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  • #1,208,841
  • Jan 21, 2022 9:45am Jan 21, 2022 9:45am
It is once again stuck in the range. Any ideas when we may finally see a real breakout?
  • #1,208,842
  • Jan 21, 2022 9:48am Jan 21, 2022 9:48am
Daytraders fail for couple of reasons:


Making so many trades for such small targets means that the negative effects of commission and slippage take a larger percentage bite out of your profits than it does trading longer-term time frames.

You are competing with computers and algorithms trading high frequency strategies that are looking to exploit you and your inexperience.

Trying to trade like market maker, but they can't, because they are not market makers, they are retail day traders.


Who Are Market Makers and What Do They Do?
A market maker participates in the securities market by providing trading services for investors and boosting liquidity in the market. They specifically provide bids and offers for a particular security in addition to its market size. Market makers typically work for large brokerage houses that profit off of the difference between the bid and ask spread.

Anyone who starts down the road to becoming a trader eventually comes across the statistic that 90 per cent of traders fail to make money when trading the market. This statistic deems that over time 80 per cent lose, 10 per cent break even and 10 per cent make money consistently.
  • #1,208,843
  • Jan 21, 2022 9:49am Jan 21, 2022 9:49am
Quoting ForexGoose
{quote} i trade based on probabilities gamblers walk into a casino and gamble because they don't understand probabilities
Same here. I like to add to this. Risk to reward to even out the probabilities.
those who can, do. those who cant, talk about those who can
  • #1,208,844
  • Jan 21, 2022 9:53am Jan 21, 2022 9:53am
I haven't been here for a while. Too many nuts and scammers gravitate here. Nobody to rule the asylum. Anyway I hear some good advice in these last few post. My advice is to find a good home to post in. The nuts and scammers will return. Peace out.
those who can, do. those who cant, talk about those who can
  • #1,208,845
  • Jan 21, 2022 9:59am Jan 21, 2022 9:59am
Quoting here2there
{quote} The difference is some people are good at day trading and others aren't. Keep in mind it's not just EURUSD; there are many pairs to choose from. Also, day trading doesn't necessarily mean a trader must close his position at the end of the day.
day trading reminds me of this:

https://www.cftc.gov/PressRoom/PressReleases/7785-18

https://fortune.com/2020/09/20/insid...for-investors/

or this:

https://www.cbc.ca/news/canada/toron...cted-1.3467416
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don't believe in mumbo jumbo from gurus & charlatans, don't pay them money
  • #1,208,846
  • Jan 21, 2022 10:03am Jan 21, 2022 10:03am
Word to who wants to listen. The FED FOMC news looks to favor a raise. 1208 and 1331 are big numbers on large charts. The year Q month week closed above 1331. Last week closed above the year close. Pa may rise before FOMC wednesday. If after FOMC it drops, Then maybe rises after to the release level and higher. It wouldn't be unreasonable to think 1447 1477 1492. To me 1547/50 or even 17xx. Yeah yeah we all expect a drop. I do also. But cant ignore the year did close above 1208 and 1331. Just saying.. This is a rough game. And they dont just give you free money.
those who can, do. those who cant, talk about those who can
  • #1,208,847
  • Jan 21, 2022 10:08am Jan 21, 2022 10:08am
Quoting ForexGoose
{quote} day trading reminds me of this: https://fortune.com/2020/09/20/insid...for-investors/ or this: https://www.cbc.ca/news/canada/toron...cted-1.3467416 {image}
I remember that news about that guy named Reza, as no one knows what exactly happened, he probably took the money from the people he shouldn't of, and lost a lot of it, and he got beaten up. He is lucky to be alive, but he is a dumb dumb, and let's hope he only trades his own money, not other people money. He is just a retail trader that went over his head and messed up. He learned his lesson.


