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No Expert, but I can tell direction of a pair on any given day 53 replies

I've given up day trading and I'm happy

  • #21
  • Jun 27, 2008 2:36am Jun 27, 2008 2:36am
Sorry Phil but if you expect steady 500% / year, you are still on stage one so all the time you have spend studying was worth nothing...
  • #22
  • Jun 27, 2008 10:10am Jun 27, 2008 10:10am
ok you lot did not get me at all I said I would need a 500% return in my first year, to match what i could earn now working. I was actually aiming for 100% a year, slowly building up, however it is not worth the struggle it as i could get more money guaranteed by working full time. I could mess up my life if i could'nt get 100% annually after another yr or 2 of trying out forex.

Basically I am undercapitalised. I will study daily charts and aim for 20%-50% return a yr.

I never expected 500% a yr and never expected to get 500% coz that would make me a billionaire pretty quickly which is impossible...so don't get ahead of yourselves guys. I was just saying 500% in my first year would make me as comfortable as working full-time in my first yr. It did'nt mean anything else, just an analogy.

However I was inspired by someone I met who started out with £15k as a floor trader at London Stock exchange, similar background to myself, he has gone on to make £20k-30K a day and is incredibly tight with money. He is a day trader (futures not forex), self taught picked up things from others, did'nt go to university either.
All Assets NAS100 GLD BTC AUS JPY GBP All Time Return: 19.6%
  • #23
  • Jun 27, 2008 10:12am Jun 27, 2008 10:12am
I never said I expected 500% a year...pls read the first post. and I have not given up Forex, just "day-trading"...
All Assets NAS100 GLD BTC AUS JPY GBP All Time Return: 19.6%
  • #24
  • Jun 27, 2008 11:21am Jun 27, 2008 11:21am
Quoting Phil_GMT
ok you lot did not get me at all I said I would need a 500% return in my first year, to match what i could earn now working. I was actually aiming for 100% a year, slowly building up, however it is not worth the struggle it as i could get more money guaranteed by working full time. I could mess up my life if i could'nt get 100% annually after another yr or 2 of trying out forex.

Basically I am undercapitalised. I will study daily charts and aim for 20%-50% return a yr.

I never expected 500% a yr and never expected to get 500% coz that would make me a billionaire pretty quickly which is impossible...so don't get ahead of yourselves guys. I was just saying 500% in my first year would make me as comfortable as working full-time in my first yr. It did'nt mean anything else, just an analogy.

However I was inspired by someone I met who started out with £15k as a floor trader at London Stock exchange, similar background to myself, he has gone on to make £20k-30K a day and is incredibly tight with money. He is a day trader (futures not forex), self taught picked up things from others, did'nt go to university either.
I understood you from your first post, don't worry.

All I'm sayig is this is a skillset, so don't give up day trading. Even if you're paper trading when it comes down to it, you still want to be refining your skillset.

Good luck and I agree on the undercapitalization issue vs residual work-like income.
  • #25
  • Edited 7:18pm Jun 27, 2008 7:16pm | Edited 7:18pm
Quoting Phil_GMT
I never said I expected 500% a year...pls read the first post. and I have not given up Forex, just "day-trading"...
I hesitate to suggest a specific strategy but I suggest you look at Ask's Daily strategy found in the FF Trading Room. You wouldn't have to make your trades at GMt, just get up a half hour earlier, scan some active London session prs, enter a trade or two, and bingo - go to work. I have only demo'd it this past week but I am very impressed with the startegy's ease of use and my personal results. Even in demo I just trade .2/lot. I have tried scalping and retracements but like you I end up 50/50 and not being even paid for my time. Good luck, p.

Edit: I should have said Trading Systems and not Trading Room.
  • #26
  • Sep 4, 2008 5:37am Sep 4, 2008 5:37am
An update, I did'nt quit trading. I continued to work, stopped looking at screens while at work had less stressful days, because of it.

I started demo trading my own strategy based on support and resistance on daily charts looking at candle stick formations at these levels, swing trading opportunities on 1hr-4hr charts looking also at 4hr stochastics(5 and 95 levels), only trading EURUSD (sometimes USDJPY). Pin Bars at S/R. Only Fibonnacci levels i'm interested in for now is 0%, 50%, 100%. I'll worry about the other levels when I have more experience.

Also use PFX Global for analysis. I like the way they look at all markets and explain how it may affect certain pairs. They really do a good job with the analysis. Trying to learn their way of analysing because they may not be around for long, probably get snapped up by some hedgefund or something.

I don't really use this forum anymore as there is alot of opinions and I want to trade on my own opinion.

I went live 2 weeks ago and my trades have been going really well. Well I have only had 3 trades. Just following my rules.


I'm also trying scalping aswell.
All Assets NAS100 GLD BTC AUS JPY GBP All Time Return: 19.6%
  • #27
  • Sep 4, 2008 5:59am Sep 4, 2008 5:59am
Keep up the good work buddy!
  • #28
  • Last Post: Sep 4, 2008 7:35am Sep 4, 2008 7:35am
Fx trading is abstract and simple if you can figure it out, the solution is on your screen.

Take 10 people give them a Rubis cube and see how many can even solve one side, maybe maybe 1 person, ask for 2 sides to be solved most likely no body will be able to solve 2 sides fx trading is similar to that but more simpler(This is the reason why most Hedge fund managers make alot of money because have figured it out).

Get a brand new Rubis cube and just look at it and ask yourself what you see apply what you see to trading, you said you are educated right.


Good Luck.
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