Short-term trading for 2024 | Page 4 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Short Term Vs. Long Term Trading 81 replies

LAST (Long term Analysis - Short term Trading) 158 replies

Why Trading Forex is So Difficult - Long Term vs. Short Term 84 replies

Long term Vs Short Term Trading 72 replies

Short Term / Medium Term / Long Term? 3 replies

Attachments: Short-term trading for 2024
Exit Attachments

Short-term trading for 2024

  • #61
  • Jan 14, 2024 6:24am Jan 14, 2024 6:24am
video review of the week (terrible week)

Inserted Video
  • #62
  • Jan 14, 2024 6:28am Jan 14, 2024 6:28am
yeah any edge is useless if you can't execute on it. it's just a personal issue and has always been
  • #63
  • Jan 16, 2024 3:39am Jan 16, 2024 3:39am
destroy all baj
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 20 KB
  • #64
  • Jan 19, 2024 5:42am Jan 19, 2024 5:42am
Every time I try to trade other markets I just do my ass as Tom Dante says. I also missed great trade opportunities on the markets I do well on this week. Won't be trading anything outside of EU, GU, ES, NQ from now on. I have enough on my plate as is.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 3 KB
  • #65
  • Jan 21, 2024 9:56am Jan 21, 2024 9:56am
week 4 preparation

Inserted Video
  • #66
  • Edited 12:46pm Feb 13, 2024 12:32pm | Edited 12:46pm
markets:

  1. markets are just people (and/or entities acting on behalf of people) buying and selling.
  2. the one thing that all market participants look at is price action. all indicators are derived from it. just study price over anything else.
  3. order splitting and order herding is the source of all edge (for retail traders, and non-quants)
  4. price action has been the same for 10s, in some cases 100s of years. it will not change.
  5. price action is simply a reflection of supply and demand. there is no secret to be uncovered, just some things that repeat over and over.

some truths:

  1. it is better to focus on one form of trading intensely than try to do many. (mainly regarding types of analysis and time scale)
  2. the market will always go through good and bad periods. good periods will always come. they have always been there.
  3. discipline to stay out of the market until you see an A+ trade setup is almost everything in trading. TA is nothing compared to the discipline that is required. success in trading is primarily about this single ability.
  4. your strategy is enough. you do not need to change it, nor do you need to try to trade more markets. 10R / month on average is great.
  5. you will get rich if you are disciplined in executing your strategy and scaling through prop firms for ~2 years. $100K in a month is categorically not a delusion, nor a cope, nor a meme.

personal for me:

  1. just look at structure in price action. wait for it to be obvious. then act. if you have to stay out of all markets for 2 weeks because the H12 chart is unclear just do it.
  2. a structure shift in price is obvious when you see it. it's not about candlesticks. wait for displacement, wait for it to be violent.
  3. never try to outsmart the market. it's a really dumb thing. garbage in garbage out. don't be a midwit just trade with the structure and trade good levels. 50IQ.
  4. discipline in markets comes from discipline in life. it's literally diet, exercise, and routine. read books, meditate.
  5. a week with 0 trades is normal.