https://www.osc.ca/en/news-events/ne...s-act-offences
  • #1,208,848
  • Jan 21, 2022 10:10am Jan 21, 2022 10:10am
If pa finds itself below 1331 or 1208 look at the calender and see if the month closed below one or both. Then look at the usdx. Be sure it closed above these. If it didnt.. be prepared for it to bounce back to them, on the other side probably.
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those who can, do. those who cant, talk about those who can
  • #1,208,849
  • Jan 21, 2022 10:11am Jan 21, 2022 10:11am
Quoting gatorinla
If pa finds itself below 1331 or 1208 look at the calender and see if the month closed below one or both. Then look at the usdx. Be sure it closed above these. If it didnt.. be prepared for it to bounce back to them, on the other side probably. {image}
Each candle here represents a year. If you want to know why this is ranging.. here you go. 96.03 95.85. Yes fundis can break them,, the usd can have a supercycle move to 117.. But for this to happen. Third world countries and some others will starve. CB would intervene.. The petro usd is just correcting the gold/oil peg of 1972. The usd wants to go back to 1972 levels.
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those who can, do. those who cant, talk about those who can
  • #1,208,850
  • Jan 21, 2022 10:13am Jan 21, 2022 10:13am
Quoting Techanalyst
{quote} I remember that news about that guy named Reza, as no one knows what exactly happened, he probably took the money from the people he shouldn't of, and lost a lot of it, and he got beaten up. He is lucky to be alive, but he is a dumb dumb, and let's hope he only trades his own money, not other people money. He is just a retail trader that went over his head and messed up. He learned his lesson. https://www.osc.ca/en/news-events/ne...s-act-offences
doesn't look good

https://www.osc.ca/en/news-events/ne...s-act-offences

Quote
TORONTO – The Ontario Securities Commission (OSC) announced today that Reza Mokhtarian of Bracebridge, Ontario, has been charged with two counts of engaging in, or holding himself out as engaging in, the business of trading in securities, without being registered to trade in securities, contrary to subsection 25(1) of the Securities Act (Ontario).

The charges relate to Mr. Mokhtarian’s alleged participation in the sale of investment contracts related to a decentralized cryptocurrency company called Neuroneum. The OSC is alleging that Mr. Mokhtarian traded the securities from Ontario to Australian investors, who paid their money to accounts in Ontario. Between September 2019 and November 2020, Mr. Mokhtarian allegedly sold these contracts despite his current bail conditions prohibiting him from trading in securities.

Mr. Mokhtarian is currently awaiting trial on outstanding Criminal Code fraud charges being prosecuted by the Ministry of the Attorney General.
don't believe in mumbo jumbo from gurus & charlatans, don't pay them money
  • #1,208,851
  • Jan 21, 2022 2:02pm Jan 21, 2022 2:02pm
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Sticking to my shorts with same SL at 70 for the weekend .

Regards to all fundamentalists. The only problem with this school of thought is that you never really know the fundies..... and usually others [your competitors ] know them before you .

I want you to think about that during the weekend.

Far more important is when the fundies change and a big CIT occurs..... Trying to spot these times is of paramount importance for me. . . .

  • #1,208,852
  • Jan 21, 2022 2:25pm Jan 21, 2022 2:25pm
1600 is on the way...all those bears from 13xx or lower will be massacred soon. Week could start with 1400.
Everyone can see the chart, but only a few can actually read it.
  • #1,208,853
  • Jan 21, 2022 2:28pm Jan 21, 2022 2:28pm
Quoting Techanalyst
Daytraders fail for couple of reasons: Making so many trades for such small targets means that the negative effects of commission and slippage take a larger percentage bite out of your profits than it does trading longer-term time frames. You are competing with computers and algorithms trading high frequency strategies that are looking to exploit you and your inexperience. Trying to trade like market maker, but they can't, because they are not market makers, they are retail day traders. Who Are Market Makers and What Do They Do? A market maker participates...
I agree for the most part. The overwhelming majority of daytraders fail because of the reliance on trading educators who teach the inversion narrative, designed to engineer liquidity for the big banks. Of course you're familiar with Anton Kreil's talks, you've linked them here before.

