I will say next week - for a couple of days - i will spend a few hrs answering all your questions on FX intraday trading - either on this thread or other one - I dont mind
Any silly questions etc - I do not mind really - as even on my third year - i was totally confused on so many trading queries - I felt I knew less than my first 3 months
So you are all welcome and i will do my best to try and assist as best as I can
Thank you F., that is very generous of you.
Also nice first posts dearlife1989, glad there are a lot of people out there that are following this thread too and are willing to take time to learn Intraday trading from a great mentor like F.
Last week end I spent hours reading through the method thread and had to skim pass so much negativity and attacks, it was frustrating. Those so called people were more than just trying to bring a balance view, and protect so called newbie. (Which was clearly stated it was not for at first)
You see, I would give a chance to anyone and will be giving it a go using my own common sense and judgment, even though I come from Swing trading which is perceived as being safe, and the only way to be consistently profitable.
I could see the clear benefit of having a great reward to risk ratio with tight stop of 4-7 pips and a potential reward of 7-25 pips. It is not rocket science. After all you can be wrong 5 times in a row, lose 25 pips and still make a trade that bring you back in the green because we know volatility is there between 60-150 pips daily in most pair.
This is also discounting the number of time you get it wrong and you close at BE or minimal loss -2 +2 pips within 1-3 minutes.
I figured that people can only focus on black swan event, worst case scenario etc... they want safety not only for today, this week, month, quarter, they want it for a decade.
As F. said, this is a probability games, you know you follow the method and get over 65% of profitable trade, you will master the method and technique over the course of 6month to 1 year, you will feel confident to close trades with few pips loss and move on to the next opportunity.
I would say, this is not for everyone but if you can actively invest your time I have no doubt in my mind this can be very rewarding.
When was the last time you saw a swing trader make a Risk to reward of 1:20, with a tight stop of 35 pips you would need a move of 700 pips, but with a stop of 5 pips you need a 100 pips move which is possible on a day a week or a month.
Finally people may say, you will constantly get whipsaw if you have a 5 pips stop. Once again, trade are taken at optimum S/R level or at trendline in a Time Window. In my world this is optimizing to have minimum risk and maximum reward.
Clever and simple really... Thank you F.
) in understanding how things work.
