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Someone talk to me about trading

  • #41
  • Aug 27, 2015 1:10pm Aug 27, 2015 1:10pm
Thanks everyone for taking the time to post on here. Just to clear something up. I am not asking for trading advice, or for someone to tell me how to trade. Just wanted to talk to people about trading, and get people talking to each other about trading . Would love to hear your views on anything to do with trading. Here's a good one. Why is it so difficult to be a successful day trader. ?
  • #42
  • Aug 27, 2015 1:19pm Aug 27, 2015 1:19pm
Quoting wendigo
ive come to realize trading isnt about the sytem u use. more its about money management and risk/reward. damien
Would tend to agree with you on this one. Getting stopped out lots of times with small losses. Hold for large reward. This is one of the reasons day trading is difficult .
No one ever talks about, or at least I haven't come across it, using the whipsaw stop, with Donchian channels. This uses 1/2 ATR stops instead of the much talked about 2 ATR stop. It is more profitable to use the whipsaw stop because of increased reward.
  • #43
  • Aug 27, 2015 1:25pm Aug 27, 2015 1:25pm
Quoting Dimi.A
Hey man, For me I only started becoming profitable when I started trading on higher time frames. I only trade the 4H charts now and f*ck me it's changed my life lol. I use to trade the 1 minute and 5 minute charts. What a disaster haha. Is there any particular strategy you're using bro? Have you started trading live yet?
Been trading live for about 10 years and still here to tell the tale. Like you I used to trade smaller time frames. Like you too I now trade daily charts. Enter using two hour charts in direction of larger daily trend, which I determine from guppy type mma. I trail at 28 day ema.
  • #44
  • Aug 27, 2015 1:30pm Aug 27, 2015 1:30pm
Quoting Aich
With respect, Atokys, the thread starter has asked for some advice with fresh ideas. Thus far, your total contribution seems to be to buy low and sell high! Silverheat has something to offer that you could benefit from. Come back to me when you have got over the view that you are right and that makes everyone else wrong. Read the first paragraph of silverheat's post a few times and you may learn something new. Good trading to all.
With all due respect to you Aich I am NOT asking for advice. Just want to get some discussions going. Thank you.
  • #45
  • Aug 27, 2015 1:35pm Aug 27, 2015 1:35pm
Quoting ant358
{quote} Putting my hand up! 14% and 1,940 pips at time of this post, obviously I've a couple of days left to lose it! My trading is based on market sentiment, pure randomness and checking myself everytime I start thinking in theories. Just have to go with the flow and never believe you are right. Anything that might endure you to stubornly stick to a position against what the market is doing, e.g. wave theory, indicators, fundemental analysis etc is going to cost you money. Longer time frames have helped, bigger stop losses (50 pip+) and smaller...
Thanks ant. You make sense to me. Only remember, a 50 pip or so stop loss on a daily chart when you're trailing the 28 day ema like I am, is only a small stop. It might be bigger, but it's not big and it's going to get you nice r/r
  • #46
  • Aug 27, 2015 1:48pm Aug 27, 2015 1:48pm
Quoting ant358
Have a look at this picture. It is taken from one of the best texts that I have read on trading that isn't about trading. "Improving Intelligence Analysis with ACH.pdf" It's freely available on the web so I assume that I can quote it's explanation directly: The drawing provides the reader an opportunity to test for him or herself the persistence of established images. What do you see an old woman or a young woman? Now look again to see if you can visually and mentally reorganize the data to form a different image that of a young woman if your original...
very very intersting and helpful.thank u.
And falling's just another way to fly...
  • #47
  • Aug 27, 2015 3:17pm Aug 27, 2015 3:17pm
Quoting Jimmy Young
The Work Required Forex trading, simply put, is betting that one specific currency will appreciate or depreciate versus a second specific currency. It stands to reason that understanding what makes currencies appreciate or depreciate is an important first step in Forex trading. Oddly enough, only a small fraction of retail Forex traders consider what makes currencies appreciate or depreciate in their Forex trade entry and exit decisions. Their focus is almost exclusively on currency pair exchange rate chart analysis (technical). There vague awareness...
Thank you for taking the time to post that. I've been trading live for 10 years.
  • #48
  • Edited 9:45pm Aug 27, 2015 8:53pm | Edited 9:45pm
Quoting ant358
So if your looking for something like Elliott Waves you then become blind what else is happening.
Now, ask yourself why you think that your perception of objective reality is relevant to trading well. What you hold to be objective may very well seem subjective to someone with a different set of beliefs. I shall leave you with this excerpt from LeBeau's Computer Analysis of the Futures Market:

"We Once knew a trader who claimed he received entry signals from mysterious beings in outer space. He claimed to receive these messages via his "interplanetary cellular phone" constructed from a Coca-Cola bottle with a broken piece of radio antenna sticking out of the top. This fortunate (or unfortunate) trader actually made money because he had a knack for exiting his trades correctly. He couldn't bear to lose money and endure the taunts of the other traders sitting around the boardroom, so he was very quick to close out a losing trade. He would blame the loss on static or some sort of cosmic interference that had garbled his secret message. When he stumbled into a winning trade, he would prolong the experience as long as possible, so he could brag to his cronies about the validity of his messages from outer space and poke fun at their seemingly futile efforts to make money studying fundamentals and charts."
  • #49
  • Aug 27, 2015 10:39pm Aug 27, 2015 10:39pm
Quoting TheGreatMilenko
{quote} Would tend to agree with you on this one. Getting stopped out lots of times with small losses. Hold for large reward. This is one of the reasons day trading is difficult . No one ever talks about, or at least I haven't come across it, using the whipsaw stop, with Donchian channels. This uses 1/2 ATR stops instead of the much talked about 2 ATR stop. It is more profitable to use the whipsaw stop because of increased reward.
exactly i get stopped out at b/e 70% of the time but when i get a runner i have been letting it run and grabbing anywhere from 30 up to and over 100 points.