I was part of that group for years, and it wasn't until I discovered "smart money" methods, (where you trade in the footprints of large institutions), that my results finally changed. In demo at least. I stopped trading live midway through last year after becoming frustrated, and then focused solely on learning these methods and practiced for months. The difference is absolutely mind blowing, and crossing over that bridge is a great feeling. I can never go back to pure retail. Doing a prop firm challenge now, with the hope of getting funded in the near future.
  • #1,208,854
  • Jan 21, 2022 2:31pm Jan 21, 2022 2:31pm
Sold EURGBP:
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You have to have an IQ higher than 90 to interact with this user.
  • #1,208,855
  • Jan 21, 2022 2:33pm Jan 21, 2022 2:33pm
Quoting fxpipper
...Doing a prop firm challenge now, with the hope of getting funded in the near future.
Aren't prop firms mostly interested in day trading?
Learn from your mistakes and march on.
  • #1,208,856
  • Jan 21, 2022 2:36pm Jan 21, 2022 2:36pm
EG long into 8500, the 8320+- area was tested long enough.
Everyone can see the chart, but only a few can actually read it.
  • #1,208,857
  • Jan 21, 2022 2:39pm Jan 21, 2022 2:39pm
Quoting fxpipper
{quote} I agree for the most part. The overwhelming majority of daytraders fail because of the reliance on trading educators who teach the inversion narrative, designed to engineer liquidity for the big banks. Of course you're familiar with Anton Kreil's talks, you've linked them here before. I was part of that group for years, and it wasn't until I discovered "smart money" methods, (where you trade in the footprints of large institutions), that my results finally changed. In demo at least. I stopped trading live midway through last year after becoming...
Same here mate, fundamentals have changed a lot in my life and mentality, opened my eyes. There's no better feeling than guessing the direction of a 6 trillion dollar market right. It is so fulfilling. In time you become the market.

I am sure you will do very well in your prop firm challenge. Best of luck mate!
You have to have an IQ higher than 90 to interact with this user.
  • #1,208,858
  • Jan 21, 2022 2:42pm Jan 21, 2022 2:42pm
Quoting here2there
{quote} Aren't prop firms mostly interested in day trading?
There are some reliable prop firms that focuses on long term trading too, but yeah most of them are focused on day trading. Because that way they can rip off people easier.
You have to have an IQ higher than 90 to interact with this user.
  • #1,208,859
  • Jan 21, 2022 3:12pm Jan 21, 2022 3:12pm
Quoting here2there
{quote} Aren't prop firms mostly interested in day trading?
Mostly yeah, I think. You can't hold positions over the weekend, but I suppose you can still swing trade during the week. I think FTMO does offer a swing trading account too, where you can hold for an extended period. A lot of prop firms are designed to make you fail, as they structure the rules in a certain way to appeal to your greed, (ie. offering insane leveraging and very wide drawdown), in order to make money from challenge fees. But that backfires when people actually become profitable and they don't copy their trades, meaning there's no money to pay out when it's profit split time. A big firm went under recently for just this reason. For the life of me I can't remember the name of the firm.

The one I'm with actually wants their clients to grow and become successful, that's why they offer very low leverage and tight drawdown. The idea is to encourage you to compound your account. Can't hold positions over the weekend at the moment, but I heard that might change soon.
  • #1,208,860
  • Jan 21, 2022 3:13pm Jan 21, 2022 3:13pm
Quoting Nordling00
{quote} Same here mate, fundamentals have changed a lot in my life and mentality, opened my eyes. There's no better feeling than guessing the direction of a 6 trillion dollar market right. It is so fulfilling. In time you become the market. I am sure you will do very well in your prop firm challenge. Best of luck mate!
Thanks, mate!
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