Billy, I use the block of time because I have to much going on at home that i cant be 100% in the game. My day ends at 9am because I have a 3 yr old that accompanies me all day till 5pm, and get to play for the rest of the day, go to the park, play with play0doh, eat a ton of fake food, and drink gallons of fake tea, its a good life…lol…
I like to scalp the price action, i like to be fixed on the screen, I enjoy that part, i just dont have the time, and really, i hit my goals anyways, by then…
Well it was interesting whilst it lasted, as i said before not much changes around here! haha
I’m afraid that’s so, indeed: it would require some simple changes in the forum’s moderation policies for the situation to be improved, but unfortunately the necessary willingness for that to happen remains absent.
You can’t measure the success in pips, it has to be in percentages. Sometimes you can make big profit on less pips and sometime you will get less amount as profit in more number of pips depending on your lot size used.
Translated, what forexcrisp is saying here is if the glass isn’t half full it must be half empty.
G’day Money
Unfortunately you might like to think as yourself as different to others but we all face our own set of unique challenges. First congrats on being a dad. That is something I don’t think many of us knew about you. There is no greater honor in life for any man. Personally I have a dyslexic, insomniac 10 yo daughter who also suffers from anxiety. A 6 year old boy who is autistic and also suffers from sensory perception disorder. Myself, I am a dyslexic bipolar Gemini. So it’s a pretty interesting household filled with it’s own challenges.
But my experience is that speculating, as an action in it’s own right actually takes up very little of my time. Especially over the past couple of months since I discovered Binary approximation (nothing to do with binary options) and rough set theory. Things you won’t find discussed here at Babypips, or in the forex community but available if you use the search button on google scholar. Probably 95% of my time now-a-days, is research and back testing. Forward testing, review, wash rinse repeat. In the business world we call it the PDCA cycle. Plan, Do, Check, Act. Then it’s wash rinse repeat.
So I am disappointed to know you still spend so much time watching the screen discretionary PA trading. I know from my own style it is a very dumb way to trade with little reward for effort. And are you really scalping or have you man-crush on the notion of scalping. Scalping to us retail traders using retail brokers is unobtainable. Simple as that. The fact you said you are squeezing out those last pips of the day indicates you are still gambling and you have no statistical evidence you system/strategy has a market edge. Which is also disappointing cause I thought you had reasonable programming skills.
So as the subject of the thread suggests, those who focus on pips are destined to loss. Those whom accept what the market has to offer and know how to convert that offering to a dollar value stand a better chance of success. Those that have the correct capital base, well the game then becomes a pleasure and a lifestyle.
Putting every aspect of trading to one side, regardless of ones approach or technique, the above statement really is key. I think it’s statements like this that should be weighted far more in the FX community. Rather than reinforcing the critical requirement of needing a large capital base to trade from, traders are otherwise covered by a blanket of ‘dreams’ which suggests you can start small and aim big.
Sure, there is always going to be the one in a million shot where a trader does indeed turn $1K into over $1M, however if you give enough monkeys a typewriter one monkey will [by absolute luck] produce an exact copy of a Shakespeare novel. So if you’re entering trading where your dreams are based on the one in a million shot because that’s your motivation then you are in the wrong game - you also don’t understand statistics as you’re already heavily bound to fail. The odds are against you
A large capital base however, with realistic gains is the way forward. I’m sure most people would be able to live with 5% of $200,000 per month as a primary or secondary income [$10,000]. But try achieving that with an undercapitalized account of just $25,000.
If you don’t have the cash then this is the quickest way to burn whatever you do have. No wonder retail brokers are opening every week of the year - they call the retail trading community ‘monopoly money’ - because it’s almost printable and guaranteed.
Sadly, but i have to agree. Thanks for the inspiring thoughts. I am all fired up now.:mad:
Jezz is always on point, good stuff.
Billy, Man, I have an 24 yr old girl, ( College) a 19 yr old son, in college (Police criminology) , police Sargent in my City’s junior cadet Police department. a 15yr old son, ( 6’4") Throws a perfect football, but doesnt like football, or basketball, orrrrr baseball, and a 3 yr old girl, who acts 10, and smarter then most 10 yr olds. She knows alot about forex too. Can read the charts, knows direction, its actually funny, because she will ask me about my trades, if day is going good, if its a buy or sell day, lol… I crap you not. We dont allow her to eat sugar, so she knows how to check the nutrient profile on packages to check for sugar.
OK, sorry for the sideline stuff, Im proud,
I told ya, I dont squeeze out the trades anymore, I run the time block, and it is what it is at that time. Im done already today, hit my goal, still have 2 hours left in my “Day”, about to go for my 20m walk, Brrrr, its cold, then make wife breakfast before work. Busy day today, I cook the Thanksgiving meal, so getting things prepd and ready…
Hope everyone has a safe and happy thanksgiving,
PS. Billy, not sure why your always so static with me dude,
In my view success is not measured in pips. Because pips depend on lot size how big or small lot you take for trading your profit is up to it. However profit % is best way to measure how much you are getting form forex trading.