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  • #21
  • Jul 30, 2015 9:22am Jul 30, 2015 9:22am
90% of traders do not know what is Market Maker and how trades are done. Also, 90% of traders get too emotional when they trade and this influences their trades. The stuff with emotions actually is the same for poker players.
  • #22
  • Jul 30, 2015 3:20pm Jul 30, 2015 3:20pm
Quoting PipC
I know that most have heard this saying before. "90% of traders fail." It is given that most traders lose money. Anyone that has ever traded can see why. However, I think it is important to distinguish between traders and day traders. I would challenge that the statistics are different. If 90% of traders lose money, then I would venture to say 99.9% of day traders lose money. In other words, your chances of success are far lower as a day trader than as a swing trader or long term trader. All the scalpers and day traders lose far more money than...
Hi PipC,

-no I would not agree with position trading being more profitable because if I show you 1h and daily chart and don't tell you which is which you would not know.

-from my experience the one and only reason why people loose trading is because we are naturally wired to fuck up when it comes to trading and gambling. It's like we are born to be loosers. The mechanism is in us, it's not the broker playing games (for the most part).
  • #23
  • Jul 30, 2015 3:37pm Jul 30, 2015 3:37pm
90%+ of retail traders will fail over the long term because of a fundamental misconception about what is actually happening on the screen.

Why are we given tons of free indicators? Why are we given free trading strategies, patterns, and systems? WHO INVITED YOU TO THE FREE MONEY PARTY?

These devices were created in order to make the retail trader feel that they have an edge in the market.

NEWS FLASH
The only people who have an edge in the market are the Market Makers b/c they control the markets!

The markets are part of a banks business. And just like any business, they have a business model that plays out over and over again. It is different each and every day but the principles behind it never change.



My focus has been specifically day trading. I will track certain market maker activity that can help to give me insight to what the real move of the day might be. Market maker activity can include stop outs, accumulation areas, liquidity swaps, equity swaps (they're two different things), and other things.....

In this case today, it was a challenge of belief in the USD/CAD

http://i.imgur.com/VP2XRpf.png
  • #24
  • Jul 30, 2015 6:18pm Jul 30, 2015 6:18pm
almost all of the retail traders fail
because lack of :

1 experience ..
2 edge ! ..
  • #25
  • Jul 30, 2015 8:42pm Jul 30, 2015 8:42pm
Quoting Vitez
{quote} Hi PipC, -no I would not agree with position trading being more profitable because if I show you 1h and daily chart and don't tell you which is which you would not know. -from my experience the one and only reason why people loose trading is because we are naturally wired to fuck up when it comes to trading and gambling. It's like we are born to be loosers. The mechanism is in us, it's not the broker playing games (for the most part).
Yes that may be true that the charts display the same type of data, but they are on two different time frames. With position trading, time is a non factor. You can hold the position for as long as it takes to reach your profit target. With day trading, you only have hours to reach an objective. This factor is huge. I know from experience. Trends only last for a short period of time on smaller time frames (like 5 min) and on larger time frames such as hourly, they might last longer, but they will take hours to complete. Much longer than the length of time you would want to sit in front of the computer to reach.
  • #26
  • Jul 30, 2015 9:02pm Jul 30, 2015 9:02pm
Quoting pharley
Hi PipC, In answer to your questions: 1. When I'm entering multiple times, the previous trades stop losses are always moved up to a couple of pips in front of entry. By doing that, my risk on the earlier trades is zero. Then for the new trade, I look at where a logical SL would be, adjust lot size accordingly and trade. I don't work on % of account - I much prefer to work with $ of risk. As price moves up on other multiple trades, all my previous stops move as well, thereby locking in $ profits. After a few trades it gets very interesting - Say...
Yes I see how this strategy would be profitable. Makes sense. You basically draw in your support and resistance lines using the weekly chart and then you look for a pullback and trade in the direction of the trend with half the risk. Then you add new positions at each new breakout within the trend? And you also manage each stop loss individually slowly moving them up to break even as the trade progresses in your favor. Very interesting strategy. I haven't tried scaling in yet, only scaling out. It makes sense that it is less risky to add to a profitable position that it is to open a new position entirely. More to my original point, this type of trading would be very hard if not impossible to do on an intra-day basis. There just isn't enough time in one day to take full advantage of the trend I think...
  • #27
  • Jul 30, 2015 10:22pm Jul 30, 2015 10:22pm
Hi PipC,

Yes, I draw weekly S/R areas in, then move to the daily timeframe when the price is close to them. Then look for the entry.

Only the first trade it at half risk - the remainder at at full risk. Yes the stops are all managed individually and moved up initially to BE, then further to lock in profits as price progresses.

It's not just a break out I'm looking for. There are several things - a 50% retrace, a pin bar, engulfing, a break - these are the main ones, and I do that from a 4hr chart.

You can get some intraday ones - using a daily or even 4hr chart to see SR areas and trade off those. I prefer the weekly SR, but also trade the daily. Last night I traded GBPJPY using multi-entries and got 183 pips. The day before, same method again and got 222 pips. I'm really pleased with those sort of figures for the smaller targets.

