Running out of time

Beginner Questions
1

I am a 16 year old ,everyday I come home from school at 3:30 when I get home I change ,eat and chores at 4:00 I have to leave for tutoring which I finish at 5:30 . After all that I go on charts but the problem is most of the time I’m too late for certain moves in the market and I trade 30min timeframe so most of my trades will go on till the next day which I can’t do cause I’ll have to pay so I end up leaving it .

I do day trading but I’m starting to wonder that day trading does not fit into my schedule,should I switch to scalping. What do I do

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It’s even harder for retail traders to profit from scalping than from daytrading.

You’ve been through the whole BP School (well done!) so you already know that retail CFDs are just betting against the “broker”. Most of them don’t like scalpers for that reason, because if you ever manage to do it successfully, it will be their money you’re winning. Not money from “a market”.

How long are they going to stand that for, without taking countermeasures against you or freezing you out?

I don’t think that’s a good way forward for you.

Have you thought about moving in the other direction, and trying to trade from daily charts, maybe? Or something like that?

You say “running out of time” but actually you have time on your side, given your age, you know? I hope I don’t sound patronizing or anything like that but I wish I’d started when I was your age! Until you’re 18 you can’t really trade for money anyway? (Maybe in a parent’s name or something? But a broker won’t like it, perhaps, if you win and they find out about it!).

I think you should be looking at slower trading, not faster trading, anyway.

The charts are better and easier.

There’s less noise.

You can take your time.

Almost all the indicators were designed for daily charts, too. You might find they work better?

There are many advantages to trading more slowly.

Just my opinion. :blush:

Good luck!

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3

Thank you for the information I will try daily charts

But how does news affect daily charts because people who trade daily hold their trades for days or longer ,so what if news pops ups how much does it affect my trade. What if it’s big news do I have to close my trade or maybe it won’t affect that much and I can let my trade continue

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4

Yes, this is true, and a very good question. I think the answer may be that you have to try to allow for it by using wider stop-losses, or at least that may be part of the answer. But you need answers to that question from people more used to daily charts than I am!! :blush:

I really DO think it’s the right way for you to move, though.

Others will reply to you, soon enough. The forum’s very active, and has some very experienced traders posting regularly! :sunglasses:

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Do you seriously believe that brokers in a 6.6 trillion dollar daily market that brokers are trying to ‘freeze out’ a newbie? They couldnt give a fig - What 'move the entire market to ‘freeze out’ and ‘stop out’ a newbie?

Oh come on, this is ludicrous :rofl:

Brokers want clients to stay - they make money on spreads. And 70% of traders lose anyway without this so called ‘stop hunting’.

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6

Hi @shawn23_stg ,

It’s actually good thing you try trading since young age. The benefit of learning since young, will help you to speed up your wealth creation.

The fastest learning process for a trader is around 3 years. Reason is simple, economic cycle. You have to know how to trade during bullish, bearish and uncertain market.

Since you are still 16, you have more energy to learn. Firstly you can use demo account and growing your discipline. Discipline is the hardest part for successful trader. I trained my son since he was young. He could learn fast, the problem was his boldness. He could earn 50% / week, but would loss all when market went against him.

Getting older, he becomes wiser. His skill is a lot better than me, growing his own wealth. He is less than 25. he has good financial foundation.

You are not different, you can as long as you have discipline and focus. There is no fast money in trading. Some can have it by luck, it’s not happened to everybody. Thing for sure is, the earlier you start, faster you will reach financial freedom. You have to do in properly, no rush and no emotion.

Start trading with a simple strategy. Scalping need more precision strategy. Once you understand market, you can do what ever you want. I do scalping almost everyday, but when the opportunities come, I will take bigger profit. All need knowledge.

There are many strategy to have profit from trading forex. You have to learn it from the simplest one. You need to be patient, detail and logical.

Don’t give up … trading is difficult, but when you know the key, it is priceless. :slight_smile:

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7

According to the Babypips school and according to everything I read and learned, CFD brokers are not in a $6.6 trillion market.