damien
  • #50
  • Aug 27, 2015 11:18pm Aug 27, 2015 11:18pm
Quoting Atokys
{quote} Buy when price is going up, sell back when it starts going down. Sell when price is going down, buy back when it starts going up.
Trading isn't so easy as the way you talking :/
  • #51
  • Aug 27, 2015 11:54pm Aug 27, 2015 11:54pm
Quoting rawstar11
Trading isn't so easy as the way you talking :/
Why can't it be? Trading can be as easy or as diffcult as you make it.
  • #52
  • Aug 28, 2015 6:57am Aug 28, 2015 6:57am
Standard Indicators are traps to lure you into losing your money
Le$$ I$ More
  • #53
  • Aug 28, 2015 7:11am Aug 28, 2015 7:11am
Quoting Roszey
Standard Indicators are traps to lure you into losing your money
Thats pretty funny. Indicators are just formulas applied to price data, you make money depending on how you use them.
  • #54
  • Aug 28, 2015 7:11am Aug 28, 2015 7:11am
charts are a trap they are lagging just like any other indicator

damien
  • #55
  • Aug 28, 2015 7:16am Aug 28, 2015 7:16am
Quoting wendigo
charts are a trap they are lagging just like any other indicator damien
Firstly, lol.
Secondly, nothing wrong with a lagging indicator.
  • #56
  • Aug 28, 2015 3:40pm Aug 28, 2015 3:40pm
Quoting Jimmy Young
The Work Required Forex trading, simply put, is betting that one specific currency will appreciate or depreciate versus a second specific currency. It stands to reason that understanding what makes currencies appreciate or depreciate is an important first step in Forex trading. Oddly enough, only a small fraction of retail Forex traders consider what makes currencies appreciate or depreciate in their Forex trade entry and exit decisions. Their focus is almost exclusively on currency pair exchange rate chart analysis (technical). There vague awareness...
Solid explanation. I really like the clarity of this post. Thank you mate.
  • #57
  • Aug 28, 2015 8:26pm Aug 28, 2015 8:26pm
What I have found out trading during the years is that trading, no matter what method is used is to buy low and sell high, like anything you would want to buy or sell, trading the markets is no different.the problem is that the markets are fractal in nature so when you are low on one time frame (you think) you might be high on another higher time frame. buying here is a probably going to be a loss, so I think it's important to try and puzzle all the time frames together. that's called multi time frame analysis. besides that, the market can decide to reverse at any moment because of news or other drivers. there is a lot of methods to achieve this. you just got to find something that suit you personally that you could trade with ease.

next big thing is your own psychology, this is something new traders don't think about much, at least I didn't when I first started. the psychology is the most important thing in trading. if you don't know discipline then you are soon to empty your account. and your own psychology is the reason why. for this reason, keeping it simple is key, don't clutter your chart with 10 indicators, this will be too complicated for your psyche, you might not think it is, but I assure you that it is, as traders we must constantly work on our selves, and always check our selves so we are focused and fit to trade. as human beings we all have up and downs and sometimes it can affect our trading decisions. always work on your self. to find out your weakness and plug that hole. then to be disciplined about it, is an entire other matter you have to learn too. ohh, and did I mention patience. all of this together is key to profitable trading, if you don't master it yet, then trade only 1 micro lot real money account until you are have a winning history that shows consistency. you need at least 1000 trades, do not trade on demo, because it will not train your psychology, to get the sweat drippin there is going to have to be real money involved.
Bulls are stupid Animals!especially when Im short!
  • #58
  • Sep 1, 2015 2:26am Sep 1, 2015 2:26am
Quoting TheGreatMilenko
Here's a good one. Why is it so difficult to be a successful day trader. ?
I like to look at the reverse; Why is it so easy to be an unsuccessful day trader?
If someone gave you an account and said you have to try and lose every single dollar in this account in a single week, how would you go about it ?

I've done this a few times in the past and it normally involved to much leverage, stops to close and large profit targets, maybe we could devise the perfect losing strategy?
If a man knows not what harbor he seeks, any wind is the right wind.
  • #59
  • Last Post: Sep 1, 2015 7:57am Sep 1, 2015 7:57am
Quoting ant358
I like to look at the reverse; Why is it so easy to be an unsuccessful day trader? If someone gave you an account and said you have to try and lose every single dollar in this account in a single week, how would you go about it ? I've done this a few times in the past and it normally involved to much leverage, stops to close and large profit targets, maybe we could devise the perfect losing strategy?
Why not make it a productive exercise and reverse engineer a profitable trading system? Find out what unsuccessful traders do and do the exact opposite.
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