Forex Day Trader's Thread

oh yes..

intraday highs in stocks = 1.4873 = scalptastic

here it comes Mask.. this is the one you want!
 
Just spoke with broker online, I don't think they know their times but according to them I have over 2 hrs before the spread increases. I'm a bit sceptical as i've seen it change at around 8/9pm GMT I think. Either way, I might call it quits and be done soon. I'd rather not get caught holding a weekend if the spread opens to 10.
 
pfft not that bad, was stopped out on aud for 120 pips and now down 120 on open positions, when i consider the possible pips reward this pullback is nothing.
 
good calls this week Pippy, you seem to do well when you're at the liberry (or asleep:p)....have a good weekend....
 
you seem to do well when you're at the liberry (or asleep)....
Click to expand...

That's because I'm not sitting in front of the computer second guessing myself.. The support and resistance will hold whether you are there to watch it or not. When you sit and mother your trades to death you always let spot ride to your stop loss, but do you have the self-discipline to let your trade touch your take profit? I usually don't.. If you look at the Euro trades I called out last night both of them were perfect, but I woke up in the middle of the night and banked one early and then woke up in the morning and banked the other one early too! I screwed myself out of $600 today when I should have just left them alone.
 
Spread's gone to 10 - I closed my cable I can't be bothered to keep track of it any more. A bit down on the day. Could have been better if I took profit earlier or traded eur/usd like I usually do. Still a good week overall, can't complain...
 
-240 pips is wipeout bad TAJammy.. You've got to learn how to use -30 pips for each support and resistance and play things that way.. Spot can drop 200 pips, but you'll only lose 90 if you play the 3 support levels spot breaks. It conserves your margin and makes it much easier to make up your losses. There's no point in watching a trade run -120 pips. There's also the tendancy to take profit as soon as an underwater trade turns profitable. Perhaps not with a demo account, but in real life most traders will cover as soon as their trade reaches 1 pip in profit after being 100 pips or more underwater for a day or two. The reason being is that you will kick yourself unmercifully if you allow it to go underwater again. It's very hard on you emotionally.

-120 pips is not a day trader's stop. It basically means you spent your day watching your money go into someone else's hands because you were too lazy to click the sell button

You've got to learn the concept of a technical break as well.. If a certain support is broken then the likelihood is vastly increased that spot will move much lower, as it did in Aussie last night.. I lost 29.6 pips on Aussie, you lost 120 because you stuck with a doomed trade.
 
it's swing trading, 120 pips is a fairly standard gain/loss. The reason why my pips have such swings up and down , i think, is because they are just so biased, that it becomes dangerous. like 4 days ago i was up 1000 pips, didnt sell as TP wasn't hit, pulled back nicely and i added to them, there's about 6 open swing trades, most are correlated and short USD.
i'm going to try to hedge where possible, like not just hedging randomly, but hedging if i can. like going long eur/usd (short usd) when it's uptrending and shorting cadusd (long usd) when it's downtrending
 
It's incredibly bad swing trading.. learn what a technical break is. Hedging is a useless waste of margin as well. Having 6 simultaneous FX trades open is yet another recipe for disaster.

Everyone who has ever come on here talking about their huge number of trades has wiped out and disappeared. Instead of coming up with ridiculously ornate plans with your demo account you should be learning how to trade well rather than to blindly stumble into trades by taking huge risks..
 
hardly bad . had about 10 trades and thats 2 losses. i wanted to be able to cover half at half way to TP and leave the rest for BE but couldnt , and 2% risk. assuming i would have covered half i would be up 1100 pips in just 3 weeks, no tampering, fiddling or overtrading either.

some of those trades are pyramids
 
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No one gives a **** about your demo trades and you aren't willing to learn anything either.. Just go to the beginner's section. I've told you many times that no one cares about the "trades" your stumble into with your demo account because despite the fact that you think you make sense after reading a few elementary trading books, you actually don't. It's very irritating that I've taken my time to try to help you and you've argued with me as if you know what you're doing. Go to someone else's thread or start your own but don't come back here again and discuss your so-called swing trades and/or the monopoly money you've made or lost.

I'll refer you to the site guidelines as well..

7.6 Please don't pretend to be an expert if you aren't one. Humility is better than arrogance. It is fine to not know something or to be a beginner. Beginners masquerading as experts or who repeatedly give advice to others hurt the forum as learning traders may not yet be able to tell who is actually an expert, and who merely thinks he is one.

Go start your own thread, but be sure to disclose the fact that you're a 15 year-old kid and have never actually traded.
 
:LOL:.

all the people on this website, bar a few, are very average/failures at trading, so why should i take advice from the average, and not from the pro's? Your advice is just sh!t that's blurted out by everyone who just thinks they are professional, technical break? rofl .120 pips is a very very bad loss for swing trading? rofl, 120 pips is f*ck all .

i suggest you read and inwardly digest the section of that guideline, "Please don't pretend to be an expert if you aren't one"

i have traded before, stocks.
 
TAjammy said:
:LOL:.

all the people on this website, bar a few, are very average/failures at trading, so why should i take advice from the average, and not from the pro's? Your advice is just sh!t that's blurted out by everyone who just thinks they are professional, technical break? rofl .120 pips is a very very bad loss for swing trading? rofl, 120 pips is f*ck all .

i suggest you read and inwardly digest the section of that guideline, "Please don't pretend to be an expert if you aren't one"

i have traded before, stocks.
Click to expand...

Seriously he is giving you very good advice Jammy.
I am a swing trader, I usually hold my trades for a few days, sometimes longer, sometimes just for the move of the day. I spend my whole day looking for the level or candle or momentum move for the best tightest entry. Nothing makes a bigger difference to your Risk:Reward
If I have a trade that moves 120 pips and I risked 120 pips in my stop then I made 1x my risk or whatever % you use per trade (I use 1%).
If I get that same move with a 30 pip stop then I made 4%.
In fact I can be wrong twice, lose 2%, and only get it right on my third attempt and still make 2% which is double what you would have made with a 120 pip stop.
Thats a BIG difference.

Having said all that it makes a difference what time frame you are trading. On a daily chart 120 pips is peanuts and I do trade the dailies too, but with much bigger targets.

Yes, I am profitable.
 
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