Traders forget a pinBar is a 3 bar pattern.
Entering on, not after 3rd bar, is speculating bar will continue in desired direction.
Entering on, not after 3rd bar, is speculating bar will continue in desired direction.
Do you guys trade better when you are drunk? 49 replies
Question for you guys: What do you need advice on the most? 12 replies
The US Session just sucks... 8 replies
GCI sucks 10 replies
DislikedFor every scalper that makes big bucks there are 10, no probably 50 or more, that make it on daily/swing trading basis.
Not a single hedge fund that I know of trades the short timeframes predominently.Ignored
DislikedDoubt it. In my opinion, the best traders are at least partially discretionary (and if you are not, don't take offense, this is just my personal opinion), and are nimble enough to apply their methodology and knowledge to multiple time frames. That being said, the shorter the time frame, the more opportunities arise, so my hypothesis is that the better traders actually tend toward the smallest comfortable time frame possible. Of course as funds are accumulated and position sizes increase, the time frames would subsequently move out, but that's really...Ignored
DislikedIf you understand price well enough, the same strategy can be applied to the daily chart, as it can the 1m. I personally prefer the 5m, as I would need smaller spreads to make it worth my time on the 1m.
I always have some swing cooking or in the preheating phase. Then I hammer the 5m/15m/1h dependent on my current level of boredom. Same strategy, same risk setups. The only thing that is different is the pips risked/gained. But it is proportional to the time frame.
I will say, that my stats do show a slight drop in accuracy on the lower time frames (accuracy drops about 10%). At the same time, I take a lot more trades on the smaller time frames. The daily, it's a good week if I have entered more than 1-2 trades. Usually I aim for 1 swing a week though.Ignored
Disliked
You guys are trading something where there is no herd, you can't follow the herd. You can take the best trader in the world and he will not make profit long term, say 10 to 15 years trading forex.Ignored
DislikedAs others have said you cannot compare people like Buffet to retail traders trading forex.
I don't think anyone who is doing 20%+ a month is claiming that they are compounding the full amount, most are trading for a wage and compounding part of that. For instance trading with a 50k account, risking 1% a trade, taking in 20%+ a month and taking a wage of around 3k a week.
This is not what I am doing but those that are close to me - one extended family member.
No smoke and mirrors or illusions here, they have just mastered the instruments they trade...Ignored
DislikedWe have talked about almost every thing in this thread. What % targets are possible and which ones are not, randomness, statistics, probabilities and more that some of what i even dont understand.
What i think is that whole debate is more focused on NUMBERS and it should be naturally as afterall all we do is trade the money itself. So Most of us stepping into this business start thinking like what can we make, how much we need, what can we loose, how much we can afford to loose, can i do this fulltime or should do it only as a side business.
That's...Ignored
DislikedOnce again you have selectively read a post, please read it again, I clearly said he takes a wage from his trading every month and compounds what percentage is left over.
He can and does make those percentages every month and yes effectively could compound to infinity BUT as I said some people have a psychological limit on the $ value of a pip they can handle.
The point is it is absolutely possible to make even 40%+ a month trading forex, what is more difficult is to continue doing those figures when the $ pip value gets past a certain point.
Do...Ignored
DislikedDoubt it. In my opinion, the best traders are at least partially discretionary (and if you are not, don't take offense, this is just my personal opinion), ...... hedge funds don't engage in these types of strategies.Ignored
DislikedAnd what kind of strategies are those. The thread author said nothing of timeframe. It is others that made these assertions.Ignored
Dislikedanother good post.
Who gives a sh*t about compounding except the deluded dreamers. We are here to make a living. Do it for long enough and you will gradually increase your trade sizes and your account size with it.Ignored
DislikedThat's how you make money off of the compounding. You don't make money off of high risk high leveraged trades.
I can see where you guys are coming from if you only have $400-$1,500 in an account then forex is really your only bet available.Ignored
Dislikedanother good post.
Who gives a sh*t about compounding except the deluded dreamers. We are here to make a living. Do it for long enough and you will gradually increase your trade sizes and your account size with it.Ignored
DislikedWe have talked about almost every thing in this thread. What % targets are possible and which ones are not, randomness, statistics, probabilities and more that some of what i even dont understand.
What i think is that whole debate is more focused on NUMBERS and it should be naturally as afterall all we do is trade the money itself. So Most of us stepping into this business start thinking like what can we make, how much we need, what can we loose, how much we can afford to loose, can i do this fulltime or should do it only as a side business.
That's...Ignored
Disliked...What about " The Love of The Game "???
In almost all the other high paying professions people focus more towards becoming better and better and better at what they do and money just follows them. First thing that comes to mind is Sports, entertainment than doctors and engineers and so on. They know that as long they got game money is not a problem but when they start failing to perform everything's a problem.
Why can't we be the same? Why not just put aside all the probabilities, possibilities, stats, limits and boundaries posted and preached...Ignored