True dat, but with micro accounts is that really such a big deal - having a large pip stop loss?
Also you can with some EOD strategies tighten up the stop loss to say half the trigger bar, or actually go to a smaller timeframe to get a better one still.
I think your right, but there are options.
Well obviously, but I have seen plenty of novice traders who donāt start with micro accounts, and clearly my point was aimed at that slice of rookie.
And yes absolutely a more elegant Entry is achievable for EOD trading, but I donāt think that many newer traders are really going to be targeting or achieving the most efficient Entry, they are more learning the foundation and then refine it over time. The stuff in the region you describe simply isnāt describing the average, losing newer trader.
Youāre taking a contrarian position, and thatās up to you, but we are talking about the majority of newer traders and the mistakes they make, and that being part of the reason they lose. We can all come up with exceptions or ways to overcome the issue, but that should not be presented as the counter argument to my post, as that would be to miss the point.
Fair point
This is definitely an intriguing thread that, as a newbie trader, Iāve been thinking about a lot.
The best source of forex info Iāve found so far (Patrick from no nonsense forex) strongly recommends against day trading (opting instead for the 1DAY) however, the trading strategy Iām currently working testing (although currently primitive) has been working really effectively in the smaller time frames (specifically the 1HR).
Solely trading the DAY chart seems really appealing but I canāt help but think, based at least on my very limited experience, that you would be leaving money on the table by doing that instead of day trading rather than as well as.
Some TA features are equally useful on intra-day time-frames to inform a strategy - but not all. The fundamental difference between D1 and anything less on stock markets is the closed session. Stock markets suspend trading every night. This clearly distinguishes between one bar or candle and the next. and D1 stock price action is what all TA is based on.
So TA-based trading in forex and in all intra-day trading is a misuse of TA. So donāt depend on it working quite as well as the general wisdom says it should. People get nasty surprises if they donāt appreciate this.
Donāt see the point having Leverage, if your not going to day trade.Having said that, I leave trades open overnight too
im fairly new and ive tried all types of methods until I finally found one that was profitable and the most stress-free. I started out as a day trader and that is what does seem to be the most appealing. Instant Money, but after awhile of experiencing it, it is actually draining and exhausting and your eyes really do have to be glued to the screen. That does not fit with my lifestyle at all. On lower timeframes you also have to be more mindful of the news which is annoying because thereās news all day, everyday and can even indirectly affect currency pairs that the news isnāt even related to
unfortunately, forums etc seem to always talk about day trading first instead of the benefits of swing trading which is where I think newbs go wrong and why so many fail
If I kept trying to day trade and never tried swinging, id still be failing
Swing trading is so much more stress free, you still get your profits within the week most of the time and higher timeframes are more accurate and easier to read!! You can set it and forget your trades and donāt have to be glued to the screen. Plus, the news doesnāt impact those htfās as much
Swing Trading really is the way to go, if only forums etc started out teaching this, I bet the odds of successful traders would be much higher
nnfx is awful lol
what makes you say that?
I traded his strategy starting out. I watched every single one of his youtube videos and all of his blogs. Spent countless hours researching indicators and building my algo. You are risking 2% to gain 1% in hopes that the trade still continues once you put your sl to be but often times that does not happen so you are constantly only make 1% IF you win. You know what the win rate is? a laughable 30%. Even VPās win rate is 30%.
You do the math.
If your losers are bigger than your winners more than half of the time, how the heck are you ever profitable? lol
my demo account slowly but surely was getting smaller and smaller
Once I learned price action and ditched all the indicators thatās when I finally had success
do not waste your time with nnfx, seriously
I appreciate the reply - VPās win rate is really only 30%?? That doesnāt make any sense - how could that be true if heās been pro for all these years? He claims to be making 20%+ every year including metals.
Iāve had a pretty decent first month on my demo, using his advice, and thatās using bog standard indicators. I havenāt even started with the custom indicators but I will certainly bear what youāve said in mind.
Can you recommend any good places to learn about price action?
pretty sure its 30% or around there. its low. just join his fb group. everyone in there hates his method lol
@doyle__e
@ZMCapital
two good price action traders I think on IG
Well, It is true to a certain degree. I spent almost two years building algorithms as per VPās recommendation and demo trading them. Itās terrible. His algorithm template involves a lot of unnecessary garbage. The indicators are just to many. By the time all your indicators compliment each other, its already too late.
However, on the positive, he contributed a lot to my development as a trader. Deep underneath all the garbage of his teachings lie pure treasure. It is the duty of the learner to think outside the box and find the treasure.
For me, answering this question opened the road to this hidden treasure.
Look, in this industry, anyone can claim to be Pro, and throw any figure at your face.
u become a slave to the trading platform only if you donāt have a trading systemā¦LOL
yes it does bring freedom, but only if we have the discipline.
RESPECT the markets, then MARKETS will RESPECT YOU.
When i enter a trade i set up a stop loss and take profit orders and wait for price action to hit one of the two no matter how long it may take. I personally dont see the logic in day trading because it disturbs trading plans.