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Day Trading for a Living

  • #321
  • Jul 7, 2012 1:32pm Jul 7, 2012 1:32pm
"Not good, I believe in most brokers small print it states that a stop loss order isn't guaranteed, which basically gets them out of the sh*t should it not close your trade, however how morally right that is remains to be seen, its happened once to me with mt4 and I was quite a bit in the negative, then my trade closed automatically eventually, way past its stop, but only the money risked by my the stop level was deducted from the balance, so it worked out alright in the end."

Yes I undertsand they have a get out clause in small print, but even if they say 20% slippage factor (fair enough) how can a £1 trade go past 85 pips.

They never loose....just greedily take every penny they can from us.
I am with IG Index at them moment, not sure if i'm allowed to say that.
  • #322
  • Jul 7, 2012 3:57pm Jul 7, 2012 3:57pm
Quoting Mossy68

Do we ever get slippage in our favour.....it seems funny how the Stop Limit always works fine, but not the Stop Loss (Greedy Brokers). Are stop loss manually activated and stop limits controlled by P.C.'s ?
You'd think it would be 50/50 but I've never had 1 run the right way hugely, okay got 16pips of GU or something from news, but I prefer not to hold over news as I've had SL at 20 SL me at 80 before which is account crippling to me.

A limit order is a limit order, to sell at XXX, a SL isn't an order as such it's an order to exit and triggers a market order so I guess they do screw us there.

Shame, in before news, tight SL and if it flies 10x's the profit, 50/50 chance so go both ways and make big cash, but sadly never that easy.

FXCM used to do guaranteed SL and used to lag 1 - 2 seconds, so the chart would jump 100pips up, I could get in before the move and see where to exit ( chart not from FXCM ), they caught onto me and kept requoting me which killed it sadly not that the market goes 100pips in seconds like it used to these days
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #323
  • Jul 7, 2012 4:30pm Jul 7, 2012 4:30pm
Quoting Turveyd
You'd think it would be 50/50 but I've never had 1 run the right way hugely, okay got 16pips of GU or something from news, but I prefer not to hold over news as I've had SL at 20 SL me at 80 before which is account crippling to me.

A limit order is a limit order, to sell at XXX, a SL isn't an order as such it's an order to exit and triggers a market order so I guess they do screw us there.

Shame, in before news, tight SL and if it flies 10x's the profit, 50/50 chance so go both ways and make big cash, but sadly never that easy.

FXCM used to...
Certainly not the eur/usd anyway, but IG Index do offer a guaranteed stop loss(+2 or 3 pips extra) which I have placed today ready for sundays opening. I will wait and see if it works, but at 80 pips away (North) I prayer it don't get triggered. I was on Nymex Friday, and that went through the usual eur/usd boring range for 5 hours or so.

Good luck
  • #324
  • Jul 7, 2012 5:14pm Jul 7, 2012 5:14pm
Quoting Mossy68
Certainly not the eur/usd anyway, but IG Index do offer a guaranteed stop loss(+2 or 3 pips extra) which I have placed today ready for sundays opening. I will wait and see if it works, but at 80 pips away (North) I prayer it don't get triggered. I was on Nymex Friday, and that went through the usual eur/usd boring range for 5 hours or so.

Good luck

That 80 could easily reverse before your broker opens and instantly goes market order on you, but guaranteed SL should be fine, if there is no weekend gap clause.

Nymex is the same chart as my USOil, I trade oil, 12:40 on my chart till 16:30 area 84.25 Support kept holding most kept bouncing 20-25pips though, hard to trust live.

Reduce the pairs I watch down to 6 reduce my confusion, few other small tweaks so role on Monday
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #325
  • Jul 7, 2012 5:18pm Jul 7, 2012 5:18pm
Quoting Turveyd

FXCM used to do guaranteed SL and used to lag 1 - 2 seconds, so the chart would jump 100pips up, I could get in before the move and see where to exit ( chart not from FXCM ), they caught onto me and kept requoting me which killed it sadly not that the market goes 100pips in seconds like it used to these days
That quote there tells me you're trading against your broker and they don't want you to make money. I've read horror stories regarding fxcm, never used them though, alpari are also horrendous for requotes and massive slippage/spikes to clear stops from what I've experienced personally.
  • #326
  • Jul 7, 2012 5:45pm Jul 7, 2012 5:45pm
Quoting GDR3k
That quote there tells me you're trading against your broker and they don't want you to make money. I've read horror stories regarding fxcm, never used them though, alpari are also horrendous for requotes and massive slippage/spikes to clear stops from what I've experienced personally.

Well it was a CHEAT 100% 4 or 5 years back, made a stack off it so no wonder they stopped me, guaranteed entry price and SL, I could get in after just after a news event.

They've went No dealer desk or something since, not 1 re quote or hassle in years, shame the spreads aren't slightly lower, but there really isn't much in it so it'll do and I can trade if via TradeInterceptor from Ipad / Iphone very nicely I'm lazy so drag a SL up a bit on the chart to tighten it works for me
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #327
  • Jul 8, 2012 6:06am Jul 8, 2012 6:06am
Quoting Turveyd
Well it was a CHEAT 100% 4 or 5 years back, made a stack off it so no wonder they stopped me, guaranteed entry price and SL, I could get in after just after a news event.