  • #67
  • Edited 6:54pm Feb 22, 2024 6:30pm | Edited 6:54pm
Hey shuckle how's it going?
Any success lately?
Thought I'd drop a post here to subscribe.. we seem to be on a similar path. I just started my 5th year trading and just lost my 2nd live prop account. Never had a payout. I've reduced my instruments to gold and oil and looking at monthly, weekly and H12. Happy to bounce some ideas around.
  • #68
  • Feb 23, 2024 4:24am Feb 23, 2024 4:24am
Quoting Octapad
Hey shuckle how's it going? Any success lately? Thought I'd drop a post here to subscribe.. we seem to be on a similar path. I just started my 5th year trading and just lost my 2nd live prop account. Never had a payout. I've reduced my instruments to gold and oil and looking at monthly, weekly and H12. Happy to bounce some ideas around.
Hi Octapad! I haven't really written anything because I feel like it doesn't help me too much. It seems that when I write "I'm going to do X" I end up not actually doing it for whatever reason. But what I have done recently is to stop thinking in terms of days and weeks and instead think in terms of months. Since I only take like 2 trades per week I feel like it makes more sense to do a monthly progress review of what I'm doing instead of weekly. Maybe it's just a personality thing but I feel much more motivated and in control with this approach. I might made a video reviewing February once it's over. I wish you luck!
  • #69
  • Feb 23, 2024 6:51am Feb 23, 2024 6:51am
I know what you mean about writing stuff down.
But what you're doing now sounds great!
I'd watch your video
I just wanna say, I read recently that trading indices is considered easier than Forex for quite a few reasons.. have you ever considered trading US30/UK100/JP225?
  • #70
  • Feb 23, 2024 8:59am Feb 23, 2024 8:59am
I have traded US30 a tiny bit and also DE40 I took like one trade but I think the PA just isn't quite as clean for my style of trading and I have a decent amount of previous (positive) experience with the markets I trade now. So I'll probably stick to these 4 for years since it seems I don't do too well on other markets and a lot of markets are so correlated anyways that adding more would probably just confuse me tbh
  • #71
  • Feb 23, 2024 11:33am Feb 23, 2024 11:33am
Strong answer. Good man and good luck
Post your video here if you make it!
  • #72
  • Apr 6, 2024 2:33am Apr 6, 2024 2:33am
I took 6 trades in March and it was one of the best months in a while. Still made some mistakes and had I not closed GBP/USD shorts early I would've passed the FTMO challenge which I'm still on. I also took 1 or 2 bad trades that were just not up to par (-1-2R), and closed another trade early (made 2.5R when it would've given 4.4R). So still room to improve. Focusing on trading just trends and completely staying out if there's no trend. No shame in admitting I can't trade ranges, whatever. Money is money.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 28 KB

On a side note, what the hell is happening with prop firms? Here's to hoping FTMO doesn't exit scam...
  • #73
  • Apr 7, 2024 8:59am Apr 7, 2024 8:59am
Quoting shuckle
I took 6 trades in March and it was one of the best months in a while. Still made some mistakes and had I not closed GBP/USD shorts early I would've passed the FTMO challenge which I'm still on. I also took 1 or 2 bad trades that were just not up to par (-1-2R), and closed another trade early (made 2.5R when it would've given 4.4R). So still room to improve. Focusing on trading just trends and completely staying out if there's no trend. No shame in admitting I can't trade ranges, whatever. Money is money. {image} On a side note, what the hell is...
I have been funded by FTMO since the early days when it just started with prop firms, so far they have always paid and I never had problems with them.
Of course doesnt mean it will stay that way.
The subconscious mind is in control, not the conscious mind.
  • #74
  • Apr 7, 2024 9:31am Apr 7, 2024 9:31am
Quoting UST
{quote} I have been funded by FTMO since the early days when it just started with prop firms, so far they have always paid and I never had problems with them. Of course doesnt mean it will stay that way.
That's good to hear. From my understanding FTMO is the gold standard for FX retail prop firms so if they go down it's probably game over for the entire industry. I already got rekt when MyForexFunds went down last year but at least I managed to get paid before they went under lol. But I also didn't trade too well back then tbh so maybe it's better this way.

I'm really curious about what it's like to be funded for such a long time though! Anything interesting happen? Do FTMO have a special relationship with their long-term successful traders?
  • #75
  • Apr 7, 2024 9:39am Apr 7, 2024 9:39am
Quoting shuckle
{quote} That's good to hear. From my understanding FTMO is the gold standard for FX retail prop firms so if they go down it's probably game over for the entire industry. I already got rekt when MyForexFunds went down last year but at least I managed to get paid before they went under lol. But I also didn't trade too well back then tbh so maybe it's better this way. I'm really curious about what it's like to be funded for such a long time though! Anything interesting happen? Do FTMO have a special relationship with their long-term successful traders?...
Not really! They asked if I am interested in an interview.. but I am not really the type of guy that likes that. So I declined..

They do offer at some point better profit splits (which is already high to begin with).

I am sure I could ask for additional benefits, whatever that may be. But I haven't really bothered as I am happy with how it's going.

