My Trading journey.
Discussion
R11ysf said:
Making £5k a day and stopping, which I've asked about twice, is something you need to think about, and trust me if you stick to that then the chances of you being successful are massively stacked against you.
R11ysf said:
Or maybe Zac people with a lot more experience than you have heard of a million "traders" who all make money and then it all turns out to be a scam time and time again.
Are you suggesting that no-one ever legitimately makes money on stocks? I'm pretty convinced the OP is legitimate since as a profitable trader myself his techniques seem to stack up. I'm sure Gulzar from this forum is also a Forex trader and I don't see him advertising any bogus scams whilst gold plating his Rolls Royce.The reason why I only trade 1-2 trades a day is simple.
- when you place a trade you have to pay a spread. I only want to pay that once. With scalping you end up paying the spread 10+ times a day.
- More trades = more risk, and more work.
- a day high and a day low is only likely to occur once. Why keep entering and exiting in the mid points when you can just aim for the biggest sweep all in one go?
Poss. short on GBP AT 15772. Stop is 15823(50 pips away).
I am "NOT" going to take this trade as:
1) I'm done for the AM, and don't want to go back in....YET.
2) The stop is quite far away.
3) It may take till after 4pm to come to fruition(harder for me to keep track on 200 tick).
BUT if this was the only trade availiable on the day then I most certainly would take it.
I am "NOT" going to take this trade as:
1) I'm done for the AM, and don't want to go back in....YET.
2) The stop is quite far away.
3) It may take till after 4pm to come to fruition(harder for me to keep track on 200 tick).
BUT if this was the only trade availiable on the day then I most certainly would take it.
I just don't want people to think its "easy" and that buy buying a formula or strat anyone can do it. there is already some phers drawn to this easy money and I don't want to see people burnt.
I don't day trade because I'm not good enough. However I work in finance and have enough fx trader mates to know its not easy
I don't day trade because I'm not good enough. However I work in finance and have enough fx trader mates to know its not easy
AdamTheTrader said:
Are you suggesting that no-one ever legitimately makes money on stocks?
No and I've never intimated or suggested this at any point. You pretty much just made that up.AdamTheTrader said:
The reason why I only trade 1-2 trades a day is simple.
- when you place a trade you have to pay a spread. I only want to pay that once. With scalping you end up paying the spread 10+ times a day.
- More trades = more risk, and more work.
- a day high and a day low is only likely to occur once. Why keep entering and exiting in the mid points when you can just aim for the biggest sweep all in one go?
Errrm, I think Walm has covered your last point.- when you place a trade you have to pay a spread. I only want to pay that once. With scalping you end up paying the spread 10+ times a day.
- More trades = more risk, and more work.
- a day high and a day low is only likely to occur once. Why keep entering and exiting in the mid points when you can just aim for the biggest sweep all in one go?
With regards to why I was suggesting that Mr Fox trades more often when times are good the reasons are many. Firstly, his trade this morning was 20 pips. In Forex. That is not a " big sweep" or even close. It is a small scalp. Therefore if you are going to scalp then you need to increase your number of trades and expect a lower proportion of winners but more of them. If you are going to trade once or twice a day then you need to be aiming for a bigger winning trade.
Scalping in massive size once or twice a day for a small profit (in tick terms) will struggle to be profitable in the long term.
JPJPJP said:
OK, it was 10 minutes later than his post, but let's track Mr Fox's GBPUSD trade
entry at 1207 UK time at 1.57967 short, stop loss at 1.58230, profit target at 1.57767, 20 pips
will report on the outcome as it unfolds.
lol. entry at 1207 UK time at 1.57967 short, stop loss at 1.58230, profit target at 1.57767, 20 pips
will report on the outcome as it unfolds.
I dont know which chart your looking at but, it hasnt triggered yet.
and even if you look at the AM trade that was reported as I took it.
z4chris99 said:
your stupid. a day high is the highest point in the day. likewise a day low. thus it can only occour once.
"your" "you're" etc.Also please for God's sake tell me you have never been anywhere near a trading screen. Would you like us to explain why there is more than one high and low a day or do you think you can figure it out?
R11ysf said:
Errrm, I think Walm has covered your last point.
With regards to why I was suggesting that Mr Fox trades more often when times are good the reasons are many. Firstly, his trade this morning was 20 pips. In Forex. That is not a " big sweep" or even close. It is a small scalp. Therefore if you are going to scalp then you need to increase your number of trades and expect a lower proportion of winners but more of them. If you are going to trade once or twice a day then you need to be aiming for a bigger winning trade.