For the larger runs I normally end up with a few thousand pips which is terrific.

I suppose I should put all of this stuff together and start a thread or something - it's all in my trading plan. What I'm not covering here at the moment is how I enter on 4hr charts etc, where my targets are and where stops are. I'll think about it.

Cheers
Phil
  • #28
  • Jul 30, 2015 11:12pm Jul 30, 2015 11:12pm
pharley or other traders , please start it with charts and explain to us how it can be don on this same pages , thanks T12
  • #29
  • Jul 30, 2015 11:47pm Jul 30, 2015 11:47pm
Traders lose because they have losing habits. Failure to consistently execute. Looking for secrets. Flitting like a butterfly. Leaving simple for the complex. Monkey brain.

Step right up, the magic indicator and system will cure all your trading ills. Traders fall for this nonsense. Not to mention the proper chart and timeframe nonsense.

Traders need to learn how to dance with the market because it always leads.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #30
  • Jul 31, 2015 12:02am Jul 31, 2015 12:02am
Traders lose because:
- don't know where the market goes.
- trade by time frames, not by price.
- trade by "magic" indicators, not by price.
- trade by patterns, not by price.
- trade by candlesticks, renko..., not by price.
- greedy but blind.
- listen to stupid traders.
- and repeat and repeat and repeat all those above
BullShit BearShit
  • #31
  • Jul 31, 2015 12:37am Jul 31, 2015 12:37am
Quoting etrade360
Traders lose because: - don't know where the market goes. - trade by time frames, not by price. - trade by "magic" indicators, not by price. - trade by patterns, not by price. - trade by candlesticks, renko..., not by price. - greedy but blind. - listen to stupid traders. - and repeat and repeat and repeat all those above
I agree with all the above, however trading by "price" is meaningless, simply because price can do anything.
Price going up, price going down ... the next price and move can be in any direction ...
  • #32
  • Jul 31, 2015 1:13am Jul 31, 2015 1:13am
I'm accepting your money... paypal or wire is fine.
Attached Image (click to enlarge)
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  • #33
  • Jul 31, 2015 2:00am Jul 31, 2015 2:00am
Hi Terminator,

ok, I will post on here - give me some time to draft up some pics, entries, stops etc and I'll get it on here for people to see. I have some already, so shouldn't take too long.

Cheers,
Phil
  • #34
  • Jul 31, 2015 2:46am Jul 31, 2015 2:46am
PIPC for your information dear .. market moves same in all TF ..swings are same in all TF ... u can check by applying some strategies ..and watch it in all TF,s and u will see same result .. the difference is .. BECOZ 1mint 5 mint is shortest TF so it showing trend and counter trend /flat range bound etc in the same day . you are using daily chart so it must will take many weeks o few month to show u the same cycle or swing but overall all TF follow same swing and i am saying this with my 6 years of experience .. and if i am wrong i will leave forex so trust at me
an example ... Head and shoulder occurs in 1 mint , in 5 mint , in 15 mint , in 30 mint , in 1hour , in 4h , in daily .. if market cycle doesnot repeat itself or same in ALL TF then why H&S occurs in all TF, ?
similarly Harmonic trend continuation and trend reversal patterns occurs in 1 mint to monthly charts... and many time i found same movement in shorter and bigger TF
so find a good strategy and stick with it..there is no difference in 1 mint to monthly chart ....
  • #35
  • Jul 31, 2015 3:44am Jul 31, 2015 3:44am
GBP JPY Weekly chart with SR levels drawn:
Attached Image
  • #36
  • Jul 31, 2015 3:45am Jul 31, 2015 3:45am
Daily view of same time with good pin bar at support:
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Click to Enlarge Name: Pic 3 Daily PB formed @ SR.PNG Size: 18 KB
  • #37
  • Jul 31, 2015 3:46am Jul 31, 2015 3:46am
Draw my target area - this is 90% of the previous big move from major resistance to major support:
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  • #38
  • Jul 31, 2015 3:48am Jul 31, 2015 3:48am
Now I move to a 4hr chart - after the daily pin bar has formed. My first entry is a 50% retracement of the move up:
Attached Image (click to enlarge)
Click to Enlarge Name: Pic 5 T1 entry.PNG Size: 30 KB
  • #39
  • Jul 31, 2015 3:49am Jul 31, 2015 3:49am
My second entry - a 4 hr candle closes above the high of yesterday. SL from T1 is moved up to be the same level as T2:
Attached Image (click to enlarge)
Click to Enlarge Name: Pic 6 T2 entry.PNG Size: 26 KB
  • #40
  • Jul 31, 2015 3:51am Jul 31, 2015 3:51am
I enter on 50% retracements and close of 4hr candle above yesterday high (or a retrace of breakout back to breakout point) multiple times to my target area. Another 50% retrace entry:
Attached Image (click to enlarge)
Click to Enlarge Name: another 50% retrace entry.PNG Size: 27 KB
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