Most of them are not in any market at all.

They are simply counterparties that accept bets from their own clients.

They win when the customers lose. They lose when the customers win.

It is not more complicated than this.

Definitely they wish you to believe this. :rofl:

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@shawn23_stg

Shawn - on a positive note.
I quote Tom Hougaard here -
‘If you strip away the time and price axis of a chart, you will likely be unable to differentiate between a five-minute chart and an hourly chart.
In a sense, that is good news. It means that we can perfect our craft and then find a time frame that suits our trading temper.’

We all have losing days!
I am a day trader of fifteen years and I have had some shockers - sometimes the market makes unexpected moves, especially when Trump makes a Tweet or sometimes when my mind is not in the right place and I shouldn’t have been trading anyway.

Good luck mate - It can be a frustating game sometimes.

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Hi @DivaMakosh ,

I don’t want to argue, I just want to straighten thing up. :slight_smile:

In the past, I worked in a broker. Actually, I helped my employer to setup a broker. We started it from white label broker until it became full operational broker. I remembered how I contact the broker, Meta Quote and many other parties for consultation. It was around 2007.

You are correct about $6.6T, (current figure has changed), it was about forex transaction in gov banks, investment bank, retail bank and financial institutions. They are the major player that move forex market. Their transactions make up what we see on chart. As CFD trader, our transaction wont effect the movement.

CFD is derivative product, meaning it will be traded as reference from particular financial instrument. When you trade EURUSD, these two pairs will be the base, for example.

About broker, there are regulated and unregulated brokers. For regulated broker, they will be monitored. They will act as mediator to something so called liquidity (LP). They will earn from commission or marking up the spread. In the past, it was popular DD Broker (Dealing Desk). This type of broker mostly what we called unregulated broker. They will trade against you, our loss is their profit. When we are using unregulated broker, highly likely we will deal with this kind of broker.
For regulated one, they will use LP. Regulator will monitor the transaction, a broker may not go against, so no manipulation to market price.

When you use an unregulated broker, they can manipulate the chart, this will be dangerous. I know exactly how to manipulate price on chart.

Many other scamming scenario , so reputable and due diligent to a broker very important. We can’t assume thing by reading information from internet.
If we are really serious in an industry, we have to learn from head to tail, do investigation directly.

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10

Thank you! Especially these parts of your post are very helpful and instructive.

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11

Hi @PeterJay99 ,

You’re welcome. I just want to maintain information in CFD industry.

It’s pretty sad that many give false comment without knowing the industry properly. It will mislead other who really want to become part of it. Even they make the industry become dark, such as drug dealer or criminal syndicate. :smiley:

Hopefully everyone can learn thing properly. Sadly, not everybody know how CFD industry has participated with the growth of our economic. Many multinational companies rely on CFD to protect their operational and wealth. They are actually our real counterpart. They need CFD as hedging instrument, we need CFD for profit.
As hedging instrument, they are not necessary have to gain profit. They need liquidity, from here, there are mutual symbiosis between traders and them.

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12

I’ve seen that too. It really depends on the session you’re trading. In my case, I usually get to the charts after the main London/NY moves, so most 30-minute setups have already played out by then.

Since I can’t hold trades overnight due to fees, I’m thinking of either scalping during the sessions I’m available for, or switching to higher timeframes like 4H or daily where I can plan trades ahead and not rely on being live at the screen.

Still testing what fits best with my schedule, but thought I’d share in case anyone relates.

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These are not the opening words one expects to see right under the title “Running out of time”!! :grin:

If you don’t mind a tip from an older woman ( :smile: ) you’ll probably get much further if you go more slowly. I agree with the suggestions above to look at daily charts, and to use wider stop-losses if that’s necessary.

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14

Are you talking about fees, there, or about overnight margins being too high?

If overnight margins are the problem, you may want to re-think your position-sizes, perhaps?

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