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A huge psychological element here is not "right" or "wrong" based on whether or not the trade made money. It's whether you would take the trade again if you saw the same thing. The answer should be yes, or you should not have taken it in the first place. Your urge to make money does not...

That is really interesting about "legit" prop vs arcade. When looking for a job I did hear of places that paid a salary vs places that paid a %, but I did not see this distinction as meaningful. I figured if you were on salary and did poorly you'd get fired. And if you did well you'd be...

I am interested in the difference between a legit prop firm and an arcade.

It's complicated. Can you get the data feed free without paying for it if you aren't licensed? I am not trying to make a point here, I don't know, so it's a legit question. I pay, I'm licensed, and I'm happy with my arrangement. I'm not trying to say I have the best deal in the world or...

Strategy point 5) made me very nervous. Buy, if it doesn’t do what I want, it becomes an investment. This is very bad; essentially you are limiting the upside to 1-3 dollars and have more (unlimited, or to 0) downside. This needs to be inverted to where you are AT WORST risking 1 to make 1...

Chicken and egg. If you want to swing trade forex, you can certainly find a book about that. Read it and pick a strategy that makes the most sense to you and start messing with it. Then you have some experience, better questions, and know what else to google/search/read about. If you have NO...

Do you want to daytrade? Few minute scalps? Hours? Swing for days? Utterly clueless? Want to try them all? Demo accounts are free. If you have a couple hours set aside to try short term trading, think about what markets are open and the probability of them being good for short term...

Trading is hard, all the time. I think one of the many counterintuitive things about it is it SEEMS easier after things slow down or calm down and seem a little more comprehensible. But often, at least with stocks, you can look back and see it made its “real move” on the open and spent the...

fxwannaB I think it’s great you pointed out “you can go broke” doing most of the things I said. Also you referenced the best book my avatar wrote, which is pretty solid. “A plan is something people are so eager to share on message boards... An edge is something you keep very close to your...

I’ll listen to almost anything. There are so many ways to trade, and I know people are profitable on polar ends of approaches (huge position very short term, wide portfolio long term). Here are 2 things I think newbies should avoid and/or will never work. 1) let your losers run, cut your...

There are pretty much always huge bids, offers, and constant executions in eur/usd, so I think the information would be less meaningful there. Also if I’m not mistaken, because there is no centralized exchange for fx, you’re seeing the bids/offer on your particular broker/platform, but not...

Generally I think prop firms prefer shorter term traders, simply because they can look at your results over a week or two and get a general idea of how/what you're doing. If you're there 2 weeks and have 0-1 position open, especially if it's out of the money and you're telling them to give a...

We’ll never know for sure in a specific situation, but in general, at a key level, you’re not the only one looking at it -- everyone knows. So it doesn’t just move at a normal rate from/through a level. If something is breaking up, you have a bunch of buyers, and very few dummies selling just...

A couple basics - To make a key, go to settings - orders, and make the order route and settings you want. Then map it. Go to the "commands" tab, click the order you want to map on the right, then press the key you want to execute it twice. It should show up on the left as mapped. For level...

As others have said, I think it all depends on your premise. If you're short term daytrading something, trying to be in it right as it's making the move, I think a very tight stop loss is a good idea. If you're holding overnight, longer term, you would probably need to give it more room. If...

I think the answer depends on your broker and how you are placing the trade. If you are daytrading, hopefully you are using software that shows what price the stock is offered at. If you buy pre-market at $10, it should show that as your execution and as the stock starts to move up you should...

I think if you are working another job you simply have to try longer term strategies and it makes more sense to trade something like currencies where you're looking at a bigger picture theme like "dollar strength" versus any specific news event or numbers release. You just have to remember...

I think he did way more than that and I really liked this book; keep meaning to read it again. Just from memory I appreciated the odd little details like how a lot of the early guys came from countercultural backgrounds or had at least flirted with borderline socialist ideals. And the...

I think of that more as an exception to the rule. At least there is a huge difference between planning to accumulate in a range vs buying because you think it's going to go up, but it goes down, then you decide to buy more.

To me, discipline in trading is largely patience. You are motivated and you very much want to see that great opportunity, put a large position on, and make money. Of course. But your motivation doesn’t create market opportunity. Market opportunity is external, and you have to wait for it to...