/thread/...6#post13777096

and here

https://www.forexfactory.com/thread/...0#post13776430

Binance futures performance can be better than my entire EAs ecosystem. And - no issues with virtual servers maintenence or EAs maintenence. No need time to spent to develop/test EAs. Easy money

And again - do not go 100% capital in Binance futures. It is just one way how to diversify. Maybe 10% of your capital allocted for investments you can spent here. Here risk is that Binance can go away with all your money or hackers could steal. Nowhere is total safety. Even banks go to dead and any forex broker can wanish. Diversify.
  • #3,640
  • Nov 10, 2021 4:33am Nov 10, 2021 4:33am
Quoting pipibrasci
{quote} Well as you know Vectorvest is an old man in the game and is not a scalper and as such this may/may not apply to your style of scalping but to other scalping methods as well as swing and position trading. The question is how do you treat a losing position, same as a winning position? Do you just become pessimistic and close within 2- 5 secs if its not in profit or you let the damn thing run hoping it would come back & giving back quick profits of 20 winning trades to just 1 losing trade? Are all your trades locked in profits even as a scalper?...
In this post, RickM wrote that he uses averaging when the price goes not as expected - he uses 3 levels.

But when I pointed out that this is averaging he wrote it is not

It seems I don't understand what is/not averaging technique...?

Open deal with volume 0.01 lots, when dd open next deal 0.02 lots when still dd open deal 0.03 and if still dd open deal 0.04 lots. Close all opened deals on BE. RickM said this is not averaging. Then what it is?

I am a newbie so can ask stupid questions
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