Scalping in massive size once or twice a day for a small profit (in tick terms) will struggle to be profitable in the long term.
Well clearly you don't understand what I'm saying.With regards to why I was suggesting that Mr Fox trades more often when times are good the reasons are many. Firstly, his trade this morning was 20 pips. In Forex. That is not a " big sweep" or even close. It is a small scalp. Therefore if you are going to scalp then you need to increase your number of trades and expect a lower proportion of winners but more of them. If you are going to trade once or twice a day then you need to be aiming for a bigger winning trade.
Scalping in massive size once or twice a day for a small profit (in tick terms) will struggle to be profitable in the long term.
I certainly don't need educating, either. Firstly it depends on the amount of money you're putting into it per pip. Obviously if you're putting more money in, you're going to need less pips to get the same profit. I go for 30-50 pip moves. Some people go for 5-10. As we know, there isn't some 'winning formula' and all traders are different.
This thread reminds me of the one from a few years back. There was a guy who was spread betting on gold or silver. Betting large amounts hoping to make a few small returns throughout the day.
He posted a pseudo system of sorts and the thread gained quite a following. Quite a few people on here lost a fair bit of money following his scheme. I think (but I could be wrong) that he setup a little fund with PH contributions and lost the lot!
I seem to remember it was back in the days of the Compaq iPac and people had dreams of sitting on the beach doing a few trades a day making thousands a year!
Without a doubt there is no system that can be taught (in a week) that will make money in the long term.
He posted a pseudo system of sorts and the thread gained quite a following. Quite a few people on here lost a fair bit of money following his scheme. I think (but I could be wrong) that he setup a little fund with PH contributions and lost the lot!
I seem to remember it was back in the days of the Compaq iPac and people had dreams of sitting on the beach doing a few trades a day making thousands a year!
Without a doubt there is no system that can be taught (in a week) that will make money in the long term.
russ_a said:
This thread reminds me of the one from a few years back. There was a guy who was spread betting on gold or silver. Betting large amounts hoping to make a few small returns throughout the day.
He posted a pseudo system of sorts and the thread gained quite a following. Quite a few people on here lost a fair bit of money following his scheme. I think (but I could be wrong) that he setup a little fund with PH contributions and lost the lot!
I seem to remember it was back in the days of the Compaq iPac and people had dreams of sitting on the beach doing a few trades a day making thousands a year!
Without a doubt there is no system that can be taught (in a week) that will make money in the long term.
Yes he was called DJC [or similar] and it was IG Index Binary bets on Gold and/or Silver near to the close if in the region of 95 - ie you pay 95 to win 5.He posted a pseudo system of sorts and the thread gained quite a following. Quite a few people on here lost a fair bit of money following his scheme. I think (but I could be wrong) that he setup a little fund with PH contributions and lost the lot!
I seem to remember it was back in the days of the Compaq iPac and people had dreams of sitting on the beach doing a few trades a day making thousands a year!
Without a doubt there is no system that can be taught (in a week) that will make money in the long term.
AdamTheTrader said:
Well clearly you don't understand what I'm saying.
I certainly don't need educating, either. Firstly it depends on the amount of money you're putting into it per pip. Obviously if you're putting more money in, you're going to need less pips to get the same profit. I go for 30-50 pip moves. Some people go for 5-10. As we know, there isn't some 'winning formula' and all traders are different.
Adam, I;m not saying there is a "winning formula". What I can offer is advice from decade of successful trading. I have seen a huge number of styles and a lot of professional traders make and lose hugs sums. Your trading (and Mr Fox's) will change and evolve a lot over the years. Market conditions play a huge part in this. I remember trading the Eurostoxx when the range was less than 10 ticks a day. I also remember trading the dax in the flash crash. Hugely different types of trading. I certainly don't need educating, either. Firstly it depends on the amount of money you're putting into it per pip. Obviously if you're putting more money in, you're going to need less pips to get the same profit. I go for 30-50 pip moves. Some people go for 5-10. As we know, there isn't some 'winning formula' and all traders are different.
I see you are 22. If you think you don't need educating then good luck to you. I still learn stuff every single week. The points I have made on this thread are peppered with the phrase "in the long run" and that's the key to this game. Longevity. Unless you are absolutely smashing it and aiming to retire in a year then listening to everyone around you will do you good.
At no point have I said Mr Fox is lying, scamming or otherwise. I have just stated twice that when your "system" is working you need to maximise profits there and then because one day it will not work. That is fact. Nothing reads all markets and all conditions. If you are interested I could tell you some stories of things that I have traded and how they evolved.
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