I dont bother them. They don't bother me. The perfect relationship for me. Hehe.
The subconscious mind is in control, not the conscious mind.
  • #76
  • Apr 7, 2024 10:12am Apr 7, 2024 10:12am
Quoting UST
{quote} Not really! They asked if I am interested in an interview.. but I am not really the type of guy that likes that. So I declined.. They do offer at some point better profit splits (which is already high to begin with). I am sure I could ask for additional benefits, whatever that may be. But I haven't really bothered as I am happy with how it's going. I dont bother them. They don't bother me. The perfect relationship for me. Hehe.
Seems like you've got your ducks in a row! Since it's so rare to talk to someone who is actually consistently profitable I just have to ask, what do you think about taking lots of trades (like 20+) vs. just a few per month? Do you think 8% return per month on average is realistic (my current goal)? My long-term goal is to get funded to get some capital but then build up a personal account as big as it can possibly get over the years, have you done that or are you just trading with FTMO?
  • #77
  • Apr 7, 2024 10:28am Apr 7, 2024 10:28am
Quoting shuckle
{quote} Seems like you've got your ducks in a row! Since it's so rare to talk to someone who is actually consistently profitable I just have to ask, what do you think about taking lots of trades (like 20+) vs. just a few per month? Do you think 8% return per month on average is realistic (my current goal)? My long-term goal is to get funded to get some capital but then build up a personal account as big as it can possibly get over the years, have you done that or are you just trading with FTMO?
Good questions.

I am a believer that less is often more in trading. We are humans. We are bound to make mistakes.

Depending on the mistake it can be very costly for you and your account. Additionally costs of commissions/swaps etc etc can hurt you quite a lot too.

The less you trade, the more focused you are and the less mistakes you make.

8% a Month on average is possible but difficult.
There will be month where you wint earn anything or where you are even negative. It's just how it goes.

6% is a very good intial goal to go for.
8% once you achieved the 6 etc..

On that note.. make small goals for yourself.
Else you will be pressured/stressed and you wont trade rationally.

Hope that helps.

------

I am using FTMO for daytrades
A smaller account for "fun stuff"
And my biggest Account (funded by my FTMO profits) is for investing

Feel free to ask whenever
The subconscious mind is in control, not the conscious mind.
  • #78
  • Apr 8, 2024 4:40am Apr 8, 2024 4:40am
Quoting UST
{quote} Good questions. I am a believer that less is often more in trading. We are humans. We are bound to make mistakes. Depending on the mistake it can be very costly for you and your account. Additionally costs of commissions/swaps etc etc can hurt you quite a lot too. The less you trade, the more focused you are and the less mistakes you make. 8% a Month on average is possible but difficult. There will be month where you wint earn anything or where you are even negative. It's just how it goes. 6% is a very good intial goal to go for. 8% once...
Thanks for the answers! It seems like we generally have similar views on markets and trading, which is nice to see for me haha. Hopefully by the time summer's done I'll be getting monthly payouts with FTMO too. C:
  • #79
  • Apr 13, 2024 1:34pm Apr 13, 2024 1:34pm
God it is absurd how much money I have left on the table simply due to not being able to hold my trades all the way to TP. I am currently up 2% on the $50k FTMO challenge that I started in October. If I had held every trade of the past couple months to TP I would have passed phase 1, passed phase 2, and be up $1500 on the funded account. In fact, in December there was a trade where if I hadn't closed it early for no reason I would've passed the challenge too. I absolutely have to learn to hold trades. This is ridiculous.

This week again, want to guess my return on this trade?
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 23 KB

I should have made $1800, 3.6R, on my phase 1 challenge. Instead I somehow lost $300. Fucking disgusting.

What can I do to become less neurotic? The problem is 100% in my brain, normies would call it "trading psychology" but really I think I'm just acting like a fucking idiot. It's not like it's a trading exclusive problem. I could be in a totally different place in life if I didn't act like this, not just monetarily speaking. But also money is fucking necessary.

How is it possible to be this fucking bad? It's absurd. I know exactly what is a good setup and I know what levels are likely to get taken out, making for good targets. I know exactly how I need to execute this strategy. Yet I fuck it up somehow every time. I'm legit going insane over here this is so ridiculous. Am I supposed to get a fucking xanax prescription to be able to chill out and hold trades? It can't be that fucking hard. My trading approach is very basic, solid and grounded in reality, but I'm a mess. Sometimes I read comments on forums about traders who have no idea what they're doing and I internally scoff at them, but really I'm just as shit. At least they don't think they're good.
  • #80
  • Apr 14, 2024 9:37am Apr 14, 2024 9:37am
Quite a legendary chart, not gonna lie. At least I know what my biggest weakness is.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 20 KB
0 traders viewing now