They've went No dealer desk or something since, not 1 re quote or hassle in years, shame the spreads aren't slightly lower, but there really isn't much in it so it'll do and I can trade if via TradeInterceptor from Ipad / Iphone very nicely I'm lazy so drag a SL up a bit on the chart to tighten it works for me
I wonder how much it would cost to set up a broker with NDD/STP/ECN access, which made money off the spreads only, with the motto 'a forex broker, by forex traders.", or something.
  • #328
  • Jul 8, 2012 9:02am Jul 8, 2012 9:02am
Quoting GDR3k
I wonder how much it would cost to set up a broker with NDD/STP/ECN access, which made money off the spreads only, with the motto 'a forex broker, by forex traders.", or something.
Far Far Far Far Far to much for me I'd bet, which isn't hard as I'm poorer than a very poor thing
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #329
  • Jul 8, 2012 10:30am Jul 8, 2012 10:30am
Quoting Turveyd
Far Far Far Far Far to much for me I'd bet, which isn't hard as I'm poorer than a very poor thing
Yeah I've just been looking online and the general figure I'm reading is about $1million, I think I'll give that a miss...
  • #330
  • Jul 8, 2012 12:45pm Jul 8, 2012 12:45pm
Quoting GDR3k
Yeah I've just been looking online and the general figure I'm reading is about $1million, I think I'll give that a miss...
Shame it would be a near guaranteed way of making money.

Move all the loser people (99%) to a you pay there profits / keep there losses and only put the profitable people onto the market for just the spread and loads of money.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #331
  • Jul 8, 2012 1:12pm Jul 8, 2012 1:12pm
Quoting Turveyd
Shame it would be a near guaranteed way of making money.

Move all the loser people (99%) to a you pay there profits / keep there losses and only put the profitable people onto the market for just the spread and loads of money.
Lol I'd just send every order right through to the market and just profit off the spread
  • #332
  • Jul 8, 2012 1:22pm Jul 8, 2012 1:22pm
Quoting GDR3k
Lol I'd just send every order right through to the market and just profit off the spread
That's how it would start, then someone would blow 100K and you'd realise, that coulda been mine


Aren't weekends BORING!!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #333
  • Jul 8, 2012 1:25pm Jul 8, 2012 1:25pm
Quoting Turveyd
That's how it would start, then someone would blow 100K and you'd realise, that coulda been mine


Aren't weekends BORING!!!
Suppose so! I guess its in human nature to be greedy, I read somewhere a while back how any sort of currency corrupts the people who use it and people around them, scientists did an experiment using monkeys and they trained them to use money, do you know what was the main thing they bought with it? sex off the females.
  • #334
  • Jul 8, 2012 1:26pm Jul 8, 2012 1:26pm
Glad to see some full-time traders and working up the lot sizes to pay monthly bills. Just a question:

Do you guys believe in Mark Douglas' book Trading in the Zone? Did anyone read it?
No longer trading forex. Looking for full time job.
  • #335
  • Jul 8, 2012 1:27pm Jul 8, 2012 1:27pm
Quoting GDR3k
Suppose so! I guess its in human nature to be greedy, I read somewhere a while back how any sort of currency corrupts the people who use it and people around them, scientists did an experiment using monkeys and they trained them to use money, do you know what was the main thing they bought with it? sex off the females.

And that is why prostitution is the worlds oldest profession!


I'd bet the females spent it on there hair, shoes and hand bags.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #336
  • Jul 8, 2012 1:29pm Jul 8, 2012 1:29pm
I got it in PDF format on my PC and was gonna give it a read while on away on holiday but never got round to it as most of the reviews said it was rubbish, plus a few people on here said the same and that its fairly repetitive so I gave it a miss.

Quoting mmaker
Glad to see some full-time traders and working up the lot sizes to pay monthly bills. Just a question:

Do you guys believe in Mark Douglas' book Trading in the Zone? Did anyone read it?
  • #337
  • Jul 8, 2012 1:35pm Jul 8, 2012 1:35pm
Quoting Turveyd
And that is why prostitution is the worlds oldest profession!


I'd bet the females spent it on there hair, shoes and hand bags.
I imagine they weren't best pleased when the money got took away!
  • #338
  • Jul 8, 2012 1:36pm Jul 8, 2012 1:36pm
Quoting GDR3k
I got it in PDF format on my PC and was gonna give it a read while on away on holiday but never got round to it as most of the reviews said it was rubbish, plus a few people on here said the same and that its fairly repetitive so I gave it a miss.
I read the book several times, agreed with alot of what he said. Recently I listened to the audio version which don't take much effort (to read) since I played it on speakers in the background on this PC. But at the end, I didn't find the advice in the final chapter as solutions to my problems. I won't slam him since he got famous since 1990's and had helped several big-time Chicago floor traders and ran consultancy till today. But somehow I didn't find his advice useful at all. Sure, I've seen other reviews too but they seem mixed.
No longer trading forex. Looking for full time job.
  • #339
  • Jul 8, 2012 1:43pm Jul 8, 2012 1:43pm
Quoting mmaker
I read the book several times, agreed with alot of what he said. Recently I listened to the audio version which don't take much effort (to read) since I played it on speakers in the background on this PC. But at the end, I didn't find the advice in the final chapter as solutions to my problems. I won't slam him since he got famous since 1990's and had helped several big-time Chicago floor traders and ran consultancy till today. But somehow I didn't find his advice useful at all. Sure, I've seen other reviews too but they seem mixed.

If you can't trade, write a book!

What are your problems ??
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #340
  • Jul 8, 2012 1:43pm Jul 8, 2012 1:43pm
Quoting mmaker
I read the book several times, agreed with alot of what he said. Recently I listened to the audio version which don't take much effort (to read) since I played it on speakers in the background on this PC. But at the end, I didn't find the advice in the final chapter as solutions to my problems. I won't slam him since he got famous since 1990's and had helped several big-time Chicago floor traders and ran consultancy till today. But somehow I didn't find his advice useful at all. Sure, I've seen other reviews too but they seem...
I'll stick to my H.P Lovecraft

I've not read any books about trading psychology.

If you don't mind me asking, what trading problems are you having?
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