Do you believe in stop hunting? Or rather that there is liquidity at the levels right below or above S/R due to stop loss as well as potential break out traders and the big boys look to trade there?
If so do you believe that retail traders really provide enough liquidity for it to be worth institutions driving price to those areas above or below S/R?
Or do you just feel trades need time and space to breathe?
It was an ongoing saga. I still have my account after all that.
Slow week.
Total as of now, £6475.81 > 64.7% gain overall.
This is debatable, but personally, there is something funny going on for sure.
There is a certain level of liquidity there, as the majority like to define their risk, so naturally all stop losses will be clustered underneath the same structure.
This is a good question. I’ve never really thought about this in detail. If I had to pick a definitive answer, it would be yes.
I used to feel, now I know for sure.
Hi @The_Baller! Very impressive!
Have you closed any trades with losses yet?
What is the maximum drawdown you’ve had?
No.
My latest.
I’m no longer a trader.
I’m now officially an investor.
Hey. How’s things???
Just want to ask:
How come Futures (and stuff) have never interested you (assuming they haven’t)???
All good here, back on it.
I’ve had a look at futures before but never really dabbled in them - or anything else for that matter.
In reality, its just another asset class and chart to me - but it may not suit the way I trade.
There are so many currency pairs to chose from, there’s no need for me to look elsewhere at the moment.
Current standings.
£3800 DD to £2900, a difference of £900 - which is a big deal.
Signs that the majority of trades moving in the right direction, slowly.
Just need to give them room to breath.
to trade like u do, 1 needs to be confident in the analysis(main direction) and stick with it… so many try that and can t deal with the pressure closing the trades in big drawdown, forgetting about the analisys etc. This way of trading isn t for every1(without a strong mindset).
Skin them alive. cheers
Your point about trading and investing struck a chord.
Everyone I spoke to before didn’t get it. Forex is for trading, and stocks are for investing they said.
Now a different mindset has put a whole new perspective on things.
I’d rather make £1K in 30 days with 1 trade, than £1K in 30 days with 30 trades.
loooool u can make nice money on stocks day trading, as long as u know what ur doing…stocks are for investing if u r WARREN Buffet haha… tell them to stop watching CNBC and the likes lol
I feel like people don’t consider that one of the aims of the game is to maximise returns from your trade whilst minimising the risk involved. (minimal risk maximum reward)
Day Trading might be profitable however it comes with a much larger risk / reward ratio. When trading with your own money this is acceptable however others would not likely trust you with their capital.
This and other longer term methods of trading reduces the risk massively because you’re only risking a small margin of your capital in each trade but can achieve similar if not much better mid / long term results to day trading if executed correctly.
@ht - Great post! Sums it all up.
Can’t count the number of times I’ve been told by ambitious newbies that anyone serious about making money would be daytrading, like they are. Course, these lads are not around now so they must have either got very rich very quick. Or not.
I hate to tell you this but I agreed with all said about day trading. Until about three weeks ago. And even at that point I guess I would have been sitting on the fence. Ask me today: my answer would be that with the right tools it’s possible. I just wish I could show this stuff off. Matter of fact: maybe I can make a video (didn’t think of that). You will not believe this stuff. I just watched the Indices tank. While watching I was monitoring the ticks. The ticks got to about -800 and at that very moment the S&P traded to its Weekly S2 pivot. Then there was a pause and seconds after that a change in the direction of the ticks. Jumped in at market long and stayed in the trade until the ticks started to reverse. Out for 375 and about 4 S&P points. But I am a bit nervous still though i.e. should have stayed in that trade until either my risk percentage loss had been reached or until the ticks climbed to +600. But it takes a bit of getting used to trading with the ticks and it’s a bit of a mind ■■■■ at first so small steps for me.
Anyways. Not boasting at all. But I can tell you that if this is what it’s about: well then I’m set I can tell you. Going to copy and paste this onto my pivots thread though (belongs on there too). Guess all I’m saying is with the right tools it’s possible.
As I’m typing this: the ticks are going up again and almost at +600. If I was still in that would have been double already. But let’s see where this trade ends. I’ll try post screenshots once it’s over.
(Sorry, Post edited. Erroneously referring to R2 when it should have been S2).
Just find all the trading journals started on here, with the aim to day trade their way to a million.
Give them 6 months before they are history.
You’re right obviously.
Let me qualify my own post by saying let’s not forget how long it’s taken and how much it’s cost just to get to this point.
That’s the part everyone seems to miss out. The time invested and the bags of money resting in peace.
If there is a day trader that practised on a demo for a bit then went straight to live, and day traded - not to a million, but just to the point they could do it full time, pay their bills, put bread on the table, and they’re still around today - I will eat a hat.
Suppose it’s worth mentioning that I have to close four trades like that just to pay for TradeStation!!! LOL!!!
I for1 do not agree, i trade of 1 and 4hr charts, just cos i hate waiting on daily candles, and my positions sometimes are beeing closed same day, sometimes they stay open all week, so it s a combo of day!swing trading.
@TheBaller u seem to know what ur doing, but still for a 10k initial account for example or even 15k, 3k drawdown is over leveragging in my opinion, cos it could take 1 bad week and ur down more the 30%. that beeing said, there are 2 faces 2 a coin…so everybody has an opinion. i for 1 i couldn t manage 3 k drawdown if my account wouldn t be around 60k for example, cos i never risk more then 5%. to make it short, it is possible to day trade and to swing trade or combined for a living, atleast from my point of view
